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November 6, 2009 • Posted by Erica Adams

Card Companies Pig Out

Credit card companies are realizing tremendous profit as they punish customers by increasing credit card rates at the worst possible time. Customers struggling to pay interest rates in the single digits are now seeing rates of 20%+ when they open up their card statements. According to David Ellis in a recent CNNMoney article, "Looks can be deceiving, especially in the credit card business."

No matter if the relationship is in good standing or even if you pay your entire bill off every month, it's a cash grab for Wall Street at the expense of Main Street, as congress moves to speed legislation to protect those who need it most. And with the holidays coming, and recent statistics from Consumer Reports indicating that 13.5 million Americans are still carrying debt incurred from last year's holiday season, our leaders in Washington cannot move fast enough.

Watch video

Financial expert and "Today Show" contributor Jean Chatzky has recommended socking away $100 each week starting now until December to ease the eventual pain caused by seasonal spending. Chatzky smartly points out that, by setting a goal like this and sticking to it, by the time the holidays roll around, credit cards might not be the necessary evil they have been in the past.

We could not agree more, and, in fact, this sentiment is exactly what we here at SmartyPig stand for. With expenses like gifts and travel piling up, there has never been a better time to take back control. Credit cards are doing more harm than good, even to the most loyal and responsible customers. Thus, there's no time like the present to stand up for yourself, get back to the basics and finally own the holidays. A little bit at a time can definitely make a whole lot of difference.

 

Tags: smartypig   •  saving money   •  holidays   •  credit card act

5 Comments | |

July 23, 2009 • Posted by Erica Adams

July Twitter Contest Winners

This month, we asked 'What award did we receive from NetBanker when we launched in March of 2008?' - the answer: Best of Web.

Over 150 people responded with the correct answer. We used a great summer method to get the final 3 $100 winners:

Congratulations huied, krotondo and crowbert! Please DM us your address via Twitter, so we may send your $100 SmartyPig gift cards!

Thanks for everyone who played and good luck next month. Here are those that made it into the top 20: joeslacker, chasehunter, kidzmatter2me, BeverlyDennis, kristenbyers, gaiku, calvinlarsen, discDAY, KCutright, AaronRoth, Josh9002, nelswadycki, oski97, jeremyfrank, tardyon, aliat, danielshipton.

Tags: smartypig   •  saving money   •  twitter   •  contest   •  smartypig gift cards

1 Comment | |

June 25, 2009 • Posted by Erica Adams

June Twitter Contest Winners

This month, we asked who recently invested in SmartyPig from San Antonio, TX. The answer: Red McCombs.

A couple of veteran players won $100 today, so it pays off to play every month.

Here are the winners:

Congratulations to CUWarrior, Peteness and PhilKJames!

Here are those that made it into the top 20 - thank you for playing and better luck next time! glangley, dawithers, Nicole_1984, ggadventures, davereid, monsterfashion, AdMavericks, 77motivated, ArturoFernandez, rubx, abkadefgee, JenniPullen, LouLou197533, wcdel, casademora, tifferh07, rself.

Tags: smartypig   •  saving money   •  online savings account   •  twitter   •  contest   •  smartypig gift cards

3 Comments | |

May 28, 2009 • Posted by Erica Adams

May Twitter Contest Winners

This month, we asked what the APY is for SmartyPig and ING Direct's Orange Savings account as of 5/28/09. We needed two answers: SmartyPig - 3.05% and ING - 1.5%.

We have been seeing a lot of new players the past two months and this month was no exception, thanks to everyone for playing!

Here are the winners:

Congratulations to ebranscombe, netcrusher88, markevaul!

Here are those that made it into the top 20 - thank you for playing and better luck next time! ilektrik, CatRocketship, BeverlyDennis, cmebane, swalbers, jessc098, stlcolleen, aaron116, mcnater, PhilKJames, spakys1stp, DwanesWorld, igdesign, wcdel, trenttsd, amoeba09, ashleymc.

Tags: smartypig   •  saving money   •  twitter   •  contest   •  smartypig gift cards

3 Comments | |

May 20, 2009 • Posted by Erica Adams

Slowing Down for Saving

 "The problem with the credit-card industry isn't just credit-card companies - it's you too," writes Barbara Kiviat in Time magazine. And she could not be more spot on. Though the American personal saving rate has climbed to nearly 5% (from depressing lows of -2% just a few years back) the almost $1 trillion in revolving debt paints a far less rosier picture. Blaming our bad habits on credit card companies is like blaming a drinking problem on the bottle rather than the person boozing. True, these credit card companies are out to make a quick buck off the cardholder, are raising rates on their best companies and have pushed the limits of "fair" practice to the point that Congress is stepping in. (Insert super hero theme music here!) But what we absolutely have to realize though, is that the true culpability is in the hands of the individual. The devil did not make you do it. The dog did not eat your homework. 

Simply put, it's high time to steer clear of troublesome plastic. The noise out of Washington is about the rights of credit card users. It's a worthy cause and a good fight, but lost in the shuffle is the fact that you only get tripped up if you make the decision to put those cards to "work". After all, just because you buy the car doesn't mean you can drive it as fast as you want. And if you use SmartyPig, your speed is always regulated to where it should be. You create a goal, you tell us how much, you push a button and then you adjust to what you can afford. And instead of paying 21% interest on what you buy, you earn 3.05% interest on what you're saving for.

When it comes to big-ticket purchases, SmartyPig customers like Stephanie from Poorer Than You realize the importance of saving. After winning $50 in one of our gift card giveaways, Stephanie decided to save her money for a new car. After setting up her account and new goal, she is making a monthly deposit into SmartyPig to help her reach her goal. Her friends and family are able to contribute to her goal as well, allowing her to move one step closer to her new wheels without getting off track or, worse, going off the road of financial sensibility entirely.

It's easy, really: Think about your purchase. Save before spending. Have cash in hand when you buy. Own whatever it is you want - not your credit card company. Saving with SmartyPig is an easy solution to help keep you heading in the right direction.

Tags: smartypig   •  saving money   •  apy   •  barbara kiviat   •  time magazine   •  poorer than you

5 Comments | |