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Top Reasons Why You're Short on Cash

Top Reasons You're Short on Cash Credit Card The good news: Revolving debt Interest rates rise in revolving debt, mostly made of credit card debt, 8.5% 12.74% in 2011 interest rates on credit cards averaged since October 2011 lower compared to 13.21% in 2006 Average credit card debt per household with credit card debt: Total U.S. consumer debt as of May 2011: $15,799 $2.43 trillion $aving tips The best way to use your credit cards is for small, predictable amounts and paying it off completely each month. Cost of Living housing entertainment + Food, housing, and transportation totaled 75% of all living costs food healthcare for Americans in 2009. That left just 25% for entertainment, health- care, shopping, and everything else. transport: shopping 75% 25% 8.9% From 2008 to 2010, Americans' spending fluctuated a great deal. Here are how some major categories of spending changed. 7.7% 5.7% 5.2% Clothing and Footware TV & Entertainment Televisions Furniture 3.4% Air Fare Cars & Auto repair Lotteries -1.1% Health Care Groceries Prescriptions Phone and Internet -3.6% -4.2% -6.0% $aving tips The rule of thumb for living expenses including rent or a mortgage -7.4% and all utility bills is no more than 36% of what you make. If your cost of living is close to or more than that, it's time to make some changes. Socialized Spending Yearly college students' spending: $11 Billion $5 Billion $3 Billion movies, DVDS, music, and games new clothes snacks and beverages $aving tips Spend time together, not money. Sign up for store email lists so that you know exactly when the biggest sales happen. 31 Fees and Penalties Americans paid an estimate $38.5 Billion in overdraft penalties in 2011. By contrast, they spent about $22 Billion On fresh vegetables. <> $aving tips To avoid late fees, set up automatic payments and keep track of the due dates. To avoid overdraft fees consider linking your checking account to a savings account or to a credit card. Sources: Sallie Mae, "How Undergraduate Students Use Credit Cards", April 2009 Federal Reserve's G.19 report on consumer credit, released July 2011 Consumer Expenditure Survey by the US Department of Labor, 2009 VisualEconomics, 2010 US News and World Report, The Princeton Review (zaarly.com) Center for Responsible Lending Research Study (www.responsiblelending.org/overdraft-loans/research-analysis/crl-overdraft-explosion.pdf) Pew Health Group/Pew Charitable Trusts and USAToday: (www.usatoday.com/money/perfi/credit/2011-04-26-overdraft-checking-fees_n.htm) creditcards.com KIbDD Copyright e 2012 Kiboo LLC. All Rights Reserved. www.kiboo.com Top Reasons You're Short on Cash Credit Card The good news: Revolving debt Interest rates rise in revolving debt, mostly made of credit card debt, 8.5% 12.74% in 2011 interest rates on credit cards averaged since October 2011 lower compared to 13.21% in 2006 Average credit card debt per household with credit card debt: Total U.S. consumer debt as of May 2011: $15,799 $2.43 trillion $aving tips The best way to use your credit cards is for small, predictable amounts and paying it off completely each month. Cost of Living housing entertainment + Food, housing, and transportation totaled 75% of all living costs food healthcare for Americans in 2009. That left just 25% for entertainment, health- care, shopping, and everything else. transport: shopping 75% 25% 8.9% From 2008 to 2010, Americans' spending fluctuated a great deal. Here are how some major categories of spending changed. 7.7% 5.7% 5.2% Clothing and Footware TV & Entertainment Televisions Furniture 3.4% Air Fare Cars & Auto repair Lotteries -1.1% Health Care Groceries Prescriptions Phone and Internet -3.6% -4.2% -6.0% $aving tips The rule of thumb for living expenses including rent or a mortgage -7.4% and all utility bills is no more than 36% of what you make. If your cost of living is close to or more than that, it's time to make some changes. Socialized Spending Yearly college students' spending: $11 Billion $5 Billion $3 Billion movies, DVDS, music, and games new clothes snacks and beverages $aving tips Spend time together, not money. Sign up for store email lists so that you know exactly when the biggest sales happen. 31 Fees and Penalties Americans paid an estimate $38.5 Billion in overdraft penalties in 2011. By contrast, they spent about $22 Billion On fresh vegetables. <> $aving tips To avoid late fees, set up automatic payments and keep track of the due dates. To avoid overdraft fees consider linking your checking account to a savings account or to a credit card. Sources: Sallie Mae, "How Undergraduate Students Use Credit Cards", April 2009 Federal Reserve's G.19 report on consumer credit, released July 2011 Consumer Expenditure Survey by the US Department of Labor, 2009 VisualEconomics, 2010 US News and World Report, The Princeton Review (zaarly.com) Center for Responsible Lending Research Study (www.responsiblelending.org/overdraft-loans/research-analysis/crl-overdraft-explosion.pdf) Pew Health Group/Pew Charitable Trusts and USAToday: (www.usatoday.com/money/perfi/credit/2011-04-26-overdraft-checking-fees_n.htm) creditcards.com KIbDD Copyright e 2012 Kiboo LLC. All Rights Reserved. www.kiboo.com Top Reasons You're Short on Cash Credit Card The good news: Revolving debt Interest rates rise in revolving debt, mostly made of credit card debt, 8.5% 12.74% in 2011 interest rates on credit cards averaged since October 2011 lower compared to 13.21% in 2006 Average credit card debt per household with credit card debt: Total U.S. consumer debt as of May 2011: $15,799 $2.43 trillion $aving tips The best way to use your credit cards is for small, predictable amounts and paying it off completely each month. Cost of Living housing entertainment + Food, housing, and transportation totaled 75% of all living costs food healthcare for Americans in 2009. That left just 25% for entertainment, health- care, shopping, and everything else. transport: shopping 75% 25% 8.9% From 2008 to 2010, Americans' spending fluctuated a great deal. Here are how some major categories of spending changed. 7.7% 5.7% 5.2% Clothing and Footware TV & Entertainment Televisions Furniture 3.4% Air Fare Cars & Auto repair Lotteries -1.1% Health Care Groceries Prescriptions Phone and Internet -3.6% -4.2% -6.0% $aving tips The rule of thumb for living expenses including rent or a mortgage -7.4% and all utility bills is no more than 36% of what you make. If your cost of living is close to or more than that, it's time to make some changes. Socialized Spending Yearly college students' spending: $11 Billion $5 Billion $3 Billion movies, DVDS, music, and games new clothes snacks and beverages $aving tips Spend time together, not money. Sign up for store email lists so that you know exactly when the biggest sales happen. 31 Fees and Penalties Americans paid an estimate $38.5 Billion in overdraft penalties in 2011. By contrast, they spent about $22 Billion On fresh vegetables. <> $aving tips To avoid late fees, set up automatic payments and keep track of the due dates. To avoid overdraft fees consider linking your checking account to a savings account or to a credit card. Sources: Sallie Mae, "How Undergraduate Students Use Credit Cards", April 2009 Federal Reserve's G.19 report on consumer credit, released July 2011 Consumer Expenditure Survey by the US Department of Labor, 2009 VisualEconomics, 2010 US News and World Report, The Princeton Review (zaarly.com) Center for Responsible Lending Research Study (www.responsiblelending.org/overdraft-loans/research-analysis/crl-overdraft-explosion.pdf) Pew Health Group/Pew Charitable Trusts and USAToday: (www.usatoday.com/money/perfi/credit/2011-04-26-overdraft-checking-fees_n.htm) creditcards.com KIbDD Copyright e 2012 Kiboo LLC. All Rights Reserved. www.kiboo.com Top Reasons You're Short on Cash Credit Card The good news: Revolving debt Interest rates rise in revolving debt, mostly made of credit card debt, 8.5% 12.74% in 2011 interest rates on credit cards averaged since October 2011 lower compared to 13.21% in 2006 Average credit card debt per household with credit card debt: Total U.S. consumer debt as of May 2011: $15,799 $2.43 trillion $aving tips The best way to use your credit cards is for small, predictable amounts and paying it off completely each month. Cost of Living housing entertainment + Food, housing, and transportation totaled 75% of all living costs food healthcare for Americans in 2009. That left just 25% for entertainment, health- care, shopping, and everything else. transport: shopping 75% 25% 8.9% From 2008 to 2010, Americans' spending fluctuated a great deal. Here are how some major categories of spending changed. 7.7% 5.7% 5.2% Clothing and Footware TV & Entertainment Televisions Furniture 3.4% Air Fare Cars & Auto repair Lotteries -1.1% Health Care Groceries Prescriptions Phone and Internet -3.6% -4.2% -6.0% $aving tips The rule of thumb for living expenses including rent or a mortgage -7.4% and all utility bills is no more than 36% of what you make. If your cost of living is close to or more than that, it's time to make some changes. Socialized Spending Yearly college students' spending: $11 Billion $5 Billion $3 Billion movies, DVDS, music, and games new clothes snacks and beverages $aving tips Spend time together, not money. Sign up for store email lists so that you know exactly when the biggest sales happen. 31 Fees and Penalties Americans paid an estimate $38.5 Billion in overdraft penalties in 2011. By contrast, they spent about $22 Billion On fresh vegetables. <> $aving tips To avoid late fees, set up automatic payments and keep track of the due dates. To avoid overdraft fees consider linking your checking account to a savings account or to a credit card. Sources: Sallie Mae, "How Undergraduate Students Use Credit Cards", April 2009 Federal Reserve's G.19 report on consumer credit, released July 2011 Consumer Expenditure Survey by the US Department of Labor, 2009 VisualEconomics, 2010 US News and World Report, The Princeton Review (zaarly.com) Center for Responsible Lending Research Study (www.responsiblelending.org/overdraft-loans/research-analysis/crl-overdraft-explosion.pdf) Pew Health Group/Pew Charitable Trusts and USAToday: (www.usatoday.com/money/perfi/credit/2011-04-26-overdraft-checking-fees_n.htm) creditcards.com KIbDD Copyright e 2012 Kiboo LLC. All Rights Reserved. www.kiboo.com Top Reasons You're Short on Cash Credit Card The good news: Revolving debt Interest rates rise in revolving debt, mostly made of credit card debt, 8.5% 12.74% in 2011 interest rates on credit cards averaged since October 2011 lower compared to 13.21% in 2006 Average credit card debt per household with credit card debt: Total U.S. consumer debt as of May 2011: $15,799 $2.43 trillion $aving tips The best way to use your credit cards is for small, predictable amounts and paying it off completely each month. Cost of Living housing entertainment + Food, housing, and transportation totaled 75% of all living costs food healthcare for Americans in 2009. That left just 25% for entertainment, health- care, shopping, and everything else. transport: shopping 75% 25% 8.9% From 2008 to 2010, Americans' spending fluctuated a great deal. Here are how some major categories of spending changed. 7.7% 5.7% 5.2% Clothing and Footware TV & Entertainment Televisions Furniture 3.4% Air Fare Cars & Auto repair Lotteries -1.1% Health Care Groceries Prescriptions Phone and Internet -3.6% -4.2% -6.0% $aving tips The rule of thumb for living expenses including rent or a mortgage -7.4% and all utility bills is no more than 36% of what you make. If your cost of living is close to or more than that, it's time to make some changes. Socialized Spending Yearly college students' spending: $11 Billion $5 Billion $3 Billion movies, DVDS, music, and games new clothes snacks and beverages $aving tips Spend time together, not money. Sign up for store email lists so that you know exactly when the biggest sales happen. 31 Fees and Penalties Americans paid an estimate $38.5 Billion in overdraft penalties in 2011. By contrast, they spent about $22 Billion On fresh vegetables. <> $aving tips To avoid late fees, set up automatic payments and keep track of the due dates. To avoid overdraft fees consider linking your checking account to a savings account or to a credit card. Sources: Sallie Mae, "How Undergraduate Students Use Credit Cards", April 2009 Federal Reserve's G.19 report on consumer credit, released July 2011 Consumer Expenditure Survey by the US Department of Labor, 2009 VisualEconomics, 2010 US News and World Report, The Princeton Review (zaarly.com) Center for Responsible Lending Research Study (www.responsiblelending.org/overdraft-loans/research-analysis/crl-overdraft-explosion.pdf) Pew Health Group/Pew Charitable Trusts and USAToday: (www.usatoday.com/money/perfi/credit/2011-04-26-overdraft-checking-fees_n.htm) creditcards.com KIbDD Copyright e 2012 Kiboo LLC. All Rights Reserved. www.kiboo.com

Top Reasons Why You're Short on Cash

shared by kiboo on Jan 25
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Preventing yourself from going broke looks easy on paper: you just need more money coming than goes out each month. In practice, however, we all know it’s a lot more difficult. The reasons you end...

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