Something Worth Watching!

I am always "on the lookout" for people who want to help others become debt free. I "found" one such person yesterday. Her name is Joyce Meyer. I have been watching her television programs for many years, but yesterday, she addressed the topic of debt, and in particular, credit card dbet.

I recommend that everyone goes to her website - www.joycemeyer.org - and watch the program there.

And as always, thanks so much for reading my blog.

Comments are always welcome!

Joe

Despite CARD Act, Don't Trust The Banks and Card Issuers

The BIG DAY is almost here! February 22 is the date when the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act takes full effect. In a previous post, I wrote about many of the protections that will be in place to help the consumer. But as with most things in life, nothing is foolproof. And when it comes to money, especially credit cards, you can count on some banks and credit cards issuers to still try to "pull a fast one" on unsuspecting people, who may naiively think that because the CARD Act is now law, these banks and issuers will "play noice" all of a sudden. Don't fall for it! Be on guard.

I read a very informative article earlier today titled "Banks and Card Issuers Find Clever Ways Around CARD Act Rules." It was written by Tracy Coenen, a fraud examiner and forensic accountant who investigates corporate fraud and consumer scams. The article appears on the website - www.dailyfinance.com.

Coenen writes that "there is plenty of new and creative ways to get money out of consumers without violating (the CARD Act)." These include the "$1 statement fee," "Consumer consent to over the limit fees," "Converting a fixed rate to a variable rate," and "rate rebates." These and more are covered in detail in Coenen's post. So, go to the Daily Finance website and read the article in its entirety.

Coenen also states something that I have been writing and speaking about fior a long time: namely, "Don't be passive about your credit cards." I have an entire section on this in my upcoming book. Stay tuned for more!

Here Come Those Credit Card Offers Again!

According to the market research firm, Synovate, credit card issuers are increasing their mailings to the American public. One issuer, Capital One, mailed 13 million offers in the fourth quarter of 2009. Capital One had, in the past, mailed millions of offers to subprime (big risk) borrowers.

ADVICE - If you get a credit card offer, tear it up! The only thing you can do with a credit card is debt.

CARD Takes Effect on February 22

Hi All,

Just a reminder that the new CARD Act legislation goes into full effect next week, on February 22. I suggest that everyone goes on-line and downloads the legislation. It could be the most important information that you have to enhance your financial life, especially if you are in debt to credit cards and tend to carry balances month to month.