With the changing regulations on credit cards, banks are giving their card fees and rates a makeover. The latest bank to do that is First Premier Bank, which caters to the subprime market. Previously the bank charged a whopping $256 in first year fees for a credit line of just $250. Incredible. Now, due to changing regulations, they are capping their fees at the maximum
It didn’t take long for me to remember why I hate banks and love credit unions. In October, we finally bought my wife a car. She had been driving her Honda Accord for nearly 10 years and we decided now was the time to take advantage of great deals on cars. After doing a lot of research, we purchased a Honda CRV in October. While
As I’ve said more than a few times on this blog, have you considered a credit union? CNNMoney has an article on their site today that points out some of the benefits to switching to a credit union if you are unhappy with some of the changes that banks are making to their credit cards. As regulations tighten on banks and financial institutions, they are
As the holiday season begins, I find myself feeling very thankful for a number of things. First off, I’m very, very thankful for my wonderful wife and amazing daughter. I’m also thankful that we have a roof over our heads, food on our table, and jobs to keep us humming along. I think this season feels much more real in terms of truly understanding what
I’ve been lightly following Nicolas Cage’s money problems over the last few months. It’s always a little bit surprising to see someone who has clearly made many millions over his lifetime deal with such large financial problems that he’s forced to sell many of his assets. When you look at the assets that he has acquired, it starts to become pretty clear why he’s in
I stumbled on to Mint’s infographic about all the pitfalls of credit cards. I especially like how they compare it to falling down a very deep ravine until you hit fire at the bottom. If you haven’t seen it, it’s worth checking out: http://www.mint.com/blog/finance-core/the-descent-into-credit-card-debt/
Sorry for the lack of posts over the last week or so. I just got back from a business trip in Southern California. I spent a week down there working 11 hour days locked up in a conference room. The days were long but rewarding. As it happened, the conference room we were using all week was the executive board room. I’m far from an
There is an interesting article in the New York Times this morning about the recent moves to control the exorbitant fees that credit card companies charge their customers. While this is probably the right thing to do it does have some ramifications for someone like me. I’m what’s termed a Deadbeat. I use my credit card but I ALWAYS pay the balance off at the
Interesting article that highlights the risks that many of the credit card companies are facing. Their default rate is skyrocketing and they are having to retrench and stop lending additional money to try to preserve capital. People have been talking about the next wave of defaults being in credit cards. Apparently Advanta is one of the first to start drastic measures. Other companies have been
How could I not post about this article? I found myself feeling less than sympathetic for Ken Karpman. If ever there was a poster child for why you need to have emergency savings and a fall back plan, Ken Karpman is it. Ken was making $750,000 a year when times were good. He has now been reduced to delivering pizzas and his marriage is stumbling.