Your Credit Cards Guide

Chapter 7 bankruptcy is legal protection from your creditors.  It’s for individual consumers and is also known as “liquidation”, because the debtor has to sell assets to pay off debts.  The assets not exempt from bankruptcy are luxury items, household items, real estate, cars and boats. The debts not discharged are child-support and alimony back payments, criminal fees, federal taxes, government student loans, and mortgage liens.  Any loans that have a cosigner may be liable for the debt.

Qualification for Chapter 7 is based on ie, which must be less than your state’s median ie.  It is calculated by a “means test” using ie and expenses and is fairlyplicated.  Usually a person selects chapter 7, because they don’t have any assets to lose or has little property except the basics such as furniture and clothing. They have very little or no money remaining after paying for the basic expenses.  The main reasons people file for chapter 7 bankruptcy are unemployment, large medical expenses, overextended credit, marital problems, and large unexpected expenses.

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If you’re graduating this spring and you don’t have a job lined up, you mayhave a tough time finding one. Even graduates from the class of 2009 are still finding their degrees not as useful as they had hoped. A study reported by the New York Times shows that of all 2009 graduates, 22.4% aren’t working. Of the 77.6% with jobs, 22% have jobs that don’t require a college degree.

These numbers are bleak, but not impossible to overcome.

In a study reported by CBS, 55% of college graduates believe their education helped them prepare for a job or career. And the wage gap between high school and college graduates is reported at nearly $19,550. To make sure you start off your job search on the right foot, here are three quick steps to take.

1. Polish your resume. Your resume is your chance to market yourself to potential employers. This me

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Personal debt and bankruptcies often just affect one family. Business bankruptcies can affect anywhere from a handful to thousands of workers. But can you imagine how many millions of people will be impacted if the federal government defaults on its loans and maxes out its figurative credit cards?

The United States government just hit its debt ceiling this Monday, May 16. This means we have hit the limit for how much we are legally allowed to borrow, even from within government branches. For now, the government is using accounting gimmickry to stay at the ceiling without going over it, but Treasury Secretary Timothy Geithner says those tricks will only work until August.

The debt ceiling is a concept that doesn’t exist in other countries, which imply how much they’ll borrow by passing a budget that estimates how much they’ll receive in taxes and how much they’ll spend.

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Now that Discover has ended its no fee balance transfer promotion, you may be wondering if there are any other alternatives out there.

In short, the answer is an unfortunate “no.”

That’s right; no other credit card issuers are brave enough to offer a no fee balance transfer credit card at the moment, perhaps still spooked from the credit crisis that appears to be nearing its end.

Even pre-credit crisis, I don’t think Chase offered a no fee balance transfer; only Citi seemed to take that plunge.

So why is this post titled, “Chase No Fee Balance Transfer?”

Well, you may have noticed the “?” in the title. It’s there beca

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Full disclosure: I am not the most objective observer when it comes to REI. They won my heart long ago, and while you can surely get cheaper outdoor gear elsewhere (steepandcheap.com has 50-90% off flash deals on outdoor gear), none of them has REI’s unparalleled return policy, they don’t have REI’s membership discounts, and their staff won’t ask you, months later, how that backpack they sold you worked out. While we usually don’t recommend store credit cards, the REI credit card is above and beyond: not only do you get member dividends, but the REI Visa gives an additional 5% back at REI plus 1% back elsewhere. And if you apply in May, you’ll get a $50 REI gift card. This is why they have such loyal customers.

REI memberships: don’t think, just get one

If you shop for outdoor gear with anything resembling regularity, REI is just about the best place to buy. It’s famous for its unconditional, no-questions-asked return policy: you can return your hiking boots a year later, and they’ll take it with a smile. Their staff is friendly, knowledgeable and approachable, and offers gear and clothing for almost every outdoor sport. I tried to return a painfully small (and painfully expensive) pair of shoes to a competitor who will remain nameless, only to be told, “This isn’t REI.” Lesson learned.

An REI membership earns 10% back on all purchases, for a start. Every March, members receive a dividend worth 10% of everything they bought from REI in past year, including sale items. You can spend the dividend at REI, or exchange it for cash after June. Members also get free shipping on online orders over $75 (through June 6^th, free shipping over $25). My favorite perk: many stores offer a members-only sale, once a month or quarter, where they sell returned items at a discount. If you can find gear that’s cosmetically damaged but otherwise fine, you’ll have saved a chunk of change.

Membership requires a $20 one-time fee. With the 10% dividend, you’ll break even if you spend $200 over the course of your lifetime (in REI terms, that’s nine-tenths of a climbing rope, a really good sleeping bag, or one downhill ski). Family members can also mooch off your membership too, free of charge. If you’re planning on buying even one big-ticket REI item, a membership is worth it.

The REI credit card: best for REI purchases and pretty good otherwise

Most of the time, we don’t recommend department store cards. They tend to have high APRs, sometimes don’t earn as many rewards as getting, say, the Chase Freedom or Discover Escape and shopping at the rewards-bearing Ultimate Rewards Mall or ShopDiscover, respectively. However, Chase offers only 3% rewards on REI.com buys, and ShopDiscover doesn’t offer rewards at all.

REI offers a pretty good rewards program, particularly because it still pays dividends on online and REI Outlet buys. On top of the 10% member discount, the REI Visa shells out 5% on store purchases and 1% everywhere else. Our one complaint is that rewards are paid out once a year, along with the member dividend. If you get your card in May, and make a purchase before June 30^th, you’ll receive a $50 REI gift card.

Another concern we have with department store cards is that they’re a hit to your credit score, and they’re often marketed to those with lower FICO scores. The REI Visa Signature and Platinum, on the other hand, are available only to those with higher scores for whom another application and another card aren’t an issue. This means, of course, that cardholders get the benefits of a Visa Signature or Platinum, with no annual fee. The interest rates on department cards are often unusually high, around 22% or 23%, but REI’s is a relatively low 10.99% to 20.99%. Of course, if you run a balance you should avoid rewards credit cards, but REI’s concern is touching.

On top of all that, the REI Visa cards are premium credit cards. The REI Visa Signature gives concierge service and some special offers (right now, 2-for-1 Fandango tickets on Friday nights), while both give travel benefits including travel accident insurance (up to $250k for the Platinum and $1 million for the Signature) and auto rental accident insurance. The Signature’s benefits are more extensive than the Platinum, and come at no extra charge, so you should go with the former if your credit score qualifies. If you’re rejected for the Signature, you’re automatically considered for the Platinum.

Finally, US Bank, which issues and approves applicants for the REI credit card, donates money to REI-approved nonprofit organizations. Last year, US Bank gave $10k to the Student Conservation Corps. The bank and store also allow you to use your dividends for charitable donations.

Our sensitive financial information is transferred on a daily basis. Whether it’s making a purchase online or checking our bank account, it’s no wonder that thousands fall victim to financial scams each year.

Millions of dollars are lost annually by unsuspecting consumers who don’t manage to catch the signs of a financial predator looking to take whatever they’ve got. Whether you use personal checks or secured credit cards, you need to be aware of financial threats so you can stay vigilant.

Here are five common scams with tips on how to protect yourself.

419 Fraud refers to bogus spam e-mails originating from Nigeria that promise mass amounts of wealth if you help someone with an advance payment. The e-m

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