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10 Reasons to Cancel ALL of Your Credit Cards Print E-mail
(13 votes, average 4.31 out of 5)
Personal Finance - Credit Cards
Written by April Borbon, Guest   
After paying it off, I just canceled my last bank credit card. My credit card debt has been slowly chipped away at and I’ve cancelled each of my cards as I’ve paid it off. When I called today to cancel the card, it was met with choruses of “don’t you need the credit card for emergencies?” by the customer service representative. Even if you have the best credit card, you don’t need it and here’s 10 reasons why:
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A Simple Technique to Cut Spending and Eliminate Credit Card Debt Print E-mail
(12 votes, average 4.17 out of 5)
Personal Finance - Credit Cards
Written by Karl Wolf   

I've got a wife that hates the notion of a budget and I know better than to argue with the woman. But one thing we've always agreed on was controlling spending and dodging credit card bills. And, if we say so ourselves, we've done a hell of a job.

You don't need a budget - you just need to be consistent. And all we did was developed a simple technique that saves us the trouble of having to follow the inflexible regiment of a budget. Our technique is to follow a few simple rules - all the time.

Read more: A Simple Technique to Cut Spending and Eliminate Credit Card Debt
 
Credit Card Debt: Which to Pay First Print E-mail
(5 votes, average 4.60 out of 5)
Personal Finance - Credit Cards
Written by Omie Ismail   
Wednesday, 08 September 2010 03:12

Which credit card do you pay first? That's the question from a LiveCheap Reader in Denver. "I credit-cardhave two credit cards. First card has a $12,000 balance and a 17.99% interest rate and card #2 has a $7,500 balance with an 9.99% rate. I incurred the larger balance in my small business which had slowed down. I've heard some experts say you should pay the smaller balance first, but isn't that more costly? I'm finally in a spot where I can pay an extra $1,000 a month, what do you recommend? I also get these 0% balance transfer offers for a year. Do you think that would help me repay my debt faster? Help!"

Read more: Credit Card Debt: Which to Pay First
 
Federal Judge Slams Wells Fargo For Ripping Off Consumers Print E-mail
(6 votes, average 5.00 out of 5)
Personal Finance - Credit Cards
Written by Omie Ismail   
Thursday, 12 August 2010 03:31

A Federal Judge in California ordered Wells Fargo to repay $203 million in overdraft fees that it had collected using dubious practices. We previously mentioned the ridiculous practice of banks ordering debit card charges in order of largest first in order to maximize overdrafts in our article Debit Cards: Wolves in Sheep's Clothing. The practice is known as high to low resequencing. If you have had overdraft fees on debit cards, you may just have a refund coming your way, even if you don't bank at Wells Fargo.

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We Make a Quarter Million and We're Broke! Print E-mail
(13 votes, average 4.77 out of 5)
Personal Finance - Credit Cards
Written by Omie Ismail   
Wednesday, 04 August 2010 03:11

"I don't get how one can ever save the money you recommend on LiveCheap. My husband and I are professionals and do very well income-wise. We make a little over $250,000 a year, have no kids, but we have very little savings. We want a home but it would take us years to get a 20% down payment for a house in suburban D.C. We both save about 10% of our income in 401ks but we barely have $10,000 in a savings account. Yes, we have newer cars and the payments are high, take good vacations, and we pay over $2,700 a month in rent, but shouldn't we be able to afford all that and still bank a lot of money? What are we doing wrong? Help" - Vanessa

Read more: We Make a Quarter Million and We're Broke!
 
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