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Handy Tools Ease the Pain
Manufactures have been making a name — and a profit — for themselves creating tools and gadgets to help consumers get a "better grip" on countless household tasks. And I'm not knocking it. But I love it when I don't have to …Read more.
Let the Decluttering Begin
I know it's time. It's been time for at least five years, possibly longer. I need to clean my kitchen. Now, before you send the Health Department to my address, let me explain. What I mean by "clean" is that I need to clean out and …Read more.
A Glimmer of Hope to Cling To
Think back to a low point in your life. Don't struggle with this, just try to recall when you were going through a difficult season and life seemed bleak. Now recall that first glimmer of hope you clung to as you could see that things were beginning …Read more.
Homemade Solutions Are Budget-friendly
Dear Mary: Do you have a homemade recipe for bathroom air freshener refills? I have Air Wick brand, and I'm wondering if there is an easier and cheaper way to refill it when it runs dry. — D.R., California
Dear D.R.: Four to eight drops of …Read more.
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New Law Makes Parents Liable for Kids' DebtsParents of semi-adult children, listen up. Under new laws aimed at protecting college students from debt, you could get stuck with your kids' credit card bills. By "kids," I mean your offspring who have reached the age of majority — which allows them to serve in the military, to vote and to sign for student loans — but have not turned 21 yet. The Credit Card Accountability, Responsibility and Disclosure Act of 2009 forbids credit card companies from handing out applications to any college student for the asking. The law also prevents the popular practice of giving free gifts to college students who sign up for credit cards. Under the new law, to get a credit card, students must either prove they have independent sources of income to repay their debts or have their parents co-sign. Knowing me the way that you do, you may be surprised to learn that I am not jumping for joy over this provision in the Credit CARD Act. In fact, I am somewhat ambivalent. On the one hand, I abhor the rampant handing out of credit to unemployed young people with the intent of hooking them into revolving credit card balances for life. On the other hand, I find it sad that it took the government to fill a void created by the lack of effective parenting and basic personal finance education. Be that as it may, what's done is done. The Credit CARD Act of 2009 becomes effective in early 2010, at which time you may find yourself as a co-signer, agreeing to be fully responsible for all the debt incurred.
May I make a recommendation? Do not co-sign. One good thing about this new law is that it gives parents power. I know that many of you are reading this wishing you'd had that kind of power in years past, when your students were signing up for free pizza, T-shirts and flashlights by filling out credit card applications. There's nothing quite so pathetic as a newly minted graduate who comes out of school carrying a load of student and credit card debt. What's your alternative as a parent? Teach your kids the ins and outs of living a cash lifestyle. Get out the envelopes to teach the simplest of all budgeting systems. Introduce the concept of money orders when the requirement arises to send money through the mail. Don't get suckered into co-signing in an effort to help your child build credit. Students don't need big credit scores to get jobs or move into dorms. What each of them needs is a clean credit file that shows an absence of irresponsibility. There will be plenty of time in the future for your Johnny and Suzi to build credit, when they're 21 and older. Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including her latest, "Can I Pay My Credit Card Bill With a Credit Card?" You can e-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. To find out more about Mary Hunt and read her past columns, please visit the Creators Syndicate Web page at www.creators.com. COPYRIGHT 2009 CREATORS SYNDICATE INC.
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