The Debt Detonator: A Plan for Eliminating Credit Card Debt – Step 4
From the Previous Posts: Step 1 - Calculate Your Debt to the Decimal Point Step 2 - Lower Your APRs Step 3 - Transfer Balances Step 4-5 Attack Your Debt: Congratulations – if you have been following my strategies you have already saved yourself tons on finance charges by lowering your APRs and taking advantage of balance transfers. So now what? Some financial advisors claim that paying off lower balances first empowers consumers psychologically to continue paying off their debt. But even though it’s a great feeling to see those balances hit zero, you are actually losing money by not paying off the cards with the higher balances and APRs first.
FDIC Deposit Insurance Coverage Raised from $100,000 to $250,000 per owner
As a follow up to our post on ways to increase your coverage in case of bank failure, we've learned that the FDIC is temporarily raising the limit to $250,000 per owner. This means that if you have a joint account, it's $250,000 per co-owner. The insurance coverage increase lasts all the way through 2009, so you should have plenty of time to think before you consider moving your cash around. Source: http://www.fdic.gov/news/news/financial/2008/fil08102a.html
The Debt Detonator: A Plan for Eliminating Credit Card Debt – Step 3
From the Previous Posts: Step 1 - Calculate Your Debt to the Decimal Point Step 2 - Lower Your APRs Step 3 Transfer Balances Balance transferring enables you to put more money back in your pocket by transferring balances from a card with a high APR to a card with a 0% introductory APR. In Step 3, Oliver is going to shop for a credit card that offers a 0% APR on balance transfers and ideally no fee for providing the balance transferring service. Ideally, he would obtain a card with a 0% APR on balance transfers for at least a year and a low APR after the introductory rate of 0% expires.
Wachovia’s-Wells Fargo’s-Citigroup’s deal still hanging in the air
At stake is the $339 billion in Wachovia deposits and its network of more than 3,300 branches throughout the country that would solidify the winner as being in the top tier of U.S. retail banking. Here is quick overview from last week events:
Wachovia drops Citigroup bid for Wells Fargo
Wells Fargo is buying Wachovia at about $7 / share ($15.1 billion). Wachovia stock price is up over 66% in pre-market trading. Bank consolidations will continue to happen. You still should make sure you are within FDIC limits, but Wachovia customers, your money appears safe. Stay tuned My Bank Tracker for more advice on what to do with your money in these crisis times. Source: http://www.reuters.com/article/innovationNews/idUSTRE4923HU20081003
The Debt Detonator: A Plan for Eliminating Credit Card Debt – Step 2
From the previous posts: Step 1-Calculate Your Debt to the Decimal Point Step 2 Lower Your APRs In my last installment I introduced you to my friend Oliver, who I am teaching my five step debt reduction strategy to. Oliver – and all of you readers – have diligently followed Step 1 and have created a spreadsheet listing your credit cards, minimum monthly payments, Annual Percentage Rates, balances per card, and total amount of debt. Now you and Oliver are ready to focus on one of the most critical columns on your spreadsheet – your Annual Percentage Rates . The only thing required to successfully complete this step is a phone and a little bit of confidence.
Are Men to Blame for the Housing Crash?
Matthew Syed at the The Times places the blame of the housing crash on testosterone fueled men. "The problem is that the market became too primal, too dominated by men and their baser instincts, too preoccupied with greed and too little with the consequences." Our opinion is that greed is not inherent to men. Greed is universal. Mr. Syed suggestion is to infuse the trading floors and boardrooms with more women. In your workplace do you see dominating, greedy, testosterone fueled men making poor decisions? It's an interesting topic of discussion. Source: http://women.timesonline.co.uk/tol/life_and_style/women/the_way_we_live/article4848188.ece
How to get FDIC to cover more then $100k+
With so many banks closing or mergering, the big word in the papers is :"are you FDIC insured?" FDIC stands for Federal Deposit Insurance Cooperation and it is put in place to protect the consumer's savings when a market crisis, such as the one we are having now, happens. You can check to see if your bank is insured by using this form. To help provide you with a better understanding, we have done a little research to see what the true insurance limits of the FDIC are.
The Debt Detonator: A Plan for Eliminating Credit Card Debt – Step 1
At the end of the 1999 hit film "Fight Club", Edward Norton and Helena Bonham Carter watch as the skyline explodes and credit card giants collapse to the ground, instantly eliminating credit card debt for millions of Americans. While the average credit card debt per American household is a hotly contested issue, my 20 and 30 something friends watched the final credits of “Fight Club” roll (pun unintended) with no shortage of conspiratorial smiles and wistful sighing.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation
Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
