Consumer Credit Usage: The Jury is Still Out

I admit it. Mr. ToughMoneyLove was encouraged by data suggesting that many consumer debt addicts were in recovery. Maybe, I thought, people had learned important debt management lessons from the events of 2008 and 2009. I think I was wrong. Read more

Is the World Ending Tomorrow?

The number of articles written about tomorrow’s change in credit card rules seems to be approaching Y2K Armageddon levels. Pity is descending upon the young and creditless, particularly college students eager to light up credit card terminals with their new-found addiction. Mr. ToughMoneyLove’s heart is breaking. This denial of the fundamental civil right of credit cards to our young must end! Read more

The Real Cost of Credit Cards

I get bashed often about my attitude towards credit cards. Responsible users (those who never carry a balance) are very proud of the rewards and benefits they provide. Other personal finance bloggers devote substantial time writing about the various rewards cards available to us, hoping to garner some extra income through affiliate links. Read more

New Credit Card Rules and You

A hot topic among personal finance writers and bloggers is how the new credit card rules will affect existing credit card owners. I have already received a notice from our credit card issuer (yes – we have one). Mr. ToughMoneyLove scanned the document to make sure that it did not impose random fees just for the privilege of owning the card. Then I threw that mess of boilerplate away. I knew it was sent merely to inform us of the “new rules.” I have already read enough about the “new rules” to know that they were written in an attempt to protect careless consumers from their own carelessness. That leads me to write this brief post on my proposed rules for dealing with the new credit card rules. Read more

Staying Off the Car Payment Treadmill

Mr. and Mrs. ToughMoneyLove do not like car payments so we don’t have any. I don’t understand the logic in borrowing money to purchase a depreciating asset. Read more

Dubai World – A Well Deserved Crash and Burn

If you read the big picture financial news this week, you know that the investment arm of the emirate of Dubai has suspended interest payments to its creditors for six months. What a shame for everyone involved. Not. Read more

Consumers to Banks: Take this Card and Shove it

Consumers are unhappy with their banks. No surprise there. What is remarkable is the tangible way in which they are expressing their unhappiness. Credit card debt declined 13.1% in August. This was the 11th straight month of decline, an all-time record. Read more

Living for Today Can Lead to Paying for the Past

A frequently uttered battle cry of our borrow-and-spend culture is “live for today.” This phrase is often used to rationalize a questionable purchase, because “you never know what can happen tomorrow.” Actually, for lots of the “live for today” folks, we do know what will happen tomorrow: You will pay a huge price for your spendthrift ways. Read more

Help Your Child Manage Credit – A Contrarian View

Today CNNMoney.com published a story telling parents how they can help their children manage credit. The author is apparently very concerned that all hell is going to break loose in the credit world this February. Why? Because credit card companies won’t be able to issue credit cards to folks under 21 unless: (a) there is an older adult co-signer or (b) there is proof that the young adult card-holder has the means to make payments on the card. Read more

Enough with the Credit and Debit Card Confusion

Frank Curmudgeon – clearly knowledgeable in the world of finance – is wondering out loud why folks use debit cards instead of credit cards.  He appears proud of a history of never having used his own debit card to purchase anything.   Read more

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