Credit card companies take what they can
Posted 9 January 2009 in Personal Finance 3 Comments
The New York Times reports that credit card companies are more than willing to negotiate debt with customers. Thanks to the recession, collectors know that Americans are strap for cash. Therefore credit card companies are willing to settle for a lot less than what is owed to them. In fact, the NY Times article states that some credit card companies are forgiving up to 70 percent of credit card debt.
Banks and card companies are bracing for a wave of defaults on credit card debt in early 2009, and they are vying with each other to get paid first. —Eric Dash, NY Times.
Of course, there is no such thing as free lunch. Consumers with forgiven debt will see their FICO scores drop as a result of this. The average consumer score will drop 70 to 130 points for someone with a strong FICO score of above 700 points. In addition, there will be a negative mark on your credit report that will last for 7 years, almost as bad as declaring bankruptcy.
Related Articles: Credit card companies take what they can.
Lessons in Life
Posted 22 December 2008 in Life Leave a Comment
As the year comes to an end, I take the time to look back at what lessons I have learned, things I have accomplished and hope to do in the New Year. For me, life has been busy (you can probably tell by the lack of postings on this blog). I look forward to the great opportunities in 2009. I also look forward to more blog posts too. Below is a quotation I found on Facebook that sums up my 2008:
Sometimes people come into your life and you know right away they were meant to be there. To serve some sort of purpose, teach you a lesson, or help figure out who you are or want to become.And some things happen to you that seem horrible, painful, and unfair; but in hindsight you realize that without overcoming those obstacles, you would have never realized your potential, strength, or willpower.
Everything happens for a reason. Nothing happens by chance or by means of good luck. Illness, injury, love, lost moments of true greatness, and sheer stupidity all occur to test the limits of your soul. Without these tests, life would be like a smoothly paved, straight, flat road to nowhere. It would be safe and comfortable, but dull and utterly pointless.
The success and downfalls you experience create who you are, and the bad experiences can be learned from. In fact, the lessons they teach us are probably the most poignant and important ones of all. If someone hurts you, betrays you, or breaks your heart, forgive them because they helped you learn about trust and the importance of being cautious to whom you open your heart. If someone loves you, love them back unconditionally, not only because they love you, but also because they are teaching you to love and open your heart and eyes to little things.
Make every day count. Appreciate every moment and take from it everything that you possibly can, for you may never be able to experience it again. Talk to people you have never talked to before, and actually listen. Let yourself fall in love, break free and set your sights high. Hold your head up because you have every right to. Tell yourself you are a great individual and believe in yourself, for if you don’t believe in yourself, no one else will believe in you.
—Author Unknown
Have an awesome 2009 everybody! :)
Is Apple iPhone 3G really half the price?
Posted 24 July 2008 in Personal Finance 1052 Comments
I often agree with Apple commercials. In their “I’m a Mac. I’m a PC.” commercials, I agree that PCs have more viruses and a lot of problems. After years of using Windows and finally making the switch to the Mac platform, I should know. However, in their recent iPhone 3G commercials, I totally disagree with their message. It is not half the price.
“Everyone” commercial transcript:
Some people will like surfing the web twice as fast.
Some people will like downloading stuff twice as fast.
Some people will like finding their way twice as fast.
But pretty much everyone will like paying half the price.
True, the cost of the actual phone is half the price, but it is because the new iPhone 3G is subsidized by AT&T. And don’t think AT&T is doing you a favor. They have worked the subsidy back into the iPhone 3G contract, which means you will be paying them back the subsidy and then some.
To summarize the new iPhone 3G plan: you will have to pay $30/month for its data plan compared to the original iPhone data plan of $20/month and pay an additional $5/month for 250 SMS text messages (250 text messages are included on the original iPhone plan).
Please be informed before purchasing on the basis of their advertisement because it is not entirely true. The additional monthly fees will more than make up for the half that you thought you were going to save.
Related Links: iPhone 3G – ‘Everyone’ commercial
Related Articles: How the half-price iPhone 3G actually costs you more | The Real Cost of the iPhone 3G
