Frugality to remake the U.S. economy and American life — Part III.
Refills. Retailers are doing what they can to woo these new, economy-minded consumers. In April, Starbucks began offering new rewards on its stored-value cards, including free refills on hot and iced brewed coffee and complimentary syrup and soy milk. “This was an opportunity…to show Starbucks can be a part of people’s lives even when budgets [...]
Frugality to remake the U.S. economy and American life — Part II.
Examples of the mind-set shift abound. Large-vehicle sales declined 5.5 percent during the first six months of 2008, while compact-car sales rose 33 percent, according to J. D. Power & Associates. Piaggio, the company that makes Vespas, reports that scooter sales in June were up 146 percent over a year earlier. Even daily lattes have [...]
Frugality to remake the U.S. economy and American life — Part I.
When it comes to longevity, few royals can top America’s King Consumer. For more than four decades, our shopaholic nation has shown an insatiable desire to spend until our credit cards melt. And throughout this era, consumer spending has, well, consumed a greater and greater share of our total economy. Only twice since 1965, despite [...]
After Bankruptcy 5. - Don’t take shortcuts
Avoid offers from companies to repair your credit.
They claim that they do such things as “erase your bad credit,” “create a new credit identity – legally,” or that they can “remove bankruptcies, judgments, liens, and bad loans from your credit file forever.”
After Bankruptcy 4. - Check your credit
You’re entitled to a free copy of your credit report once every 12 months from each of the three national credit bureaus – Experian, Equifax and TransUnion.
Under those circumstances, if you dispute an item on your credit report, the credit bureau has to complete its investigation in no later than 45 days.
After Bankruptcy 3. - Secured card option
Of course, in today’s credit-driven society, it’s hard not to have a credit card. You need one to rent a car and reserve a hotel room. One way to re-establish your credit is by obtaining what’s called a secured credit card.
A secured card requires a cash collateral deposit that becomes the credit line for that [...]
After Bankruptcy 2. - Don’t put it on plastic
Use consumer credit as little as possible and only as a last resort. This doesn’t include a mortgage or perhaps a car loan.
Don’t be surprised if after bankruptcy you’re inundated with credit offers because creditors know that you’re starting with a clean slate, and they’re eager to get you back into the credit world.