I have a high yield savings account at Citi. I also have a Upromise credit card with Citi. But I’m starting to wonder if it’s time to pull back business i’m sending to Citi. The company is kind of ticking me off a bit. First of all, the Citi is slashing jobs in an effort to stop the hemhorraging it has been doing in terms of cash. I can see that. Cost cutting is an effort to save oneself.
But, while cutting jobs in large numbers seems to be a no-brainer, Citi can’t seem to make the decision to cut executive …read more

Over the weekend, I wrote about how my credit card company is trying to get me to refinance my home with them, and take out some cash. For me, this is an obviously foolhardy move. Such offers usually go straight through the shredder.
But Sean left a comment that I feel is very pertinent to the idea of unsecured debt and secured debt:
Credit cards are “unsecured debt,” meaning that if you default or go bankrupt, they can’t take your house, car or stuff. They are last in line, behind secured debt, like your mortgage. When they see people getting in trouble, …read more

If you haven’t been reading those notices that come in your credit card statement, or if you haven’t looked on your statement for your credit card interest rate, you may be in for a rather unpleasant surprise.
Some credit card companies (Discover notable among them) are in the habit of periodically checking your credit report. They look for things like increased purchases or credit inquiries that result in a lower score. And then they use it as an excuse to jack up your interest rate. This is a somewhat cruel and disheartening practice for some, especially since it makes it extra …read more

This whole subprime lending mess has brought to light some very real problems with our society. This whole idea of “buy now, pay later” has really caught up to us. So, even though it is possible to use credit cards to your good, it is important ONLY to buy what you already have money for. Too often we see credit cards as “extra” or “free” money. It is important to remember that yielding wealth is about getting more money–not throwing it away on interest payments to credit card companies.
This YouTube video of an SNL skit totally killed me. And it …read more