Entry bubble Yo, Happy New Year!

By: Nancy | January 01, 2009 | Category: Home and Family

If you and I were in the Philadelphia suburbs where I grew up, we'd be camped out right now in front of the TV, watching the Mummers Parade and discussing our New Year's resolutions.



I'd pull out my list and you'd laugh. I usually make 20 or 30 resolutions; I keep about half. Oddly, it's the same ones every year that I seem not to be able to keep:

  • I will stop consuming junk food like I'm an eleven-year-old boy on an "all you can eat" spree at the local 7-11.
  • My five block walk between the subway and my office will not constitute my only exercise for the day.
  • I will quit hiding my head in the sand and get better-educated about investing.

Yeah, I've got some tough work ahead of me. And I'm starting with USA.gov's special section devoted to helping us keep our resolutions. Whether you're aiming to drop some pounds like I am, or you're resolved to start digging out of debt, breaking habits like smoking or drinking too much or dealing better with stress, this is the place to start.

What resolutions do you keep making—and breaking—like I do?

| Post a Comment | View Comments [1] | envelope E-mail This Entry | Tags: debt   lose_weight   nancy   new_year   resolutions   smoking  

 

Entry bubble The Pitfalls of Payday Lending

By: Nicole | August 22, 2008 | Category: Money

CashThe Gov Gab comment box has recently been flooded with spam promoting payday loans. Fortunately, we don’t post spam, but these messages gave me an idea for today’s topic.

If you gather more than five consumer advocates in any one location for more than five minutes they will commiserate about the pitfalls of payday lending. For cash-strapped consumers, a payday loan is one of the most treacherous ways to borrow money.

Here’s an example. A person borrows $100 until payday. The lender charges $15. The borrower cannot repay the loan on time, so the loan is "rolled over" for another two weeks with an additional fee of $30. Already, this person has spent $45 to borrow $100, and the borrower is not out of debt yet.

Most payday lending models actually intend to keep the borrower in debt indefinitely. More than 90 percent of these loans are given to borrowers who use more than five payday loans per year.

Payday lending is illegal in some states. Use this map to determine if your state has laws that protect you from payday lenders.

If you find yourself short on cash, look for alternatives to payday loans.

For more information about managing debt, read our publication on Financial Fitness.

Have you ever been solicited by a payday lender?

| View Comments [20] | envelope E-mail This Entry | Tags: bankruptcy   debt   finance   lender   lending   loan   loans   money   nicole   payday   predatory_lending  

 

Entry bubble Free Credit Report? Make Sure You're Getting The Real Thing

By: Nancy | February 28, 2008 | Category: Money

dollar signIf the thought of identity theft scares you like it does me, or you're looking to make a major purchase and you need to check your credit rating, those ads for companies that promise you "free credit reports" may have caught your attention. Truth is, you don't need those guys. You can get a copy of your credit report for free, all by yourself.

The Federal Trade Commission requires the three major credit bureaus, Equifax, Experian (formerly called TRW) and Trans Union to give you a free copy of your credit report once a year. The credit bureaus are not part of the government; they're companies that keep track of your borrowing and debt records so lenders can get an idea of how good a risk you are when you apply for credit or for certain services.

It's really easy to get your free credit report and it's available from only one central place: AnnualCreditReport.com. There are companies that have websites with similar names. And they may offer you a "free" copy of your credit report but you'll have to buy other services from them first to get it. AnnualCreditReport.com is the only official site where you can get a genuinely free copy of your credit report from all three reporting agencies. And if you'd rather order your free credit report by phone or by mail, you can do that too.

You can choose whether you want to get your credit report from just one of the credit bureaus at a time or if you want to get a report that has the information of all three combined. I like to get my reports one at a time, spread out over the course of a year. I stop back at AnnualCreditReport.com every four months for a report—Trans Union in January, Equifax in May and Experian in September, for example. Since all three agencies have very similar information, this allows me to check my credit for free more than just once a year.

When you're on the AnnualCreditReport.com site, you'll be asked some identifying information including your Social Security number. Normally, you wouldn't share that with anybody—especially online—but because this is the official place to get your free credit report, and it's a secure website, it's safe to share the personal information they need to make sure you're you, and to get you the right credit report.

If you've never seen a copy of a credit report or you're not sure how to read one, here's a good sample from Experian. (If you can't see the sample report, you'll need to download the free Adobe Acrobat Reader onto your computer.)

Next Thursday, we're going to talk about how to fix mistakes you might find on your credit report. If you have a chance between now and then, grab that free copy of your credit report, and I'll see you back here next week. ;)

| View Comments [4] | envelope E-mail This Entry | Tags: credit   debt   identity   nancy   theft  

 

Entry bubble America Saves Week

By: Sommer | February 22, 2008 | Category: Money

Washington's head on the quarterHow many of us can say we save enough money for our families to be secure? Whether we’re saving for retirement, to buy a home, an emergency fund, that fun tropical vacation or an incredible pair of shoes, it’s a practice that will serve us all well in the long run. Reducing our levels of personal debt is also a form of saving money, so pay off those credit cards, folks!

You’ve probably heard in the news that in the U.S. the personal saving rate is at an all time low. Despite increasing levels of wealth, Americans still save less than 1% of disposable income. That can all change during America Saves Week, February 24-March 2, if we each commit to set a goal to save or reduce personal debt levels.

America Saves encourages individuals to set a goal to save money or reduce debt and then make a plan to reach it. If you have a local group in your area you can join with other savers to start a savings club or take money management classes. During America Saves Week, you can order a free package of publications about saving and investing from USA.gov’s Money and Taxes page so be sure to check it out.

Good luck saving (or paying off your credit cards)!

| View Comments [4] | envelope E-mail This Entry | Tags: america   credit   debt   money   saves   saving   sommer