Legislators Ponder New Credit Protection LawsWritten by James H. Dimmitt
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At first glance this bill appears to offer valuable credit protections for consumers. However, there are others who feel this legislation either doesn’t do enough or even reduces consumer rights. The proposed federal law could replace tougher laws already in place in some states and that has consumer advocates concerned. For an in depth analysis of H.R. 2622 by leading consumer advocates, visit http://www.privacyrights.org/ar/HR2622Analysis.htm Lawmakers and consumer groups agree that changes need to be made to better protect consumers and their credit rights. Whether or not The Fair and Accurate Credit Transaction Act can address these concerns remains to be seen.
© 2003, www.yourfreecreditreportnow.com Author: James H. Dimmitt James is editor of “To Your Credit” a FREE weekly newsletter for consumers. You can subscribe at http://tinyurl.com/bgo9
| | The Power of CashWritten by Kelly Cullison
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week. She knows that when cash is gone, she will have to wait until her next “allowance day” before she will have more. She can visually monitor what’s left in a way she never could with credit cards or checks. She thinks harder about each purchase because she has to hand over good ‘ole U.S. currency. In our digital age, we’ve become desensitized to value of money. Money has been reduced to figures on an ATM screen, or a balance on a credit card statement. We’ve lost touch with CASH. By recognizing psychological power of currency and implementing an allowance system, Jennifer has been able to stay within her monthly budget and make tremendous progress. TAKE ACTION Try allowance approach for 1 month. Follow these steps: 1. Pick a day of week for your allowance day. Consider your spending habits. If you usually spend a lot on weekends, you may prefer an allowance day early in week so you don’t run out of cash too soon. 2. Review your monthly budget. 3. Identify all of items that are recurring, such as food, entertainment, haircuts, etc. Ignore bills, such as power, rent, and phone. 4. Add up items you identified above. This is your total allowance for month. 5. Divide by number of allowance days in month. If your allowance day will be Monday, divide by number of Mondays. This is your weekly allowance. 6. Take your weekly allowance out of bank each allowance day. Don’t go back for more until next allowance day.Let me know how it goes! Email me at editor@kc-solutions.net?subject=AllowanceChallenge * Name has been changed, of course.
Kelly Cullison helps consumers eliminate large debt balances without consolidation, credit counseling or bankruptcy. Visit www.kc-solutions.net to find out how.
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