The Real Truth About Finance

tag:blogger.com,1999:blog-121385512009-10-09T04:42:10.374-07:00The Real Truth About FinanceCreditcards are your ticket to bankruptcy. Creditcards come with agreements that even attorneys have difficulty understanding. If you are smart, you will cut up, burn, mutilate all your creditcards. This blog is about Creditcards, debt, and money. You gotta get mad about the abuse! I thougt creditcards were useful financial tools until I learned about the creditcards secret usage policies allowing them to charge my account without my permission. Now I have a better way to manage money.Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.comBlogger127125This is an XML content feed. It is intended to be viewed in a newsreader or syndicated to another site, subject to copyright and fair use.tag:blogger.com,1999:blog-12138551.post-75477173473392816482009-07-17T15:13:00.000-07:002009-07-17T15:15:14.376-07:00Spend More Money to Keep From Going Bankrupt?

And you thought you had to spend less money when you are going bankrupt. At least that is what all the financial experts say, including bankruptcy court judges. What universe are we living in now where you can spend your way out of debt?

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-71898424235303398712009-03-30T09:05:00.000-07:002009-03-30T09:20:48.020-07:00We are Now Facing the Realities of Debt

Dateline recently aired a show about how deep in debt we are, especially with credit cards, Americans are these days. The show reveals the consequences. It shows how the collection industry is booming as a result, and how they are getting more creative with their strong arm tactics. Follow the link and watch the videos and read about the show.The Accounts Receivable Management industry advisor

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-30266899762565994432009-03-11T12:26:00.000-07:002009-03-11T12:39:13.127-07:00The Best Time Ever to Cut Up Your Credit Cards

You could make $300 for closing your credit card account! Citigroup, Chase, and Capital One are cutting back on their rewards programs, raising interest rates, and increasing fees. American Express recently offered some of their cardholders $300 to close their accounts. Citibank is offering a $100 gift card to those who were signed up for the "Thank You Rewards" program, and sent out a letter

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-55313105807665058412009-02-23T09:11:00.000-08:002009-02-23T09:34:17.198-08:00More Debt Problems You Need to be Aware Of

Debt causes inflation, it isn't the only cause, but since we have a "fiat" currency excessive creation of new currency devalues the existing currency. Our government has worked in concert with the Federal Reserve Bank to create almost $1 trillion in new currency in 2008. Here are the numbers from the St. Louis Federal Reserve. This is money already created. In 2009, we should expect to see this

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-77209031854635840272009-02-15T21:38:00.000-08:002009-02-15T21:43:33.175-08:00What You Can Do To Protect Yourself

Here is a short video for you, to give you a little insight on why you should consider getting completely out of debt.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-37217734067661611052009-01-08T10:02:00.000-08:002009-01-08T10:18:27.012-08:00Bailout Update

If you take a closer look at the bailout numbers, you will find that it is now exceeding $2 Trillion, with more expected by the Obama administration yet to be announced.Scott Snider, partner and chair of the government relations and public policy practice at Steptoe & Johnson, Washington, D.C., says $365 billion will be spent on the Troubled Asset Relief Program (TARP). Not all of this money has

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com2tag:blogger.com,1999:blog-12138551.post-74502667341042788792009-01-05T09:12:00.000-08:002009-01-05T09:19:32.065-08:00Bad Bailouts, Good Americans

By Robert P. Fry, Jr."I used to have my own construction company," a taxi driver named Bruce explained. "We built houses here locally in Birmingham.""How big was the company," I asked, "How many houses did you typically build?""Anywhere from 10 to 15 or so per year.""What happened?""We had a project going last year with 15 lots. We'd put in all the roads and sewers and had about 9 houses built

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-69823156950433161442008-12-29T15:32:00.000-08:002008-12-29T15:53:51.251-08:00Credit Card Reform Update

On December 18th, Congress passed a reform proposal to take effect July 2010 that puts to rest all the abusive contractual terms that allow credit card companies to blindside cardholders with excessive charges. The reform includes:Eliminating double-cycle billing.Eliminating confusing due dates.Eliminating Universal Default.Stopping the charging of over limit fees from temporary holding amounts (

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-12532544502316321002008-12-18T09:28:00.000-08:002008-12-18T09:35:27.457-08:00New Rule Against "Unfair Practices"

There is a new rule against "unfair practices" at the Office of Thrift Supervision. It will be interesting to see if this actually makes any difference, or is even enforced. Chances are it will only mean that cardholders will be given an "express" reason for the increase in their interest rate that they would not have been given a reason for today. This isn't even supposed to take effect until

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-64573271415312185202008-12-18T09:12:00.001-08:002008-12-18T09:24:02.327-08:00The New Term "Rate Jacking"

Citibank, and other creditcard issuers, are starting a new practice, raising interest rates on customers who pay their bills on time for no good reason.Banks are hurting, and they need to raise money these days. Why are they hurting? Because they push loans on people who can't afford them, then when the loan goes into default they think they'll start collecting tons of fees and interest. However,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-15631706306641581732008-12-01T16:31:00.000-08:002008-12-01T18:03:53.340-08:00It Seems It Will Never End

The bailout total just keeps growing. If this keeps up, the Dollar will eventually be thrown into hyperinflation. Look at what is happening in Iceland this month. Watch the video on that web page featuring Glenn Beck. Here is how things are adding up so far:$29 billion for Bear Stearns$143.8 billion for AIG (thus far, it keeps growing)$100 billion for Fannie Mae$100 billion for Freddie Mac

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-18357789021309691572008-10-12T22:16:00.000-07:002008-10-12T22:20:08.952-07:00The Debt Clock

You know we are in trouble when the debt clock runs out of numbers.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-27142260756650086442008-09-29T15:40:00.000-07:002008-09-29T15:51:06.855-07:00Is Your Money Safe?

A lot has changed since the Great Depression. One thing that hasn't changed is that we never learned from the mistakes that caused it. We are repeating them. What does that mean for you as an individual? How do you weather the storm? Here is my take on the answers to those questions. First, put your money in a credit union. Credit Unions generally didn't get in deep with mortgage lending

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com1tag:blogger.com,1999:blog-12138551.post-46821267187202193152008-09-19T07:43:00.000-07:002008-09-19T09:43:48.106-07:00Everyone is faced with reducing debt now

Let's face it. Now that our congressional leaders and the leaders of the treasury and federal reserve bank have come together to decide to borrow more money to solve a debt problem, we have put a bandaid on this serious economic problem. We are refinancing, so to speak. But the debt problem is still there. As credit tightens, we will all need to learn to live with less debt. I have already done

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-63154318794085085192008-09-18T09:43:00.000-07:002008-09-19T09:46:05.269-07:00Debt is Really the Problem

As we move into this idea of the Government spending a trillion dollars or more to fix our credit crisis is more of the same mistake. Hear what Ron Paul has to say about it.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-48963294511268238352008-09-16T08:48:00.000-07:002008-09-16T09:04:11.203-07:00CEO Bonus for a Credit Crisis?

Food for thought...When my business started going south in January 2001, I took a paycut and did everything I could to ease the cash crunch on the corporation. It was the right thing to do. Now, I am watching bank executives walk off with multi-million dollar severence packages while their banks are taken over by the FDIC. This is equivelent to me having fired myself as CEO instead, and have

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-81715126664965574242008-09-12T10:20:00.000-07:002008-09-12T10:34:21.881-07:00Fannie Mae and Freddie Mac Bailout

The warnings I have been posting on this blog for years starting to happen with this bailout. This is significant because these organizations are so large and are connected to the economy in such a profound way. Excessive debt destroys economies. People have been laughing at Ron Paul and his warnings. People laugh at me. They just don't listen, because our society does what everyone else

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-185542182754588492008-07-22T20:45:00.000-07:002008-07-22T21:14:04.772-07:00Creditcard Industry News

There is a lot going on in the financial sector these days. People are going broke from the oversaturation of debt and the lenders are starting to pay the price. Today the Congressional Budget Office reported that Fannie Mae and Freddie Mac bailout could cost taxpayers as much as $100 billion dollars. Where is the government going to get that money? They just create it from nothing and add it

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-49191434921841599022008-07-13T15:02:00.001-07:002008-07-13T15:12:46.908-07:00Who is Next?

This weekend news reports indicate IndyMac bank in Pasadena California was taken over by the FDIC. NBC news reported that 90 other banks are on the watch list. With the generous and risky mortgage loans that banks have become comfortable making may be coming to an end. It may be important for you to pay close attention to the financial condition of your bank. You can usually take a look at their

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-27692896878758176642008-06-18T20:11:00.000-07:002008-06-18T20:42:23.918-07:00Universal Default Still Exists

A few years ago Frontline of PBS aired an investigative report on the credit card industry. It revealed some hard truths about how creditcard holders are abused. Here is a video from that report regarding efforts to get reform to protect consumers. It is now 2008 and still nothing has been done. There have been numerous congressional hearings and numerous bills proposed. The creditcard industry

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-5086359368360849912008-05-28T20:49:00.000-07:002008-05-28T20:53:18.494-07:00Get Your Credit Card Exorcisms Here

There is a new movie out titled "What Would Jesus Buy". You've got to see it. Very funny. Very entertaining. And very convicting.

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-82243439888782559042008-04-24T18:42:00.000-07:002008-04-24T19:11:38.317-07:00Fight Arbitration Clauses

If you have ever signed a contract where you do not have the power to negotiate (the legal term is "Adhesion Contract"), you may have seen an increasing occurance of arbitration clauses. You are waiving your constitutional right to a fair and impartial hearing when you agree to arbitration. It is supposed to be cheaper than litigation in the court system, but that is not necessarily true. Also,

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-18785950032423568972008-04-16T15:54:00.000-07:002008-04-16T16:21:20.858-07:00Is The Federal Reserve Bank On Its Way Out?

In an interview, Jim Rogers, CEO of Rogers Holdings, an investment guru, tells an investment newsletter that the Federal Reserve is intentionally debasing the dollar. This means they are printing money with abandon, increasing the money supply and inviting inflation. Historically, when other central banks have done this, the currency becomes worthless. If the currency fails, the Federal Reserve

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-36785356760767663742008-04-11T08:34:00.001-07:002008-04-11T09:24:15.469-07:00The Credit Score Scam

Most people think having a good credit score is necessary. This is the most successful marketing lie that exists in the financial industry. It only matters if you borrow money. Unfortunatey landlords, insurance companies, and various other companies have started using it as a guide. It is the lazy mans evaluation of a person's creditworthiness. Unfortunately, since there are so many errors on

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0tag:blogger.com,1999:blog-12138551.post-57389505091547779232008-03-27T20:46:00.000-07:002008-03-27T21:45:30.034-07:00Creditcard Issued to a Tree

With all the talk these days about how irresponsible creditcard holders are with their irresponsible spending, running up large balances and tripping the "universal default" clause, we don't often hear about how irresponsible the banks are, and how we are manipulated by the system. There is a new documentary film out you should see about this.A story confirmed on Snopes tells us about how a

Jim Andersonhttp://www.blogger.com/profile/05490853376244724046noreply@blogger.com0