Your Credit Cards Guide

You’ve always wanted to be a millionaire right? According to The Chicago Tribune, with the right retirement savings plan, it’s very possible: If you’re 30 years old earning $50,000, and save 6% of your paycheck each year until retirement, get a 3% matching contribution from your employer, get a 3% raise annually, and earn 7% on your 401(k) investments, you can retire with $1,098,000. Welcome to the Millionaire’s Club.

So that sounds pretty complicated, and it doesn’t account for inflation, your employers’ contribution, and more, but the point here is that in our recession, saving up for retirement is not a luxury but a beneficial necessity. Really, it’s the most important thing you can do for yourself after paying off debt because it’s the key to being financially secure later on in life.

Here are four things to know now about retirement savings now to help you get to your golden years comfortably.

1. No Brainer: If your employer matches your (401)K, start there. If your employe

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Has it not felt like an eternity since President Obama first signed the Credit CARD Act into law? Here we are almost 15 months after the stroke of his pen, and we’re still waiting for the final round of new credit card rules to take effect.

Fortunately, we don’t have to wait much longer. Beginning August 22nd, here are five of the final key changes you should expect to see from your credit card companies:

1. No More Inactivity Fees

That’s right—your credit issuer can no longer charge you a fee for not using your card enough!

2. $25 Max on Fees

Unless one of your payments was late during the previous six months, your credit card company cannot charge you a fee in excess of $25. If you have been late, they can still charge a fee as high as $35.

3. Late Fees Capped at Minimum Payment

In addition to the $25 cap on fees, late fees cannot exceed your minimum payment amount. So, if

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It’s THE sale at your favorite store… and I mean the Big one. Even though you’re supposed to be saving up, you can’t help but get three shirts and two pants and casual shoes plus going-out shoes and a snazzy hat. As you walk out of the store happily with five bags, you get a mysterious text: You Are Over Your Shopping Budget By $120. With less of a pep in your step, you go back to return your purchases. Was it a message from your personal finance angel? Actually, this could be the future of credit cards with MasterCard’s inControl program.

InControl is designed to help customers better manage their credit use with spending controls and real-time alerts. Unlike money management sites like Mint or Visa’s alert system, inControl goes a step further to literally cut off your spending for your own good. The New Yor

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A recent TransUnion study found that the percentage of Americans behind on their mortgage but current on their credit cards increased nearly 55 percent between early 2008 and the third quarter of 2009.

And while the amount of consumers we’re talking about is still relatively small (6.6%), I find the overall trend to be quite compelling. Clearly, consumers are beginning to think differently about the priority of their debts.

When I bought my first home in 2005 (at the peak of the market in my area- grrhh!), it was ingrained in my mind that no matter what, I would always strive to pay my mortgage first. It seemed logical to me that the house would take priority over other debt, and it still does, but a lot more people obviously feel different these days.

I’ve had several conversations with personal friends as they’ve tried to decide if they should keep paying their mortgage or simply walk away while staying current on other debts like their credit cards. In ea

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All this credit stuff can get pretty complicated.

But two things you should have a handle on are credit reports and credit scores. Each are important in their own right, and both are necessary to assess your overall standing as a consumer.

While the pair certainly overlap, they are two entirely different things.

Credit Reports

A credit report contains a wealth of information about you, including basics like your name, address, social security number, and employment history.

Additionally, your credit report will list your credit history, with information on the types of accounts you’ve got open, how long they’ve been established, what their associated balances are, and if they’re current or derogatory (collections, charge-offs).

Any recent credit inquiries will also show up on a credit report so creditors can determine if you’ve been shopping around for new credit.

While all this information can be very helpful to both consumers and creditors, both parties seem to be most interested in credit scores.

Credit Scores

A credit score is simply a three-digit number between 300-850 (credit score range) for Fico scores, and slightly higher for VantageScore.

Generally, a credit report will contain three credit scores, one for each of the main credit bureaus. These c

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When a loved one passes away, the last thing on your mind is their credit card bills.

However, in order to protect the deceased’s estate from additional charges, fees, or even identity theft, it’s important to remember that your loved one’s credit cards will remain open and active until you take the following three steps.

1. Call Credit Issuers and Close the Accounts

Round up all your relative’s credit cards and/or credit card statements and determine which credit card companies you need to contact. You should be able to find the right contact information either on the back of the credit cards or their monthly statements.

When you make the call, let the customer service agent know right away that you would like to close the account of a deceased relative. Most credit card companies have a special group of agents trained to deal with these situations, and you’ll likely find them to be much more compassionate and helpful than your average representative.

2. Provide C

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