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Banks not so happy with the new credit card laws

New credit card laws 2010 went into effect yesterday, February 22, 2010, and banks are not so thrilled. Many credit card issuers like JP Morgan Chase, the nation’s largest credit card issuer, are going to expect a drop in revenue because of the new legislation. According to CNN, JP Morgan is expecting to lose as much as $750 million this year in its credit card business. On the bright side, however, credit card users will benefit.

The new credit card laws 2010 mandate less billing confusing billing practices. For instance, credit card issuers must notify customers of an amount due 21 days prior to a due date. Furthermore, credit card payments can only be scheduled on one set day out of the month. Also, credit card issuers can no longer charge a rate increase during the first year of service, and customers must be notified 45 days before a rate increase.

New Credit Card Laws 2010 focuses on young consumers

New credit card laws also apply to young consumers. Credit card applicants aged between 18 and 21 must be able to prove they can pay credit card bills. If the credit card applicant cannot verify a stable form of income, he/she must have a co-signer before they can be issued a card. Credit card debt has become a major issue in today’s economy, so it’s good to know that the new credit card laws take also into account the financial hardships many young consumers face these days. College students struggling to make ends meet especially in this trying economy should not be given quick access to credit for their own financial protection.

Many college students are either still living at home and work part-time jobs. Credit cards are no doubt very attractive to young consumers, individuals who have yet to understand the benefit, as well as the downside of owning credit cards. It’s crucial that protective measures are in place in order to reduce the amount of credit card debt in the near future. And it looks like we are finding these measures now in the new credit card laws 2010.

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A change of heart

I used to hate the idea of borrowing money, especially from payday lenders and the ‘excessive’ interest rates they pose on consumers. Up to this point, I still do not own a single credit card because I refuse to leave any doors open to financial hardship. However, my thoughts on payday loans have changed over the past years.

Payday Loans to blame for the ‘cycle of debt’

I’ve heard many horror stories about payday lenders, which is one of the main reasons why I held resentment towards the industry. People blame payday loans, as well as other forms of lending, for the cycle of debt that many across the nation are witnessing firsthand. But are payday loans really to blame? Are they solely responsible for the “cycle of debt” that so many are struggling to get out of?

If you were to ask me today, a point-blank ‘NO’ would be my answer. I can say, however, that payday loans can definitely help amplify the unbearable experience of being stuck in the cycle of debt. The fact is irresponsible use of money is the main reason why people are stuck in debt – not the payday loan industry. If anything, they have done the opposite and have helped many people out of debt with the services they offer. There’s a reason they’ve been around for many years. Even now, more than ever, people are looking to payday lenders for help. Making ends meet in this economy is not a walk in the park. Emergency situations arise so often and unexpectedly these days it’s hard to keep afloat at times.

Everyone needs help from time to time. It’s just the way things are. So where do the hard-working individual go in terms of getting quick financial assistance? Do they head to the bank? Sadly, some have gone to that extent, but most likely have been turned away because of their credit, whether bad, poor, or no credit at all. What then can they do?

The payday loan industry – a blessing for all

While some harbor resentment towards payday loans, the payday loan industry has become a grand blessing to so many others. Many of us struggle with bad or poor credit, a problem that often keeps us from getting the help we need – when we need it. Fortunately, places like Personal Money Store understand the credit problem and the daily economic difficulties that we struggle with each day. Unlike banks and credit unions, they have lowered their bars and expectations for this very reason. They know that only a few people have stellar credit, and that figure calculates up to more than half of the population. Not only do they provide fast, reliable assistance, but many companies also work with their customers to find the right payment plan that fits well within their means.

Payday Loans vs. Saving Money

Although paying back the interest was not something I looked forward to, I felt great knowing that I had saved more money in the end because of the help of payday loans. One last thing I’d like to add before wrapping things up: Start a savings account, if you have not yet already. Saving money will help a great deal when those financial emergencies pop up, and will keep you from needing a payday loan.

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Healthcare alone is not enough

Cost of healthcare insurance is rising. Most people these days are unable to afford even the lowest rates of healthcare insurance due to many of our daily challenges. The economy has played a huge part as well, leaving little to no financial stability one can fully depend on. Even with healthcare insurance, some people are not even able to afford the co-pay for the doctor’s visit, let alone the prescriptions they need to get better. So, what can a person do to alleviate some of that financial burden that comes with high healthcare costs? Is there a way? Of course there is!

One of the main things you can do is try to stay healthy. Fewer visits to your doctor can mean fewer hospital bills to worry about, which adds up to a large sum of savings. Kick your unhealthy eating habits to the curb and create a healthy tradition of eating the whole family (and your pockets!) will enjoy.

Healthcare costs vs. Price of Healthy Foods

Purchasing foods of all-organic products can indeed be pricey. With more people struggling through the economy and joining the ever-growing line of unemployment, we can’t always find the money to fund organic meals on a daily basis. Like many businesses across the nation, the organic-food market is also facing economic difficulties. Organic grocery shoppers who generally spend 20 percent more than the average food shopper are now cutting corners and opting for a cheaper way to put food on the table. However, with the rising cost of healthcare in mind, is the money used for healthy foods worth it?

H. Shenoy, a contributing writer at Personal Money Store, makes a very good point on this topic. “Contrary to what many people may think, staying healthy is less expensive than going to the doctor regularly,” said Shenoy. “You do not have to follow an extreme regimen to stay reasonably healthy.”

People are looking for ways to save money on food items, which is a good thing. Anything that can create an extra cash flow will help a great deal, especially when those unexpected financial emergencies take place. But like Shenoy stated, “staying healthy is less expensive” than frequent visits to the doctor. There’s quite a huge difference between the two, which will either save you more money in the end or send you deeper in debt.

Financial Stability

This is not to say, however, that you do not need healthcare because you make every effort to stay healthy. We are not immortal (unless, of course, you’re Edward Cullen). Sometimes, a doctor’s visit is required, not just for regular check-ups, but for those illnesses that often visit unexpectedly. But knowing how to balance out the rising cost of healthcare with your food budget will help not just your health, but your efforts to financial stability as well.

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(Photo Credit: http://www.flickr.com/photos/missbossy/ / CC BY 2.0)

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