Credit card companies are raising interest rates on just about everybody these days, fueling many people’s passionate disdain for using any credit card for any reason.

Once upon a time, there was only one alternative to spending with credit cards: cold hard cash. But then came debit cards—accepted everywhere just like credit cards, but without annual fees, finance charges, and the looming risk of lifelong indebtedness.

Today, credit card alternatives are growing steadily and are looking even more attractive. That said, some alternatives to mainstream, unsecured credit cards are total rip offs—like many prepaid debit cards and even many secured credit cards. Read more…

Posted on Nov 20th, 2009 by David Weliver in Credit
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The younger we are the more we tend to think that we are invincible and do not need health insurance. Cancer, broken bones, and weird illnesses with names that we can’t pronounce are all things that happen to other people and never to us—right? Wrong! Read more…

Posted on Nov 18th, 2009 by Guest Writer in Healthcare, Insurance
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There’s a new rewards debit card in town!

It’s good news for those who absolutely refuse to use use credit cards: A new company, PerkStreet Financial, offers a free online checking account that pays users one percent cash rewards on all non-PIN debit card purchases. You no longer need to use credit to earn cash rewards on your everyday purchases, and you can even get a $50 bonus just for signing up. Read more…

Posted on Nov 17th, 2009 by David Weliver in Financial Technology
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I am going to venture a guess that one of the leading reasons many of us twentysomethings wind up buried in debt is because we spend above our means not because we have to, but to look good, fit in, and feel richer than we are.

Are you an “image spender?”

I’m not saying you have to be a superficial diva or high-rolling meterosexual. But from time to time, do you indulge, splurge, and overspend on clothes, jewelry, watches and other accessories; apartments, furniture and even pets; dinner and drinks and lattes; cars, vacations, and a whole lot else?

And do you do it to look good? Read more…

Posted on Nov 17th, 2009 by David Weliver in Frugal Living
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I have been trying to convince my wife to switch her checking account away from Bank of America; I’m not a fan. Recently, on my post on leading financial iPhone apps, two readers asked why. Although there are pros and cons to banking both with large “megabanks” and local banks and credit unions, I’m a firm believer that most of us are better off banking with small, community banks or credit unions. Read more…

Posted on Nov 16th, 2009 by David Weliver in Personal Finance
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Online savings accounts are a critical tool—especially for young savers—to set aside savings in an insured account while earning better interest rates than at their local bank. This page examines the best online savings account rates and is updated monthly or when rates change. For a more detailed comparison of our most recommended online savings accounts, read: high yield savings accounts compared. Read more…

Posted on Nov 12th, 2009 by David Weliver in Saving
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There are a lot of reasons to open an individual retirement account (IRA). If your employer doesn’t offer a retirement plan, offers lousy investment choices, you’ve maxed out your 401(k), or simply want greater control over your retirement savings—an IRA is for you.

Anybody under age 70 ½ who is earning an income can open an IRA. You can choose between a traditional IRA and a Roth IRA. Which one you choose depends on your income and the tax bracket you predict you’ll fall into in retirement. Read more…

Posted on Nov 11th, 2009 by David Weliver in Investing
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Stories of credit card companies raising interest rates on just about everybody—even customers with perfect credit, no debt, and no late payments—continue to roll in.

That’s because the CARD Act takes effect this winter and will restrict credit card companies’ ability to raise interest rates on existing customers. If you thought credit card companies were committing usury in the past with APRs of eighteen, or twenty percent; you ain’t seen nothing yet. Cardholders are seeing their rates go as high as 29.9 percent; there’s even a story of man who received a credit card offer at 79.9 percent APR!

How do you know if your card is raising your interest rate? What can you do about it? Read more…

Posted on Nov 10th, 2009 by David Weliver in Credit, Debt Help
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At some point during my freshman year of college, I vaguely remember attending a mandatory 45-minute meeting in the financial aid office and signing some paperwork that had to do with my federal student loans. And I remember receiving notices about nine months after graduating that it was time to start repaying my loans, which I’ve been doing faithfully ever since.

But like most people I know, that’s about the extent of the time and energy I’ve invested in understanding my student loans and student loan debt. Read more…

Posted on Nov 9th, 2009 by David Weliver in Debt Help, Education
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It’s common to graduate with four, eight, or even a dozen student loans from a handful of lenders. Even if most of them are from the same two or three service companies, each loan may have a different interest rate and due date. Talk about intimidating!

And then you get a mailing or a phone call. Consolidate all those student loans into one low payment! Student loan consolidation sure is tempting. But is it wise? Read more…

Posted on Nov 9th, 2009 by David Weliver in Debt Help, Education
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