SmartyPig® Tag Feed for 'credit card debt' http://blog.smartypig.com SmartyPig is the fist online savings account that helps you save for a specific goal and is a high interest savings account. SmartyPig wants to provide consumers with a simple, smart, secure and highly rewarding way to save through free savings accounts. en-us 2008. Copyright SmartyPig http://blog.smartypig.com/template/smarty/images/rss-image.jpg SmartyPig® Tag Feed for 'credit card debt' http://blog.smartypig.com SmartyPig is the fist online savings account that helps you save for a specific goal and is a high interest savings account. SmartyPig wants to provide consumers with a simple, smart, secure and highly rewarding way to save through free savings accounts. http://cyber.law.harvard.edu/rss/rss.html PostZinger/v.1.0 No Good Side To Plastic http://blog.smartypig.com/rss-read/no-good-side-to-plastic Business With banks bracing for the next meltdown in the form of people not being able to pay their credit card debt, and Congress pushing hard for a Credit Card Bill of Rights, I thought it might be good time to touch on the topic of plastic. In a recent... Erica Adams

With banks bracing for the next meltdown in the form of people not being able to pay their credit card debt, and Congress pushing hard for a Credit Card Bill of Rights, I thought it might be good time to touch on the topic of plastic. In a recent survey, 35 percent of Ladies Home Journal Readers indicated their top money worry was paying off credit card debt. For years, it seems, people have been living large, buying now and figuring out how to pay for things later. Later has finally arrived.

I read an article recently where the author suggests that consumers should use credit cards for big-ticket purchases such as a refrigerator or home repairs. And while this author does make great points about the benefits and responsible use of credit cards, author and smart-money guy Dave Ramsey says credit cards are never a good idea. Don't believe Dave? Ask Thomas Jefferson who said, "Never spend your money before you have it."

At SmartyPig, we take the words of both men seriously. If you don't have the money to spend on an item, the solution is simple: save up for it instead. We know that in these difficult economic times emergencies do happen. But if you want to charge a new plasma screen TV or a family trip, wait it out. Start a SmartyPig goal instead. Then, when you've met your goal, the TV or the trip is all yours without a single credit card bill. Simply put, using cards in this economy, is an accident waiting to happen. Too much can go wrong.

That's why we are working non-stop to make it easier for you to save money and stay away from your plastic. We've recently added new features to help the goal saving process, and we hope these improvements will further motivate you to keep saving and meet your goals. As Mr. Ramsey states, "There is NO positive side to credit card use." We could not agree more.


smartypig saving money credit card debt ]]> Mon, 19 Jan 2009 15:51:13 -0500 http://blog.smartypig.com/rss-read/no-good-side-to-plastic What's In Your Wallet May Be Wiping You Out http://blog.smartypig.com/rss-read/whats-in-your-wallet-may-be-wiping-you-out Business We talk a lot about what people are saving for using SmartyPig. Almost all of the time these stories involve a very optimistic individual or family looking forward to a wedding or a vacation or a baby on the way. But there are other stories. They are... Jon Gaskell We talk a lot about what people are saving for using SmartyPig. Almost all of the time these stories involve a very optimistic individual or family looking forward to a wedding or a vacation or a baby on the way. But there are other stories. They are no less optimistic, mind you. But they are tempered with some despair. They are about people who have been, or currently are, being held hostage by their credit cards, and are using SmartyPig as a way to get out from under.

To be honest, we have only heard from a few people who are using SmartyPig to actually help pay off high credit card bills. Mainly, we have heard from, and read about, people who are using SmartyPig to help reverse the mindset of "buy now, pay later." Many are using SmartyPig as a way to save up for the next holiday season, while (OUCH!) still paying off last year's shopping binge. In fact, December 2008 is our most popular month for scheduled redemptions in the next year - by 3 to 1.

Here's why: According to the public policy firm, Demos, more than $2.2 trillion dollars was put on U.S. credit cards last year in purchases and cash advances. The companies handling those transactions charged $18.1 billion in late fees to their customers (R.K. Hammer). And that was before the current credit crunch. Currently, credit card default is up 30% - highest since 1992. However, as these big financial services companies have no intention of taking it on the chin, they have made the decision to raise their rates. The headline in 'USA Today' last week was "Credit Card Rates Hustle Higher". According to the article, Washington Mutual told its customers that it was raising its rates by as much as 100%. Discover is raising its penalty rate to 31%. Bank of America has tripled its rates for some of its customers. Who is suffering? Often times it is folks who not only pay on time, but have had NO change in their credit history. "Hustle" indeed. In fact, the tactics are so brutal, federal regulators initiated steps last Friday to begin reining the hustlers in.

Coincidentally, MasterCard posted first-quarter earnings last week. The verdict? Profit more than doubled to $446.9 million. The stock is up nearly 30% this year. Why? Because in our economy's weakened state, more and more Americans are turning to plastic in order to survive. It's like McDonald's offering apple slices and salads after spending years making its customers overweight. The card companies have profited by putting you in a deep hole and now they're gong to profit even more while you are at the bottom, scraping like crazy to survive. Well, more and more we're seeing people who aren't going to be party to it.

So whether you want to teach your kids how to sensibly save so they don't end up where we are, or you cannot bear to grab your mail each day because of your past spending habits catching up with you, we know we can help you out. Reversing the mindset is the beginning, and the idea of saving up before buying something makes more sense than ever. In our opinion that old saying "Christmas comes but once a year" shouldn't include the stipulation that you'll be paying for it the ensuing eleven months. And with SmartyPig, you won't be.


debt reduction credit card debt savings account saving budgeting budget credit card rates ]]> Mon, 05 May 2008 17:04:00 -0400 http://blog.smartypig.com/rss-read/whats-in-your-wallet-may-be-wiping-you-out Here's SmartyPig! http://blog.smartypig.com/rss-read/heres-smartypig Business We are extremely excited to introduce what we feel to be the most innovative, educational and rewarding way to save - ever. We call it "Simple, Smart, Savings." We're pretty sure you'll feel the same way. See, SmartyPig is not only a snap to use... Jon Gaskell We are extremely excited to introduce what we feel to be the most innovative, educational and rewarding way to save - ever. We call it "Simple, Smart, Savings." We're pretty sure you'll feel the same way. See, SmartyPig is not only a snap to use and is as secure as any other bank, SmartyPig will help you get more for your savings dollar than you ever thought possible.

In these scary economic times when credit card debt is skyrocketing, we feel the best way to help reverse the trend is to go back to the way things used to be. In our demo we ask the question, "Remember when you were a kid, and in order to buy something you had to save up?" In a nutshell, that is the idea behind SmartyPig. We want to help you get back on track. Phase out those credit cards. Set goals. Sensibly save up for them. Go back to the way it used to be... And be rewarded like never before for doing so.

We aren't suggesting you leave your current bank or to stop saving for the things you are already saving for like retirement or your kids' education or even your emergency fund. We just want to offer you a way to stop and smell the roses. You can start saving today for the holidays or a family vacation or a kitchen remodel without the worry of looming credit card debt - the kind that takes someone paying the minimum monthly amount on $1,000 more than 20 years to pay off.

So please explore the site, open an account, and if you find the experience to be rewarding, tell your friends and family members. For specific savings goals, we truly believe you'll find SmartyPig to be the most rewarding way to go.

Feel free to contact us at anytime. And please enjoy the experience of Simple, Smart Savings.

Thanks.
- The SmartyPig Team


smartypig credit card debt savings account saving ]]> Mon, 07 Apr 2008 16:51:00 -0400 http://blog.smartypig.com/rss-read/heres-smartypig