New Credit Card Rules
What you need to know
The Credit Card Accountability Responsibility and Disclosure (C.A.R.D.) Act of 2009 will going into effect next month and we wanted to share another great aspect of the C.A.R.D. Act that we like.
From now on credit card companies will be forced to show you how long it will take you to pay off your credit card bill if you were to make the minimum payment each month.
What does this mean? If you owe $10,000 and have an 18% interest rate it will take you 48 years to pay off your debt.
It takes 48 Years to pay off $10,ooo
The credit card bill will also show you how much you would need to pay each month to clear your debt in 3 years.
If you want to know the facts about the new credit card rules, check out the federalreserve.gov
Photo Source: http://www.flickr.com/photos/consumerist/ / CC BY 2.0
FREE Credit Repair, is it possible?
You are Free to Help Yourself
Credit Repair CAN be Free
If you want to take the time to learn and follow the process then your credit can be repaired for free.
The FTC ’s Bureau of Consumer Protection
The Bureau of Consumer Protection works to protect consumers against unfair, deceptive, or fraudulent practices in the marketplace. The Bureau conducts investigations, sues companies and people who violate the law, develops rules to protect consumers, and educates consumers and businesses about their rights and responsibilities. The Bureau also collects complaints about consumer fraud and identity theft and makes them available to law enforcement agencies across the country.
How to get Free Credit Repair
We care about the people and want everyone to have good credit. We are a credit repair company and can help you for a price, but we only do what you can do for yourself. For busy people.
Think of us as a “Jiffy Lube” for your credit repair; most anyone can change the oil in their car, but still have someone else do it because you are too busy or don’t want to get dirty.
If you follow the steps below you can be on your way to cleaning your credit report for FREE.
Know your Rights
There are laws to protect you against the credit bureaus and credit repair companies. The first step is learn these laws.
Order your Credit Reports
According to the Fair Credit Reporting Act (FCRA):
You’re entitled to a free report if a company takes “adverse action” against you, like denying your application for credit, insurance, or employment. You have to ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft.
Help Yourself
Once you receive your credit reports review them diligently. Check for any errors and then head over to the How to Help Yourself article at ftc.gov.
With a little bit of your time and patience you can clean your credit for free!
Photo Source: http://www.flickr.com/photos/laffy4k/ / CC BY 2.0
Obama’s 2011 Fiscal Year Budget
Obama's 2011 Fiscal Year 2011
Supporting Middle Class Families
President Obama’s 2011 budget is here and we though we should bring a breakdown of what is in there. The Office of Management and Budget said this on their blog today;
But even as we meet the challenge of the recession and work to build an economy that works for all American families, we must also change the way Washington does business – ending programs that don’t work, streamlining those that do, cracking down on special interest access, and bringing a new responsibility to how tax dollars are spent. The President’s Budget takes the steps to help jumpstart job creation, works to strengthen the economic security of American families, and makes the tough choices to put our Nation back on the path to fiscal responsibility.
2011 Budget Breakdown
- Spur Job Creation
- Extend the Making Work Pay Tax Cut
- Help Families Struggling with Child Care Costs
- Support Family Caregivers
- Expand Financial Aid for Students and Make Historic Investments in Improving Education, from Cradle Through College
- Improve Retirement Security
- Enhance Enforcement of Equal Pay Laws
- Help States Provide Paid Family Leave to Workers
- Boost Funding for Workplace Safety
- Protect Benefits for Employees by Ensuring Proper Classification
Check out their blog post for the details….
State of the Union – upgraded
Who cares about the State of the Union?
For years this has been one of those deals where every station is running the same damn thing so everyone watches a movie instead. I can’t remember watching any of these and I bet not many people can.
Obama is not as boring as the presidents in the past
With a younger, more technically savvy president in oval office we are seeing changes in the way the government is spreading their word. Government 2.0 is making it easy for me to follow their news and finally I am paying attention.
Connect with the White House
Maybe it’s because I am getting older that I actually want to read this info. Whatever the reason this year I can watch the State of the Union Online while the TV is set to watch a movie…
Where to watch the State of the Union Online
- Live web stream directly from the white house
- CitizenTube Channel on youtube.com. You will be allowed to ask follow questions here which will be answered in the coming weeks.
- iPhone Application for those millions of iPhone users. It’s a free application to let you keep up to date.
Take Steps to Clean your Credit Report
Removing negative items from your credit report is only the first step to repairing your credit; in order to get your financial act together you will need to learn new habits!
Credit Card Habits
- Spend Cash - Studies have shown that people spend more money when they use credit cards as opposed to holding cash. Try to use cash for anything you can, this will subconsciously help you to spend less.
- Pre-Paid Credit Cards – This is the same as cash, sort of. We suggest that you try to buy your groceries and gas using a pre-paid credit card. You can budget your gas and groceries pretty easily when you see exactly what you spend on a monthly basis.
Manage Your Money
- Budget - Look at how much you bring home each month and subtract all your expenses, such as mortgage, utilities, groceries, and gas for your car. Once you know what you need to spend each month to survive you can start paying off your debt…
- Pay Down Debt - Once you decide how much money you have towards paying off your debt you need to prioritize your debts. We suggest you start with the highest interest rates first, but sometimes it is beneficial to pay off the smaller debts and have them removed from your credit reports.
Taking Control of your Future
- Monitoring your Credit - It is very important to read your credit card and bank statements every month! Making sure that there are no fraudulent charges and also look for recurring charges. Many times a recurring charge can come through automatically and then cost you in the end. It is best to try and turn these monthly fees into yearly fees which are more easily managed.
- Saving your Money - Back to the basics here. Once you have payed down your debt you can take that money put aside and start a savings account. Be smart and look for an account with great interest, if you can. About 10% of your income is a good start.
Photo Source: http://www.flickr.com/photos/erix/ / CC BY 2.0