Credit cards do tend to have a lifestyle altering (top 100 wealth advisors) effect……*-*
No commentsBy aasim
Without doubt credit cards come in handy at times when you have to suddenly expend above average money. That is where a common application of credit cards is in the form of Christmas shopping. When you are trying to spread that holiday cheer, it sure helps when you have a line of credit in your pocket.
But it is more than that. If you look at all the promotions that are prevalent around Xmas time, you will see that there is more to it that just a line of credit. For instant, given the higher spends that issuers expect, they routinely provide extra Christmas benefits, such as cash back deals, extended warranty coverage programs, extra mileage points and reward programs. Interestingly, this form of festival cheer is quite the global phenomenon. The US naturally leads in consumer spending. But other countries, for example, Australia, also have amazing deals on credit cards during Christmas.
So let us draw a picture. You have to buy last minute gifts. There are 3 modes that you would use. First off, there is the option of Online Shopping. I especially like the reputed online sellers that guarantee pre-Christmas delivery. Naturally, as expected, you typically need a credit card to make these payments online. There are other payment options, but they too tend to be linked to your credit card. The second mode of shopping is in store. That is the age-old method of shopping joy, around the year. During festival season, in-store shopping can be a little trying on all of us. That is because; there is all that rush and the checkout counter queues, not to mention the gift-wrapping station queue. Finally there is the ever-elusive third option. This entails stuff like, mail order, telephonic-order, convenience store, etc. kind of shopping. Once again, the ubiquitous credit card comes into picture. I guess it is quite compelling. It seems like there really is no Christmas without credit cards. I know that sounds like the height of consumerism right there. But, I am not market-prude. I think that responsible usage of credit cards is one of the greatest instruments of consumer joy.
And what better time to exercise this joy, than in the season of joy? So, when Santa Claus comes calling, make sure to keep all that plastic lined up. If that little remote controlled helicopter costs a little more than expected, make sure to traverse the difference on your plastic money and spread the holiday cheer. And while we are talking about holiday cheer, why not also consider making a donation this holiday season? And so that this does not make a big dent in your December budget, you can use your plastic currency and ensure that you can pay in easy installments. All of my enthusiasm should not be mistaken to condone irresponsible credit usage. After all, if it is all about the money, honey, then we better respect the money.
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The House and Senate have each come up
By speedin08
In 2001, the US economy had entered a recession and the government issued rebate checks to most people in hopes people would run out and spend them and help stimulate the economy. While the effectiveness of that move haven’t been proven one way or another really, congress is currently looking to run a similar program in 2008. The House and Senate have each come up with different rebate plans that are currently under discussion: The House would like to pass a plan that gives $600 to each individual or $1,200 to married couples with an additional $300 per child. The amount of rebates would be decreased for individuals who make more than $75,000 annually or for married couples earning more than $150,000 annually. The Senate is working on a plan with slightly lower amounts, with $500 given to each individual and $1,000 provided to married couples.
This plan also would provide an additional $300 per child. While the amounts are a bit lower in the Senate’s version of the rebate plan, more people would qualify for the money. The money wouldn’t start phasing out until income levels are about twice the House limitations; and the Senate’s bill for the rebates would provide money to people on Social Security as well as our disabled veterans- people who wouldn’t qualify under the House version of the bill. Before the bill can be placed on President Bush’s desk for his signature, the Senate and House need to agree on a compromised version to present. If approved by the President, it would be unlikely for the Internal Revenue Service to issue checks until at least mid-May- until after the rush of the tax season has ended. In 2001, research teams tried to decide what kind of impact the tax rebates had by looking at changes in the government’s Consumer Expenditure Survey. It seems that somewhere between 20 and 40% of the rebates were spent in the first three months of receiving it; with almost all of it spent within nine months of receiving it.
In a separate study, it was found that credit card debt dropped considerably soon after households received their rebates- but within nine months it had risen again as people began putting new debts on their credit cards. What’s interesting is the number of companies that have been polling people to find out what they’ll do with their rebates if they get them. The idea is to spend it and stimulate the economy of course, to help pull us out of what could be a bad recession; but the polls are finding that the majority of people are looking to pay off their existing debt with the rebates. In fact, depending on the site offering the polls, I saw responses as high as 51% claiming they would use the rebate to pay off credit card and other debts; as as many as 36% claiming they would invest it into long term savings options. Of course, what people say they’re going to do with their money and what they really do with it are often entirely different things.
Have you ever planned to save a portion of your paycheck and gone out to dinner instead? Probably everyone has made the “wrong” decision with their money at least a few times in their lives, despite having the best of intentions. The polls looked at are by no means done scientifically as they’re just based on visitors to a particular website; but it’s still interesting to see how many people hope to pay off debt with their rebates. What would you do with yours?
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