There have been too many stories lately about creditors breaking the law and getting away with it.
I do want to emphasize that I think people who have debt need to pay it back. Period. But not at the hands of creditors who will stop at nothing to get their money back.
First I read an article on the Web (sorry I cannot find the link) about how many people who have filed bankruptcy are now being hounded again about the very debts that were supposed to discharged under bankruptcy. Unbelievable!
The article went on to say that the creditors are slow at reporting the discharge on purpose, so other companies that have bought the debt go back in, and sometimes people pay the debt years later when they don't have to. The article went on to give some devastating examples of this.
Then I read another article about how creditors are now freezing bank accounts with social security money in it, when that is prohibited by the federal government!
http://finance.yahoo.com/expert/article/moneyhappy/53832
We are talking about elderly people who then have no money for food, rent, medicine, etc. The problem is exacerbated by people who have direct deposit of their checks. While direct deposit has been a help to many, in some cases such as this, it can be a nightmare. It can take a long time to switch back to getting a regular check in the mail, and by that time, bank fees and overdraft charges have probably eaten everything up.
We need to do something about the creditors who overstep the law and get away with it. Maybe the law needs to be updated to exact steep punitive damages on companies who break the law in this way. Our elderly people deserve better.
Wednesday, November 21, 2007
Tuesday, November 13, 2007
New Career--Professional Survey Taker?
I was welcomed into the world of my newest career--that of professional survey taker, or so they said. I had been doing online surveys for a couple of companies, but not really making any money, so clicked on a link for paid focus groups and such and signed up for a few.
Well, the ads started coming at me like those online porn ads used to. Ad after ad, all looking like casino slot machines almost. Ads for surveys, games, prizes, cash, etc.
All well and good if they are legit. I started worrying that maybe my computer would be infected some how. But so far OK.
I am working full time and going to school full time, so I don't have time for a part-time job. But I need some extra money. So the surveys seemed like a good idea.
But one problem is, most of the surveys take up a whole lot of time. I wish they could pare them down somehow.
Also, it is hard to separate the wheat from the chaff? Which are legit, and which are scams? Are they all legit?
I know some professors who used to teach at Vanderbilt University's Owen Graduate School of Management who were into online research and such. Because I know they were into this kind of thing, makes me think it is legit.
But I have already gotten stung once so far by one of this companies putting through an unauthorized charge to my checking account. I can't tell which one, but my bank removed it today.
I am going to be careful in proceeding. I want to do the surveys, because the idea appeals to me, but I don't want to waste more money than I make, and I will have to be vigil for other unauthorized charges.
But then as a "professional" survey taker, I guess I can take that challenge on.
Would love to hear comments from others who have done these type of surveys.
Well, the ads started coming at me like those online porn ads used to. Ad after ad, all looking like casino slot machines almost. Ads for surveys, games, prizes, cash, etc.
All well and good if they are legit. I started worrying that maybe my computer would be infected some how. But so far OK.
I am working full time and going to school full time, so I don't have time for a part-time job. But I need some extra money. So the surveys seemed like a good idea.
But one problem is, most of the surveys take up a whole lot of time. I wish they could pare them down somehow.
Also, it is hard to separate the wheat from the chaff? Which are legit, and which are scams? Are they all legit?
I know some professors who used to teach at Vanderbilt University's Owen Graduate School of Management who were into online research and such. Because I know they were into this kind of thing, makes me think it is legit.
But I have already gotten stung once so far by one of this companies putting through an unauthorized charge to my checking account. I can't tell which one, but my bank removed it today.
I am going to be careful in proceeding. I want to do the surveys, because the idea appeals to me, but I don't want to waste more money than I make, and I will have to be vigil for other unauthorized charges.
But then as a "professional" survey taker, I guess I can take that challenge on.
Would love to hear comments from others who have done these type of surveys.
Friday, October 26, 2007
Stupid Tax
If you are a fan of Dave Ramsey, like I am, you know the term "stupid tax." That is his codeword for something you have done with money that is stupid beyond belief.
Of course, I have paid more than my share of stupid tax. (Should I apply for a refund?)
But probably my most stupid one involved a piece of athletic equipment, and you guessed it....a credit card!
At the time, I was in my fitness mode (unlike now. While in school, I haven't had a chance to exercise at all.) I was enamored with the exerciser that looks like you are walking--you just move your legs back and forth and there are arm pieces that go in tandem. I can't remember the name of the equipment--I think I have blocked it out of my mind, it was so painful.
I was enamored with it, because it looked like fun, and also it was quiet. This was important, as I could exercise in front of the TV and hear the TV, and I live in a condominium, and it would be quiet for my neighbors.
Well, I saw them on sale at K-Mart, so I go trudging over to K-Mart, all excited. On top of the sale, I could get an extra 10 percent off if I applied for the store credit card and bought the item that day. It was not an impulse item, as I had wanted to buy it for a long time. But the smart thoughts stopped there.
I applied for the card, got it, and charged the equipment--$200. I put it in the car and drive home thrilled. I get the awkward package up the stairs into my place, and couldn't wait to put it together.
Unfortunately, I could never get it assembled correctly. It looked right, but if I got on it and started walking on it, one side would basically collapse. I worked and worked and re-did it and re-did it, and it would never work.
Deflated, I called my handyman and asked him if he could put it together. He came over, took it apart, and then back together and charged me $50. It was a bargain!
The problem is, it still wouldn't work right. It still kept collapsing on the same side. I knew then there was something wrong with it, because the handyman would know how to assemble it.
Well, before long, I trudged it out to the trash, and someone else picked it up. Buh bye!
But the cost didn't go away. My money was so strapped, I only paid the minimum on it. Over the months and years, the fees and late charges added up, and now I owe about $2,000. That is definitely one of the debts I am paying off this year, no excuses.
At least I can say I did my part to keep K-mart solvent.
Stupid tax!
Of course, I have paid more than my share of stupid tax. (Should I apply for a refund?)
But probably my most stupid one involved a piece of athletic equipment, and you guessed it....a credit card!
At the time, I was in my fitness mode (unlike now. While in school, I haven't had a chance to exercise at all.) I was enamored with the exerciser that looks like you are walking--you just move your legs back and forth and there are arm pieces that go in tandem. I can't remember the name of the equipment--I think I have blocked it out of my mind, it was so painful.
I was enamored with it, because it looked like fun, and also it was quiet. This was important, as I could exercise in front of the TV and hear the TV, and I live in a condominium, and it would be quiet for my neighbors.
Well, I saw them on sale at K-Mart, so I go trudging over to K-Mart, all excited. On top of the sale, I could get an extra 10 percent off if I applied for the store credit card and bought the item that day. It was not an impulse item, as I had wanted to buy it for a long time. But the smart thoughts stopped there.
I applied for the card, got it, and charged the equipment--$200. I put it in the car and drive home thrilled. I get the awkward package up the stairs into my place, and couldn't wait to put it together.
Unfortunately, I could never get it assembled correctly. It looked right, but if I got on it and started walking on it, one side would basically collapse. I worked and worked and re-did it and re-did it, and it would never work.
Deflated, I called my handyman and asked him if he could put it together. He came over, took it apart, and then back together and charged me $50. It was a bargain!
The problem is, it still wouldn't work right. It still kept collapsing on the same side. I knew then there was something wrong with it, because the handyman would know how to assemble it.
Well, before long, I trudged it out to the trash, and someone else picked it up. Buh bye!
But the cost didn't go away. My money was so strapped, I only paid the minimum on it. Over the months and years, the fees and late charges added up, and now I owe about $2,000. That is definitely one of the debts I am paying off this year, no excuses.
At least I can say I did my part to keep K-mart solvent.
Stupid tax!
Sunday, October 14, 2007
Questions to Ask Before Making a Purchase
Last week was a mixed bad week for me. I paid off a few small loans (yay me!) but didn't pay attention to my checking account and ended up bouncing some transactions. Not really bouncing, as my bank pays my overdrafts, but still sticks me with NSF fees. I wasn't being vigil about my account, and it happened again. Anytime I am not vigil, this happens. All I had to do was deposit $50 in my account and there would have been no NSF fees. Jeez.
I read in the local paper not along ago some tips about making purchases. The paper has a column entitled "Ms. Cheap," and she always has some good hints about how to save money and get free items.
Quoting another writer, Mary Hunt, Ms. Cheap listed these questions to ask yourself before opening your wallet:
1) Do I need it really?
2) Could this be considered by any reasonable person to be a planned purchase?
3) Will this make my life better or add to the clutter and chaos?
4) Don't I already have something that will do just as well?
5) Do I have the cash to pay for it right now?
6) If I walk away from this purchase, how will I feel a month from now?
7) Am I willing to sleep on my decision for 48 hours?
Good advice, I think. I think I will pay particular attention to # 6 and 7.
I read in the local paper not along ago some tips about making purchases. The paper has a column entitled "Ms. Cheap," and she always has some good hints about how to save money and get free items.
Quoting another writer, Mary Hunt, Ms. Cheap listed these questions to ask yourself before opening your wallet:
1) Do I need it really?
2) Could this be considered by any reasonable person to be a planned purchase?
3) Will this make my life better or add to the clutter and chaos?
4) Don't I already have something that will do just as well?
5) Do I have the cash to pay for it right now?
6) If I walk away from this purchase, how will I feel a month from now?
7) Am I willing to sleep on my decision for 48 hours?
Good advice, I think. I think I will pay particular attention to # 6 and 7.
Military Have Special Rules Regarding Payday Loans
I am certainly not a fan of payday loans or cash advance companies. I know it is a proliferating business as in Nashville you see these companies everywhere. Maybe not in the best of neighborhoods, but literally everywhere else. They straddle almost every corner of every intersection.
I read something interesting the other day. That a law was passed in September capping the interest these companies could charge those in the military. It also legislated that these companies could not go after deployed military people in default of these loans. (My wording is not exact.)
It makes sense that the companies could not prosecute those who are deployed. They are not here. But why give them a better interest rate than everyone else? I think I read that that military people could not be charged more than 36 percent APR, whereas everyone else who uses those services are charged 385 percent APR or higher.
Why discriminate here? I think everyone should be capped at a lower rate. As I said, I am not a fan of payday loan companies. It is close to usery, if not usery. But the idea is not a bad one: Give someone a loan on their paycheck. But why does the interest have to be so outrageous? Why couldn't someone charge a more reasonable interest? I wonder if anyone would be able to start "Wal-marting" this industry? Open up a bunch of payday loans at a lower interest and make the others come down on theirs.
I read something interesting the other day. That a law was passed in September capping the interest these companies could charge those in the military. It also legislated that these companies could not go after deployed military people in default of these loans. (My wording is not exact.)
It makes sense that the companies could not prosecute those who are deployed. They are not here. But why give them a better interest rate than everyone else? I think I read that that military people could not be charged more than 36 percent APR, whereas everyone else who uses those services are charged 385 percent APR or higher.
Why discriminate here? I think everyone should be capped at a lower rate. As I said, I am not a fan of payday loan companies. It is close to usery, if not usery. But the idea is not a bad one: Give someone a loan on their paycheck. But why does the interest have to be so outrageous? Why couldn't someone charge a more reasonable interest? I wonder if anyone would be able to start "Wal-marting" this industry? Open up a bunch of payday loans at a lower interest and make the others come down on theirs.
Wednesday, October 3, 2007
Money Habits are Contagious
I read an article today in Yahoo Finance "Getting Rich is Contagious--So Catch the Bug." How true it is. Why do all the important articles come out about 20 years after I need to read them?
Not that it is not common sense. But tell that to a 20 something.
For me, I never had money troubles growing up or in college, thanks to my parents who were good providers.
I have always thought, and this article confirms it for me, that I got into some bad habits with money when I was in my 20s. I had always thought that it seemed like an excuse though to blame it on that.
But the Yahoo article points out that the money contagion is like the fat contagion that has recently been discussed in the news. Hang around with fat friends and you may get fat. (This has been a problem for me in the past too--when I am with my overweight friends, I feel thin and am more likely to overeat).
Likewise, you pick up money habits from those you hang around with. If all you have is broke friends, being broke seems like the norm, and you are more likely to be broke too. If you are around thrifty or investment minded friends, then you are more likely to be that way.
When I was in my 20s, I ran around with a lot of people who had bad money habits. They used plastic all the time and didn't have a good source of income. I had a good source of income, but they wheedled me into doing things I couldn't afford. Of course I could have said no, but they were my friends. They were older than me and I looked up to them. I was a dummy!
Of course I have known better for a long time, and in recent years have actually done better. I still have too much debt, but I did cut up my credit cards a couple of years ago. And I am much better with watching my money and not spending friviously.
I think the main problem is that when you develop a habit in your 20s, you are still impressionable, and it is hard to shake. I know--it has been hard for me to shake it. But I am shaking it, and I am more careful to not get into lockstep with those around me, unless it is a good habit!
Not that it is not common sense. But tell that to a 20 something.
For me, I never had money troubles growing up or in college, thanks to my parents who were good providers.
I have always thought, and this article confirms it for me, that I got into some bad habits with money when I was in my 20s. I had always thought that it seemed like an excuse though to blame it on that.
But the Yahoo article points out that the money contagion is like the fat contagion that has recently been discussed in the news. Hang around with fat friends and you may get fat. (This has been a problem for me in the past too--when I am with my overweight friends, I feel thin and am more likely to overeat).
Likewise, you pick up money habits from those you hang around with. If all you have is broke friends, being broke seems like the norm, and you are more likely to be broke too. If you are around thrifty or investment minded friends, then you are more likely to be that way.
When I was in my 20s, I ran around with a lot of people who had bad money habits. They used plastic all the time and didn't have a good source of income. I had a good source of income, but they wheedled me into doing things I couldn't afford. Of course I could have said no, but they were my friends. They were older than me and I looked up to them. I was a dummy!
Of course I have known better for a long time, and in recent years have actually done better. I still have too much debt, but I did cut up my credit cards a couple of years ago. And I am much better with watching my money and not spending friviously.
I think the main problem is that when you develop a habit in your 20s, you are still impressionable, and it is hard to shake. I know--it has been hard for me to shake it. But I am shaking it, and I am more careful to not get into lockstep with those around me, unless it is a good habit!
Tuesday, September 25, 2007
"The Secret" and Money
By now, all of you have probably heard of The Secret. The hoopla The Secret created a few months back has more or less settled down now, but its message remains with many people, including me.
Basically, The Secret is based on the Laws of Attraction. In other words, like attracts like and be careful of what you wish for, as you may get it.
I take this to mean that rather than wishing not to be sick, you should wish to be well. Even when you are wishing to not be sick, the universe focuses on the word "sick."
Many may think this is a bunch of hooey, but I think it has merit, and I am trying to incorporate it into my life as much as possible.
This is a partial list of what I am focusing on:
The universe is sending the right man to me, and he is on his way.
I am healthy and will remain that way.
I have many people in my life who cherish my friendship and love me, and I will never be lonely.
People appreciate me for my mind and spirit; they appreciate my input
I have abundance of wealth, more money than I need.
Well the last one is a little exaggeration, but part of The Secret is to think as if what you want is already happening, and then it will come true.
I was at a business meeting the other day, and the speaker was offering a variety of inspirational messages.
He did not say the words "The Secret" specifically, but it was what he was talking about, I am sure. He said to always keep a $100 bill in your pocket to make yourself feel prosperous and to keep $20 bills lying around the house for the same reason. He didn't explain, but I think it is part of that "acting as if."
Speaking of that, I know that tuition check will not clear my account until after tomorrow and I will not have any NSF due to debit card transactions before then!
Basically, The Secret is based on the Laws of Attraction. In other words, like attracts like and be careful of what you wish for, as you may get it.
I take this to mean that rather than wishing not to be sick, you should wish to be well. Even when you are wishing to not be sick, the universe focuses on the word "sick."
Many may think this is a bunch of hooey, but I think it has merit, and I am trying to incorporate it into my life as much as possible.
This is a partial list of what I am focusing on:
The universe is sending the right man to me, and he is on his way.
I am healthy and will remain that way.
I have many people in my life who cherish my friendship and love me, and I will never be lonely.
People appreciate me for my mind and spirit; they appreciate my input
I have abundance of wealth, more money than I need.
Well the last one is a little exaggeration, but part of The Secret is to think as if what you want is already happening, and then it will come true.
I was at a business meeting the other day, and the speaker was offering a variety of inspirational messages.
He did not say the words "The Secret" specifically, but it was what he was talking about, I am sure. He said to always keep a $100 bill in your pocket to make yourself feel prosperous and to keep $20 bills lying around the house for the same reason. He didn't explain, but I think it is part of that "acting as if."
Speaking of that, I know that tuition check will not clear my account until after tomorrow and I will not have any NSF due to debit card transactions before then!
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