By Luke | July 30, 2010
August is quickly approaching and it brings with it another set of rule changes for your credit cards. Some changes have already gone into effect, and more are on the way. We’ve already seen the timeframe in which companies have to notify customers about rate increases grow to 45 days. Customers are now also allowed to opt-out of rate increases, which would prevent you from using the card anymore, but it’s better than having a higher rate forced on you. These are just a couple of the changes made to help protect consumers. Here is a summary of the rule changes that you should be aware of before they become official on August 22nd.
- Penalty Fees: You cannot be charged more than $25 for a late fee unless one of your last 6 payments has been late. Your late payment fee cannot be greater than your minimum payment.
- Fee Protection: You can no longer be charged an inactivity fee for not using your card. Companies cannot charge you more than one fee per transaction. For example, you cannot be charged a late payment fee that puts you over your credit limit and then be charged another fee for being over your credit limit.
- Interest Rates: Credit card companies must now notify you of all rate increases. If you do have your rates increased, they must be reevaluated every 6 months. If, after the evaluation, an adjustment is needed, the company must reduce the rate within 45 days of completing the evaluation.
What do you think of these new rules? Do you think they will help the consumer or will the credit card companies find a way around them? Voice your opinion by leaving a comment!
Posted in Uncategorized | Tell us what you think »
By Malori | July 26, 2010
Flying the coop for the first time is exhilarating, liberating, and exciting. You are free to make your own decisions and create your own way. The wind is rushing around you, the scenery looks fabulous, and everything about your first solo flight seems great. Suddenly you realize that while you were able to take flight with ease, you’re not quite sure how to navigate through obstacles or how to get back down to the ground. The exhilaration of that first flight can fade rapidly if you have no idea where you are going or how to land. Unforeseen expenses and bills can throw you for a loop and send you into a downward spiral if you have not prepared yourself for them.
There are a lot of things to think about when you’re moving out for the first time. Your expenses go beyond rent alone. On top of rent you need to be prepared to pay for…
- utilities (electricity and gas)
- water
- renters insurance
- car insurance (if you have a car)
- gas (for the car)
- your cell phone bill
- groceries
- student loans
- other loans or lines of credit you may have
Some optional ongoing costs include cable and internet service. If you can get by without having internet and cable at home then you could save a lot. Cable is not a necessity and by using the free internet at local businesses or school you can cut a big chunk out of your monthly expenses. Having a car is not always necessary either. If you live in an area with a good public transportation system, take advantage of that and skip the cost of buying and maintaining a vehicle.
On top of the expenses already listed, there are things that are specific to the moving process itself, such as a deposit for the house or apartment, movers and a truck (if you choose to hire a company to move you), and other small things like shelving, hangers, and other household items that can really add up. You should also set aside some extra money for gifts, entertainment, and savings.
With all that said, make sure you calculate how much you are able to afford each month before you commit to moving into a house or apartment. It’s a big first step and definitely something you want to be prepared for. With some good planning and a realistic look at your income and expenses you will be able to determine if now is the time for your big move.
Posted in Budgeting, Financial Tips, Just About Life, Money Saving Tips, Uncategorized | Tell us what you think »
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