Tuesday, May 20, 2008

Teens Using Credit to Buy Gas

What do teens with credit cards use them to purchase? Well it seems that almost 70% of teens now use credit cards to buy gas, an amazing jump from only 51.9% in 2007.

Teens use credit cards to purchase gas more often than they do clothes, which had previously had been their number one expenditure.

The information was gathered in a poll from Junior Achievement and The Allstate Foundation. Other findings of the poll show that 10.4% of teens now use a credit card, but 13% of teen cardholders say that the bill is paid by their parents.

So although more teens are getting hit by high gas prices, it seems that it may still be Mom and Dad footing the bill in too many cases.

Wednesday, May 14, 2008

Inflation Races Ahead of COLA for Seniors

Rising gas and food prices are hitting senior citizens hardest, and the COLA increases in Social Security benefits are just not keeping up with inflation. That's the conclusion of a study conducted by the Senior Citizens League.

According to the study, expenses for seniors have risen 88% since 2000 while benefits have increased a mere 24%, effectively reducing the buying power of seniors by 51%. The group states that the actual cost of living for seniors has risen almost four times faster than the cost of living adjustments in their Social Security.

With 1.2 million supporters, The Senior Citizens League is one of the nation’s largest nonpartisan seniors groups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for.

Read more at www.seniorsleague.org

Saturday, May 3, 2008

What Will You Do with Your Tax Rebate?

The Federal Tax Rebates are getting set to start rolling out to taxpayers on May 9 and will continue for months until all have been paid out. So, what should we do with this windfall?

The intention of course, is to stimulate the economy by giving people "mad money" to spend and a great number of these rebates will probably be spent that way.

Some families will need them just to cover bills and make ends meet. But if you aren't in the position where you have to use the money to cover overdue bills and if you can restrain yourself long enough to stay away from the electronics store and that new TV, here's a better idea.

How about paying down some credit card debt? Doing so will benefit you financially over the long run by lowering your interest payments and giving you more disposable income. Pay an extra mortgage payment and bring your principal down.

You could invest in your IRA or put it into mutual funds. There are dozens of ways to utilize the money to better your financial picture for now and for the future.

So put down the flyer from the computer store and stop dreaming of that new flat-screen TV. Make choices that invest in your financial health and welfare.