Save $500 for holiday spending
Courtesy: CBSNews.com/The Early Show
OK, who doesn’t want extra cash–especially for the holidays?!
We found a great article on CBSNews.com with tips on how to save $500 for extra holiday spending. The tips are fairly simple, and may actually even help you save more throughout the entire year.
Take a look here. You can also click on the image to the right to watch the interview.
Now that’s growing your green!
Saving is so in style right now
American consumers cut debt by a (whopping) record $21.6 billion in July.
It seems it’s not just us ‘Grow Your Green’ savers–many Americans are paying down their debt right now. The amount we owe on credit cards and other consumer loans plunged a record $21.6 billion in July!
According to the L.A. Times:
The drop in consumer debt for the month was the largest since the Federal Reserve began tracking the data in 1943 and the sixth straight monthly decline in outstanding consumer debt, the longest streak since 1991.
It’s apparently five times more than analysts had predicted. These experts speculate that a lot of folks are still worried about the economy, and so they’re reducing their debt in case they lose their jobs (if they haven’t already).
It’s mixed news. On the one hand, it’s great that we’re learning to save again and we’re not living above our means anymore. On the other hand, since we’re not spending, are we keeping the economy from recovering more quickly?
Some call this the Paradox of Thrift:
The paradox states that if everyone tries to save more money during times of recession, then aggregate demand will fall and will in turn lower total savings in the population because of the decrease in consumption and economic growth. The paradox is, narrowly speaking, that total savings may fall even when individual savings attempt to rise, and, broadly speaking, that increases in savings may be harmful to an economy.
Whatever it is, if you still have a revolving line of credit or you’re looking for a new card, here are some tips on finding the best credit card deal. We also have help for you if you want to improve your credit score to get those great rates.
What are your thoughts? Do you think this shift in the “saving psyche” is a good thing?
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If you are concerned that your finances could be in danger, read on for five key indicators to help you determine whether you’re living beyond your means.
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The descent into credit card debt
Debt can have a snowball effect.
When used wisely, credit cards can be the cornerstone of a sound financial strategy. A solid credit history makes you a good credit risk and that in turn allows you to purchase the necessities of life. But credit cards can also be a slippery slope. One misstep and you’ll tumble into the abyss of credit card debt hell, a mounting spiral of missed payments, fees, high APRs, and rate increases that will take years to recover from. Only by remaining vigilant can you hope to avoid this fate. Here’s our guide to what you may experience on the way down.
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