Manage your finances smartly and you'll reap the rewards -- these credit card rewards, to be precise.
One reason many people dislike credit cards is that often, they impose harsh interest rates and fees when cardholders carry debt or miss payments.
For example, most cards charge a late payment fee equal to the minimum payment or $25, whichever is less, and up to $35 for subsequent late payments. In addition, cardholders who pay late lose their grace period and have to pay interest charges on all of their purchases.
Thankfully, there are some rewards cards with incentives that encourage customers to use their credit cards responsibly, and at least one that has simply eliminated fees altogether.
Motor vehicle crashes are the leading cause of death for U.S. teens. Techno-parenting might save your novice driver's life.
This post comes from Donna Freedman at partner site Money Talks News.
Worried about putting your teenage son or daughter behind the wheel? You should be.
According to the U.S. Centers for Disease Control and Prevention, motor vehicle crashes are the leading cause of death for teens in the United States. Based on miles driven, teen drivers are three times as likely to be in fatal crashes as drivers age 20 and older.
Fortunately, there's an app for that. Or, rather, a whole range of technology that allows parents to:
- Monitor a teen's day-to-day driving.
- Shut down incoming calls and texts.
- Prevent him or her from going over a certain speed.
- Track whereabouts (including areas where they’re not supposed to be).
- Restrict the audio system to a certain level.
Some of these devices can be tracked in real time, by the parents. Others will send regular e-reports on bad behavior. You might even save money on your auto insurance by installing one of these products.
The bad news? Your kid might feel spied upon. The good news? Techno-parenting could save his life.
A reader and her husband were surprised to find a delinquent account on his credit history, and now they need to clean it up before they apply for a mortgage. Possible? Yes.
This post comes from Stacy Johnson at partner site Money Talks News.
Sometimes there are reader questions I can answer off the top of my head. Others require research. Then there's the occasional situation that I've personally lived through. Such is the case with this week's question. Except for the creditor and amount, it's almost identical to something that happened to me about 20 years ago.
Here's the question:
My husband and I are trying to pre-qualify for a mortgage, and when we checked his credit report there was a delinquent account we were not aware of. After disputing this account, we discovered his ex-wife had put him down as a responsible party on a dental bill for his daughter. Experian will not remove it from his credit report, and it has hurt his score. The disputed amount is $188. If we pay this, will it improve his score in time for a house closing later this year? -- Lynette
New data show what percentage of owners go without coverage as their cars age.
Thinking about dropping the collision coverage on your trusty but aging jalopy? You're most likely to do so after the car's eighth birthday, according to a new analysis from Insurance.com.
Based on data from more than half a million car insurance quotes, the study indicates more drivers opt to drop at year eight than any other time. Nine out of 10 owners of seven-year-old vehicles have collision coverage, but only 75 percent of eight-year owners still do.
By year 12, half of car owners have dropped collision coverage.
"When you drop collision coverage, you're essentially saying that you can do without that car or have a way to replace it without the help of insurance coverage," says Insurance.com Managing Editor Des Toups. (You can see how much coverage people with cars the same age as yours have in the "What Drivers Like You Buy" tool.)
Collision coverage pays to repair or replace your vehicle when you are at fault or the guy who hit you is uninsured. It's required while you're still paying off an auto loan (along with comprehensive, which pays for things like theft and vandalism) and is a good idea for some years after that.
How many years? That depends. We asked some people who think about money a lot how they decided to keep collision or drop it.
Shortly after Apple's latest phone, the iPhone 6, is announced, people will be lining up to pay any price and sign long, expensive contracts. They have their wires crossed.
This post comes from Marilyn Lewis at partner site Money Talks News.
On Tuesday Apple is expected to announce its latest smartphone, the iPhone 6. And that's just one of several new smartphones being unveiled this month. Watch for new phones from Microsoft (Nokia Lumia 730), Sony (Sony Xperia Z3), Motorola Mobility (Motorola G), and Samsung Electronics (Note 4). PCWorld has details. (Microsoft owns and publishes MSN Money.)
EMarketer projected that 4.55 billion people will use mobile phones worldwide this year, and about 1.75 billion of them will use smartphones. It expects that nearly 70 percent of people worldwide will be mobile phone users by 2017, compared with 61 percent last year, and the number using smartphones will continue to increase.
That's a huge market, with high stakes for phone makers. But don't let the hype hypnotize you into making an impulse buy. Here are seven ways to save on your new smartphone purchase:
If you're not using a free password service, you're making your life a lot more difficult than it has to be and making hackers' lives a lot easier than they should be.
This post comes from Stacy Johnson at partner site Money Talks News.
Even the most hopeful among us will now have to admit that we basically have no online security. None. Nada. Zilch.
If you've shopped at Home Depot, Target or any one of thousands of other businesses, which covers pretty much every American older than 18, your credit card and other personal information have theoretically been exposed.
Even if you're allergic to plastic and always use cash, the Russians likely have your passwords.
And if you like to take nude selfies and store them on your phone, well, there's apparently a hack for that as well.
What most of us do when confronted practically daily with this brutal new reality is, well, nothing. What can we do? Stop using the Internet? Stop using online banking? Stop taking racy pics?
Well, I guess we could stop taking racy pics. But the other stuff? Not so much.
Can you increase your wealth by changing the way you think about money, saving and spending?
Simply thinking about becoming wealthy isn’t likely to get you very far, but thinking like the rich is critical if you want to build wealth, says Steve Siebold, who wrote the book "How Rich People Think."
Here he shares five key ways the wealthy think differently about money and credit.
1. Leverage creates wealth
"On one side of the spectrum is labor, and at the other (end) is leverage," he says. "The rich employ money to make money. Labor doesn’t pay very well but leverage pays extremely well. We’re never taught to use leverage. Who teaches you that?"
The concept of leverage refers to using other people’s money to make money, he explains. And while that may sound good in theory, it’s a difficult concept to grasp if you don’t have a lot of money to begin with.
So go where the money is, he says. "The rich are always looking for alternative investments,” Seibold says. “They may be more risky but they can afford to take the risk. All you need is a good idea to start a business; there is so much money out there." In other words, don't just look to traditional sources to borrow money, look for private sources as well.
It grew gradually, until one day Yvette and Kyle decided they'd had enough. Here's how they turned the tables on debt.
Yvette knows she didn't just wake up one morning hopelessly in debt. She and her husband had good jobs -- she is a hospital administrator and he is a property manager -- and good incomes.
The debt built slowly, over about seven years, and with a series of money decisions like, "we need to book our vacation now, but we'll pay for it when we get our tax refund," or "we'll pay it when the bill comes," and finally, "we'll pay half this month and half next," Yvette said. (She prefers not to reveal her last name.)
Only something always got in the way. Balances grew, and even in the months when she and her husband, Kyle, were able to pay more than the minimum payment, they were making little headway in shrinking their enormous debt. It was frustrating to see the balance barely drop.
Then Kyle's business failed.
|Tags:||creditcredit card ratescredit cardscredit counselingcredit scoreCredit.comdebtdebt consolidationdebt managementdebt reduction|
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
If you think you're too smart to fall for cons and scams, you're setting yourself up to be a victim.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'