Fed Says Fewer Banks Tighten Credit

May 6th, 2009 by Joshua Heckathorn

Is the worst of the credit crunch behind us? According to an April study conducted by the Fed, which surveyed more than 75 domestic and foreign banks regarding their lending practices to businesses and consumers, there are some leading indicators that credit markets are beginning to loosen.

Can Social Security Benefits Be Garnished?

Unless you owe Uncle Sam taxes or are behind on alimony or child support payments, your social security benefits cannot be garnished. So, if you've recently lost your job and are worried about your social security payments falling victim to the debt collectors as well, you can rest assured that won't happen.

Updated by Joshua Heckathorn on Sun, 2009-05-03 17:00

ABCs of Credit: What is Credit?

Nothing down, 24 monthly payments! Low, low 2.9% APR! We may not hear those words as much as we did in the past; however, we still live in world where we are constantly urged to buy things using credit.

But what is credit, and how does it really work? Simply stated, credit allows you to buy something now and pay for it later. Rather than paying at the time of purchase, you simply borrow the money from a creditor and pay for it over time.

Updated by Joshua Heckathorn on Sun, 2009-05-03 17:00

Young Money Fights for Financial Literacy

May 1st, 2009 by Elisabeth Chan

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Our friends over at YoungMoney.com are taking great strides to further promote financial literacy among young adults. As part of a recently announced Financial Literacy Program, Young Money is partnering with multiple universities and businesses to deliver co-branded magazines, both online and offline, to students and young employees.

Obama Calls for Credit Card Reform

April 28th, 2009 by Joshua Heckathorn

President Obama has already made transparency a key theme for his administration, and it's clear he expects the same from leading companies in the credit card industry. Sitting at a long table surrounded by key executives from corporations such as American Express, Bank of America, Citigroup, and Capital One, Obama stated, "No more fine print, no more confusing terms and conditions. We want clarity and transparency from here on out" (The Washington Times). Has the moment finally come?

I Paid My Tax Lien - Why is it Still on My Credit Report?

The IRS has 30 days, according to its own rules, to release a tax lien once you pay or settle the debt. However, in reality this is something that is often overlooked. Unaware consumers may go for years before they notice the pesky tax lien still living on their credit reports as unpaid.

Updated by Joshua Heckathorn on Sun, 2009-04-26 17:00

Credit Card Execs Prepare for Obama Beat Down

April 23rd, 2009 by Joshua Heckathorn

The Obama administration has been largely silent about the credit card holder bill of rights since last year's presidential campaign. However, a meeting scheduled for today with key executives from 14 major credit issuers suggests Obama is finally gearing up for an extended beat down that will have lasting effects on how credit card companies do business.

Enter to Win $500 from Creditnet.com!

April 20th, 2009 by Elisabeth Chan

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According to a study published by Nellie Mae (2005), 56% of undergraduate freshman obtain their first credit card at age 18. Unfortunately, most fail to receive any education about how credit works or what it takes to build a solid credit history after the card arrives in the mail

Collection Accounts Linger for 7 Years

It's a common misconception among consumers that paying off a collection account will make it disappear from their credit report. However, the truth is a collection remains on your credit report for seven years from the date the account went into serious delinquent status. This date is often pegged as the first 180-day late payment on record.

Updated by Joshua Heckathorn on Sun, 2009-04-19 17:00

Credit Card Fees Now Deductible When Paying Uncle Sam

April 14th, 2009 by Joshua Heckathorn

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Have you avoided paying your tax bill with a credit card because you just couldn't bear paying any more than you must to anyone on April 15th? I suspect many of you fall into this category, as do I. Even if the dollar amount is small, the thought of paying an additional 2.49% to cover the fee charged by credit card companies always makes me cringe. So, I continue to pull out the trusty checkbook, dust it off, and write one of the handful of checks I send out each year.