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Yielding Wealth | Personal Finance

November 18th, 2008

Is It Time for Me to Pull My Money Out of Citi?

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 on the old business for Citi. The company is kind of ticking me off a bit. First of all, the company is slashing jobs in an […]

By miranda -- 8 comments

November 3rd, 2008

Payday Loans, Pawnshops Doing Fine in This Economy

My husband and I know a guy that does tech support for a company that does payday loans. Recently, when the economy came up, he said something to this effect: “Payday loans are doing just fine. In fact, the company I do work for is seeing an increase.”
This information, though somewhat disheartening, is not all […]

By miranda -- 2 comments

October 29th, 2008

Fed Rate Cut: How Will It Affect the Economy (And You)?

Today, the Federal Reserve is widely expected to cut the Fed Funds rate. Because the economy seems to be heading toward recession, the overriding goal is to stimulate the economy. And this means — as far as the Fed is concerned — making it cheaper for everyone to borrow money.
Because our economy runs on consumption […]

By miranda -- 12 comments

October 27th, 2008

Personal Bankruptcies Increase

In 2008 alone, reports CNN Money, personal bankruptcies are approaching the one million mark, up more than 28 percent over last year. As you might guess, even the law passed in 2005, making it more difficult to file for bankruptcy, has not done much in recent months to stymie bankruptcy filings. Mainly because the debt […]

By miranda -- 0 comments

October 23rd, 2008

Credit Card Defaults Set to Spike

We’ve been so focused on the mortgage part of the current credit and economic crisis, that we have been neglecting a very large segment of debt lately: credit cards.
Right now, there are reports that the credit card default rate is set to spike. This is because as individuals find it harder to make ends meet […]

By miranda -- 3 comments

October 8th, 2008

NOW is the Time to Take Advantage of Low Interest Rates

The big financial news this morning is that the Fed has cut rates to 1.5%. This is part of a global effort to cut rates by 50 basis points, made by central banks in several other countries. The plan is to try and free up the credit markets and get cash moving around the world.
For […]

By miranda -- 3 comments

September 25th, 2008

My Main Issue with President Bush’s Financial Crisis Speech Last Night: Consumer Debt as Usual

Last night, President Bush gave the second speech on the financial crisis in one week. The merits of the $700 billion bailout plan (for and against) are being debated all over the place. My main concern, though, is that President Bush’s speech merely served to highlight the fact that going forward things are going to […]

By miranda -- 14 comments

September 10th, 2008

Budgeting, Delayed Gratification and Deprivation

SO, today, as I was thinking about what to write and looking into my reader, I noticed an article about budgeting myths over at Investopedia. This article goes over the basic point of budgeting (spending less than you make) and then launches into 10 budgeting myths. The #6 myth on the list really got my […]

By miranda -- 3 comments

August 28th, 2008

Paying Your Mortgage With Your Credit Card: Worst Idea Ever?

One of the growing trends in personal finances right now is making your credit card payments before making your mortgage payment. This is a worrying trend, since it is important to make sure that your mortgage is paid. And, while credit card companies often loudly demand payment, the bottom line is that there are protections […]

By miranda -- 15 comments

July 28th, 2008

Who Will Benefit from the Housing Relief Bill?

The big news from the weekend is that the Senate passed the housing relief bill that has been wending its way through Congress for the past few weeks. And President Bush has promised to sign the bill into law, meaning that soon some folks will see some relief.
But the bill does more than simply bail […]

By miranda -- 3 comments