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The Dow slides 513 - the worst one-day drop since 2008 - as investors panic over persistent economic problems.
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Credit Cards
What credit cards do I need?
The best cards charge no annual fee and offer low interest rates to people who carry debt. My general advice is to own just two cards:
- A convenience card, for bills that you’ll cover by the end of the month. Buy all perishables, such as restaurant meals and gasoline, with this card, as well as all other items you know you can pay for immediately.
- A low-interest card, for major purchases that will take several months to pay for. Charge only items that will last a long time, because those are the only ones worth paying interest for.
The trouble is that advice is too simple. Low-rate cards can turn into high-rate nightmares if you’re just one day late in paying your bill. What matters nowadays is how you handle your card — do you keep its up-front, honeymoon terms, or will you fall into one of the costly traps that the banks lay for you?
Excerpted from Making the Most of Your Money Now by Jane Bryant Quinn
Copyright 1991, 1997, 2009, by Berrybrook Publishing, Inc. Reprinted by permission of Simon & Schuster, Inc
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MasterCard posts 33 percent profit increase
NEW YORK — U.S. shoppers kept on using their MasterCards in July even as uncertainty about the economy increased.Spending with credit and debit cards bearing the company's logo rose about 12 percent in the U.S. compared with July 2010, Chief Financial Officer Martina Hund-Mejean of...
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Alleged Miley Cyrus hacker pleads in separate case
NASHVILLE, Tenn. — A 21-year-old who bragged about hacking into Miley Cyrus' email account and distributing revealing pictures of her pleaded guilty in federal court to unrelated charges of credit card fraud and hacking.Josh Holly was in U.S. District Court in Nashville on Monday. He pleaded...
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Beware of Credit Card Issuers and Bad Advice
The new federal Consumer Financial Protection Bureau is asking consumers to air their credit card grievances. Here's my complaint: Please stop giving customers false information and advice. by Stacey Bradford
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The 3 Best Credit Cards for Students
The new school year is just around the corner. Now is the time for college students to line up the right credit card. Here are three of the smartest choices. by Dan Kadlec
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5 Ways to Build a Good Credit Score from Scratch
When is the right time for a college student to start building their credit profile? The simple answer: as soon as they are ready. Here's how to tell, and how to get the job done. by Dan Kadlec
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New credit card aims to minimize 'gotchas'
NEW YORK — It's a credit card that grants three wishes.Citigroup on Monday plans to launch a credit card that marries a trio of perks — no late fees, no penalty rate and a single interest rate for purchases, balance transfers and cash advances.The revamped Simplicity card will be...
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Total System Services shares up on strong 2Q
COLUMBUS, Ga. — Shares of Total System Services Inc. jumped more than 5 percent Wednesday after the credit card processing company reported second-quarter earnings that beat analyst expectations.The company, which has been dogged by a drop in consumer spending and credit card applications,...
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Debt in America: Consumers Paying off Credit Cards
Consumers are keeping their plastic on ice, rapidly paying off their credit card debts, according to new research. Noteworthy state-by-state facts about how Americans are handling their credit cards now. by Kathy Kristof
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Debt in America: States Where Mortgage Debt is Declining
Americans aren't just paying off their credit cards. They're making real progress in paying down their home mortgages, too. Here are the six states where homeowners have reduced their mortgage debt the most. by Kathy Kristof
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AP-GfK Poll: Worries about debt rising once again
WASHINGTON — Just last fall, Americans were feeling better about their personal finances. Now they're starting to worry more about how they'll pay off debts as they feel the nation's economic recovery wobbling.With Congress deadlocked over how to deal with the national debt, household debt...
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Dow average plunges 513, worst drop since 2008
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