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How To Manage Student Loans

Hallelujah! My wife and I just finished paying off another student loan. Two down, and one more to go! This past year, nearly seventy percent of undergraduates finished school with outstanding student loans.  In fact, the average student loan debt in 2010 totaled around $25,000 per person! If you take the average of 16-18 years to repay these loans, at the standard 6.8% interest rate of unsubsidized, Federal Stafford loans, that $25,000 would equate to over $40,000 in total payments! And don’t forget, these numbers only account for bachelor degrees; graduate school is often two or three times more expensive. So what's the best way to manage your student loans so you can quickly pay them off and move on with your life?  Here are some ideas to help you get started on the right path.

Top 5 Facebook Pages to "Like" for Personal Finance

It’s amazing what social media has done to the landscape of the Internet. Nowadays, surfing the web just feels, to quote the Black Eyed Peas, “so 2008.” Social media platforms like Facebook and Twitter have now become the quickest way to receive personalized information. And that info doesn’t have to be just sports scores and celebrity gossip, but practically anything that could be of value - including personal finance. From stock market advice to credit card ratings, there’s a wealth of good money information on Facebook. You just need to know who to “like”.

How To Properly Destroy Your Credit Card

I love NBC's "The Office." I especially love Dwight K. Schrute. If you're familiar with the opening credits, then you may recall the repeating scene of Dwight destroying a credit card using his paper shredder. In this case, the act was used for dramatic effect, but it's true that this tactic works--given that your shredder is "man enough."  But what other options are there?  With credit and identity theft on the rise, it's imperative that consumers know some simple but effective techniques for destroying cards that have been closed or replaced. And if you've ever tried to destroy a credit card with your bare hands, you know it can be difficult. So here are the two best ways to make sure your old cards never fall into the hands of credit thieves.

The Top 10 Wealthiest Athletes

As the smoke from the NFL lockout begins to clear, we can finally rest assured that the coming sports year will be full of labor peace and exciting games. Oh wait, it turns out that just as one pro sports lockout gets resolved, another one (and by all accounts a much lengthier one) is just getting started in the NBA. Yes indeed, all we can look forward to this year in the pro basketball world is exciting shots of lawyers in pressed suits walking into conference rooms, with nary a slam dunk in sight. And with all this bickering from both sides, it’s time to have a nice little reality check just to remind us how lucrative the sports industry really is. While the average American spends their time finding ways to reduce credit card debt with 0% interest credit cards, athletes and owners are complaining over how to divvy up their billion dollar industries. So which athletes should never have to worry about missing any paychecks? Here's a list of the top ten wealthiest athletes in America.

Ask Creditnet: Carry a Balance or Pay in Full?

MasterCard credit card Dear Creditnet: I have finally received my first credit card for bad credit after bankruptcy. My question is do I charge $400 to the card and make minimum payments over time to establish a track record, or do I charge $40 to $50 monthly and pay off the entire balance?

US Mint Closes Airline Rewards Card Loophole

The U.S. Mint has closed a loophole that allowed owners of credit cards with airline miles to rack up free fares— without spending any money. Credit card users across the country are smacking their heads and asking themselves why they didn’t think of that earlier. In an effort to spread $1 coins into circulation, the U.S. Mint had been offering what it thought was a zero-sum deal to consumers: the ability for citizens to purchase large quantities of $1 coins at face value.  In other words, you charge $5,000 on your credit card, and a few days later $5,000-worth of $1 coins would arrive on your doorstep.

Ask Creditnet: Do Lenders Use the Same FICO scores?

Dear Creditnet: Are the FICO credit scores I can buy at myFICO.com just an estimate of the scores actual lenders use? I'm getting ready to apply for a mortgage and want to make sure there are no surprises when potential lenders pull my credit.

Debt Ceiling and Credit Cards: Why You Shouldn't Care

congress

Congress has pushed through a last-minute bill that will arrive on President Obama's desk this afternoon. In addition, the White House has already stated that even though this bill is imperfect, the President will immediately sign it to ensure the debt ceiling is raised and our government is able to continue paying its bills.

Hurray, the debt ceiling crisis has been averted. Way to go guys and gals! You beat the deadline by a few hours…it's a miracle.

No Annual Fee Credit Cards: Are They Right For You?

As credit card lenders battle to regain the top spot in our wallets, we're seeing an onslaught of awesome credit card deals offering incentives like huge signup bonuses and newly revamped rewards programs.  However, there is one credit card perk that, at least for me, stands out from the rest—the almighty no annual fee.

No Annual Fee Credit Cards

The importance of no annual fee credit cards is fairly straight forward. While other credit card rewards can be complex and confusing, freeing yourself from a big annual fee benefits everyone in the same two ways:

Top 9 Twitter Follows for Personal Finance

Where would we be without Twitter? It's amazing that Twitter is only five years old. The ability to get quick information that's specifically relevant to you has revolutionized the way the world communicates. Nowadays, the world announces news, sports scores, celebrity gossip, and every other conceivable bits of information on Twitter timelines. It's not all fun, though. The one drawback of Twitter is the oversaturation of useless accounts. Finding a good account to follow can sometimes feel like picking a needle out of the world's largest haystack. Nevertheless, Twitter is an excellent source for insight on personal finance. From tips on the best no annual fee credit cards to advice on investments and saving, the Twittersphere is ripe with fruitful money knowledge. You just need to know who to follow! Here are the top 9 tweeters out there on the subject of personal finance:

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