Kip Tips
Great Advice From Around the Web
A weekly look at personal finance tips and insights others are offering.
By Cameron Huddleston, Contributing Editor, Kiplinger.com
January 19, 2011
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Remember the new credit-card rules that took effect in 2010? You know, the ones that were supposed to protect cardholders from card issuers' unfair practices. And remember how issuers responded to the new rules by imposing consumer-unfriendly policies? (See Late Fees Ease, But Other Card Costs Rise.)
Well, it turns out the law had another unintended consequence: It has prevented stay-at-home moms from being able to open credit cards on their own. As John Ulzheimer points out on the Mint.com blog, one of the provisions of the law is a requirement that card issuers verify income before allowing someone to open an account. If an applicant doesn't have income, he or she needs a co-signer. This is meant to prevent teens from opening accounts on their own. "The problem is the enormous number of people who choose not to work, and thus have no income, yet engage in commerce on behalf of their family or household," he writes. Read more about How the CARD Act Hurts Stay-at-Home Moms.
Here are more valuable personal finance tips and advice from around the Web:
Seven Insurance Policies That Aren't Worth the Money [WalletPop]
"Insurance isn't meant for the little hassles in life, but for the big events that can derail you financially."
Remember to Comparison Shop Index Funds [Bargaineering]
Even funds that follow the same index have different expense ratios and minimum investment requirements.
15 Surprising Facts About Income Tax [Wise Bread]
"The mid-April deadline is looming on the horizon, but do you know why that specific date was chosen? Or how you can actually get rewarded by the IRS? Well, here are some insights on those, and many other, income tax facts."
15 Winter Staycation Ideas & Tips [Money Crashers]
"Plan in detail what you’re going to do before your vacation starts so you’re not sitting at home, twiddling your thumbs (which is usually when the TV gets turned on and the laundry rotations start)."
9 Ways to Prepare for Food Inflation [Frugal Dad]
"Since we can’t do much about the prices, we have to look for other ways to reduce (or at least keep even) our overall food expense."
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