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New Credit Card Rules Will save you a few Dimes
Fed regulators adopted new rules for the credit card industry that will curtail some of their most anti-consumer practices.
* No more raising rates on existing balances
* No more double-cycle billing.
* Any payment above the minimum must automatically apply to the part of the balance with the highest interest.
* Minimum time before notice of change of terms takes effect goes from 15 to 45 days.
* Borrowers need reasonable time before a payment is due, at least 21 days
* No excessive fees for exceeding credit limit because of a hold placed on the account
* Subprime credit cards that have a $500 credit limit but a big upfront fee will have that fee capped at no more than
* 50% of the credit limit, and it can be paid off over a year, rather than immediately.
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5 Last-Minute Ways To Reduce Your 2008 Taxes
1. Pay deductible expenses by credit card
Charge a business expense, make a charity donation, or make another deductible expense in December, and it still counts for 2008. This way you don't have to actually pay it until the bill comes in January.
2. Put your holiday bonus in an IRA
For low-to-mid income earners, you may be able to deduct all or some of your IRA contribution from your taxes under the IRS "Saver's Credit."
More after the jump...
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