Financial Advice Not Reaching Black America

According to an article distributed by the Afro American Newspapers, we aren’t getting the same financial advice as our white counterparts: Only two out of every 10 African-Americans are on a path to achieve their retirement goals, according to a six-month-old survey of Blacks conducted by a major wealth manager. The study, entitled “The African-American [...]

Massive Data Breach!

Last week I received about four separate emails from my lovely creditors informing me that my private information had been compromised.  It seems that they all used Epsilon, an email marketing firm. Just great.  I’m sure I’m far from the only one given that Epsilon apparently manages customer databases and email marketing for more than [...]

Cash (Not Credit) Rules Everything Around Me

We finally got the memo!  Cash is king, and credit cards put us in debt.  The New York Times recently reported that consumers are using their cash purchasing power instead of relying on credit cards this holiday season.  I’m right there with them.  As we noted, Black Friday (or any shopping for that matter) may [...]

Check Your Mailbox for New Credit Card Rules and Fees

Fortunately, I’m holding a zero balance on my store credit cards. So I was curious when I received mail from the World Financial Network National Bank and HSBC. Both mailings were similarly written to alert me about new rules on my credit card accounts. First up, late fees. According to my statements, late fees can [...]

New Rules to Protect Consumers from Credit Card Companies!

Yesterday, the Federal Reserve Board issued new rules to protect consumers against credit card company practices. Issued on June 15th, the following rules effect August 22, 2010 Prohibits credit card issuers from charging a penalty fee of more than $25 for paying late or otherwise violating the account’s terms unless the consumer has engaged in [...]

Congrats on Getting Your First Credit Card! Now Read This

I wish it could be as easy as telling you, “just say no” to credit cards.  But unfortunately they are a rite of passage and important to building the necessary credit score.  I remember getting my first credit card.  It was from Discover.  I was in college, and you couldn’t tell me nothing!  I was grown.   [...]

Credit Card Reforms Kick In: Get Answers to Your Questions

In case you’ve got nothing to do this afternoon at 2:00 pm EST, the White House is hosting a live video chat about the credit card reform legislation that goes into full effect today. The law bans unfair rate increases, prevents unfair fee traps, requires plain language in plain sight for disclosures, increases accountability all [...]

Credit Scores 101

Many people starting a credit repair program are under the misconception that the credit bureaus are in some way connected to the government. It is easy to understand this perception. But, as influential as they are, the credit bureaus have no government blessing, charter, or otherwise. They are big business. There are three credit bureaus [...]

College and Credit Cards Don’t Mix

And this is assuming you can even get one these days. But arriving freshman typically have no credit history which means good credit history/our next victim by the credit card industry. The Insurance Information Institute recently noted: A recent study by Sallie Mae, a leading provider of student loans, shows that students are using their [...]

Motley Fool: Five Ways To Ruin Your Credit

Motley Fool gives tips on what NOT to do to maintain good credit:   Improving your credit score takes some elbow grease. Ruining it, on the other hand, is a piece of cake.  Just a few false moves, and in no time, your credit reputation starts to suffer. It doesn’t even need to be something extreme, [...]

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