Credit Score Magic

Reasons most will spend less

The 45 percent who plan to spend less gave the following reasons:

70 percent will spend less due to increased prices for food, gas and other necessities.

49 percent said it is more acceptable to buy less expensive gifts.

46 percent lacked confidence in the economy.

43 percent earned less this year.

37 percent will spend less because home value and savings were less.

Reasons some will spend more

The seven percent who will spend more gave the following reasons:

27 percent plan to spend more because of better prices on gifts.

25 percent are making more money this year.

14 percent have confidence in the economy.

7 percent are tired of being frugal.

5 percent found employment in the past year.

2 percent have had an increase in credit.

Shopping expectations

70 percent think retailers will offer better prices and discounts this year.

When asked what retailers will use to entice them to buy, 75 percent answered price cuts and free shipping, followed by coupons and blowout shopping sales.

53% plan to shop earlier to spread out the expenses; 33% will begin shopping in October.

Many plan to comparison shop online prior to going to the store and many will use a mobile device to do so.

If this group is representative of the holiday shoppers, retailers won’t experience an increase in sales over the 2010 holiday season. M

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In the 29th edition of our Best of the Best Blogger series, we sat down with Ken Tumin of Deposit Accounts.

Ken originally started with another blog in 2005, called BankDeals because of a real shortage of quality bank information online.  BankDeals was merged back in 2009 into what we now know as Deposit Accounts.

What makes Deposit Accounts unique is its unbiased nature.  Considered the most comprehensive index of bank deposit information online, the site does not allow its advertising relationships to affect or influence the rate disclosures that they provide.  In fact, the site documents that [we] receive no compensation for over 99% of the banks we list.  The site doesnt require registration and all of the bank data is instantly available and easily sortable by rate and by region.  You can search for a bank by name and get all of the relevant information that you need right at your fingertips instantly.

Deposit Accounts tracks and displays over 275,000 different account deposit rates from various banks and credit unions in the US, including regional and local credit unions and banks, which typically provide the very best deals and rates for consumers.  The site also provides health rating information about FDIC or NCUA insured banks to provide visibility on the financial health of each depository institution that it tracks, yet another highly useful resource.

The site has been featured on CBS MoneyWatch, USA Today, Wall Street Journal, CNN Money and Consumer Reports, among others.

We sat down with Ken recently to talk about the mortgage mess, historically low interest rates and what it really means to be too-big-to-fail.

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There are few things you should know before you apply for secured credit cards. In my opinion the most important thing to remember is that secured credit cards are ‘secure’ because they are backed by your cash.

In other words, by keeping cash in an account you have opened with the lender, you maintain a balance that provides security for that lender.

The limit available to spend on your secure credit cards depends on how much money you have in the account and may range between 50% – 100% of those funds. As you might notice, these cards aren’t really credit cards and in practice, they are often used more as debit cards.

Why would you apply for secured credit cards? Well, as you already know, credit debt is a big problem in our society today. This is in part due to simple over shopping and over charging by people who haven’t grasped personal money management facts.

Increasingly, credit debt is causing real problems for those who have lost their jobs and used available credit to pay their daily expenses.

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I’m in a bad position with my credit card companies. I was reduced to part-time employment and have fallen behind on payments. I’m getting calls every day and I don’t know what to tell them or what to do. Please believe me that my wife and I are truly struggling. We have done everything we can to make ends meet, including moving into my parents’ house with our two small children. I have leads on full-time jobs and I believe that eventually we will get back on our feet. Meanwhile, I don’t want my parents to get these calls while I’m at work or off on interviews. My wife is in nursing school by the way and she is almost done. What should I tell my credit card companies? Please help as I am very worried. Andrew

Dear Andrew, Underneath your anxiety, I sense some optimism. Hang onto it, as that attitude will be instrumental in getting you through this tough time.

It appears that your debts are still with your original credit issuers, which is great. Now, I want you to protect yourself by setting up a payment agreement based on your hardship. Doing so ma

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Instances of debt crisis are very common in the country. If you are encountering any debt problem, the most important thing that you must do is to devise an appropriate debt elimination strategy. Before devising your debt reduction strategy, it is very much important to use a debt calculator or a debt pay off calculator. Through using a debt pay off calculator, you can devise right debt elimination strategy. Different types of debt calculators are available online which you can use for various purposes.

Debt consolidation calculator

If you owe unsecured debts to multiple creditors and finding it tough to make payments to your multiple creditors on a regular basis, one excellent option available before you is to opt for debt consolidation program. Read more…

Dear New Frugal You, I’m dreading the thought of heating bills this winter. We’re barely keeping our budget balanced now, and I don’t know what we’ll do if our utility bills skyrocket. Are there any inexpensive things we can do to reduce the cost of heating our home? – Lance

Dear Lance,  Sure, there are things that you can do to make the most of your heating dollars! Many of them cost very little and can be done by the average homeowner. Let’s see what tools we can provide for you.

We’ll start by looking at windows. A single-pane window will transfer over 80 percent of infrared energy to the outside, according to The National Fenestration Rating Council, a nonprofit organization that rates the performance of windows and doors. In English, that means your heat ends up outside!

In recent years, windows have been improved to keep more heat inside our homes. A

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