Don't Quit Poem Movie

Don't Quit Poem Movie: If I had to guess, I would bet you are facing your fair share of challenges and obstacles in your life... I know I am. When things go wrong, and they sometimes will... how will you choose to respond? That is what this short movie is all about. Be inspired by these words of wisdom if you are thinking of quitting.

My First Television Appearance!

Earlier today (Thursday, January 19), I appeared on the show "PA Live!" on WBRE-TV in Wilkes-Barre, Pennsylvania. I spoke about my book "Master The Card: Say Goodbye to Credit Card Debt...Forever!"

I appeared on a five to seven minute segment. Please watch it by clicking the following link:

www.pahomepage.com/palive

Look for the January 19 program. The show is also on my Facebook page, Linked-In, and Twitter.

As always, find out more about the book and Paretta Enterprises be going to www.joeparetta.com

Beware Black Friday Spending!

I wish everybody a Happy and Healthy Thanksgiving! I hope enjoy the day with family and friends.....and, of course, food.

We all know that "the day after" is Black Friday. This is a "make or break" day for many stores during the holiday season. However, this does NOT have to be a "make or break" day for your and your finances.

With that said, if you are going to battle the crowds this Friday, please bring a set amount of money with you and do not go beyond amount. Also, if you know that you are frequently tempted to use credit cards or department store cards, leave them at home. In the long run, you will be happy that you did, especially if you tend to carry balances from month to month.

The cash back and bonus points rarely make up for all the money spent and interest charges incurred. To me, it's not worth it.

Stay tuned for more!

FTC Closes Down Debt Collection Agency

As an advocate for consumers, I am always happy to see the government do something to prevent abuse of power. That said, the Federal Trade Commission closed down Rincom Debt Management last week, claiming that the agency made "bogus threats" against consumers. The FTC stated that Rincon threats included telling consumers that they had been sued and even could be arrested for debts...even those that they did NOT owe.

These are considered "unfair or illegal debt collection practices" (obviously) and it's refreshing to see the FTC making agencies like Rincon "play by the rules."

I'm BAAAAACK!!!

Hi Everyone,

It has been WAY TOO LONG since I've posted something on my blog. Now, I could use the excuse that I have been busy promoting my book, "Master The Card: Say Goodbye to Credit Card Debt...Forever!", actively building a following on my website, www.joeparetta.com, or assiduously grading essays and instructing students...and that's all true!!

But now, I am focusing on sharing my knowledge about getting out of credit card debt and also providing tips and other infomration that you will find valuable on your own voyage away from what I call those "plastic hand grenades" (credit cards).

So, please stay tuned. There's MUCH more to come!

Credit Card Debt: Up in December

The Federal Reserve announced that for the first time since August 2008, just two months before the "official crash" of the United States economy, revolving debt on credit cards increased. The Fed believes this was largely due to increased spending during December for the holiday season.

Whatever the reason, this is not a good sign for people who carry balances on their credit cards every month. With the average hosuehold credit card balance around $9,000 (and that is with many people foregoing their credit cards over the last two years), increased card use is not going to solve the problem.

Whether people think that the economy is getting better or they are simply tired of not buying, one wonders if this news is just the beginning of a trend which will send many American consumers even deeper into debt.

It's time to change the way we think about spending and especially about credit card debt.

Get my new book "Master The Card: Say Goodbye to Credit Card Debt...Forever!"
For more information, go to www.joeparetta.com and click the "Purchase Book" link.

My Interview With The Debt Free Divas

Last Thursday (February 4), I was the guest on an internet radio show called "The Debt Free Divas." Toni and Jill (The Debt Free Divas) and I spoke about my new book, "Master The Card: Say Goodbye to Credit Card Debt...Forever"

We focused on the time in my life when I had several thousands of dollars of credit card debt, what made me start to take inventory of my financial life, and how I climbed out of debt, little by little.

We also spoke about how great life becomes when one no longer has the albatross of credit card debt "around our necks" and weighing us down. We talked about many of the dreams that we can pursue when debt is out of the picture.

Without giving away more of the interview, I invite you to listen to the show.
The interview is archived at the Debt Free Divas website. Click on the link here - www.blogtalkradio.com/debtfreedivas

Listen to the Debt Free Divas every Thursday at 11:30am Central and 12:30pm Eastern time.

Lastly, visit my website at www.joeparetta.com for information on purchasing the book and to see all the services offered.

"Master The Card: Say Goodbye to Credit Card Debt...Forever!" is Now Available!

Balboa Press recently published my new book, "Master The Card: Say Goodbye to Credit Card Debt...Forever!"

Go to any of the following websites to purchase:

www.balboapress.com
www.amazon.com
www.barnesandnoble.com
www.borders.com

Received Copy of My Book From The Publisher!

Today, Balboa Press sent me a paperback copy of my new book, "Master The Card: Say Goodbye To Credit Card Debt...Forever!"

IT LOOKS GREAT!!

Americans Are Paying Down Their Credit Card Debt!

At least for now. And that's a good thing. With so many people unemployed or underemployed, it can be hard to "find" money to reduce debt. But many people are realizing that they must stay away from their credit cards during these tough economic times.

TransUnion states that during the second quarter of 2010, Americans reduced their average credit card debt to $4,951, which TU says is "down 13.4%" from the first quarter. TransUnion also states that delinquencies are down, too.

Something to think about: The economy will turn around at some point. When? We don't know. However, when that time comes, we should maintain the good habits regarding credit cards that we are now establishing during these recessionary times.

My book will focus on some of these practices and mindsets. I will keep you posted regarding its publication date. Stay Tuned!!

New Book is Coming!!

I am very excited to announce that my first book will be published very soon! It will incorporate much of what has been addressed in this blog....and more!

Stay tuned for more details!

Bank of America Gets Rid of Its Overdraft Fees on Debit Cards

Some days ago, in an attempt at improving its relationship with the general public, Bank of America announced it will stop charging overdraft fees on purchases made with it debit card. This will be effective beginning this summer. Bank of America and all other banks will now need to get customer permission to before providing overdraft protection on purchases made with debit cards and on all A.T.M. withdrawals, thanks largely to the new federal CARD Act legislation.

Over the years, banks thrived on these overdraft fees. According to an article in the "New York Times," "Debit purchases account for roughly 60 percent of overdrafts at Bank of America, the nation's largest issuer of debit cards." The article also states that other banks will probably follow suit.

The article continues that "93 percent of the fees are generated by just 14 percent of the customers who exceed their balances (on their debit cards) five times or more a year."

As I've stated within this blog, on other sites, and to my audiences, there is no substitute for personal responsibility. While the banks have taken advantage of the consumers, they've done so largely because we'v allowed them to do so. The banks "play on" our ignorance and laziness and so many of us just act like victims.

Yes, the new federal regulations should empower the public, but this is no time to get complacent. In fact, it is time to learn all we can about our rights and responsibilities as consumers. REMEMBER - the banks work for us; we should not work for them.

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.

Passing+Along+Good+Credit+Lessons+-+AOL+Real+Estate

Passing+Along+Good+Credit+Lessons+-+AOL+Real+Estate

Beware of Bank of America

"USA Today" reports in today's edition that Bank of America will start charging an annual fee to some of its credit card customers in 2010. The fee will be $29.

Apparently, this fee will be "tested on 1% of its credit card accounts," this according to a spokeswoman for the company. The fee will be applied every February.

To make matters worse, "USA Today" states that even customers "in good standing" face the potential of being charged an annual fee. For those of you who don't know, credit card companies consider those of us who pay "on time" to be "deadbeats." In other words, they can't take any extra money from us on a monthly basis. So evidentally, banks like Bank of America plan to go this route, especially since new credit card legislation, which takes full effect in February, limits how banks levy charges.

So BEWARE OF BANK OF AMERICA!

'Tis The Season

Hi Everyone!

I'm back and ready to blog!! I'm looking forward to my upcoming seminars about avoiding credit card debt. And now that we are approaching mid-October, it's not too early to talk about holiday spending.

With so many people burdened by the economy, gift giving during the upcoming holiday season may add to their stress levels.........But it DOESN'T HAVE TO! Keep a couple of things in mind -

1) If you haven't already started to put some money aside for holiday spending, that's ok. You can start now. Now, yes, I did just write that people are burdened by the economy, so you might be asking "Why is he talking about saving for the holidays when bill paying is tough enough?"
Well, being a student of "human nature" as much as I am of credit card debt, I know that a lot of people will still spend a significant amount of money on holiday gifts, despite their current economic situation. So it's best to discipline yourself to put away a few dollars a week now for the next couple of months than to wait until December and then worry about where you are going to find the money. THAT'S when people get into real trouble...with their credit cards! They feel they have no other choice but to charge. However, if you save now, you can avoid those dreaded January and February bills.

2) If you feel that you cannot "save" money now, but you know that you are still going to spend that money, then buy those Christmas gifts NOW! At least you will get your shopping done early and you won't have to fight the crowds right before the holidays (or on "Black Friday.") This also gives you an opportunity to plan your spending instead of rushing at the end of the season and potentially overspending on items that you might not really want to by anyway, but were forced to because the "pickings were slim."

With a little bit of planning and discipline, you can have an affordable (and Happy!) holiday season. Remember - you don't have to "keep up with the Joneses." Besides, as Dave Ramsey says, "They're broke too!"

Suze Orman's Point of View

Hi Everyone,

This week, I decided to feature the opinion of someone who has been in the financial industry for almost 30 years and is well-known to tv viewers and book readers. Suze Orman has a weekly show on CNBC and she has also written several books on personal finance.

Last weekend, Ms. Orman featured a segment called "Suze Orman's Debt Loyalty List."
She listed, in descending order, how she feels certain debts should be paid off.

Here is the list:

1) IRS
2) Student Loan
3) Personal Loan
4) Mortgage
5) Car Loan
6) Credit Cards

Of the credit cards, Suze said, "Credit card debt is unsecured debt." That means, the banks and credit card companies CANNOT repossess anything that you own because you are behind on your card payment. Also, they cannot seize your accounts and rarely does it get to the point where they garnish your wages.

Personally, I address this list because I want you to see that the credit card companies are
NOT the bullies that they pretend to be. They do NOT have any more power over you than you allow them to have.

Think of it this way - with the new credit card legislation that the president has signed into law and all that you are learning from this blog, YOU are the one with the POWER, not the banks and not the credit card companies.

Good job, Suze! Good job, Readers!! Stay tuned.