Minding Your Money

Pre-owned Medical Equipment

2009-02-18T18:59:00.001-05:00

Are you a medical professional looking to upgrade your office equipment? Do you have used equipment that you no longer need, or want to liquidate? Whether you want to sell or buy refurbished equipment within a budget, MED (Medical Equipment Dynamics) should be your first resource. Make MED your source for selling or acquiring pre-owned, quality medical equipment.

Fed Predicts Worsening Economy, Unemployment

2009-02-18T18:46:00.002-05:00

The Federal Reserve today downgraded the economic projections for this year, with predictions that the economy will contract more than previously expected and unemployment will continue to rise.

The new forecast from the Fed is that the economy will shrink this year between 0.5 and 1.3 percent. The housing crisis, inflation, the credit crunch and other economic factors have all contributed to the current recession.

The worst prediction may be the one regarding unemployment, already at 7.6 percent. Regardless of whether or not further downturns in the economy occur, Fed officials expect unemployment to continue to rise through at least 2011.

IE7 Review

2009-02-11T12:05:00.001-05:00

You have probably heard the wise, old saying "if it ain't broke, don't fix it". I truly believe this is good advice, which is why I held off downloading Internet Explorer 7 for so long. Yes, I knew it had a few newer features that made it superior to IE6, but better the devil you know than the devil you don't, as they say.

Recently my IE6 had been crashing so often and becoming so useless that it was either give it up completely or get IE7. Normally, I use Firefox as my main browser, but occasionally I do need to have two browsers open, especially when checking webiste code.

I must say I am impressed with IE7, it loads much more quickly than IE6. It's sharp with an updated look and tabbed browsing was definitely a needed feature. I wasn't given a choice about installing their new protection software, it just loaded right along with the IE update, so now I face months of assuring IE, that yes I do want this website to function normally and no, I am not afraid of it. All of that will sort itself out in time.

If you have been reluctant to upgrade as I was, I can allay your fears to some extent. If you are going to use IE at all, you should move up to the new and improved version. In my opinion, Firefox is still the superior browser and I continue to use it as my default browser.

International Phone Cards

2009-02-09T11:04:00.000-05:00

When a friend of mine visited me in the US from Australia, she bought a new cell phone in New York, because her mobile wouldn't work in the states. That's one way to make calls while you are traveling, but not necessarily the best or cheapest way to do it.

For travelers or students who will be making international calls, often a phone card can be a better solution. You can budget exactly what you can afford and control your phone bills by selecting a pre-paid card. There are cards that can be refilled once the minutes are depleted so that a weekly or monthly budget can be alloted for phone calls home. Some cards have a pinless dialing feature for convenience and speed. By simply choosing the country you will be calling most often, you can get a card with low rates for that country but you are not limited to calling only that country, you get good rates for domestic and other international calls as well. Even more convenient is the fact that a phone card can be used from any phone, anywhere. Even better, you won't burden friends and family with expensive collect calls. For convenience and controlling expenses, a phone card is a great choice for the international traveler.

Making Money with Public Domain Material

2009-02-01T10:35:00.000-05:00

If you're looking for new work at home ideas and ideas on how to make money on the internet (and who isn't?) then you may be very glad you checked out free videos you can make money on.

That's right, free videos. Many people don't realize that there are thousands of books, movies, books and works of art that are now in the Public Domain. That means that no copyright exists on them, either because they were created before there was a copyright law or because the copyright on them has expired. This makes them free to anyone to use for any purpose, even commercial purposes.

Despite Falling Oil Prices, Inflation Remains

2008-09-16T22:56:00.003-04:00

Now that oil prices are tumbling, will consumers see prices fall on other goods? It would seem logical that higher prices related to energy prices would drop when energy prices do. But unfortunately, for many goods and services, that may not be the case.

The bad news is that higher prices may be here to stay. Gas and energy prices, which rose to new highs were responsible for the increase in everything from the price of eggs to meat prices, and those prices may not come down if profits don't return to their previous level.

Many companies raised prices but still saw profit margins decrease. In many cases, companies didn't raise prices until it was do or die on the profit line. Therefore, even when oil prices drop, the new, higher prices on goods may remain.

Salaries Not Keeping Pace with Inflation

2008-09-12T23:20:00.001-04:00

Americans' salaries are not keeping up with inflation according to this article at Consumer Affairs.com. As the cost of living rises at a faster pace than the average American worker's salary, he experiences the actual effects of a loss of income.

Pay raises of 3.8 per cent are simply not going to keep pace with the 5.5 percent rise in consumer prices and tight budgets have forced companies to freeze wages in some cases.

But getting a raise is not impossible, if you are worth it to the company. Employers can't afford to raise wages for all employees, but often will reward top employees they can't afford to lose.

The bottom line? If you want a raise, you are going to have to work for it.

Feds Seize Mortgage Companies

2008-09-08T12:15:00.002-04:00

The big news of course is the Federal government's takeover of mortgage giants Fannie Mae and Freddie Mac. The two companies are the largest providers of money for home mortgages in the US.

The US Treasury has pledged up to $200 billion to help offset losses suffered as a result of bad mortgages. The operation of the companies will be handled for now by the FHA.

It is hoped that the move will help to stabilize the housing market which has been in decline over that last several years. Secretary of the Treasury, Henry Paulson, said that a simple equity investment in the companies was deemed to not be enough to rescue them or stabilize the market. Paulson said the risk of doing nothing was worse than the burden of the responsibility for billions of dollars in loans made by private lenders.

Visa Lobbies Against Proposed Changes

2008-08-09T13:17:00.000-04:00

How do credit card companies spend their money? Well according to this story, Visa spent $1.5 million lobbying against proposed changes in laws regarding penalties and fees that credit card issuers can charge.

As Congress has taken up the review of legislation to protect consumers against unfair increases on interest rates, and limiting the penalties they can charge customeres, Visa has been lobbying heavily to prevent such legislation from passing.

They also lobbied against legislation that would limit the fees that credit card companies could charge merchants for processing credit card purchases.

Pennsylvania to Require Licensing of Payday Lenders

2008-07-29T14:44:00.002-04:00

There are federal laws regarding payday lenders and the interest they can charge. But it isn't just interest you have to be aware of, there are fees involved, expecially when loans are extended beyond the first payment due date.

Pennsylvania has decided to deal with the growth of payday lenders by passing a licensing requirement for lenders operating in that state. Pennsylvania lawmakers felt that online lenders could circumvent the laws of the state and that this is a way to make sure that laws intended to protect consumers were complied with.

The law will require lenders to obtain a license from the Department of Banking by February 1, 2009 or face potential fines and penalties.

The PA Department of Banking interprets the state's Consumer Discount Company Act to apply to any company that lends to Pennsylvania consumers and not just those companies with a physical address in the state.

Work At Home Scams

2008-07-04T17:26:00.001-04:00

Everyone wants to make money in their spare time and most dream of working from home to accomplish that goal. While there are genuine opportunities to make money from home, not all work-at-home employment is equal and some is not even for real.

We've all seen the ads that promise big income for little investment. The jobs that promise us more free time and greater control over our lives. Usually the ads or emails declare something along the line of "Work From Home Stuffing Envelopes!". Sounds like easy money, and it can be - if you are the scammer who places the ad.

Envelope-stuffing scams are pretty basic. You pay a small fee to get started. What you receive, however, will be instructions on how to send the same envelope-stuffing ad out to others in bulk emailings. The only money you may earn comes from others who fall for the scheme. Congratulations, you've become a scammer too.

Let's face it, unsolicited email offers are not likely to result in legitimate employment. Although there are real jobs you can do from home, envelope-stuffing is one of the oldest scams, dating back well before email when the ads were found in the back of tabloids and magazines. It's tried and true and still entices enough people to make it worthwhile for the scammer.

Make your work at home the task of deleting these email schemes as soon as they hit your inbox.

My Found Money, Part Two

2008-06-20T13:00:00.000-04:00

Just a little update on my found money. I got some claim paperwork from the state on one of my claims. I have to fill in my social security number and attach some proof of identity. I also noted the type of abandoned property and the amount.

Where the computer obviously read $42.00 and listed it as being under $100 value, the claim form actually states that the property is 42.0000 book entry shares in a major corporation. I checked the stock quote today and the entire sum is well over $2400.

Now, it will take up to 12 weeks to get my claim fully processed and issued to me, but I am hoping the stock will go up and not down during that time.

Again, you don't know what's out there until you look. Check your state's home website for information on locating and claiming abandoned property listed under your name.
It's well worth your while.

Some Receive Duplicate Stimulus Checks

2008-06-15T14:05:00.000-04:00

Still waiting for your stimulus payment? While some are not yet mailed to anxious taxpayers, others have received duplicate checks totaling twice the amount for which they were qualified.

If you receive a second check from the IRS, do not cash it and hope they won't figure it out. The money must be returned. If you receive a second direct deposit, contact your bank or financial institution.

In some cases, taxpayers may receive a second check that is not a duplicate if they had not properly claimed their dependents. The IRS has in some cases issued two checks once discovering that the taxpayer was due a stimulus payment for a child or children.

Haven't received your check yet? Well the IRS is still mailing them out and will be until mid-July. If there was any difficulty processing a direct deposit, you will get a paper check instead and this will delay your payment.

Online Debt Relief - NetDebt

2008-06-04T09:39:00.003-04:00

If you are like millions of Americans who need debt relief, you may also be confused about where to go for debt help and embarrassed to ask. Nearly everyone knows that there are ways to consolidate debt or get a Debt Settlement, but unless you are familiar with the process, you may not know where to turn to get the solid debt advice you need to successfully negotiate debt settlements and consolidations.

NetDebt.com provides debt help and advice through a process that is conducted completely online. You don't have to attend counseling sessions that may be part of other types of debt help programs. NetDebt can fit neatly into your busy schedule. They have live counselors available for when you need them. Using their Debt Settlement Calculator will show you just how much you could save. Just answer a few questions about your debt situation and NetDebt will show you the savings that using the program could save you on your overall debt burden.

Ignoring the situation and ducking bill collectors won't help you, but getting reliable debt advice and debt counseling could put you back on the road to financial health.

Finding Found Money

2008-06-02T16:00:00.001-04:00

There's no pleasanter surprise than "found" money. I got a call today from a relative who was searching a database in my state for abandoned property and came across two items in my name. I searched myself, made a claim and now await to hear of my good fortune.

Abandoned property is any financial asset with no activity for a specific period of time. In my state it's three years. This could include money in savings or checking accounts, unpaid wages, commissions, stocks, uncashed dividends and many other types of unclaimed or "abandoned" financial assets.

This money gets turned over to the state for safekeeping. The state may or may not publish this information in local newspapers, but not if the amount is a small one.

One way to find out if you have any abandoned property in the form of unclaimed money, you can go to a website like www.missingmoney.com or try a search on your state's website. Usually you can make a claim online but may have to provide some additional documentation to receive your payment.

Both of my claims are for under $100 but I don't know exactly how much either is. Hey, it's found money, so it's all good. The point is that I wouldn't even know about it and therefore, wouldn't have even one penny of it if I hadn't checked for it. So, you have nothing to lose, and much to gain for just a few minutes time.

Teens Using Credit to Buy Gas

2008-05-20T09:29:00.000-04:00

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.

Inflation Races Ahead of COLA for Seniors

2008-05-14T12:29:00.003-04:00

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

What Will You Do with Your Tax Rebate?

2008-05-03T10:13:00.001-04:00

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.

Wire Transfer Scams Abound

2008-04-08T09:39:00.001-04:00

We've all received those emails from high ranking government officials in foreign countries, usually African nations, that promise us a large sum of money for helping to "transfer" funds out of their country. This email scam often claims the sender is a member of displaced royalty or a former government administration.

But the scammers don't really know the person they are sending the email to, thousands of them go out per day. One scammer sent an email to someone on the staff of the Florida Attorney General. Big mistake.

The AG's office followed up with the scammer, who promised more information that would convince the recipient of his honesty, but were unable to secure any such information.

It's a good time to simply reiterate the ways to avoid email and wire transfer scams:

* don't send money to anyone you don't personally know
* don't accept checks or wire transfers
* don't wire back to the sender any "overpayment" - the check is usually fraudulent - it will bounce and you will never recover the money that you wired back
* if you are selling an item, accept only cash - if you take a check, be sure it has cleared before shipping the item
* confirm the identity of anyone with whom you do business
* never send money at the request of a stranger
* don't let the prospect of easy money hinder your critical thinking, if it sounds too good to be true, it usually is.

Personal Check Security

2008-03-17T20:31:00.000-04:00

Life is more complicated than it used to be. Your checks have to have certain information - your name, the name of your financial institution, your account number and the ABA routing number - but are you putting too much information on them?

Security experts now recommend leaving off information like your phone number because it makes it easier to steal your identity. It seems easier to have it printed on the check, since many retailers will ask for it, but that convenience could leave you open to possible fraud.

Here are some security features that you can get on printed checks:

Void Pantographs: This is an invisible Void that only appears if the check is photocopied or scanned.

Chemical Voids: Again, this is invisible until eradication chemicals are applied to the paper, then either the word Void will become visible or the paper will show a stain, making the check unalterable.

Erasure Protection: The paper will show a stain if anyone tries to erase the writing on the check.

Watermarks : Watermarks can only be viewed by holding the check at a specific angle and cannot be reproduced by a scanner or copier.

Invisible fibers and security ink: These are only visible under black light, and are very difficult to reproduce.

Save That Refund

2008-03-17T17:11:00.001-04:00

What are you going to do with your tax refund? Before you start planning trips to tropical islands or buying a shiny new car, consider what financial situations have been pressing on you in the past year.

Do you have credit card debt? As fees and interest pile up, do you always pay the minimum payment? Consider using part or all of your tax refund to pay down your credit card account. You will save money in the long run, and have that payment you normally make to the credit card to use for other expenses, or for saving.

Speaking of saving, do you save enough? Everyone needs at least three months worth of expenses set aside in savings in case of emergency. Your emergency fund should cover everything from rent to dry cleaning bills, any regular expense, for at least three months in case of illness or the loss of a job. Consider using your tax refund to bolster your savings account, whether it's for your emergency fund, college tuition or retirement.

Is it wrong to have a little fun with your refund? Not necessarily, but make sure that the bulk of it goes to accomplish something useful that will give you more financial peace of mind throughout the coming year. Then buy yourself some nice treat on your wish list.

The best advice? If you're getting a large refund, it is time to review your tax situation and witholding. Having the IRS hold your money for you is not the best solution. Better to put that money in an savings account where it will accrue interest or invest it in your 401K or IRA.

Credit Card Companies Oppose House Bill

2008-03-14T19:30:00.001-04:00

Credit card companies are opposing a House bill that is aimed at making life easier for consumers who hold credit card accounts. The bill's goals are to stop arbitrary interest rate increases, as well as hikes in fees and penalties for customers who don't pay on time or have changes in their credit ratings.

The card companies say they prefer a Federal Reserve plan that would require lenders to more clearly elucidate the terms of their credit agreements. They warn that the House bill would limit business and cause everyone to pay higher rates if lenders were not allowed to reprice the risk based on the borrower's credit history.

Many consumers have found their interest rates being increased because of a late payment on another debt that is not related to the credit card. Protecting consumers from this practice of penalizing the consumer with higher rates on a debt for which they have not been late in payment or defaulted on was partly the reason that the House bill was drafted.

Consumer Confidence Down - Credit Spending Up

2008-03-09T15:27:00.001-04:00

Although personal income rose slower than inflation in January, credit card spending rose for the second straight month with consumers spending twice as much on credit cards as the month previous.

With the collapse of the subprime mortgages, consumers who are finding it hard to qualify for loans are seeking alternate financing routes, using credit cards to span the financial gaps.

Many see the trend of consumers turning to credit cards to make ends meet as the first herald of a coming recession in the economy.

With bad news in the jobs sector and on Wall Street, consumer confidence sank to 33.1 last week, down from 48.5 in February.

Credit Card Scam at Disney World

2008-03-03T12:34:00.000-05:00

Credit card scams are multiplying faster than we can get the word out about them, and apparently nothing is sacred to a scammer, not even Disney World.

Several guests at Disney World received phone calls regarding Disney tickets at cut-rate prices, purportedly from a Disney employee. In each case, their credit cards were charged for staggering amounts, $1500.00 in this case, for a total of $11,000 amongst the cards compromised.

Disney did the right thing and returned all the money to their customer's credit cards, but this is just another instance in which something that seems safe, could be a scam.

Always guard your credit card numbers and don't give them out over the phone unless you know for sure who is on the other end.

Not For Profit Debt Help

2008-02-22T11:24:00.002-05:00

Getting into financial trouble and debt is easy, but staying out of debt and handling finances well is not as difficult as you may think. It all starts with a good financial plan and learning how to curb the debt you have while not incurring any further debt. You need to take a long, hard look at your current situation and take positive action to change it for the better.

In some cases, you can negotiate better terms with creditors on your own. Unfortunately, when late notices and demands start to roll in, people can panic, make unwise decisions and actually get themselves in deeper than they were. They will do almost anything to stop those collection calls, but it's important that they take the right steps.

If you are in that situation, now is when you need good solid advice and debt help to deal with your bills. Taking effective action can curb interest rates and penalties if you know how to go about it. Find out if debt consolidation is for you and what type of debt-repayment plans are available.

There are lots of companies out there that offer debt services but they are not all equal and some may even be scams. Companies that charge upfront fees or closing fees for debt consolidation may be running a scam or in some cases, charging illegal fees. When looking for debt help, check for companies that say they offer not for profit debt help. Check the Internet for information about the company, ask friends who have used debt management companies and check with the Better Business Bureau to make sure there are no complaints listed against them.

Financial health starts with solid planning, a budget and a determination to stay out of debt and live within your means. But if you get into trouble, there is help available. Be wise in choosing a debt management company and make a plan for your financial future.

IRS Declares Woman Dead

2008-02-22T10:53:00.000-05:00

If you have been worrying about filing your taxes, here's one problem you probably don't have to deal with (but perhaps wish you did).

Laura Todd can't file her taxes because the IRS thinks she's dead. Although that sounds like a pretty good situation to be in at tax time to anyone who owes, Laura has found that being dead off and on for the last eight years hasn't been a lot of fun. In fact, it's caused her to have her health insurance cancelled and her tax refunds delayed. Laura isn't really dead - never has been - but due to an error in the Social Security Administration, she keeps going on the rolls of the deceased.

The really disturbing fact revealed in this news story is that in the last two years, the IRS has had to resurrect 23,000 people from the dead, and it is stated that it's impossible for them to tell who is alive and who has passed on.

How to Make a Budget

2008-02-08T13:12:00.000-05:00

Creating a budget is the first and most important step to good personal financial planning. Budgeting helps you track where your money comes from, and most importantly, where it's going. In a few easy steps, you can tailor a budget that gives you control over your money and your future.

You can purchase budgeting software if you prefer, but the existing spreadsheet software already available on your computer will produce a good result, so there's no need to incur extra expense. You can also use one of the many budget worksheets available for you to download free on the internet. In a pinch, use a notebook and pencil.

For personal and household budgets, working with a monthly time period is usually best, as most bills come due monthly.

Ready to start? Here we go!

1.GATHER DOCUMENTATION

*Income - Collect paystubs, W2s, bank statements and documentation pertaining to any other source of income such as loan proceeds or child support. If your income regularly includes commissions or other variables, taking an average over at least three months is best.

*Expenses
Time to gather up the bills. Rent or mortgage and car payments will remain the same from month to month but for bills that vary depending on usage, such as utilities, take an average. 12 months is optimal, but a three month average should yield a workable number.

2. CREATE YOUR BUDGET

Now it's time to plug in the numbers. When listing income, add all sources of income together for your monthly total. It is usually best to use net income, since this is the amount you actually have to spend. List expenses separately by category. The more specific the category, the easier it will be to track each expense. For instance, don't list "Utilities", break it down into phone, electric, etc.

Here is a list of some common categories of expenses. You should add items or delete items on this list as necessary to reflect your personal expenses.

* Rent or Mortgage payments
* Food - don't forget to include eating out and school lunches as well as groceries in this category
* Utilities - Heat, Phone, Electricity, Cable or Satellite TV, Internet service provider, Water and Sewer bills
* Transportation - car payments, fuel, average maintenance costs and insurance premiums
* Clothing - include costs of cleaning as well as purchase of new and replacement items
* Medical - include any insurance premiums that you pay directly, direct payments for medical services, co-pays, prescription drugs, eye exams and eyeglasses or contact lenses
* Entertainment - include expenses like movie tickets, going out with friends or dating
* Miscellaneous - include regular expenses that don't fit into other categories - track all debit card and cash transactions for at least a week for items you purchase at coffee shops and convenience stores, etc.
* Savings

BENEFITS OF A BUDGET
One of the benefits of using a budget is that you may be able to identify unnecessary expenses or adjust some services to reduce bills. Scrutinize each bill for ways to save. Simply canceling premium channels or changing to basic service can pare down that cable bill. Money saved in one category can be transferred to another, such as savings.

Increasing your savings is an important goal of budgeting. Everyone should have three months of expenses saved for emergencies such as job loss or serious illness. After making your budget you will know your savings target for that emergency fund.

Do Not Call Registry Now Permanent

2008-02-08T08:18:00.000-05:00

The Do Not Call Registry is now permanent, thanks to the Do Not Call Improvement Act of 2007 that passed Congress this week. Previously, the FTC required that you re-register after five years or they would drop your number from the list. This act makes registration permanent, with no renewal necessary.

Telemarketers are not allowed by law to call consumers who have registered their phone numbers with the Do Not Call Registry and face heavy fines if they do. Signing up will prevent you from receiving calls from telemarketers, solicitors and scammers.

The legislation also requires that the FTC review the Do Not Call list for invalid or disconnected numbers, so that the list stays up-to-date.

If you are signed up for the "Do Not Call" list, you are now permanently registered. If you haven't registered yet, you can do so at the registry website.

Scamsters Increase In Uncertain Market

2008-02-01T10:49:00.000-05:00

The North American Securities Administrators Association is warning investors to be more cautious and beware of scammers who proliferate in times of uncertainty in the market. Those nearing retirement are especially at risk for being targeted by scammers.

Scamsters follow the news and often prey on investors’ fear to promote bogus investments with promises of high return and little or no risk,” said NASAA President and North Dakota Securities Commissioner Karen Tyler.

Tyler also said investors nearing retirement are particularly at risk of being targeted by phony investment schemes promising high returns to make up for losses in retirement accounts. “We are concerned that investors may allow uncertainty over current market conditions to lead them into fraudulent investment schemes that could weaken or devastate their financial position, potentially wiping out the retirement security they worked so hard to build. A hasty decision often can make a bad situation worse.”

Tyler gave these recommendations to investors:

* Hang up on aggressive cold callers and delete unsolicited e-mail messages promoting investments opportunities with little or no risk.
* Contact their state or provincial securities regulator to check that both the seller and the investment are licensed and registered. If they aren’t, don’t invest. Contact information is available on the NASAA website here.
* Request written information about any investment; carefully review it or ask your financial adviser to evaluate it.
* Use common sense. Get-rich-quick promises are usually signs of investment fraud.
* If you suspect you’ve been scammed, report it to your state or provincial securities regulator. Your call could help others from losing money.

Tyler also cautioned that financial professionals do not generally advise clients to make changes to investment portfolios in times of market volatility.

Read the press release

How to Teach Kids About Money

2008-02-01T00:09:00.000-05:00

Should you force your child to save? You should if you want to teach them fiscal responsibility say the experts.

Just seeing you handling money responsibly isn't enough to teach kids how to handle it themselves. By making them save a portion of every allowance or money they receive, you teach them a lesson about finances and also build a good savings for them that they can use when they go to college.

That concept and other ideas, including how to introduce your children to credit cards is covered in this article, where experts in personal finance discuss ways to make your kids more aware of the right ways to handle money.

It's good reading and full of good, solid advice. I recommend it.

FICO Scoring Changes - Some are Good

2008-01-29T14:00:00.000-05:00

The way your credit score is calculated is changing, and some of the changes could be to your benefit.

Fair Isaac Co,. the creator of the FICO score, has devised a new system that most CRAs will be using by spring. Under the new system, you will not be penalized for the occasional late payment as much as you have been in the past. The realization is that everyone sometimes misses a payment and the focus will be more on who is likely to default or not on a loan or a credit account.

Applications for new credit won't have the same impact either. Under the present system, having too many new applications for credit which cause an inquiry on your credit report have been marked against you. These will lose some of their importance and cast much less of a cloud under the new system.

Because credit scores are becoming increasingly important when someone wants to open a line of credit, take out a mortgage or loan or simply apply for a credit card, the new changes will improve scores for those with good payment histories and no delinquencies.
The new system will, however, further penalize those will recurring missed payments or overdue accounts.

Susquehanna Bank Issues Email Scam Alert

2008-01-29T08:00:00.000-05:00

Susquehanna Bank, based in Pennsylvania, has issued a scam alert to all of its customers. Customers have been receiving phishing emails that purport to come from the bank but are really attempts to secure the customers personal and confidential information. The bank also warns that clicking on any links may compromise your computer's security. Here's the news release from their website:

Susquehanna Bank is warning consumers about a phishing scam in which fraudulent emails claim that the customer’s account has been suspended and they must go to a website to update their information so it can be unlocked. These are not legitimate emails from the bank, and consumers should not click on any links in these emails or respond with any confidential financial or other information. The emails are part of a phishing scam, in which criminals try to trick people into divulging their confidential information. Clicking on a link could expose a computer to malicious software that could track keystrokes, potentially giving the scammers private information such as account passwords. If you receive a suspicious email, you can notify us by emailing reportfraud@susquehanna.net.

Home Prices Down - Refinances UP

2008-01-27T09:08:00.000-05:00

The prices for existing homes are dropping and the market is slumping, but mortgage applications are up. With the recent drop in the interest rate, people are rushing to refinance and take advantage of locking in a lower rate. But fewer seem to be rushing to purchase a home.

Refinance applications were up 92% from November, but purchase applications only 7%. The drop in interest rate has certainly sent people shopping for a better deal on their existing mortgages or trying to get out of ARM mortgages where the interest rate is about to increase.

The decline in housing inventory and house prices isn't generating a rise in sales, however, with most buyers willing to wait, expecting prices to drop lower.

Credit is a bit tighter and conditions for a loan stricter, but if you have equity in your house and are locked into a bad mortgage with a high rate or in an ARM about to balloon, this may be the right time for you to consider a refinance option.

New Networking Site - OnlyAlumni.com

2008-01-20T16:25:00.000-05:00

Social networking sites are hugely popular these days, with new ones cropping up from time to time to fill some particular niche that has somehow been overlooked. OnlyAlumni.com hopes to fill this void for college alumni who may be looking to connect with former fellow students and keep up on the news and events at their alma mater.

Each college or university has its own group page for members. Each page has subheadings for news and events. Finding your particular group is fairly easy as all groups are listed alphabetically. Therefore, Michigan State Alumni group is easy enough to find by scrolling the list and clicking on it takes you directly to the group page. You can create your account or sign into an existing account right there to view information on Michigan State University and the members of the group.

You don't have to wait until you graduate to join, it's an excellent way to connect to fellow students as well as keep up with the news on campus. For instance, if you attend Kent State University in Ohio, you can check out local events as well as post your own events, photos and messages. Did you study abroad on a Semester at Sea? There's a group for you, too.

The site is easily navigable and could be a very useful tool for both social networking and making business contacts as there are also numerous groups for employees of various companies. Making connections between former fellow alumni and prospective business opportunities can only be a good thing in terms of your career.

The site has a lot of potential and at this time is only lacking in membership. But all good things were once new and buzz about the site will swell the membership ranks in time, I am sure. OnlyAlumni.com is definitely worth a look for anyone interested in keeping up with the latest at their alma mater or looking to make worthwhile business connections.

New Scam Targets Seniors

2008-01-20T16:23:00.000-05:00

Scam artists are targeting seniors with a new ploy that involves Social Security. The scammer calls the victim and tells them they will be receiving a new Social Security card, and in some cases, a new free medical card. The victim is asked for a lot of information and buried in that maze of questions are such things as social security numbers and bank account information.

This new identity theft scam works because people believe they will need their new cards to continue receiving benefits or could miss out on the free medical benefits that the promised card offers.

Agencies of the federal government do not ask for sensitive personal information over the phone. Anyone receiving a call like this should hang up and contact the Social Security Administration. Never give out SS numbers or bank account numbers over the phone unless you are absolutely sure of the identity of the party to whom you are speaking.

Source

Deducting Job Search Expenses

2008-01-18T14:32:00.000-05:00

If you searched for a new job in 2007, you can deduct certain of your expenses when you file your tax return, even if you didn't get a new job. You cannot deduct the expenses if you are looking for a new job in a new occupation, had a substantial lapse of time between your last job and your job search or if you were looking for a job for the first time.

You can deduct these types of fees:

* Résumé - you can deduct the cost of preparing and mailing résumés to prospective employers

* Employment agencies - you can deduct the fee if you engaged the services of an employment agency in your job search in the same occupation

* Travel expenses - If you traveled to an area to look for a new job you can deduct your travel expenses to the area and back. If you spent any of that time on personal pursuits outside of your job search, you can still deduct the portion of the travel expenses related to the job search.

Remember, these deductions only apply if you are searching for a job in the same occupation as your present job or most recent job. For more information on expenses you may be entitled to claim as deductions, refer to the IRS website.

Review Credit Debt - New Year's Resolution

2008-01-17T06:30:00.000-05:00

It's a new year and that's a great time to review your financial standing. Get out your credit card statements, look at your rates, fees, balances and decide if you could get a better deal. There are still some good credit card deals out there. Would a 0% interest balance transfer consolidate some balances and save you money? Don't jump into offers and if your credit card accounts are already outstanding deals, don't give them up to save a few pennies now, you could end up paying more later in interest and fees.

Reviewing your credit obligations can also help you devise a plan and strategy for paying down debt and cleaning up any accounts that cost you in interest over small balances. Think about paying off those balances with the highest interest first. Use balance transfers to save interest only if the interest rate doesn't go up astronomically after a short period. Read all the fine print and make a plan to eliminate the debts that are draining your budget in 2008.

Credit Card Benefits

2008-01-14T18:52:00.000-05:00

Pulling out a credit card to make a purchase is not always a financial sin. Credit cards offer some protections that may help you in certain situations. For instance, if you dispute a charge on your bill because the merchant didn't deliver or the product was defective. If trying to work the situation out with the merchant doesn't solve the problem, contact your credit card company and file a dispute on the charge. You won't be responsible for the disputed charge until after the credit card company has contacted the merchant and you are satisfied. You may get the charge cleared if the dispute is settled in your favor.

Many credit cards offer other useful benefits, such as coverage for the insurance deductible on a rented car. Rental companies always ask for a credit card when hiring out vehicles, so read through your account details and see if any of your cards offer you this protection. If so, that's the card to use.

It's always a good idea to read the fine print to find out what penalties and interest the card company can charge and what changes they are allowed to make. But while you're doing that, don't forget to look for the benefits as well, you may be pleasantly surprised.

Credit Card Lenders See Share Prices Drop

2008-01-11T16:23:00.000-05:00

The rise in credit card defaults is beginning to affect the price of shares of credit card companies. After Capitol One, a major lender, predicted another large loss due to credit default in 2008, shares fell by 32 cents according to CNN.Money.

Shares of American Express and Discover Financial Services also fell, American Express losing 30 cents to drop to $48.79.

CIBC World Markets analyst Meredith Whitney said that up until now consumers have prioritized credit card payments, and the loss in the credit card sector is new to investors.

Christmas Debt Burdens Consumers

2008-01-08T07:56:00.000-05:00

The Christmas season left many consumers a little dazed and on average, about $1600 further into credit card debt. What's more, many consumers used more than one credit card, dividing purchases amongst two, three or four cards - leaving them without a clear idea of the amount of debt they incurred.

Getting out of that debt could now take them years, just for this Christmas's shopping alone.

The worst thing to do is to allow yourself to slip up on payments. Some credit card interest rates will go up with just one late payment, making your purchases that much more costly and lengthening the time it will take you to pay them off.

The best advice? Make tightening your belt your New Year's Resolution. Shave and slice the money to cover your credit card debts out of every other household budget category possible.

It may be time to look for a 0% balance transfer card, or consult debt consolidation services.

Now that the season is past, take time to examine your credit card statements, work out a plan to pay off the debt on each and stick to it. Meanwhile, don't use your credit cards to make up for money you just cut out of your budget, in fact, don't use them at all. It's time for a moratorium on spending until you are clear of debt.

ToonUp Your Training Program

2008-01-07T15:21:00.001-05:00

We all know that training seminars are necessary but too often employees attending training sessions lose interest because they don't feel engaged. That's when the snooze factor sets in. No matter how important your message is, employees who are watching the clock, doodling and daydreaming, are not going to receive the full benefits of the training experience. Employees themselves would rather not attend long and boring sessions but come to life when the presentation is engaging and interesting.

So, how do you present key concepts in a way that will both impart the important points of your training program and hold your employees attention, ensuring that they understand the message and that it will be retained? One company has a fun and unique way for you to communicate, train and motivate employees using animated software. Their animated cartoons called "ToonUps" can effectively get your message across while entertaining trainees abd capturing their attention.

Is there a better way to communicate than through educational entertainment? In addition to the ToonUps videos, they even have ToonUp Quizzes online that employees can take to ascertain their understanding and retention of important points and topics covered in the training. These quizzes feature the same animated ToonUps as well as facts, jokes, trivia and much more to make the learning experience pleasurable.

MaraStar covers a wide variety of topics of interest to both small business and large corporations. Videos for the sales staff focusing on sales tips or skills, videos for use by the Human Resources department on everything from Diversity to Punctuality and Absenteeism, as well as the basic points on office professionalism. Their video training library also contains ToonUps aimed at improving customer service and for call center training.

Remember, unless your message is communicated effectively, motivating and inspiring your employee, you are wasting both your time and your employee's time. MaraStar Communications gives you one way to make sure they're listening.

Free File 2007 Through IRS

2008-01-07T13:56:00.000-05:00

Taxpayers with an adjusted gross income of $54,000 or less are eligible to use the Free File alternative through the IRS website. Free File is provided by "for profit" tax preparation companies but for those who qualify, it is free to prepare and file your taxes online through the Free File program.

In 2007, responding to critics of RALs, the IRS banned refund anticipation loans from its Free File program. However, the IRS promises fast refunds within 10 days of filing if the taxpayer chooses direct deposit.

If your adjusted gross income is less than $54,000 and you plan to use the Free File program, you must do it through the IRS website.

Those who do not qualify for Free File because their income exceeds $54,00 may still use the e-file option.

Gunman Lets Victim Keep Credit Card

2008-01-06T08:31:00.000-05:00

This is a story of someone being unbelievably smart, unbelievably courageous or unbelievably foolish. Whichever it was, he was also unbelievably lucky.

A Chicago man who was standing outside a store waiting for his family, found himself with a gun pressed to his head by a man asking for his wallet. Despite the fact that his life was in danger from the gunman, the victim asked if he might remove two items from the wallet before handing it over - an ID card and one credit card. The gunman obliged him and the victim removed the cards before giving the robber his wallet. The robber fled with a wallet containing other credit cards and about $150 in cash.

I don't know why the man wanted one credit card in particular, but let's hope that it was the card with the highest available balance and that all the others were already maxed out.

AMT Tax Forms Delay Returns

2007-12-28T07:50:00.000-05:00

The IRS has announced that there will be a delay in processing returns from taxpayers submitting forms related to the AMT. This could potentially delay refunds for millions of taxpayers.

Congress' late enactment of the Alternative Minimum Tax "patch" will affect up to 13.5 million taxpayers using forms related to the AMT. The IRS estimates that February 11, 2008 as the potential starting date for taxpayers to begin submitting the five-related returns affected by the legislation. The IRS needs time to update and test its systems to accommodate the changes.

Returns that include the following forms cannot be filed until Feb. 11, 2008:

* Form 8863, Education Credits
* Form 5695, Residential Energy Credits
* Schedule 2, Form 1040A, Child and Dependent Care Expenses for Form 1040A Filers
* Form 8396, Mortgage Interest Credit

For more information, visit the IRS Website

Paying for Christmas begins

2007-12-27T11:21:00.000-05:00

The Christmas blitz is over and now is the time to take stock of your Christmas debt. Did it all go on the credit card this year? Unfortunately, for many of us, it did. We probably spent more than we meant to, as is usually the case when we put the Christmas shopping on the card. When we get that statement next month, how will we go about paying for it?

Well, if you're planning on paying your minimum payment, expect it to take about 26 years to pay off your balances. The right way to do it would be to pay the entire balance, but most of us won't be able to do that. Second best is to pay as much of it as you can each month until it is wiped out. But if you can't afford to do that either, try adding just 1% of your principal balance to your minimum payment. You will decrease the balance each month and therefore, slow the accruing interest as well.

However, you plan to pay for your Christmas indulgences, here's wishing you financial health and a happy and solvent New Year!

FTC Facts on Bankrupt Lenders

2007-12-23T23:46:00.000-05:00

A new publication from the Federal Trade Commission called "How to Manage Your Mortgage if Your Lender Closes or Files for Bankruptcy" gives consumers the facts on what to do in the event that their mortgage company or mortgage servicing company goes under. The Facts for Consumers publication contains advice related to servicing transfers, escrow accounts, and payment disputes.

The new publication is available at FTC.gov.

Do You E-Resumé?

2007-12-23T12:10:00.000-05:00

Did you know that 80% of employers use the Internet to search for job candidates? The Internet is changing the way we search for jobs and the way prospective employers choose which candidates to interview. Computers are now the front line for screening resumés and deciding which are passed on up the line.

You may have carefully prepared a resumé in years past that you mailed or presented to an employer whom you wished to have consider you for a position. Today you are going to need a resumé that will be easy to transmit electronically and be one that will be selected by the company's computer.

Remember that a computer is going to read this first and it is going to be looking for specific keywords. When writing of your experience and qualifications check the listing to get an idea of what the position you are applying for entails. Then read over your resumé to see how many words coincide. The computer is going to scan for keywords, so your eloquence and charm are not going to get you in the door.

82% of Online Shoppers Very Satisfied

2007-12-22T07:26:00.000-05:00

More and more consumers did at least part of their holiday shopping online this year, and most of them rate online shopping as a positive experience. Over 80% of consumers who shopped online this year report being "Very Satisfied". This is the result of a poll done by Nielson Online.

Online shopping has so many advantages over going out to crowded malls and fits so much more easily into anyone's schedule because it's available 24 hours a day, 7 days a week. Retailers benefited greatly from the online sales this year and can only expect the numbers of shoppers who choose this option to grow.

If you did any part of your shopping online this year, how would you rate it? I did order some of my holiday gifts online, and I would say it was very easy and although I didn't pay for express shipping it appears that my gifts will arrive before Christmas. I definitely would give the experience a thumbs-up.

SCRA Protections for Military Members

2007-12-21T09:59:00.000-05:00

This story about a soldier in Iraq whose credit card company unfairly applied late charges to his account while he was overseas shows how fees can add up without ever having used the card. Ben Singer applied for the card before he was shipped overseas but it was never activated because he was deployed. An initial $20 payment was sent late because of the lag time between the soldier receiving the bill and his father sending in the payment for him, and late fees began to be charged until he owed $220 on a credit card he had never charged anything on.

The story prompted me to remind all military personnel who may be deployed overseas that they should check out the protections afforded to them under the Servicemembers Civil Relief Act. The Servicemembers Civil Relief Act(SCRA) signed into law on December 19, 2003 amended the Soldiers' and Sailor's Civil Relief Act. The SCRA provides certain protections for those serving in the military who are on active duty, such as relief from mortgage payments, eviction and places a 6% cap on interest rates for servicement who are serving overseas.

For more information on debt relief and protection for members of the military who are on active duty, see the SSCRA website.

No Piggyback Credit Ride

2007-12-19T17:52:00.000-05:00

Adding a spouse or child as an authorized user to your credit card accounts, called "piggybacking" will cease to be a way to raise their score when the three top CRAs - Experian, Trans-Union and Equifax - switch to a new formula for determining credit scores next year. The new system will not regard their credit history as an authorized user on other people's accounts, only accounts in their own name and those jointly held will be counted towards their FICO score.

If you're a consumer who has counted on the beneficial effects of "piggybacking" on your credit score and haven't much credit in your own name, you will see a difference in your credit score next year. But, you can still take advantage of the piggybacking boost. Because you have until spring before the new FICO formula takes effect, it is still possible to use your current credit score to open new accounts in your own name and establish your own credit score.

Senate Votes To Help Homeowners

2007-12-17T09:16:00.000-05:00

Some more help is on the way for homeowners burdened with subprime ARM loans. In a 93-1 vote the Senate has given its support to legislation that will allow some homeowners to refinance their ARM loan into an FHA loan.

Concerned about the collapse of the subprime market and the rising foreclosure rate, lawmakers have taken this step to help Americans save their homes. The Senate also voted to lower down payments on FHA loans and raise the limit on FHA-backed mortgages to $417K in an effort to include more homeowners in the program.

The Bush administration is also backing a plan that would allow homeowners to get a "loan freeze" on ARM loans for up to five years. This could potentially keep more houses out of danger of foreclosure by keeping loan payments in a range that the homeowner can continue to pay. It will only apply to homeowners who are now keeping current with their mortgage payments but could fall behind when the adjustable rate takes effect.

Claiming Charitable Donations

2007-12-17T00:34:00.000-05:00

When you go to do your taxes in January, consider your charitable contributions. It's possible to lower your tax responsibility with charitable contributions but some changes in the law means you may have to provide more receipts in order to claim the deductions.

If you donate to your church, for instance, you will need to prove all cash donations. If your church uses individual envelopes that you can write your name on, then your cash donations will be recorded for you and most church organizations will provide you with a tally receipt at the end of the year. But if this is not the case where you worship, consider making your donations by check so that you have a record.

Donating used clothing items is still allowable as a charitable contribution, but you will need to be able to prove that the items were in good condition and their value. If you can, get a receipt from the organization you donate these items to for your tax returns.

Taking a few extra, precautionary steps now can save you money at tax time. It's not too late to make some extra donations now for this year, and keep these tips in mind for next year as well.

Women Suspect Waitress in Credit Card Theft

2007-12-16T15:51:00.000-05:00

Here's another case of credit card numbers being stolen at a restaurant - the only time that people let their credit card go out of sight.

The three Texas women whose numbers were stolen and used in a $2500 shopping spree, say that only the waitress at a restaurant could have stolen the magnetic strip on the cards. The theft is especially painful, as it comes at Christmas and will keep them from using the cards for gift shopping.

Some restaurants are introducing portable card readers that allow the customer to swipe their credit cards right at the table. But if you are planning on going to a restaurant that doesn't have that option, you might want to consider a stop at the ATM on the way and pay in cash.

Consumer Credit Rises in October

2007-12-11T14:50:00.000-05:00

Consumers are borrowing more than ever. Credit use is on the rise, with consumer credit having grown at an annual rate of 2.3 percent as compared with 1.6 percent growth in September.

Revolving credit in October rose at an 8.3 percent rate and overall consumer credit was up by $4.7 billion.

The increase in the use of credit cards may be a reaction to the slowdown in refinancings in the housing market. Auto loans also shrank during the same period of time.

AP Story

Universal Default

2007-12-10T10:00:00.000-05:00

If you are late with payments on one of your credit cards, you could fall victim to "universal default" and find other credit cards you hold raising your interest rates.

It's a widespread practice, credit card companies can track your credit history and if they find your debt increasing or your payment record unsatisfactory elsewhere, even if you have faithfully paid the credit card account you have with them, they could decide to raise your rates.

For consumers struggling under a load of personal debt, this practice pushes them further under by increasing their debt. For consumers who have an account that is kept current but are penalized anyway because of some difficulty or default on an unrelated debt, it's a bitter pill to swallow.

Senator Griffo of New York believes it is worse than that, calling the practice "disgusting" and "appalling" and tried to outlaw the practice in New York State. The governor vetoed that bill, but hopes are that Congress will soon move on legislation to ban the practice on a national level.

Credit C ard Companies Settle Foreign Fees Suit

2007-12-08T17:16:00.000-05:00

If you used a credit card outside the US in the last ten years, you may be owed a refund. Recently, several credit card companies were sued in a US District Court in New York over fees charged to customers for transactions in foreign countries. The fees were not disclosed to the cardholders.

The story on this lawsuit has been reported in many places on the internet and has been widely debated as many were afraid it was an elaborate scam. 35 million mailings went out, informing cardholders of their eligibility for part of the $336 million settlement. Based on my research, it appears that this is legitimate class action lawsuit.

If you received a mailing and are eligible, you can go to ccfsettlement.com.

Credit Card Safety Star Rating Bill

2007-12-08T12:12:00.000-05:00

Senators Barack Obama and Ron Wyden think that consumers need to have more easily understood credit card agreements. Because the devil is in the details, that is the fine print, they believe that the language and transparency of the agreements is key to consumers having the information they need to make decisions about credit card offers. To this end, they have introduced the Credit Card Safety Star Act of 2007.

The bill would provide a rating on credit card agreements, based on how easy they are to understand. The legislation would provide that every credit card, billing statement, agreement, application and all marketing material will be required to display the credit card's safety star rating. Ratings would be from one to five stars, with five being the safest credit card.

Bush Mortgage Plan To be Announced

2007-12-06T08:53:00.000-05:00

President Bush is expected today to announce the details of a plan to help homeowners avoid foreclosure on subprime loans by freezing the rates on some subprime mortgages.

The plan will assist homeowners with adjustable rate mortgages who are making their mortgage payments on time at the lower introductory rate but are due to have their rates go up substantially. The plan has been worked out between the Bush administration, banking regulators, banks, and consumer groups who fear another wide sweep of foreclosures on subprime mortgages without the rate freeze.

Paying Credit Cards by Automatic Debit

2007-12-03T09:16:00.000-05:00

Having your credit card automatically debit your minimum payment from your bank account may save you money over time. What if you want to pay more than the minimum? That can easily be taken care of by making a second payment of whatever amount you can afford or want to pay down on your debt.

It could be that your due date is inconvenient and you are not assured of having the money in your bank account on that date. Many card issuers will let you adjust your payment due date to ensure on-time payments and especially if you enroll in an automatic payment plan. Call the credit card company and ask them if you can set the payment date for the day after a payroll direct deposit, for instance. Enrolling in the automatic payment debit will increase your chances of your request being honored.

Late fees can be costly and mailing in a payment can result in delays, even if you mail on time. By making automatic minimum payments, you prevent the possibility of getting hit with hefty late fees and keep your credit history in good standing.

IRS Says Refunds May Be Delayed

2007-12-02T08:18:00.000-05:00

The IRS says that 38 million tax refunds could be delayed this filing season due to a tax bill that still lingers in Congress. The IRS has delayed finalizing and printing some forms and may have to delay the start of the filing season.

At issue is the AMT, the Alternate Minimum Tax. Congress needs to pass a bill that will temporarily stop the AMT from expanding and applying to millions more taxpayers. But due to disagreements over other taxes tacked onto the bill, it was not passed before the Thanksgiving break.

The delay will disappoint some who usually file early and count on refunds to pay for necessary expenses and holiday bills.

Compare Australian Credit Cards

2007-12-01T22:41:00.000-05:00

Choosing the right credit card is the first step to handling your finances well. There's no one-card-fits-all when it comes to credit. The wrong card could end up costing you money, not providing the services you need or giving you the interest rate you deserve.

If you're an Australian consumer looking to compare Credit Cards, there's an easy way to compare and contrast features, interest rates and fees to assist you in making an informed decision. At CreditCards.com.au, you'll find a comprehensive list of credit cards available in Australia as well as helpful information on how to choose the credit card that's right for you. There are also calculators that help you compare advantages and savings for each card based on how you will use it. You can even apply online.

Thieves Steal Gift Card Numbers

2007-11-29T08:04:00.000-05:00

In addition to the hidden fees on gift cards, there's something else you need to watch out for if you decide to purchase them this holiday season. Thieves.

The practice of taking down the numbers on the backs of gift cards, waiting until they are activated and then using them to make purchases online has escalated. In fact, thieves may not even verify the activation of any specific number, but rather just keep trying numbers until they find one that has been activated.

If you are going to buy a gift card for someone this year, make sure that you ask for a card that is kept behind the counter or register and not hanging on a display. Don't buy a card that could have been compromised by a thief collecting card numbers.
Otherwise, the recipient could find the entire value of their gift gone before they even try to spend it.

Kmart Credit Card Causes Riot

2007-11-28T20:22:00.000-05:00

This story made me laugh - but then it made me sad to see how money makes people behave, even at Christmas.

Kmart customers in a store in Wauwatosa, Wisconsin started a brawl over credit card applications. It seems a computer malfunction was giving out Kmart credit cards with a $4000 limit to anyone who applied, regardless of their credit standing. The card offer was supposed to be a $10 credit for only qualified applicants.

Once word got out about the easy $4000 credit, the store was flooded with customers all demanding a credit card application. When the store ran out of credit card applications, two women started fighting, some other customers tried to break it up and more than a dozen police cars were called to the scene. When the police arrived, they found an enterprising customer who had gone to another Kmart store to get more applications and was selling them in the parking lot for $20 each.

Yep, 'tis the season to be jolly.

Teens and Credit Cards

2007-11-27T22:12:00.000-05:00

A new survey done by Charles Schwab, Teens and Money 2007 reveals that most teenagers would rather pay with a credit card than use cash. 51% said that using a credit card for purchases is easier than using cash and 29% would prefer to buy things with a credit card.

How do teens handle money? Well, the survey also reports that 29% of teens are already in debt and only 25% feel they handle a credit card responsibly. Teen star Miley Cyrus of the popular Disney Show Hannah Montana recently told Oprah that she lost her credit card within days of getting it.

Can you give your kid a credit card and still teach responsibility and the value of money? I think you can. The main attraction of a credit card for a teen is status among peers, second is the actual monetary value.

If you want to introduce your teen into the world of credit, you could try it out with a pre-loaded credit card. This type of card is only good for the amount you put on it and so, an afternoon at the mall cannot leave you more in debt. Perhaps the amount can be an allowance, even better, put part of the allowance into savings and the difference on the card. Your teen will soon learn how and when to use a credit card if he or she starts running short before the end of the week.

ANZ Offers Credit Card Rewards for Repayments

2007-11-27T21:12:00.000-05:00

ANZ, the third largest financial institution in Australia, has introduced a new kind of credit card, that instead of offering reward points for money spent, awards them on repayments.

Reward points will be awarded on interest repayments, fees, cash advances and balance transfers. The interest rate on the card will be 13.99 percent.

It's an interesting concept and if it goes over well, it could be that US banks may start offering similar credit card deals. We will have to wait and see.

Shopping Season Start Makes Retailers Jolly

2007-11-26T09:02:00.000-05:00

Gas prices are rising, the credit crunch looms, the housing market is falling apart and subprime mortgages fuel even more foreclosures. Still Americans seemed to have put aside economic worries and turned out in numbers that retailers are saying made the start of the holiday shopping season a strong one.

Electronics were at the top of the list apparently, and retailers reported strong sales. However, many shoppers went out over this long weekend with the intention of getting all their Christmas shopping done in one go. If a large percentage of them achieved that goal, retail sales might not continue at this high level for the rest of the season.

Did you go out on Black Friday and over the weekend to do your holiday shopping? If so, did you get it all done? How many more shopping trips do you intend to make, or, are you one of the many who will do most shopping online this season?

I will be attempting to do as much shopping online as possible to avoid the crowds and take advantage of deals only offered to online customers. I will be watching to see if this move saves or costs me money this year.

COLA Increase in 2008 Social Security Benefits

2007-11-25T13:53:00.000-05:00

There's some good news for 50 million Americans receiving Social Security benefits. A COLA (cost of living adjustment) will raise their benefits come January 2008, but some of that increase will be absorbed by the raise in the 2008 Medicare Part B monthly premium increase.

The 2.3 percent increase in benefits will still make your social security check bigger overall, as the average increase for Medicare Part B premiums is only about $3. However, some Medicare deductibles will be going up in 2008.

To effectively plan for retirement you need to fully understand what you will be entitled to from Social Security when you retire, how early retirement affects your benefits, and what you will be allowed to earn in addition to your social security benefits and the taxes those earnings may be subject to.

For more information on the COLA increase for 2008 and all your benefits, visit the Social Security Administration website.

Score Tutoring - Math Skills Serve Students for Life

2007-11-25T12:11:00.000-05:00

Let's face it, even with all the home budget and accounting programs out there, even if you never leave home without your calculator, to develop good financial sense and habits, you need to have an understanding of the basic underlying math concepts.

These concepts are learned when we are young and in school, but what if your son or daughter has difficulty with math studies? My daughter is one of many girls for whom math is tedious and because she doesn't feel confident in her abilities, it is the homework most avoided. This leads to failing grades, but worse, it can lead to a lifetime of believing that she is a math failure.

That's when it is time to consider seeking out the help of qualified Math Tutors. Often a tutor can do more to reach a child than a parent or teacher. Score Learning centers, for instance, employ innovative methods to inspire your child to learn. When a child finally grasps a difficult math concept, the confidence gained is priceless.

It's no secret that better grades open up better opportunities in life, including acceptance at better colleges and universities. Providing your child with the right tutoring service now is truly an investment in their future.

Restaurant Gift Cards Most Desired Gifts

2007-11-24T10:50:00.000-05:00

If you're planning on buying gift cards for one or more people on your Christmas list, consider this: A national survey conducted by Pizza Hut showed that 70% of respondents said a gift card to a restaurant would be their first choice, scoring well above department, clothing and electronics stores.

It stands to reason, everyone likes to dine out and free meals are more tempting than going to a store and shopping with the possibility that you won't find anything you want to spend your gift card on. But everyone has a favorite restaurant. For the person who is hard to shop for, it's an easy choice. Most restaurants have gift certificates available as do several fast food chains. McDonalds has their Arch Card and now Pizza Hut is issuing their own gift card. Another idea would be a gift card to a favorite coffee shop, if you have a coffee lover on your list.

The best news is that people no longer consider a gift card to be a cheesy way of getting out of choosing a gift (although we hope the pizza gift card is cheesy). 95% of respondents to the survey said they think gift cards are acceptable as gifts and that knowing how much the giver spent didn't bother them at all.

Budget Shopping Tips

2007-11-23T09:25:00.000-05:00

With the hustle and bustle of the holiday season and all that shopping, it becomes even easier to lose track of what you are spending. Its a budget-busting time and it takes determination and sometimes a few tricks, to keep your budget in the black.

Read sales circulars: The ones that come in a big bunch every week that you normally toss in the trash. Look them over carefully as you may get some helpful suggestions for Christmas gifts, as well as finding what you want at a lower price, rather than just buying it wherever you happen to be shopping.

Only buy the sale item: The temptations are there, to pick up this item or that and you end up spending a lot more than you planned to. The stores hook you will sale items to get you in the door then make their money on all the other full-price items you buy.

Bring a calculator: Set it at the amount you ~~want~~ can afford to spend and then subtract each item as you pick it up. When you hit zero, stop. If you haven't covered all the people on your Christmas list, it might be time to reconsider some of those higher-priced items you tossed in your cart.

Have a checkbook calculator: If you are using a debit card to make purchases, you need to see the impact on your bank account in hard numbers. Writing down all the receipts in your checkbook at the end of the day keeps you from seeing the bad news while you are shopping and you might spend more than you would if you kept a running tally. Checkbook calculators can help you record the purchase real time, and give you added incentive to shop smart and save.

Keeping your budget doesn't necessarily mean you have to be miserly. Just let your good sense temper your generosity, otherwise you could be paying for it until next Christmas.

IRS Tax Withholding Calculator

2007-11-21T15:04:00.000-05:00

At every employer you will be required to fill out a W-4 form for the purpose of tax withholding. But the worksheet on the W-4 is limited and perhaps you have been burned before - finding out too late that you had not had enough tax withheld. If you want to find out what your withholding status should be to avoid owing tax or to keep more of your income now rather than collect it later - with no interest - as a refund, you might want to check out this handy tool from the IRS.

The can be especially useful for:

* Employees who would like to change their withholding to reduce their tax refund or their balance due;
* Employees whose situations are only approximated by the worksheets on the paper W-4 (e.g., anyone with concurrent jobs, or couples in which both are employed; those entitled to file as Head of Household; and those with several children eligible for the Child Tax Credit);
* Employees with non-wage income in excess of their adjustments and deductions, who would prefer to have tax on that income withheld from their paychecks rather than make periodic separate payments through the estimated tax procedures.

In order to use the calculator, make sure you have this information on hand:

* Your most recent pay stubs
* Your most recent tax return

Complete with all information that applies to your situation and when you are finished, print out the final calculations so that you can take a copy to work and fill out a new W-4.

Portable Card Reader More Secure for Diners

2007-11-21T11:28:00.000-05:00

Recently I told you about a waitress who was helping her boyfriend collect credit card numbers for fraudulent use. The waitress was skimming credit card numbers through a magnetic strip reader that she carried in her pocket, so that when she took the card to the register to process payment, she was also recording the numbers.

This article in the New York Times points out how a new device can eliminate the dangers of having your credit card taken by a third person and carried out of your presence, indeed, out of sight, where it is possible that the security of your card could be compromised.

The device is a wireless and portable card reader that allows customers to swipe their credit cards and sign the receipts right at the table. It should be popular with restaurant owners as well as customers, because it will cut down on the time it takes to process payments - no waitresses standing in line to use the register. Customers will feel more secure and businesses will save money.

The device is already being used in Europe and is being introduced into the US where it is expected to gain in popularity over time.

Compare ISPs and Save

2007-11-20T16:34:00.000-05:00

If you like to spend time on the internet (and who doesn't?) you want to make sure your internet service provider is the right one to suit your needs. A casual user who just accesses the internet for email may be satisfied with a limited dial up ISP whereas a student who uses it for research will probably be looking for something faster. If you are an inveterate online addict, then your ISP is of ultimate importance.

If you're looking for internet service providers, want more info on ISP services from Comcast, Adelphia, Cox, Road Runner and Charter, want to compare DSL, broadband and satellite providers or even get helpful advice on how to keep your wireless connection secure, then you need GetISP.info. There are a lot of choices out there, including Voice Over IP phone services that route telephone calls through your computer.

Even if you have an ISP that you are satisfied with, you should also consider how much down time you can afford. It's always a good idea to have a low cost back up ISP to cover times when your regular ISP is down. Amazingly, there is still one free ISP out there. Others are available for fairly low fees.

To get the most for your money, compare features and services before choosing an ISP, protect yourself against down time and consider how well each service will meet your requirements.

Vishing - New Scam on the Block

2007-11-20T14:03:00.000-05:00

As consumers grow more savvy online to possible email scams, fake lotteries and phishing expeditions, scammers have had to be more clever and find new angles to catch unsuspecting victims for their criminal schemes. One of the newest is "vishing".

This scam involves a notification to the victim that their credit card has been deactivated for some reason. The victim is then instructed to call a phone number that purports to be the credit card company, and enter his card number in order to reactivate it.
But the card was never deactivated and the victim is not calling his credit card company, he's calling the scammers and punching his card number in on his phone pad. The scammers now have what they wanted.

Scammers are getting better at disguising themselves, too. Routing their emails through legitimate companies' email systems makes it harder to trace them and keeps them looking respectable. Read more about these tactics in this article in The Cincinnati Post.

New Rules Allow 401K Auto Enrollment

2007-11-20T08:50:00.000-05:00

New rules on 401K plans go into effect December 24. These new rules will allow companies to auto-enroll employees in 401K plans. The employees are not obligated to participate, but they will have to purposely opt out of the plan. The hope is that more people will start saving for retirement. The plan provides for default investment options for auto-enrollees and a safe harbor legal protection for the company in case the employee does not like the performance of the investments.

With more and more companies discontinuing pension plans and with the uncertainty of social security as the baby boomers begin to retire, saving for retirement on your own becomes more important. If you are not already enrolled in your company's 401K or have an IRA of your own, now is the time to set one up.

FTC Shuts Down Scam Operation

2007-11-19T11:29:00.000-05:00

The FTC has stopped a major sweepstakes scam that used counterfeit cashier's checks to persuade victims to wire money to the scammers which were ostensibly to cover taxes and fees on their winnings. The FTC complaint named Cash Corner Services, Inc.; Family Choice Store, Inc.; and their principals, Odowa Roland Okuomose and Evelyn Okuomose, based in British Columbia, Canada.

Victims of the scam were mailed the counterfeit checks and instructed to deposit them to their bank accounts. The checks were often accepted by the bank and credited to the victim's account until they proved to be counterfeit. By that time the victim had already wired the money for "fees" to the scam company. Some victims lost as much as $24,000 in the scam.

The FTC is asking the court to order the defendants to give up the money they made through the scam.

If you have a complaint or wish to report a fraud, go to http://www.ftc.gov/ftc/complaint.shtm or call 1-877-382-4357.

Half of Credit Transactions Vulnerable to Hackers

2007-11-19T09:20:00.000-05:00

Is your financial data secure when making POS (point of sale) transactions at retailers? When you pull out your credit or debit card, you assume that only the store's computer and the bank's computer are involved in the transfer of your data. However, according to Airdefense, an Atlanta-based maker of security products for wireless data systems, there may be others who are listening in.

A survey of over 3,000 stores in Boston, Atlanta, New York, Chicago, LA, San Francisco, London and Paris, shows that during wireless transactions processed in at least half of them, your data could be stolen by hackers because of outdated security systems or lack of security systems. 25% of wireless access points were exchanging data with no encryption at all and another 25% were using easily hacked systems. The other half were using newer encryption methods which are harder for hackers to break into.

Source

Saver's Credit for 2007

2007-11-17T10:06:00.000-05:00

Will you take advantage of the new tax credit for savers? To help low and moderate income workers save for retirement, the IRS offers a special tax credit in 2007 and the years ahead.

The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Formally known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

Who can claim the saver's credit?

* Married couples filing jointly with incomes up to $52,000 in 2007 or $53,000 in 2008;

* Heads of Household with incomes up to $39,000 in 2007 or $39,750 in 2008; and

* Married individuals filing separately and singles with incomes up to $26,000 in 2007 or $26,500 in 2008.

The saver’s credit can increase a taxpayer’s refund or reduce the tax owed.

You cannot claim the credit if:
* You are not at least 18 years of age.
* You are a student.
* You can be claimed as a dependent on someone else's return.

Be aware that some distributions will reduce the amount of contributions used to figure the tax credit.

For more information, visit the IRS website.

$110 Million in Refund Checks Undeliverable

2007-11-16T16:23:00.001-05:00

Are you due a refund from the IRS that you never received? The IRS is looking for you and 115,477 other taxpayers who are due refund checks that were returned to the IRS as undeliverable. The returned checks total about $110 million.

To check on the status of a refund, go to Where's My Refund? or call 1-800-829-1954. You can update your address with the IRS to get your refund check, but to prevent undeliverable checks in the future, opt for direct deposit of your refund from now on. It's easy and your money gets to you faster.

Safe Online Shopping Tips

2007-11-16T09:43:00.000-05:00

Consumers are expected to spend more time shopping online this season than ever before. People find it's an easy way to avoid the crowds at the mall and still get their holiday shopping done. However, the FTC warns that increased online sales activity brings increased risk from hackers and identity theives. The FTC and the National Cyber Security Alliance ask you to follow some simple guidelines for safer online shopping.

First, check out the seller to be sure it is a reputable site by keeping these tips in mind:

* If it’s your first time on an unfamiliar site, call the seller’s phone number, so you know you can reach them. If you can’t find a working phone number, take your business elsewhere.
* Type the site’s name into a search engine: if you find unfavorable reviews posted, you may be better off doing business with a different seller.
* Read the site’s privacy policy to learn how it uses and shares your personal information.
* Consider using a software toolbar that rates websites and warns you if a site has gotten unfavorable reports from experts and other Internet users. Some reputable companies provide free tools that may alert you if a website is a known phishing site or is used to distribute spyware.

Read the return policies, make sure that you know whether or not the item can be exchanged or if they charge fees for exchanges or returns. Make sure the item you are ordering is for real - if you are getting too good of a deal, it could be a counterfeit. Look for security signs on the site you are dealing with. Is there a closed padlock on the browser's status bar? Do they use encryption when you are making payment? Look for the URL address to change from http to shttp or https which will indicate that the transaction is secure. Print out receipts or confirmation numbers and keep them to compare against credit card statements.

Equally important is to make sure your computer is secure. Keep anti-virus and anti-spyware software up to date. If you don't have a firewall, install one. When you are done shopping, turn off the computer so that it cannot be remotely accessed.

Online shopping can be convenient and time-saving. It can also be done safely if you keep these tips in mind and shop smart.

Store Credit Card Savings Can Be Costly

2007-11-15T18:20:00.001-05:00

This article in The Californian points out some of the pitfalls of using store credit cards for holiday shopping. The biggest disadvantage of course, is the high interest rate. It is easier to get a credit card at a store because of those rates, but much harder to pay the debt off.

To entice shoppers into opening new accounts, many retailers are offering initial savings of 10-20% off the initial purchase if the customer opens a credit account. Initially, the customer will save money, the larger the purchase, the more they save. However, over time the higher interest rate will wipe out those initial savings.

The best way to prepare for Christmas shopping is to save ahead, of course. But if you do use credit cards to fund your holiday spending, be sure to use the lowest interest card you can and pay it off timely or you could end up still paying for that spree when next year's holiday season rolls around.

27% of Gift Cards Given in 2006 Never Redeemed

2007-11-14T23:08:00.000-05:00

According to a survey by Consumer Reports National Research Center, a lot of money is being spent on gift cards that are never redeemed. 27% of those surveyed said they had never used one or more gift cards received last year during the holiday season.

Why did people neglect to spend their gift card? Some simply lost them or forgot about them. Others held onto the card and then found it had expired. But large number, 58%, said they didn't spend the card due to lacking time to shop. Another 35% said they didn't find anything they wanted to buy.

Unpsent gift cards are a windfall for retailers who pocket the money spent on them without ever having to exhange merchandise for the value of cards not redeemed.

Remember, before you spend money on a gift card, be sure you know the recipient is likelyy to frequent that retailer and find something there that they want to buy. Purchases gift cards wisely and mind your money this holiday season.

Save Money Cooking at Home

2007-11-14T10:14:00.001-05:00

It sounds almost too simple, but one way to improve the outlook of the family budget is to make more meals at home. Eating at home instead of dining at restaurants or ordering take-out really does cut dollars off the food expense column. A great plus is that it's fun and everyone can help out.

In my family even the kids made a lot of their own meals out of what we could find in the pantry. My specialty was making cake from scratch instead of a mix. As long as we had the necessary ingredients (and we usually did) I could whip up a cake at a moment's notice. A homemade cake has more substance and texture than a boxed cake mix produces, but my secret was to add pudding to the mix for added moistness.

Of course, I had to make do with an old portable mixer whose beater attachments were warped and somewhat ineffective. I always wished that I owned a stand mixer, like the professionals. The Eclectrics® Mixer from Hamilton Beach® would have completely fulfilled my dream. It's got 12 speeds, much more than the standard slow or fast of my handheld. With 400 watts of power, it can do the job for most any recipe, even tough jobs like bread or cookie dough. With the special attachments, like the wire whisk and flat beater, it's completely versatile. It comes in designer colors as well, to match any decor.

For a basic yellow cake, you will need 2 cups of all-purpose flour, 1 1/2 cups of sugar, 3/4 teaspoon of salt, 1 tablespoon baking powder, 1/2 cup shortening or butter, 2 eggs, 1 cup milk and 1 teaspoon of vanilla extract. Sift the dry ingredients together, then add shortening and fold in until crumbly. Add the rest of the ingredients and beat until smooth, about 1 minute on a low speed and 2-3 minutes on high. If you like, you can add one small package of vanilla pudding mix to the dry ingredients.

If you decide to start baking more and buying fewer prepared foods, I strongly recommend that you invest in a superior appliance. Having the right tools is the most important step to accomplishing any job.

MBNA Canada Announces Eco Credit Card

2007-11-14T09:44:00.001-05:00

Here's a new twist on rewards points earned on credit card purchases. MBNA Canada Bank has launched a new "green" credit card and promises that for every purchase customers make using their card, the bank will buy carbon offsets. They don't promise, however, that these offsets will actually help the environment.

The bank will donate 50 cents for every $100 purchase made on the Eco-Logique credit card.

This may be an interesting new choice for consumers in Canada who are environmentally conscious or concerned about global warming. However, the carbon offsets are base on a monetary system, not on actual offsets needed to neutralize the consumer's purchases.

Lost Credit, ATM or Debit Cards

2007-11-13T12:38:00.000-05:00

Lost or stolen credit cards, ATM card and debit cards can be a nightmare for the consumer, but if the loss is reported promptly, you can limit your liability.

Federal law provides that your maximum liability for unauthorized use of your credit card is $50. If you report the loss before the card is used, you cannot be held responsible for any unauthorized charges. Often, a credit card company will notice unusual charges and contact you. Be sure to review your monthly statement and report any unauthorized use of your card immediately.

Your liability for debit and ATM cards can be more or less depending on when you report the loss or theft of the card. If you report it within two days, again your liability is limited to $50 of the unauthorized charges. But that amount of liability soars to $500 if you don't report the loss within two days. If the number is used in a transaction not requiring the physical card, such as online purchases, you need to report the unauthorized transaction within 60 days after you receive your bank statement containing the unauthorized charge. Failure to do so could result in your being held liable for all the unauthorized charges.

For more information on your rights and responsibilities in the event of credit card, ATM card or debit card loss, see the Federal Trade Commission's consumer protection pages.

Gas Saving Tips

2007-11-13T09:07:00.001-05:00

With gas prices poised to go up by as much as 20 cents over the next few weeks, saving gas and getting good gas mileage is more of a survival technique that just environmentally sound. Saving gas though, can be as easy as changing a few habits or rearranging and consolidating a few trips.

Here are a few tips for lowering your gas usage:

* Plan ahead - don't make several trips to the store for milk, bread or other items. When you do your main shopping, make sure you have enough to last until your next big shopping trip. Bread can be bought ahead and frozen until needed. Buy milk with the furthest sale date and buy gallons, not in smaller containers. Calculate 7 days from the "sell by" date, that's how long it will stay fresh and buy enough to last until that date.

* Drive slowly and evenly. There's no need to be the first one to the red light. When the light turns green, don't put pedal to the metal - why waste gas on accelerations that don't really get you further ahead?

* Drive 55, it saves gas and remember that constant lane changing and angling to get a little further ahead just wastes gas. Plan trips so that you have enough time to get there and take it easy.

* Walk more. That can be as simple as walking to the local store instead of driving or taking a parking space just a little further from the door instead of driving around the lot for ten minutes.

* Get a tune-up so that your car burns gas as efficiently as possible. Make sure the air filters are clean.

* Get an oil change.

* Make sure tires are inflated properly, under-inflated tires will decrease your gas mileage.

* Lessen the load. Check the trunk for unnecessary items that increase the weight of the vehicle and cause it to use more gas.

* Buy gas at night or the coolest point of the day. Gas becomes denser at cooler temperatures and you get more fuel for the volume.

* Don't drive extra miles to save a tenth of a penny on gas but do keep your eyes open for the lowest price at a station you are regularly in the area of. You can negate any savings on the per gallon price by driving too far to get it.

* Stop and think about your daily trips, then make a list. Check off those which are necessary and cross out or consolidate the ones that are least important.

Get Free Quotes on a New Car

2007-11-11T11:29:00.001-05:00

A new car is one of the most important and expensive investments a consumer makes, second only to the purchase of a home. It's a serious venture to find the right vehicle - the one that fits your needs, lifestyle and budget.

The best way to start is to thoroughly research the make and model of car you want, based on your criteria, and then to find the best price and the best car loan online. Say you've decided upon your desired vehicle. You can then do your research online. Don't pay full price for a new car, there are many sites, like Carsblvd.com where you can compare quotes and let the dealerships compete for your business. It's fast and free and in most cases you will get up to two quotes. Just enter the make and model of the vehicle you're looking for along with your zip code and let the internet bring the quotes to you.

Report Card: One "F" for Finance

2007-11-11T08:23:00.000-05:00

In 2010, the state of Ohio will be adding mandatory personal finance classes to the schedule of all high school students. The idea is to equip kids with the financial know-how they need to make decisions that will affect their credit future and financial picture before they make big mistakes that take years to fix.

In the UK, a similar program has been instituted in the schools, but they are starting much younger - with grade school children. Educators hope that by teaching children about money matters and saving, they can give them financial skills for the future.

The initiative is due to a bill bill sponsored by Ohio Treasurer Richard Cordray.

"Every one of us knows we don't know as much as we'd like to know about managing our finances. If we don't make good financial decisions, we're in trouble all of our lives," Cordray says.

Credit Card Scam to Obtain Security Code

2007-11-10T15:53:00.000-05:00

An article in the Arizona Star warns of a very convincing telephone scam involving credit cards. The victim will receive a call from someone claiming to be from Visa or Mastercard and who is calling to investigate a suspcious purchase on the victim's card. The scam is convincing because the caller will already have important personal information including the credit card number and the victim's address.

When the victim rightly asserts that they did not make the suspicious purchase, the caller will ask for the three numbers on the back of the card, ostensibly this will prove the victim still has the card in his/her possession.

Do not give out those numbers. Those numbers are a Verification Code necessary for purchases transacted online and it will give the caller complete access to us your card. Instead, tell the caller you will contact your credit card company directly and then hang up and call the company's customer service immediately.

New IRS Scam Alert

2007-11-09T22:55:00.000-05:00

Scammers are trying out a variant of an earlier email scam, again purporting to come from the IRS. The scammer lures the victim with the promise of an refund for which he is eligible. The email states it is from the IRS and the Taxpayer Advocate Service. The Taxpayer Advocate Service is a program of the IRS that provides an independent system to assure that unresolved tax problems are promptly and fairly handled.

The email is a scam and directs the recipient to click on a link that leads to a fake website, obviously as a phishing expedition from which they will gain valuable personal information from the recipient.

The IRS never contacts taxpayers by email, nor do they ever ask for personal information like pin numbers or access to bank accounts or credit card accounts.

If you receive an email claiming to be from the IRS, you are asked to forward the email to phishing@irs.gov. The IRS also warns taxpayers not to click on any links in such an email or open any attachment that come with it.

Personal Finance Software

2007-11-09T10:51:00.001-05:00

Do you need expensive personal finance software to make and keep a budget? A lot depends on you.

If you are convinced that you need a personal finance software program to properly budget and track finances, make sure that you are not expecting the program to change your habits. Any program is only going to be as effective as you allow it to be.

Good accounting for your own expenses starts with little things, like always remembering to record ATM withdrawals and POS purchases made on your debit card. These need to be entered into your checkbook just as much as checks do. You probably write few enough checks that you can remember the ones you wrote recently, but you might forget that swipe of the debit card at the coffee shop or the convenience store.

What a personal finance software might do is help you see where your money is going. You can compare expenditures to income, in many cases you can produce charts and graphs that will show you which expenses are costing you the most and maybe find areas in which you can cut down. Some provide online services and you can import banking data directly into the software. You can set goals and they can be more useful than just tracking upcoming bills and income on a spreadsheet program.

But if you are going to invest in personal finance software, make sure you have already the mindset to make a budget and stick to it, otherwise, it's just another number in the expense column.

Americans Using Credit to Make Ends Meet

2007-11-08T14:57:00.000-05:00

A new report issued by Demos, called Borrowing to Make Ends Meet, shows that more and more American households are going into credit card debt and very often it is not because they are spendthrifts or buying expensive items they don't need. For many households, the truth is that they just don't have enough income to meet the costs of living and credit cards are being used more and more in tough financial times to make ends meet.

Key Findings of the report (all figures in 2004 dollars unless otherwise noted):

* Between 1989 and 2006, Americans’ overall credit card debt grew by 315 percent from $211 billion to $876 billion (2006 dollars).

* From 2001 to 2006, homeowners cashed out $1.2 trillion in home equity, often in an effort to cope with mounting credit card debt and to cover basic living expenses (2006 dollars).

* Nearly six out of 10 households with credit cards revolved their balances in 2004. The average amount of credit card debt among those households reached an all-time high of $5,219, an increase of 89 percent from $2,768 in 1989.

* From 1989 to 2004, the percentage of cardholders incurring fees due to late payments of 60 days or more increased from 4.8 percent to 8.0 percent.

* In 2004, the average credit card-indebted family allocated 21 percent of its income to servicing monthly debt compared to the 13 percent dedicated to debt payments among all households.

* In 2004, 46 percent of very low-income (under $9,999) credit card-indebted households spent more than 40 percent of their income to pay off debt.

* From 1989 to 2004, credit card debt among very low-income households quadrupled from an average of $622 in 1989 to $2,750 in 2004.

* While white households carry more credit card debt, African Americans and Latinos have a higher percentage of credit card-indebted households. In 2004,of those with credit cards, 84 percent of African-American households and 79 percent of Latino households carried credit card debt compared with 54 percent
of white households.

* Over 90 percent of African-American families earning between $10,000 and $24,999 had credit card debt.

* Since 1989, Americans in the age group of 65 and over have experienced the greatest increase in the amount of credit card debt carried. The average balance for this age group increased 194 percent from $1,669 in 1989 to $4,906 in 2004.

Health Care Gift Card

2007-11-08T06:59:00.000-05:00

Gift Cards are an extremely popular choice for giving at this time of year, and can be purchased for individual stores as well as mall-wide gift cards. Highmark, a Pennsylvania-based health insurer has partnered with Visa this year to offer a unique type of gift card - the Healthcare Gift Card.

These gift cards will cost $4.95 and can be purchased in amounts from $25 to $5000. They will be good for purchasing health related services at businesses like physicians, dentists, pharmacies and even health gyms. It's a novel idea that helps the recipient pay for needed health services. College students, seniors and those without health insurance through an employer could benefit greatly from this gift that will help with rising medical costs or just pay for a necessary prescription.

The cards are currently being marketed in Pennsylvania only but they expect to open it up to a wider market. The cards are available at http://www.givewell.com or you can call 1-877-850-3774.

IRS Announces Tax Relief for Wildfire Victims

2007-11-06T13:22:00.000-05:00

The IRS is extending the dates for tax returns and payment deadlines for victims of the California wildfires. Taxpayers in the affected Presidential Disaster Area, will have until January 31, 2008 to file returns and pay taxes. This deadline is applied to itms due on or after October 21, 2007. It covers estimated tax payments for the fourth quarter and the federal withholding tax return, Form 941.

In addition, the IRS is waiving the failure to deposit penalty for employment and excise deposits due on or after Oct. 21, 2007, and on or before Nov. 5, 2007, as long as the deposits are made by Nov. 5, 2007.

Affected taxpayers in a presidentially declared disaster area also have the option of claiming disaster-related casualty losses on their federal income tax return for either this year or last year. If you are claiming the disaster loss on last year's tax return, put the Disaster Designation "California Wildfires" at the top of the form to expedite processing of your refund.

For more information, go to the IRS website.

Borrow and Pay - The Only Way to Establish Credit

2007-11-04T08:05:00.000-05:00

The best way to build credit? Borrow. In order to establish credit you must incur debt that you promptly pay back. Nowadays it could be difficult for young people starting out with no credit history, or for those with tainted credit histories to build or re-establish credit but there are a few things you can do to get started.

One is a secured credit card where the amount of your credit is the amount of a cash deposit that you have made to the account. Often these cards will eventually increase your limit to beyond your deposit amount after a time if you exhibit good and timely payment behavior.

Another option is a store credit card. If you have absolutely terrible credit, this might not be an option but if you just have little to no credit you could qualify. Stores use slightly less strict criteria than banks. Start slowly and build credit by using the card and then promptly making payments and clearing balances.

It doesn't take long to get into financial hot water but it's a slow process to rebuild so be patient and diligent about paying on time and eventually you will be able to establish your credit worthiness.

Thieves Steal Credit Card Numbers With Magnetic Readers

2007-11-03T15:14:00.001-04:00

Customers at a restaurant in Memphis TN were surprised and dismayed to discover that the waitress was padding her tip by stealing their credit card numbers. SecretService agents say that Jessica Holden stole 150 credit card numbers by using a magnetic card reader. When she collected the tab and the credit card from the customers, she did more than run it through the register's card reader, she ran it through her own private reader that stored the credit card numbers which could be downloaded later by her boyfriend who persuaded her to be part of the scheme.

It's not something we think about often. We are more likely to be concerned about people recording our pin numbers over our shoulders at a swipe machine in a department store, or gaining access to our private account information on internet transactions through hacking. Certainly there have also been a rash of incidents of companies accidentally destroying or releasing customer data and in one instance, Monster.com was hacked and the personal information of job-seekers was compromised.

But card readers are not hard to come by and neither is information on how to commit credit card fraud. In one quick search I was able to find a site that sells magnetic credit card readers that are the size of a lighter and fit in your hand as well as numerous handbooks on hacking techniques and credit and bank account numbers.

Remember, if you discover fraudulent activity on your account and report it early enough, you may have your liability limited to $50. But if the thieves get your debit card number, you could suffer the entire loss.

So, maybe the rule is never to let your card out of your sight. Offer to bring the check and the card to a cashier personally. Never allow a debit card out of your sight. Perhaps the best answer is to visit an ATM first, and use cash to pay for your meal.

Email Scams Claim to Be From IRS

2007-11-03T09:30:00.001-04:00

Scammers are always looking for new angles to phish information from unsuspecting victims, and in their schemes often pretend to be legitimate businesses and government agencies. If you have an email in your inbox that says it's from the IRS, look again.

In any disaster situation there are scammers who will find a way to take advantage of people's suffering or compassion. According to an IRS news release on November 2, scammers are now sending out phony emails that purport to be from the IRS and ask for donations to a charitable fund for victims of the California wildfires. The link in the email leads to a phony site that is designed to look like the IRS website. There, the recipient will be asked for personal information that will allow the scammers to access their financial accounts. The IRS states it does not send email solicitations for charitable contributions.

Other recent scams:

Sept. 19, 2007 — Another recent e-mail scam tells taxpayers that the IRS has calculated their "fiscal activity" and that they are eligible to receive a tax refund of a certain amount. Taxpayers receive a page of, or are sent to, a Web site (titled "Get Your Tax Refund!") that copies the appearance of the genuine "Where's My Refund?" interactive page on the genuine IRS Web site. Like the real "Where's My Refund?" page, taxpayers are asked to enter their SSNs and filing status. However, the phony Web page asks taxpayers to enter their credit card account numbers instead of the exact amount of refund as shown on their tax return, as the real "Where's My Refund?" page does. Moreover, the IRS does not send e-mails to taxpayers to advise them of refunds or to request financial information.

Aug. 24, 2007 — The Internal Revenue Service today warned taxpayers of a new phishing scam, in which an e-mail purporting to come from the IRS advises taxpayers they can receive $80 by filling out an online customer satisfaction survey. The IRS urges taxpayers to ignore this solicitation and not provide any requested information. The IRS does not initiate contact with taxpayers through e-mail.

Price Gouging Will Be Prosecuted in CA

2007-11-02T08:25:00.000-04:00

California's Department of Justice officials will be on the look-out for anyone trying to profit from the misery of victims of the recent spat of wildfires. California's anti-price gouging statute is designed to keep contractors, repair services, hotels and those who sell food, gasoline, medical supplies or building supplies from charging any price more than 10% over what the price was prior to the state of emergency being declared.

Violating the anti-price gouging statute by overcharging for goods, services or hotel accomodations, carries a penalty of up to one year in jail and a fine that could go as high as $10,000.

The state task force is also on the lookout for unlicensed contractors who may try to drum up business from desperate fire victims who have damage to their homes. The DOJ warns this is a felony and those convicted could face up to three years in prison.

Colleges Defend Credit Card Marketing to Students

2007-11-01T14:23:00.000-04:00

I wrote recently on Truth About Credit.org's campaign, FEESA, an attempt to try to curb credit card marketing to students on college campuses. But some colleges are defending the practice, saying that students need credit to get by.

Iowa State University Alumni Association president Jeffrey Johnson says that students have to conduct normal business in an adult world and they need credit to do that. Iowa's three public universities have a contract with Bank of America to market university-branded cards to alumni, but two of the institutions also market to students.

Because of the exclusive contract, students don't deal with large numbers of credit companies soliciting on campus.

Although students have complained about universities giving their addresses to credit card companies, but Doug True, a University of Iowa senior vice president, says that it's information that is available readily on the Internet.

True and Johnson testified Tuesday before a legislative committee studying the issue.

Some legislators feel that the true financial burden carried by students is student loan debt.

What Kind of Boss Do You Have?

2007-10-31T08:55:00.000-04:00

Whether you enjoy your job or not depends a lot on the people you work with, and most importantly, who your boss is. It's one thing to have personality and professional conflicts with co-workers but you can't afford to have a combative or disintegrating relationship with the boss. So, how do you get along with the boss and keep your job when your working and social styles are so different?

Inc. com neatly categorizes the different types of bosses by personality and management style and gives some insightful advice on dealing with each in "The 9 Types of Bosses You'll Encounter in Life". Whether your boss is the Energizer Bunny who is always at the office come hail or gloom of night, or whether your boss is the MIA, who can't be found when needed, you will learn some valuable tips on how to succeed in your job, while surviving your boss.