If the economic crisis has taught us anything, it is the fact that it is unrealistic to expect the same yields we had in previous yields. Basically, expectations have to be lowered and the worst should be expected. Take the example of 401(k) plans. Previously, these investments were earning around 10% a year. Now, investors would be lucky if they don’t lose money. In the same way, investors also need to lower their expectations for certificates of deposit (CD) and savings accounts. On March 30th 2009, the average interest rate for 12 months CDs was pegged at 1.76%. This is a far cry from its peak in 2007.

The present era of iPhones and BlackBerries is taking mobile banking to a whole new level. And why not? With online banking services fast-growing in demand, mobile banking can’t be far off. The advent of smart phones has only served to facilitate its incorporation into the fast-paced lifestyles of the Generation Y banking consumers.

The facts and figures, as technology research firm ABI Research reports, are all pointing to this inevitable trend:

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.

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.

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.

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.

I always wondered why high schools teach students how to dissect a frog but don't offer a 101 in Basic Financial Management for their graduating seniors. Telling students to lead a life of financial responsibility is one thing, but wouldn’t it be more useful to show them how? Here are the top five items I would have wanted to have outlined in my 101 syllabus:

There are many warnings out there about the legendary Freshman 15. Most common are the Cosmo features warning high school girls to take heed and avoid the fast food denizens of temptation that lurk on ever corner of the college campus. More recently are the headlines geared to incoming freshman about a different but ultimately weighty Freshman 15 -- Credit Card Debt.

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