On average, about 50% of all US marriages end in divorce, with one of the top causes being money. So whether you’re a newlywed, nearly dead, or somewhere in between, it’s not too late to strengthen the financial foundation that is vital to a successful marriage. Here is the first in our series of blog posts on financial mistakes made by married couples, entitled “M³ – Marriage Money Mistakes”:
Mistake #1: Closing all credit cards so you can open brand-new joint accounts
Marriage introduces a life filled with newness: you get rid of the worn-down, not-sure-if-I-even-want-to-sit-here, bachelor-pad sofa, and get a cool, black leather one. You’ll throw out your mismatched plastic cups and replace them with a set of crystal glasses from Macy’s. And your Star Wars bed sheets just don’t seem to go as well with your sleek bed frame as 1500 thread count Egyptian Cotton sheets. As you get rid of the old and embrace the new, make sure you don’t apply this same rational to credit cards—closing out all individual cards and opening new accounts jointly. Doing so is completely unnecessary and guarantees a nosedive in your credit score. Read the rest of this entry »
Author: Elisabeth Chan, Date posted: July 31st, 2009
Category: Miscellaneous
A friend of mine recently sent me the following quote by Lou S. Barnes, an owner of a Colorado mortgage bank named Boulder West Financial Services.
It gave me a good chuckle, so for those of you that haven’t already come across his remarks elsewhere, I thought I would share what Mr. Barnes had to say about the current home lending environment. Read the rest of this entry »
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Author: Joshua Heckathorn, Date posted: July 21st, 2009
Category: Credit News, Miscellaneous
Millions of young college graduates are finding themselves trapped in the worst job market since the early 1980s. And it’s been quite the wake-up call for a generation that’s frankly had it pretty easy to this point. Read the rest of this entry »
Author: Joshua Heckathorn, Date posted: July 14th, 2009
Category: Credit News, Miscellaneous
The Credit Card Act of 2009 certainly had good intentions to protect the average consumer from unfair practices that have plagued the credit card industry for years. However, it may not be all good news – especially for credit savvy consumers who have mastered the art of the credit game and learned how to use it to their financial advantage. Read the rest of this entry »
Author: Creditnet.com, Date posted: July 9th, 2009
Category: Credit News
We wish all you Creditnetters a very happy Independence Day! Drive safely and spend wisely!
The Creditnet Team
Author: Creditnet.com, Date posted: July 3rd, 2009
Category: Miscellaneous
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