Love is supposed to be in the air, but it can be hard to feel positive when your bank account is, well, negative.
But whether you think of Valentine's Day as the most romantic day of the year or just another excuse to spend money cooked up by card companies, you can make the most of the holiday without going broke - even if you're in debt, according to Chicago bankruptcy attorneys.
We all know it's the thought that will count when we rip off the wrapping paper tomorrow. But that doesn't change the fact that some presents just aren't the right fit (sometimes literally).
With money tight, I don't think it's selfish to admit that we want to make every gift count - especially when we've shelled out a mini-fortune to buy presents for friends, family and co-workers. Fortunately, the same economy that is making our wallets thinner might be making it easier than ever to return or exchange gifts post-holiday.
According to MSNBC.com, certain retailers are extending return deadlines and making the rules for returning items more lenient.
Continue reading "Returning Gifts Gets Easier Thanks to Recession" »
Citibank is giving some 4,000 homeowners a very happy holiday.
The banking giant is suspending foreclosures and evictions for people with Citi-owned loans through mid-January. A company spokesman said the aim is to reduce stress during a notoriously hectic time of year, according to MSNBC.com. In the meantime, the bank says it's at work on alternatives to foreclosure.
Unfortunately, helping potentially 4,000 families means only helping a miniscule percent of the millions of Americans that could lose their homes in coming months. For the lucky few, it will certainly provide relief (albeit temporarily), but the rest of us are going to have to take matters into our own hands if we want a home after the holidays.
Continue reading "Some Home Foreclosures on Hold for the Holidays" »
At first glance, a gift card seem like the perfect present. You don't have to worry about getting your friend or family member something she can't use - with plastic, she can buy whatever she wants. Or can she?
Research shows that, if your gift recipient procrastinates, you could be giving more holiday cheer to retailers than your loved one.
On the one hand, things might seem to be looking up. New credit card laws will also apply to gift cards, limiting fees that can be placed on cards inactive for less than a year and preventing funds from expiring on certain cards within five years. On the other hand, that only addresses one party - the gift recipient. But if the card gets lost, forgotten or otherwise goes unused, either fully or partially, where does that leave you, the gift giver, who could probably use some of that money back?
Continue reading "Gift Cards Might Be Easy Presents, But They Don't Come Cheap" »
Mention holiday expenses, and most folks think of immediately of the gifts. But the little costs of Christmas cheer can add up, too.
Take the typical holiday party. I have one every year. We're not talking anything fancy or expensive - just a casual gathering of friends for appetizers, drinks and Christmas movies - and yet, for many years, the cost of my simple gatherings was the last straw for my wallet. Between the groceries and festive decorations, it would push me over the line from simply scrounging to flat-out broke.
The problem was, I overdid it. Because I was focusing my budget restraint on the obvious - gift shopping - I wasn't paying attention to the smaller stuff like the food I was impulsively tossing into my cart at the store or the Christmas plates I bought off the sale rack or that cute pair of shoes I had to buy to go with that cute outfit I might wear at the party, and so on. It's hard to stay in control when you're being tempted by sales and discounts, pretty displays, tasty-looking treats and ads on TV, billboards and even shopping carts.
But use a few of the following tips to stick to your budget the same way you (hopefully) do the other eleven months out of the year and you'll be financially rewarded when the new year rolls around.
Continue reading "How to Have an Affordable Christmas Party" »
Old-fashioned coupons are going high-tech.
With folks looking for ways to stretch their budgets this holiday season, millions of consumers who once scoffed at the idea of penny-pinching are turning to coupons. But rather than clipping them from magazines or packages the way Grandma used to do, they're going online.
Many coupon providers saw record traffic during this week's Cyber Monday, now considered the biggest online shopping day of the year. For instance, RetailMeNot saw 1.1 million shoppers - a surge of 57% over last year while CouponCabin visitors edged 65% higher, according to USA Today. The article also noted that over 20% more shoppers are printing online coupons this season than last year.
But as with any sale, it only pays off under the right circumstances.
Continue reading "Holiday Shoppers Going Online to Find Deals" »
Even though it's December, some folks are hearing a different kind of jingle bells - the sound of their phone ringing off the hook with bill collectors on the line.
When you're late with payments on your debt, the bank doesn't care that it's the holiday season. Forget peace and goodwill towards men - collectors are not going to give you a moment's rest until they collect your money. After all, it's their job to bother you. But even though it may not feel like it, you do have rights. If harassment from bill collectors is getting out of hand, you might be able to put a stop to it with help from a bankruptcy attorney.
Continue reading "Bankruptcy Can Stop Creditor Phone Calls" »
With Christmas shoppers strapped for cash, some folks are looking into how they can help friends and family at the smallest possible cost.
At its best, a more frugal holiday brings out our creative sides - I know folks who are making homemade gifts, finding small but thoughtful presents or just performing simple acts of kindness. At its worst, though, seemingly inexpensive gifts can drag us into debt - I'm talking about loan co-signing.
At first, it might seem like the perfect present. Let's say you're short on cash and your best friend is in need of a new car. Rather than buy her a Christmas gift, you offer to co-sign her car loan. You're helping her out at no expense to yourself, right? Not always. Unfortunately, it can turn into the most expensive present you've ever bestowed.
Continue reading "Chicago Bankruptcy Lawyers Warn Against Cosigning Loans" »
Pumpkin pies might be in the oven and football on the TVs, but there's something else on the minds of most Americans today - shopping strategies for the infamous Black Friday.
I know, it's old news that Black Friday is the biggest shopping day of the year. But there's a new twist on the tradition - almost half of sales this year might actually take place online.
With most of us living paycheck to paycheck already, we don't have a lot of wiggle room when it comes to our holiday budgets. And the Internet offers unlimited access to sales and clearances and a great way to compare prices, helping us save time as well as money. Unlike store shopping, online shopping allows you to look specifically for what you want without getting sidetracked by fancy displays or pushy sales clerks. And maybe best of all, you don't have to freeze your butt off standing in lines at the crack of dawn.
But as always, there's a catch. This time, it's online shopping scams.
A growing number of Americans aren't going to be home for the holidays this year - and it's not because they're traveling.
Despite news that the economy is under recovery, foreclosures are again on the rise as a growing number of borrowers with good credit and fixed-rate loans default on their mortgages. It's just the opposite of what triggered the recession - when borrowers with bad credit began defaulting on subprime mortgages with adjustable rates.
So what's going on? Homeowners are simply running out of money. Chalk it up to too much financial stress for too long. Some folks were laid off months ago and are still out of work - and out of cash - today. Others are growing weary of bearing the burden of debt. Economic recovery might look good on paper, but families across the country are still suffering from the recession. To make matters worse, the holidays are fast approaching - and that means more spending.
But fortunately there's a way to save your house, whether you've missed your first mortgage payment or the bank is already threatening to foreclose.
Continue reading "Mortgage Defaults Increase Despite News of Economic Recovery" »
If your financial state has you struggling for something to be thankful this year, take heart - at least your holiday meal won't cost as much as last year.
For the first time in almost a decade, the price of a Thanksgiving meal has dropped.
A traditional dinner of turkey, mashed potatoes and gravy, stuffing and all the fixings will cost an average of $42.91 for a group of 10 people, roughly 4% less than it did a year ago, according to the American Farm Bureau Federation.
It might be hard to imagine (I know I grit my teeth every time the grocery store clerk rings me up) but food prices have indeed declined as a result of lower energy costs and the effects of the recession. As an economist noted in a farm bureau press release, the cost of a Thanksgiving meal now costs less per person than a fast-food restaurant "value" meal. Such savings often goes unnoticed as we struggle to put food on the table while our boss is freezing wages and eliminating bonuses - or, worse, cutting our job. But, since this Turkey Day is all about giving thanks, there's no better time to focus on the positive.
Continue reading "Thanksgiving Meal Costs A Little Less This Year" »
Short on cash? How about turning some of your trash into treasure?
Every time I start complaining that I don't have enough living space, I clean my closet and realize that it's me, not my house, that's the problem. And unless you're a neat freak, I bet you've got a stash of unused stuff somewhere, too.
But purging your junk doesn't just free up more space. It can also free up cash - especially handy now that the holidays are upon us (read on for a more permanent way to free up money).
Take your old jewelry, for instance. Gold is going for a record $1,119 per ounce as investors buy up the precious metal in hopes of protecting themselves against a falling dollar. Have some of your mom's gold jewelry from 20 years ago, maybe something that doesn't carry much sentimental value? You can get a pretty penny for it - and clear out some space in your jewelry box at the same time. (Word to the wise, though - get it appraised by a professional, not a pawn shop or someone in a TV ad, to get your fair share.)
Continue reading "Selling Unused Stuff Can Be a Golden Opportunity for Cash" »
Sometimes paying more actually means paying less.
Confused? Let's say you're out doing some holiday shopping when the sales clerk tells you that you could save 15% just by opening a credit card account with that particular store. You figure that you're buying the goods anyway, why not get a healthy discount? So you sign up.
So far so good. But what happens next? That credit card probably has a high APR, maybe 30% or more -- that's twice the original discount. It gets worse. Store credit cards have some of the lowest minimum payments. We're talking $5 or so. At that rate, your bill payments are solely covering the interest, not the principal. In a year, you'll have paid more than the purchase price, not less - and unless you pay off your principal, you'll be paying for that shopping excursion for years to come. And not just in interest, but with your credit score. Credit bureaus don't like a credit card-happy consumer - and you'll get dinged when you apply for the card and when you open the new account.
You thought you were getting a bargain, but you're being penalized. Want a real bargain? Tune out discounts and use common sense - like eliminating debt through bankruptcy.
Continue reading "Credit Card "Deals" That Can Cost You Money" »
The sweltering days of summer have been replaced by the crisp days of autumn. Unfortunately, the gas prices of summer seem to be here to stay.
Prices at the pump have jumped more than 20 cents in the last two weeks. And experts are worried it could cause consumers to tighten their wallets this holiday season. Not that a few extra bucks at the gas station is going to wreck a budget, mind you, but with most of us already struggling with a mortgage, credit card bills, taxes, medical bills, student loans, etc. sometimes it's the little things that send us over the edge.
If times are tight, maybe you already expect to cut back on holiday expenditures this year. And creating - and sticking to - a budget rather than spending willy-nilly is one of the most important steps to financial freedom because it keeps you from spending more than you earn (and thus relying on those evil creditors). But you shouldn't have to give up all your fun.
Continue reading "Bankruptcy Can Reduce Pain of Rising Prices" »
Every Halloween, I'm amazed at how some folks can smile through the most suspenseful of horror flicks, laugh through our city's infamous haunted house tour and even stroll through the cemetery at midnight on Oct. 31 (OK, maybe that was just my high school friends and me) - and yet remain perfectly petrified of confronting their own financial troubles.
For instance, mention a budget and some folks turn practically green. Mention bankruptcy as an option and others turn paler than a ghost. And yet, because of their debt, they deal with creditors harassing them all day and with the worry that a foreclosure notice could show up in the mail any minute. I wish people would realize that the scariest thing about a debt burden is ignoring it.
As humans, we're notorious for our fear of the unknown. But there's a way to get over it - and a way to get out of debt and the suffering that comes with it. We simply have to make the unknown known.
Continue reading "Fear of the Unknown Can Get In the Way of Financial Freedom" »
Feb 13, 10 01:49 AM Show Your Bank Account Some Love This Valentine's Day, Say Chicago Bankruptcy Attorneys Love is supposed to be in the air, but it can be hard to feel...
Dec 24, 09 01:00 AM Returning Gifts Gets Easier Thanks to Recession We all know it's the thought that will count when we rip off the wrapping...
Dec 19, 09 01:33 AM Some Home Foreclosures on Hold for the Holidays Citibank is giving some 4,000 homeowners a very happy holiday. The banking giant is suspending...
Dec 17, 09 01:23 AM Gift Cards Might Be Easy Presents, But They Don't Come Cheap At first glance, a gift card seem like the perfect present. You don't have to...
Dec 8, 09 10:06 AM How to Have an Affordable Christmas Party Mention holiday expenses, and most folks think of immediately of the gifts. But the little...
Dec 3, 09 12:45 AM Holiday Shoppers Going Online to Find Deals Old-fashioned coupons are going high-tech. With folks looking for ways to stretch their budgets this...
