Interesting broadcast about money...

[equus_peduus]

So I listen to NPR radio periodically, and tonight's Fresh Air talks about changes that are have come/are coming to the banking industry - including watching out for what your checking account is doing, things to think about with your credit and debit cards, cell phones and cell phone bills, and ultimately, how to try to keep your money as your money.

Anyway. It just seemed to me that a lot of this information should be known by a lot of people... Maybe not everyone will agree with everything the guy says, but I thought it was interesting, and he put it in terms that are easy to understand.

Transcript: http://www.npr.org/templates/transcript/transcript.php?storyId=122212229

Webcast: http://www.npr.org/templates/story/story.php?storyId=122212229

 

[6Dusters]

People should really have a look at this article. We are all about to be hit with a huge sock full of rocks!!!! Or bend over. :hair:
I really encourage you to read the text. As here is one that will #%#@ you off.


From the article:
But the other thing is lowering the credit limits. And again, I think folks who don't normally spend up to their credit limits, which is better than half of America, they might not think of this as a terrible consequence, but it really can be.

A large part of your credit score is based on what's called your credit usage formula. And so if you're a kind of consumer, you have a couple of credit cards with a $5,000 limit, and you never get anywhere near that, that's considered you having $10,000 in available credit.

Well, let's say that's cut by three-quarters, which could happen. Now you've only got $2,500 in available credit, and maybe you do spend up to that. So when some company pulls your credit report, it looks like you're using all your credit. Now you look like a big risk.

Afraid now????????????????:impatient: I AM WARNING EVERYONE TO PAY OFF THEIR CREDIT CARDS THIS YEAR! THE FEDERAL RESERVE HAS ALREADY SAID THEY SEE RAISING THE INTEREST RATE AS A WAY TO SAVE THE ECONOMY. WHAT IS YOUR CREDIT CARD INTEREST NOW? Now imagine this nightmare and an interest rate going up say 4 or 5 points???
There are some really wonderful articles on how to manage your credit card debt out there. I strongly encourage you or your friends or loved ones to seek them out NOW!
KNOWLEDGE IS A POWERFUL TOOL for whats comming.

 

[Spoof]

Be poor, it pretty much solves all of those issues.

Except when you can't get a credit card to build credit so you can buy a house... but there are ways around that too.