Jill Russo Foster

With Multiple Rates, the Highest Gets Paid First

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Seven

Do you ever wonder why it takes so long to pay off your credit card balance? It’s partly because creditors apply your credit card payment to the lowest interest rate balance first.

Here’s an example: Let’s say you took a zero percent balance transfer offer. Then, you made some new purchases on that card. In the past, your payment would go to the balance transfer amount first until that’s paid off, while you’re interest rates pile up on those clothes you bought 6 months ago. That allowed the credit card company to make the most interest it possibly could possible off your purchase.

Well, no more. The Credit Card Act of 2009 will require creditors to apply your payment to the highest interest rate balance first.

How Long Will It Take for Me to Pay Off My Credit Card

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Six

How do you handle your credit card payments? Do you pay the balance very month, or do you only pay the minimum?

Your bill will now include a section that tells you how many months it will take to pay off your credit card balance if you make only minimum payments. That will be an eye opener for some of us.

Finances: Choose the Right Relationship for Your Money Type

When people are looking to get into a relationship, they usually look for someone with similar interests and values. But, their shared interests rarely go as far their wallets.

People tend to attract opposites when it comes to money. Spenders attract savers and savers attract spenders.

With Valentine’s Day this weekend, let’s look at what you should be asking yourself so you can attract someone with similar money values.

First, you need to know what money type of person you are.

Are you someone who…

Has a budget or spending plan?
Maps out what your financial goals are and how to get there?
Carefully considers whether you need an item before buying?

Are you a spender or a saver? An impulse buyer or comparison shopper? Are you somewhere between the two extremes? You need to figure this out before you get into a relationship with someone. Then, you need to find out the other person’s money type.

If you don’t, you’ve doomed your relationship to endless arguments about money. If one of you has come into the relationship with great credit, no debt and their finances well thought out, and the other person has substantial debt with past due accounts and no savings, then that is a sign that you have very different philosophies about money.

Money arguments can destroy a relationship no matter how many similar interests you share. You need to add “money philosophy” to the list of qualities you’re looking for in a relationship. Money and credit will often be the determining factor in whether you can reach your dreams and survive unexpected emergencies.

Weekend Credit Card Due Dates Don’t Count

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Five

Have you ever received a credit card bill with a Sunday due date? Were you charged a late fee if they didn’t process the payment until Monday? That’s changing with the new Credit card Act of 2009. Your payment won’t be marked as late if it’s due on a weekend or holiday, but posted by the next business day.

Stricter Credit Card Applications

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Four

If you had trouble getting a new credit card before, it may be harder now. With the new Credit Card Act of 2009, you will have to disclose your income and your ability to repay the balance up to your credit limit.

Over Your Credit Limit? Purchase not approved

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Three

In the past, you wouldn’t know if a purchase put you over your credit limit until you received a big fee on credit card statement.

But that’s changed. Now, if a purchase will put you over your climit, your purchase will be declined. With the new Credit Card Act of 2009, only pre-authorized purchases will be approved.

(Remember, this doesn’t apply to your debit card. You’ll receive no warnings if a purchase will overdraw your checking account. )

Will Your Bank Fail?

With banks failing at record numbers, you want to make sure that you keep you money safe With over 100 banks failing this year alone, you want to make sure your money is safe in the bank After all you worked hard for it and you shouldn’t lose it because your bank fails.

The FDIC (Federal Deposit Insurance Corporation) insures bank accounts and the NCSIF (National Credit Union Share Insurance Fund) insures credit unions These two government agencies will reimburse you if you bank with one of their insured banks / credit unions up to their limits.

This is what you personally have to do First make sure you are banking with an FDIC or NCSIF institution You would check this out by going to www.FDIC.gov and then clicking on the Deposit Insurance tab and finally on Bank Find Here you can look up your bank to see if they are part of the program If not, move your accounts to a bank or credit union that is insured.

If you are at a bank that is insured, you need to make sure you accounts are covered with the limits If you have more than $250,000 in one bank (that includes all the different bank locations), then you need to check to see if you are covered or need to move part of you money into bank Take these steps so that your money is secure and is there when you need it.

No More Credit Card Payment Fees

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Two

Have you ever gone out of town and arrived back home to find out that you have a credit card payment due tomorrow? Like most people, you probably got on the phone, or online, to make the payment because you wanted to pay right away You also probably got charged a nice little fee for not sending a check through the postal service like a good little credit card owner.

With the new Credit Card Act of 2009, you will not be charged a fee to pay your credit card, unless you specifically ask to have your payment expedited (which means that you asked to have it rushed through).

New Minimum Age for Credit Cards

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number One

Twenty-one is the new minimum age to apply for a credit card according to the Credit Card Act of 2009.