MONEY SAVING TIPS5 businesses that rip off the poorAs Americans' incomes shrink and credit gets harder to come by, several industries have stepped in to make it harder for people to get from paycheck to paycheck. These businesses claim they're filling a void left by mainstream lenders. But if you fall into the clutches of any of these outfits, you can find yourself in a far deeper hole than you're in now, with much less money available to help you climb out. More How to live a nearly cash-only life According to Time, the current average APR on credit card debt is 15.22%. For folks who aren't disciplined about managing credit card debt or paying off their balances aggressively, the rate is a real eye-opener. All the cash-back rewards, airline miles, and perks in the world can't justify the financial hit consumers take in long-term credit use and interest repayment. More 7 habits that keep you in debt If mood-boosting shopping sprees and racking up credit card rewards are a part of your lifestyle, you could be fueling a dangerous debt addiction. Results of Card Hub's latest credit card debt study show that Americans accumulated $18.4 billion in credit card debt in the second quarter of 2011 alone. Credit card debt continues to be a major problem for the average American consumer, yet many are still living a lifestyle that supports a costly debt habit. Here are seven bad habits that could be fueling your debt addiction: More TV Prices Fall, Squeezing Most Makers and Sellers It’s a great time to buy a television, and Ram Lall, a television salesman, isn’t happy about it. In a basement showroom of J&R, the huge electronics store in Lower Manhattan, Mr. Lall says the days of making big money from televisions are in the past. Pointing to a top-of-the line, 55-inch Sony television, Mr. Lall said it would have sold for $6,000 a few years ago. The current price? $2,599. “We are making less money because the company is forcing us to slash prices,” Mr. Lall said, standing amid rows of flickering television sets. More 5% - 20% Off Select HDTVs. The Best Time to Buy Guide for 101 Products & Services New bicycle models are released in September as the riding season slows down. Dealers don't want old models haunting their show rooms all winter, so they slash prices. Because bike manufacturers drastically change models every few years -- to keep up with new technology -- you'll want to investigate to make sure you don't end up with an out-of-date bike... Timing is everything, it seems. Knowing when is the best time to buy that new car, house or lawn mower could be the difference between saving hundreds if not thousands of dollars every year. That's why we created the Best Time to Buy Guide for over 75 products and services. Before you make another major purchase, check with this guide to know when the best time to buy is. Continue When's the best time to buy gas? With gas prices soaring, and now at the highest levels we've seen in years, we are all looking for ways to save money at the tank. The best way to do that could be by timing your purchases properly, say experts. The time of day can also be a factor in gas prices. Many people believe that buying gas when it is cooler outside, like in the morning or the evening, will save you money. While there is some science behind it, colder temperatures won't give you enough extra volume of gasoline to make a major difference. However, buying gas early in the day will save you money due to economics. According to Brad Proctor, founder of GasPriceWatch.com, a price-comparison website for consumers and corporate fleets, the best prices are mostly likely... Read more How To Manage Your Grocery Bill Your grocery bill is your biggest weekly household expense, so keeping a lid on it will go far to stretch your dollar. The average American family of four spends between $610 and $1,203 per month on grocery bills, according to the U.S. Department of Agriculture Center for Nutrition Policy and Promotion's April 2011 Cost of Food survey. And, while managing your grocery bill helps your pocket book, more attention to what you buy can also help your health and general nutrition, cutting down on last-minute trips to the store or a fast-food restaurant. Here's how to manage your grocery bill: Continue How To Settle Your Debts hen you can't pay your bills and don't expect to be able to do so any time soon, settling the debt -- working out an agreement with the lender to pay a reduced balance or structure a payment plan -- may be an option worth considering. Though it's nothing they shout about, banks routinely wipe debt balances from their books, including consumer loans. Debt settlement isn't an action to take lightly. A settlement shows up on your credit report as a black mark that lingers for seven years and can influence your ability to obtain new credit or a loan, and at what rate. It might be too drastic a move for consumers who could dig out with a tighter budget. Settling might not be drastic enough, on the other hand, for consumers in very bad financial shape and few assets. Read more Five Ways to Boost Your Credit Score With all the financial upheaval over the last year, including the subprime-mortgage mess and the rescue plan for banks toppled by high-risk loans, it wouldn't be surprising if you were starting to think of "credit" as a four-letter word. But one point this crisis has driven home is that your credit is the financial equivalent of your good name. It's your ticket to a home or a car or a credit card, and a slip-up can come back to haunt you. Continue |
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