Credit is a privilege to be earned, not an entitlement.
Much has been made about new restrictions on credit cards for those under 21 when most provisions of the Credit CARD Act take effect Feb. 22. (Too much, in fact, according to our buddy Frank Curmudgeon at Bad Money Advice.)
It remains to be seen whether people under age 21 will have a more difficult time getting a credit card as a result of the new law. But just in case your child applies and is turned down because of insufficient income, should you co-sign for that first credit card?
Our answer: No, absolutely not. Not even if it were the last card on earth, flat-screen TVs were 60% off, and your birthday was four days away. (Particularly not then.)
Can you tell we feel strongly about this? Here’s why:
'100 Thing Challenge' advocates liberation from the consumer lifestyle. It might even save you some money.
How many “things” do you need in your life? Could you live with just 100 things?
A blogger named David Michael Bruno at GuyNamedDave nearly two years ago started what he called the “100 Thing Challenge,” an attempt to pare his stuff (not counting shared household items such as furniture) down to 100 items. He ended up classifying his considerable book collection as one item, making the challenge more manageable. But he did pare down.
Bundle: Parents go out more than you might think, dinner with the grandkids is a struggle, and where you live matters. A lot.
Among the obvious budget busters, dining tops the list. A week's worth of homemade grilled-cheese sandwiches costs about what you'd spend on the same lunch at the diner. Add tax and tip, and you're looking at a 25% surcharge, not even considering profligate splurges like -- gasp! -- a Pepsi.
- Bing: Find restaurant coupons
Data from MSN partner blog Bundle.com shows, not surprisingly, that as people make more, they spend more on dining out; as they make less, restaurants command less of their dining dollar. Here's what is shocking:
The agency doesn't look kindly on the "taxes are voluntary" and other frivolous arguments against paying.
Now that we're well into another tax-filing season, the Internal Revenue Service is engaging in one of its annual rituals -- debunking the numerous, creative arguments citizens give as a reason they don't have to file a tax return.
With the rise of the Internet, these tax myths have gained new currency as they spread with lightning speed around the Web. The IRS says they are all bogus and that anyone who relies on them will end up in trouble.
For example, one argument claims that the law describes the tax system as "voluntary," and therefore no one really has to pay taxes.
New gadgets promise to enhance your workout. Are they worth the price?
Has watching the 2010 Winter Olympics inspired you to get fit? New gadgets that coach couch potatoes to be more active can help, but only if you stick to a training schedule.
- Video: Best paid Olympians
The latest fitness trackers promise to keep you motivated by helping you monitor the calories you’ve burned and the progress you’ve made toward fitness goals like losing weight, perfecting yoga poses or running a marathon. “Anything that gets people moving is a good thing,” says John Rowley, director of fitness at the American Institute of Healthcare & Fitness, an integrated wellness facility based in Raleigh, N.C. “These make it a little more fun and interactive.”
A writer who used to believe that every waiter deserved at least a minimal tip explains why he's changed his tune.
I don’t believe in the idea of a “minimum tip.”
There, I said it. It’s a big change from my previous belief on tipping.
A few weeks ago, my family and I ate at a restaurant where the service was extremely poor. We sat for 25 minutes waiting for our server (my wife was literally putting on her coat).
After we ordered, we spied our server sitting at a table with other restaurant employees (where the server had also been while we were waiting). We did not get our drinks until after our meal arrived and we had requested them again (to our server’s annoyance).
When the plates were being served, mine was bumped on the edge of the table, knocking a portion of my food off the plate onto the floor.
Please Rob Me points out how vulnerable you can be when using location-sharing services like Foursquare.
We’re not really interested that you’ve just spent $1 on a double cheeseburger at Burger King (going to $1.19 in April, by the way) so we won’t be tracking you on Blippy. And we don’t really care where you are right now, so while you might be sharing your location with your social-networking friends, Foursquare isn’t for us.
But someone else might care and, a new Web site points out in a somewhat humorous way, that someone might be a burglar. “Please Rob Me mocks all of the Foursquare users that have told Twitter to automatically broadcast their whereabouts,” Chris Gaylord wrote at The Christian Science Monitor.
TechCrunch explains how Please Rob Me works:
Consumers continue to report that mortgage servicers are difficult to work with.
Under pressure from the Obama administration, Bank of America says it has stepped up its efforts to modify mortgages through the White House's Home Affordable Modification Program.
Bank of America now says more than 12,700 of its mortgage holders have a permanent Home Affordable modification, up from nearly 3,200 a month earlier. Another 13,700 permanent modifications are pending, meaning final modified loan terms have been approved and documents have been sent for the customers' signatures, which will be their final step to a completed modification.
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Nevertheless, a new study says, young working women says men are more likely to get the top jobs.