First step to get credit card debt under control: lose the ‘I want it now …
News from Boston Globe:

A. I think you should leave that retirement money alone. Here’s why, based on your own words:

■ “I don’t want to take two years to pay them off.’’

■ “I want the debt gone now!’’

■ “I know about the 10 percent penalty … but I want a fresh start financially.’’

It’s your wants that got you into debt. I know you said some of the charges were for child care. Anyway, you didn’t get into debt overnight, so take the painful time to slug your way out. Then you will hopefully remember the pain and won’t do it again.

You have only $ 80,000 in retirement funds between the two of you. That’s a lot of money and it isn’t. So leave it alone. You say you’re expecting to get an inheritance, but what if that doesn’t happen?

Don’t settle for being in decent shape for retirement. Practice some good financial habits now such as not withdrawing money from a 401(k) and incurring a penalty. You are just giving the government an extra 10 percent of …………… continues on Boston Globe
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How to teach your kids about the dangers of debt
News from KPTV Portland:

By Andrew Housser

Do you talk to your children about money and debt? Many parents never do. In fact, according to one survey, fewer than 40 percent of parents talk to their children about debt, credit cards, bills and money. Some parents might have good intentions, but many just don’t get around to teaching their children about money, or don’t know how to approach the subject. Others think kids don’t need to know about their parents’ finances.

While children do not need to be the household money managers, they learn how to plan for their financial futures primarily from watching what their parents do. Bringing children into the conversation about money can help make their financial futures stronger. Here are some suggestions on how to talk to kids about money — and how to teach them through your actions.

1) Model responsible choices.

Consider what your choices teach your children. If you overspend a…………… continues on KPTV Portland
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How To Eliminate Credit Card Debt
How to eliminate credit card debt….

Credit card use fell sharply in 2010, report shows

Posted by administrator | 27/06/11 | Tagged Credit Card

Credit card use fell sharply in 2010, report shows
News from MyFinances.co.uk:

Credit card use fell sharply last year

Monday, June 27, 2011 10:49 AM

UK consumers’ credit card use dipped sharply in 2010 as they thought “harder” about whether they wanted to get into debt, according to a new report.

The latest British Retail Consortium (BRC) payments survey revealed the proportion of transactions using credit cards fell by 12.9 per cent over the course of last year compared with 2009.

Meanwhile, the proportion involving debit cards rose by 15.8 per cent and the average amount spent in cash transactions increased by 13 per cent to £12.93.

The survey analysed results from nearly eight billion transactions in-store and online, accounting for 60 per cent of total retail sales i…………… continues on MyFinances.co.uk
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Five questions to ask before applying for a new credit card
News from e-wisdom.com:

Consumer-focused changes to credit card regulations can help clarify your account agreement and eliminate some formerly troubling fees and practices. But, these changes should not strongly motivate you to apply for one or more new credit cards.

CARD Act Changes

Signed into law in 2009, but implemented in early 2010, the CARD (Credit Card Accountability, Responsibility and Disclosure) Act helps card holders save some money and better understand the terms of their account agreements. When you compare credit cards, you’ll see that issuers are now prohibited from increasing interest rates on old balances, charging “unreasonable” late or other fees, and mandated to disclose key terms in your account agreement in large, bold fonts.

Credit card offers are now easier to understand and evaluate. However, credit card deals still require that you read and comprehend the offers. For example, looking for good
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