When it comes to your credit cards, expect rising fees and sneaky, below-the-belt jabs from issuers.
BillShrink, a site designed to help people lower their bills, conducted a survey on credit card rates. Their findings? Credit card issuers' rates have increased an average of 16 percent. In a study of 150 credit cards, the average increase in fees is 16 percent. One third of issuers raised rates as high as 20 to 30 percent.
Bill Shrink also reveals that many issuers late until the last legal moment (February 22, 2010) to comply with all new regulations under the CARD Act.
What is the CARD Act? Beginning on February 22, the CARD Act prohibits credit issuers from double-cycle billing and penalizing cardholders who defaulted on a different card. Issuers who complied as early as Fall 2009 include Chase, Discover, Wells Fargo, and American Express. Most issuers, however, waited until the last minute before applying a fair allocation of payments and fees for over-the-phone bill pay, also part of the CARD Act.
Samir Kothari, co-founder of BillShrink says, "We've been carefully monitoring rate changes and compliance for over a year and have seen issuers sneak in rate hikes to brace for the new regulations rather than using the grace period to phase out prohibitive practices."
Kothari continues, "After February 22, we expect to see more cards with annual fees, as well as a rise in other charges like balance transfer fees, cash advance and even inactivity charges. The good news is that there is some level of protection from consumer-friendly billing practices."
Here comes the bride? Fortunately, saving money is not as difficult as you think.
Getting married is extremely costly especially if you go the traditional route. When it comes to saving money, stick to the little things and the savings will add up faster than you can walk down the aisle.
Thanks to the Independent Mail, we've compiled some great savings tips that will help keep your white wedding day in the black. Here are our favorites:
Need invitations? Make your own
Invitations can be expensive, especially since the invitations are before the wedding itself. Why not make your own invitations for your special day? Visit an arts & crafts store such as Michaels, or a special paper store. Use software easily found at Staples, and print your own.
Book your wedding off-season
Popular months for wedding include June, July and September. Plan your wedding in the off-season, such as October or an early spring April wedding. This may save you money on the reception.
Let guests take your pictures
Forget the photographer. Place disposable cameras on the dining table, and let your guests take the pictures. Have a basket for the cameras to be dropped into at the end of the reception. Or, maybe you have a friend who is interested in photography. Have him/her take the pictures as a wedding present or for a discounted price.
Tap into family talent
Have a family member who loves calligraphy? Maybe your mom sews or your brother loves to decorate? Tap into this family talent. Maybe your mom would love to make or hem your dress. Would your sister help you with the invitations? Thank you family for being there when we need you.
Consider black-tie alternatives
Want to save money for you and for your guests? Consider a black-tie alternative. Maybe you are getting married near a beach... have the guests wear khakis and button ups. Maybe your wedding is in the mountains... flannel shirts? It's your wedding and it's OK to be creative.
Are your tax returns out of shape? Don't fret. In a three-part series focusing on how to survive the 2009 tax season, we've assembled a few tips to battle that post-recession bulge. No weights or cardio work necessary.
Time for part three, so whip out that No. 2 pencil one more time.
Question: What can I do to avoid mistakes and problems on this year's tax return?
Double check your numbers!
Most importantly, make sure you got your Social Security numbers correct. Let's say you wrote down the wrong social security number for one of your children. The IRS will disallow the dependent, and send you a brand new tax bill. Do a thorough double check when you finish filling out info. it's worth the extra time.
Round up your charitable contributions
You can't deduct your charitable contributions if you forget to document them. Deductions are allowed for political groups, foreign organizations, social clubs, donations to individuals, and for a mile driven in service for a charitable cause. So don't forget to document.
File your taxes electronically Want to avoid the paperwork? File your taxes on the computer this year. Filing through online services like TurboTax will speed up your return, and save you from many errors that might not have been caught on paper. The IRS will give you a chance to go back and fix any mistakes before your return is accepted and processed.
Click here for part one and here for part two of the three-part series.
Also, Consumer United has teamed up with TurboTax to make times a little easier. File your simple return for FREE with TurboTax Federal Free Edition. Click here to start saving.
Are your tax returns out of shape? Don't fret. In a three-part series focusing on how to survive the 2009 tax season, we've assembled a few tips to battle that post-recession bulge. No weights or cardio work necessary.
Time for part two, so whip out that No. 2 pencil once again.
Question: What positive actions can I take now in order to turn my tax return around?
Contribute to Haiti Relief Help a great cause this spring. Make a cash donation before March 1, 2010, and it can be claimed on your 2009 tax return. Remember to itemize on your return in order for the contributions to be deductible. Have you made a donation via text message? Print a copy of your phone bill to receive a deduction.
Purchase a home Thinking about buying a home? If you qualify for home-buyer credit, a home purchased before June 30, 2010 (the home contract must be in order by April 30) can be claimed on your 2009 tax return for up to $8000 in credit for first time home buyers or $6500 for long-time residents.
Give money to an HSA Give money to a Health Savings Account if you were covered by a high deductible health care plan in 2009. This contribution will provide an above-the-line deduction. Limits are $3,000 for individuals, and $5,950 for families. There is also a $1000 catch for those age 55 and over.
Give money to an IRA Contribute to an individual retirement account before April 15, 2010 for an above-the-line deduction. Limits are $5,000 for individuals with a $1,000 catch for those age 50 and over. Income levels over $65,000 for individuals and over $105,000 for families are not entitled to a deduction.
Click here for part one and here for part three of the three-part series.
Also, Consumer United has teamed up with TurboTax to make times a little easier. File your simple return for FREE with TurboTax Federal Free Edition. Click here to start saving.
A new bill was introduced by Congress last week in New Jersey called "10 Million Solar Roofs and 1o Million Gallons of Solar Water Heating Act of 2010" spearheading the Garden State's push for a solar-fueled energy alternative.
The bill introduced serves up a slew of rebates and incentives that would cover about half of the cost of 10 million solar roof systems, and 200,000 water heating systems. Who's eligible? Non-profits, local and state governments are candidates ... along with individuals.
U.S. Rep. Albio Sires, who represents much of Jersey City in the 13th Congressional District says, "New Jersey has taken a leadership role in solar energy technology--we're second in the nation in producing solar energy and have the second highest number of solar installations. As America faces challenges such as unemployment and rising energy costs, this legislation will create jobs, reduce energy bills, and decrease harmful environmental pollutants."
How many jobs will be created? 1.35 million direct and indirect jobs over the next decade, according to an article by the Jersey City Independent.
Show me the money? For many frugal-minded consumers, it's as simple as opening up a a new bank account. In response to the economic downturn, several savings institutions are offering to-die-for perks to win back customers.
When shopping for a new bank, remember to ask them for latest sign-up deal, because the savings institution may not tell you about their current offer. Here are the top five banks that are offering perks, compiled by Yahoo Finance:
PNC Interested in a personal checking account with PNC? If you open a personal checking account and a qualifying direct deposit you will see some cold, hard cash and bonus points (redeemable for cash, gift cards and electronics) coming your way. $50 will be put into your account withing 30 days of your first direct deposit, and 50,000 rewards points will appear on your checkcard.
Perkstreet Financial Perkstreet Financial is sure offering a few "perks" for its growing customer base. Open an online checking account and keep it for three months, and receive $50. What's great about Perkstreet? There is no minimum balance, and it only takes $25 to open an online checking account
Marshall & Ilsley Corporation Also known as M&I Bank, they offer an incredible perk. Open an account, make five purchases within 45 days and score $100 two weeks after the 45-day review period.
BB&T What does BB&T offer? After 28 days with your new account, $100 will be deposited into your free checking. The caveat? Make three payments using online bill pay and qualify to have your account set up for direct deposit.
Flagstar Bank Want $100 from Flagstar? Open a checking account and set up direct deposit. As long as direct deposit is used within 60 days, for $250 or more, the bling will be deposited into your account 30 days after the direct deposit. It only costs $5o to open a personal account at Flagstar.
Move over "Cash for Clunkers." There's a new green-driven stimulus project offering a bonus to consumers nationally who buy a new energy-star rated appliance.
The goal of "Cash for Appliances" rebate program is to amp up homes by making them more energy efficient while stimulating the economy. The nationwide program (run state by state) comes at a juncture when the industry has seen a 15 percent drop in sales.
Steven Chu, Department of Energy Secretary says, "Appliances consume a huge amount of our electricity, so there's enormous potential to both save energy and save families money every month. These rebates will help families make the transition to more efficient purchases that will directly stimulate the economy and create jobs."
The program will be managed on the state level, meaning that each state is free to determine their own rebate amount and the specific Energy Star appliances chosen to be part of the program.
How much money can one expect? All states will set their own rebate amounts which add up to their share of the $300 million federal money allotted for the program. However, expect somewhere between $50 to $200 for each appliance, according to an About.com article.
What type of appliances count? The greatest saving potential comes from water heaters, household appliances, and heating and cooling equipment. Other Energy Star appliances may also include a rebate, depending on your state. These include heat pumps, air conditioners, clothing washers and dryers, refrigerators, boilers and furnaces (oil and gas).
Click here for the lowdown and here for a state-by-state breakdown outline the "Cash for Appliances" program.
Valentine's Day is a time for being with the one you love. It's also one of the most popular days to get engaged. Before getting caught up in the stress of planning an elaborate wedding, it's smart to select the right health plan to build a strong foundation for a life-long partnership.
This V-Day, why not evaluate health insurance plans with your significant other?
Health insurance is a tricky topic, especially if marriage is involved. To be or not to be... your partner's health insurance plan is the question. We've compiled a list of questions and solutions from eHealthInsurance to help with choosing the best kind of policy for you. The right health plan can determine future financial stability, and help a couple to have a solid start.
Should we keep our health insurance plans separate? Maybe you should. It's possible to save a lot of money by choosing your own health insurance. If there are no employer-covered options, definitely apply for individual health plans. Shop around! Get quotes for the health insurance plans available in you area. However, look into family plans as well, and choose the plan that offers the savings. Having the same plan is not going to prove your love or strengthen your relationship.
We want to start a family right away. What should we do? Looking to start a family this year? The health insurance you pick is very important. Not all plans offer maternity benefits, and these benefits are going to be extremely important to you at this time in your life. When shopping for plans, make sure you pick a health insurance plan that offers the maternity benefits to kick in right away... not six or nine months in the future. Also, some plans offer "well child" or "well baby" care. This is care for your baby from checkups to immunizations... so make sure this part of the plan is affordable.
Can I add my spouse to my employer's health insurance plan? You certainly can, but is it the best deal? Just like question one, asking if it is best to keep plans separate, the answer really comes down to cost. Talk with your HR department. How much does your employer pay towards monthly premiums for a spouse and/or children? More often than not, the monthly contributions will be substantially less. Ask yourself questions before deciding on a health plan solution for you and your spouse. How do the copayments and deductibles compare? How do the monthly premiums for individual or family plans compare to the amount of money taken from your paycheck?
We don't have health insurance. What is our best bet? No health insurance? It's time to get some, and at an affordable cost, too. Health insurance is extremely important. It limits your financial liability when you need medical care, or when you want it. According to an article by CNN Money, with the cost of medicare on the rise and medical bills among the most common reason for personal bankruptcy, a quality health insurance plan can help provide the financial security you need. If your employers do not cover health insurance, look into individual and family plans. It may not be that bad. Two people covered under a family plan pay an average of $328 a month for coverage, according to a recent survey by eHealth Inc.
How do we combine plans without medical underwriting? It is very possible to combine plans with no medical underwriting. If you are interested in adding your spouse to your employer-sponsored group health insurance plan, individual medical underwriting is not necessary. Do not worried about being declined, because you cannot be turned down for pre-existing medical conditions under a group health insurance plan. If you are both under individual plans however, talk to a licensed insurance agent to find which companies are more flexible in their standards on pre-existing medical conditions. If no plans work for you, check into government-sponsored plans available in your area.
The folks over at the Huffington Post have launched a campaign called Move Your Money, a movement that encourages the masses to withdraw their cold, hard cash from the big-six banks on Wall street and redeposit their savings into well-rated community banks.
Why make the switch? "Community banks are typically more conservative about how they manage their money, they're more closely connected to the people and businesses who live near them, and they're more inclined to make loans they know will get paid back. In other words, they have the values that more people would want banks to have," the site says.
In addition to the obvious benefits of shopping locally, community banks generally offer better deals and specialize in customer service.
But, is it post-recession sour grapes?
In a recent segment on NPR's "All Things Considered," economist Simon Johnson says the Move Your Money campaign is less about revenge against the Wall Street banks and more about personal responsibility.
NPR: "But why punish the banks if they have almost all paid back what was essentially an investment by the federal government?" [i.e. TARP funds]
Johnson: "It's not about punishment, it's about responsibility, about people looking forward, and saying, 'How comfortable am I with the largest six banks in this economy now having total assets--which of course come from their liabilities, which is money they get from us--total assets of over 60 percent of the size of our economy, 60 percent of DGP?' That's a big banking system that's more concentrated than in the past--those same six banks back in the 1990s were less than 20 percent of GDP."
Customers of New Jersey Natural Gas will get some relief with their heating bills over the next two months thanks to the recent drop of wholesale natural gas prices.
According to the New Jersey natural gas utility here, the average New Jersey consumer will save 20 percent on their gas bill from Feb. 1 to March 31 with credits for the typical residence totaling about $89.
Additionally, the company received a greenlight to continue its Conservation Incentive Program (CIP), which enables the utility to promote conservation coupled with energy-efficiency improvements. The CIP has been extended to Sept. 30, 2013.
“The rate credits announced today as well as the extension of our Conservation Incentive Program are two examples of the steps we are taking to help our customers during these challenging economic times,” says Laurence M. Downes, chairman and CEO of NJNG.
Downes continues, “We are able to provide financial relief during the months when customers’ bills can be at their highest and continue to offer energy-saving information and programs that benefit our customers, company and state.”
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Other Morning Deals:
Rental Cars: $13.95 per day rental cars with low Hotwire rates!
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Deal Of The Day:
Deal Of The Day:
