Posted on 01/01/2005 1:13:18 PM PST by showpromid
Christmas has come and gone and the biggest buying spree of the year is over. Now comes the tough part: cutting up those credit cards to keep from charging anymore in the new year.
American consumers could keep Edward Scissorhands (search) busy for months just slicing up our maxed-out credit cards. Remember him? In the 1990 Tim Burton movie about the young man with scissors for hands, Johnny Depp mainly used his talented appendages to trim hair and create whimsical creatures out of shrubbery.
But what's in order now is much more straightforward snipping. Sure, everyone spends a little more than they mean to at this time of year; the problem is that we've all been spending a little more than we mean to throughout the last few years. Let's take a look at our credit habits as a nation to get an idea of why we may be in over our heads.
(Excerpt) Read more at foxnews.com ...
>> earn a little more than min wage and I can't buy a home. Where do I sign up?>>
Don't move to Seattle. The average home price here is now $250,000. That's a monthly payment of two grand, if you put down 10%. That two grand can be no more than 1/3 of your income. Thus, you need to bring home a minimum of six grand a month, or ten grand before taxes.
The housing market here is insane. I hear that southern California is the same way.
Eh no problem... Just SWITCH TO DITECH
"ANALLY extracted"...ooouuchhhh
Good for her . . . and you.
Years ago when my son moved through high school, I went through much the same ordeal. But after taking my lectures in some forgotten subject to heart, he used my version and promptly failed the next test. After that, we kept two sets of books, more or less. :)
Well, you know, if they unlawfully trouble you about debts you do not owe, you may have cause for legal action against them. They are acting negligently in attempting to collect debt from the wrong person.
Much thanks.
I've tried to research the line between being troubled and "unlawfully troubled," meaning harassed. I don't seem to fall clearly into a legal violation. The same people and the same companies do not make the calls or visits.
I seem to be merely a visible target they hope might be their right target.
Meanwhile, also on December 1, the Bureau of Economic Analysis of the US Department of Commerce released its regular monthly update on personal income. The stock market loved the October numbers -- stronger-than expected gains in both income (+0.6%) and consumption (+0.7%) that were perceived as signs of ongoing resilience of the indefatigable American consumer. I found the report appalling. What caught my eye was a further reduction in the already sharply depressed personal saving rate -- down to 0.2% in October from 0.3% in September. The September numbers were widely thought to have been distorted by temporary hurricane-related losses to personal income. Most expected personal saving would rebound from this artificially-depressed reading. There was no such bounce in October. The consumer saving rate has now basically gone to zero.
The whole article is here and rather interesting... http://www.morganstanley.com/GEFdata/digests/20041203-fri.html
In my houshold it is 100%.
We use two cards--a Southwest Airlines card and an United Airlines card. I pay a fee for them, but we free miles with each purchase. We get 2-3 free trips on Southwest every year, plus an interest free loan until the payment is due.
Just don't forget to pay it all off each month...
I would move, get a second job, get a third job, sell stuff....you know why? those rates of 19% (29 if your history is really bad) each month are crushing...you can spend years trying to pay them off and not make a dent b/c of the high interest. I just don't want to be in that hole.
The headlines (and common sense) say "More Bankruptcies Mean Bad Economy". When we look at the way things really are, we see that both the headlines and common sense are wrong. Namely, bankruptcies soar during a good economy and fall during recessions.
Evidently, a good economy requires easy of entry and exit to the market. People can only borrow and try something new when times are good-- like now.
This whole Bush-bashing rant about the so-called credit bubble is a cheap shot. The only sure fire way to end it is to elect a Democrat who can plunge us back into a recession.
Amazing as a kid when you save your first 100 it is easy the first 1000.00 is easy...then you realize that SAVING money is far MORE rewarding than pissing it away on cigarettes, fast food lunches, car accessories, fadish clothes...when you get older you realize that the "things" you were so certain you would miss as a kid had NO VALUE but your money does.
Once you have 5000.00 SAVED you start investing ...MONEY makes money...not get rich schemes, or playing the lottery.
I have saved this way all my life...now I have a VERY nice nest egg...and now take 20% of each paycheck (my employer matches 6% up to 5000.00) and save/invest it immediately...I have built a lifestyle up and around "not seeing" the money in the first place...so I don't miss it...but it is there and IT IS still mine!
Maybe this idea can help...the FIRST lesson to saving is SELF control...either you have it, or you don't.
Money either you KEEP it or you don't...
My credit was so pristine, last car was at 0% interest...hmmm got to BORROW their money for 4 years FOR FREE...and my home loan was finished in hours, no credit check and got the best rate because I wasn't a RISK (since what I was borrowing I already had in the bank).
Good credit and decent savings has many rewards.
Start saving, it is the most important thing an adult does in their lifetime.
So I extend to you a wonderful and PROSPEROUS New Year!
:)
That must be so frustrating. How do you know that the person who did this really has the exact same name? Could someone have stolen your identity?
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