Got debt? Change the way you think about money.

Posted by administrator | 15/04/12 | Tagged Credit Card Debt

Got debt? Change the way you think about money.
News from News & Observer:

Steve Repak left the Army in 1997 and through contacts he made in the military was offered a job in finance. It was a life-changer for Repak, who carried a big burden into his civilian life: $ 32,000 in credit card debt.

Repak, now a financial planner in Charlotte, said he didn’t feel right giving advice with his own finances in disorder. “I needed to lead by example.”

So he set about changing his ways guided by his own clients who, he says, helped him change the way he thought about money. He writes about a school teacher who came to him with $ 400,000 to invest – money saved from her modest salary – while another client, a software executive making $ 300,000 a year, needed to exercise her stock options to pay off $ 50,000 in credit card debt because she could no longer make the minimum payments.

Those experiences taught him that it isn’t how much money you make that matters but rather the way you think about money. He realized that just as the Army had made him a soldier by training him to think differently, he needed to train himself to think about money differently.

Now he’s written a book to train others, “Dollars & Uncommon Sense: Basic Training for Your Money” ($ 14.95, RFS Publishing).

The book is a mix of commonsense advice, inspiration and personal stories. He also off…………… continues on News & Observer

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In-your-face offers test young adults
News from Omaha World-Herald:

Offers from major credit card companies flow through social media outlets like Facebook and Twitter — turning those “likes” and “tweets” into a path to the highly profitable demographic of college students and young adults.


ILLUSTRATION BY MATT HANEY/THE WORLD-HERALD

By Ross Boettcher
WORLD-HERALD STAFF WRITER

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Credit cards: No move to limit big fees?

Posted by administrator | 15/04/12 | Tagged Credit Card

Credit cards: No move to limit big fees?
News from Christian Science Monitor:

Credit cards can charge nearly $ 100 processing, activation fees for opening an account for subprime borrowers. But financial protection board is backing away from push to regulate the initial credit card fees. 

The Obama administration’s consumer financial watchdog agency is backing off a plan to limit big upfront fees on credit cards, a move that could hit borrowers with poor credit histories especially hard.

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The Consumer Financial Protection Bureau acknowledged Thursday that its proposal would increase costs for some cardholders and allow banks to charge more in fees.

The CFPB was set up after the financial crisis to protect consumers from loans and cards with hidden fees or other traps. Thursday’s decision shows the difficult line the young agency must walk, allowing banks to make enough money so that they can continue to offer loans and cards while protecting consumers from fees that it considers abusive or deceptive.

Bill Bartmann,…………… continues on Christian Science Monitor

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