Credit Cards @ MindSay



 

   
I want it now - the rise and fall of frugality in the U.S.
David Brooks.jpg hosted for free by ImageShack


David Brooks, NYTimes - The Great Seduction

(I don't always agree with Brooks, but he certainly gets me thinking)

 

The people who created this country built a moral structure around money. The Puritan legacy inhibited luxury and self-indulgence. Benjamin Franklin spread a practical gospel that emphasized hard work, temperance and frugality. Millions of parents, preachers, newspaper editors and teachers expounded the message. ...

Over the past 30 years, much of that has been shredded. The social norms and institutions that encouraged frugality and spending what you earn have been undermined. The institutions that encourage debt and living for the moment have been strengthened. ...

The deterioration of financial mores has meant two things. First, it’s meant an explosion of debt that inhibits social mobility and ruins lives. ... Second, the transformation has led to a stark financial polarization. On the one hand, there is what the report calls the investor class. It has tax-deferred savings plans, as well as an army of financial advisers. On the other hand, there is the lottery class, people with little access to 401(k)’s or financial planning but plenty of access to payday lenders, credit cards and lottery agents.

The loosening of financial inhibition has meant more options for the well-educated but more temptation and chaos for the most vulnerable. Social norms, the invisible threads that guide behavior, have deteriorated. ...

The agents of destruction are many. State governments have played a role. They aggressively hawk their lottery products, which some people call a tax on stupidity. ... Payday lenders have also played a role. ... Credit card companies have played a role. ... Fifty-six percent of students in their final year of college carry four or more credit cards.

Congress and the White House have played a role. The nation’s leaders have always had an incentive to shove costs ... onto the backs of future generations. It’s only now become respectable to do so. ...

The list could go on. But the report ... also has some recommendations. First, raise public consciousness about debt the way the anti-smoking activists did with their campaign. Second, create institutions that encourage thrift.

Foundations and churches could issue short-term loans to cut into the payday lenders’ business. Public and private programs could give the poor and middle class access to financial planners. Usury laws could be enforced and strengthened. Colleges could reduce credit card advertising on campus. KidSave accounts would encourage savings from a young age. The tax code should ... do more to encourage savings up and down the income ladder.

There are dozens of things that could be done. But the most important is to shift values. Franklin made it prestigious to embrace certain bourgeois virtues. Now it’s socially acceptable to undermine those virtues. It’s considered normal to play the debt game and imagine that decisions made today will have no consequences for the future.

 
 
   
 

Take my credit, please!
Have any of you ever looked into bankruptcy? I have been talking about it with my husband, but we would have to do credit counseling first. After the proceedings, I have to wonder how we will build our credit again without doing to ourselves what we did before. The easiest way to re-establish credit is a credit card. I have heard of credit cards for people with bad credit. I am very cautious about that route, since it's part of our problem. We would have to really be on top of not making it a habit to use without setting aside the cash to pay it as soon as the bill comes.

Another thing that interested me in the process is the advice on how to prevent credit fraud. Reading online, and dealing with a company that monitors your credit all the time puts my mind at ease. It's good to keep your knowledge up about credit issues, since everything seems to be run through or by your credit. Did you know that even your car insurance rates are in part dictated by your credit? I don't know how exactly they calculate it, but I know that it has a part in your rates. Crazy, no? Take a look at your credit report sometime and see just who is checking your credit. You may be surprised.

sponsored
 
 
 

   
Looking at our credit, wondering what to do
We have some unresolved debts that I would love to purge from our history. Some of it involves medical bills, but other debt is from credit cards. I have looked into a few credit repair companies, but am still undecided. I mean, I could get a credit report and go from there. I just feel that the weight of debt is so overwhelming that I can hardly breathe sometimes.

There are credit card specialists who are versed in all things credit, and won't rip you off. The first thing is to get educated about credit. Then, check through a few FAQ pages and articles about how to get good credit. Next thing you need to do is obtain your rating and make a decision as to your plan of action. There are so many ways you can do things. Consolidation, budget plans, or just plain calling someone who can work things out on your behalf with their fees taken from your monthly payment. I don't do money up front for things like this. Show me you work, then we can talk about payment.

I have linked you to good information about credit repair. I was reading through some of the articles and found out things I had not considered in my journey to good credit. Take a look and see if you learn something, too.

Sponsored
 
 
   
 

Credit Cards for the Rest of Us

As those who have tried to shop online, rent a car or book a hotel room have found, there's just no getting away without a credit card these days. This can be a big worry for those cardless individuals who have no credit, low credit or just plain bad credit. The good news is CreditCardSearchEngine.com is not only a site to compare credit card rates and benefits, it has Credit Card Applications for every major credit card. This includes Visa, Mastercard, Disover and many others. There are also companies that help an individual build their credit score with low limit credit cards for those with no, low or bad credit. This allows those individuals needing their break to find exactly what they need.

 
 
 

   
Some Great Resources: Real Estate and Credit Cards

If you live in the state of Illinois let Schaumburg Real Estate help you find a new home.  The city of Aurora has affordable real estate that consists of consists of condominiums, townhomes, single family homes and more.  The detached housing which includes condos and townhomes range from $52,000 to $578,000.  It is a great city that has a zoo with daily free admission, an aquatic center, fitness centers and a golf course. 

 

If you are looking to get the most out of your credit cards, you should visit this site.  Bizjournals lists the best of Chase Visa and MasterCards that would give you multiple advantages, like 0% intro rate, low APR, cash back rewards and other benefits.  To maximize this opportunity, be sure to pay your balance in full every month.  In this manner, your cash back reward will be free money.  You'll be rewarded for making your normal purchases such as groceries, gas and cell phone bill.

 

Take advantage of these great offers and maximize your monthly spending today.

 
 
   
 

Showing 1 - 5.   [ Next ]
 
Latest Comment
Re: Political Bloopers, LOL - ANd we are the ones paying for tickets to the circus!

Read...


 
© 2005-2007 MindSay Interactive LLC
| Terms of Service
| Privacy Policy
My Account
Inbox
Account Settings
Lost Password?
Logout
Blog
Update Blog
Edit Old Entries
Pick a Theme
Customize Design
Modify Plugins
Community
Your Profile
Wiki Pages
MindSay Tags
Video & Photos
Geographic Directory
Inside MindSay
About MindSay
MindSay and RSS
Report Spam
Contact Us
Help