There’s no question that Americans carry a whole lot of plastic. According to one recent survey, the average consumer has 3.5 open credit cards. Add that to the gift cards, club cards and loyalty cards that most of us pick up, and we can easily carry a dozen cards with us wherever we go. That’s 3.6 billion cards that will eventually get used up, expire or become worthless.
But just because you can’t use the cards for their original purpose doesn’t mean you have to send them to the landfill. Julie Charles, one of the crafty folks who is breathing new life into old cards, says people are delighted to donate their plastic to a new cause. “Friends and family are so happy to find someone who can use old hotel keys, expired credit cards and used gift cards,” she says. “They love knowing that they’ll be re-purposed and not end up in a landfill.”
Reuse your plastic to improve your life — and the environment. Here are 8 smart ideas that you can make yourself from your old cards.
- iPhone stand
- Battery card cover
- Earrings
- Grappling hook
- Jacob’s ladder
- Cable organizer
- Magic wallet
- Guitar picks
iPhone stand: You may now have the capacity to watch a full-length movie on your cell phone, but who wants to hold a phone for two straight hours? Not us, that’s for sure. Bryan Casey says his child inspired him to create this clever contraption. “I created it so my kid could watch movies on a plane or at a restaurant,” he says. “I wanted something low-profile enough to fit in my wallet.” Adults can benefit, too; Just use your expired credit cards to create a stand that can be stored flat but quickly assembled to put on your desk or airplane seatback tray. That’ll leave your hands free to eat popcorn and guzzle soda. Check out the details
here.
Battery card cover: If you’ve ever lost the battery cover to a remote control, a mouse or any other small electronic device, you know exactly how exasperating it is to keep your batteries from tumbling onto the floor. Duct tape, rubber bands and twine are all crummy solutions, and buying a whole new gadget seems awfully wasteful. Sidestep these problems with the clever battery card covers designed by
Instructable’s Deathstick. While Deathstick notes that you might have to make small adaptations for the quirks of an individual device, the instructions provided will work for most gadgets.
Earrings: Who says the bling you wear has to be made of gold and diamonds? Jewelry made from credit cards can be just as shiny — and that plastic once had much more value per ounce than most precious stones. Designer Michele Rappaport says if you’re going to wear cards on your ears, don’t bother being subtle. “I like bold, graphic designs in bright colors,” she says. Wear them for good luck at the casino — or maybe just when you’re headed to the mall.
Learn to make them yourself at ehow.com or buy a set at
etsy.com.
Grappling Hook: Instructable’s Noahw doesn’t recommend climbing any vertical surfaces with this MacGyver-like grappling hook, but says you can still have fun with it.
“It’s perhaps better for snagging something off of a coworker’s desk than for actually scaling walls,” he says. “It’s silly, for sure, but fun for people to play around with.” To achieve the best results, Noahw suggests taping two thin cards together, but says a single stiff card might work just as well. Find full instructions here at
Instructables.com.
Jacob’s Ladder: The old-timey toy gets a modern update in Julie Charles’ credit card version of the Jacob’s ladder. In some ways, she says, the new version is an improvement on the old standard: “I love the colors and textures of the cards,” she says.
“It’s very satisfying to make something people enjoy out of materials that would otherwise be thrown away.” Use club cards or expired gift cards for this project because, in the wrong hands, access even to expired credit cards could be dangerous. Take a class to
learn how to make more credit card crafts.
Cable Organizer: Those credit cards helped you buy the computer, the printer and scanner sitting on your desk; they can also help you organize all the cords that help power them. “The credit card is perfect for cable management as it is very strong, and you’re supposed to destroy them anyway,” says DIYer
Creatrop. Creatrop suggests finding a card that’s quite flexible and then gluing multiple cards together if the cards need to support more than a few ounces.
Magic Wallet: What better place to stash your cash, business cards and receipts than in a wallet made of credit cards? This clever storage device has been around for decades, but this 21st century variation helps hide your valuables
within your valuables. Charles says that flat, laminated cards can work especially well for
this project.
Guitar Picks: For musicians, guitar picks are an inexpensive, indispensable tool — but they’re sometimes impossible to find when you need them. Charles says you can create your own endless supply of
guitar picks with some extra credit cards, a Sharpie, and a pair of scissors. She suggests trying a range of different cards to get your preferred thickness and flexibility-but to avoid the laminated cards. “The layers come apart,” she notes.
By Erin Peterson – Via CreditCards.com
Tags: Credit Cards, fun
12.Apr.10 
Credit Card Debt 
Comments (0)
Take these steps to renew, review, refresh and regrow your finances:
You probably have a little money stashed around the house and don’t even know it. But forget turning over those couch cushions and going through old coat pockets. Instead, try a little financial spring cleaning. Here are 10 ways you can find a little extra cash and get more mileage out of the money you do have. And you don’t even have to battle the dust bunnies:
1. Get rid of clutter. Just as spring is a good time to clean out your closets, it’s also a good time to go through your finances and toss out the things that no longer fit your life, says Gary Foreman, editor of frugality-minded Web site The Dollar Stretcher.
Foreman and his family were using one of the inexpensive movie download services so much that they dropped one of their expensive cable subscriptions. “It was rare that we were watching it,” Foreman says.
His tip: “I go through the financial statements and look at them like they’re closets,” he says. Ask: What am I not really using anymore?
2. Sweep away those winter bills. Warmer weather is here, so if you’re still shoveling those leftover Christmas bills, it’s a good time to get rid of them, says Foreman.
One way to handle them is to strategize a one-time idea to make some extra money, such as a garage sale, online sale or even volunteering for overtime at work, he says.
Or just put yourself on a more stringent payment plan. And you can use an online credit card calculator to see how quickly you can deep-six that debt. What you gain financially: peace of mind and a huge amount of interest that you won’t be paying every month.
3. Organize for next year’s taxes. One task to make it easier: create a folder (paper or on computer), to hold all of the charitable deductions you make throughout the year, says Linda Sherry, director of national priorities for Consumer Action, a Washington, D.C.-based advocacy group. Those deductions add up fast, “and it can be difficult to follow up later,” she says.
You can do the same for other spending categories that you need to track throughout the year. And some banks offer software that makes the task easy, she says.
And don’t forget your withholdings. If you were substantially over or under for 2009, this is also a great time to adjust your withholdings for next year.
4. Play with the techno-toys. One thing that can make your life easier: alerts to tell you when you’re approaching your preset limits on credit and debit cards, says Sherry. Often you have the choice of setting them to reach you by e-mail or text message, and they are “tremendously helpful,” she says. By avoiding going over your limits, you bypass having to pay extra fees.
5. Put your savings on autopilot. Set up an automatic draft to your savings account, “even if it’s just $10 a month,” says Barbara Stanny, author of “Overcoming Underearning: A Five-Step Plan to a Richer Life.”
It’s as easy as going to your bank’s Web site and arranging to have the money automatically transferred every month from your checking account or payroll deposit, she says.
Don’t worry about interest rates — they’re pitiful today — but look for a savings account “that has no charges,” Stanny advises.
Planning something special in your future, such as a vacation or new car? Open an account just for that, says Stanny, who says a friend of hers is doing this to save for a dream purchase: a boat. Even saving just a little at a time, “it’s amazing how fast it adds up,” she says.
6 . Scope out your credit cards and credit report. You’re entitled to at least three free copies each year — one from each of the three major credit reporting agencies — TransUnion, Experian and Equifax. Get them for free at AnnualCreditReport.com, the government-mandated site. If you want your credit score, expect to pay for it. Don’t fall for gimmicks from companies that require you to buy a service before getting your so-called free score.
These days, credit reports are being used for everything from setting insurance rates to evaluating job candidates. So making sure your report is accurate can save you some money.
Also, 2009 was a tumultuous year for credit cards. Check the interest rates, credit limits and any rewards programs tied to your plastic. While canceling credit cards can hurt your credit score, you may want to shelve the cards with high APRs and pay down balances on cards with low credit limits to increase your credit utilization ratio. The lower your ratio, the better your credit score. Cash in your rewards, or if your rewards program isn’t working for you, check out other rewards cards that better suit your lifestyle.
7. Check those beneficiaries. Some financial accounts (insurance policies, too) don’t pass through your will, even if you have one. Instead, the assets go directly to the beneficiaries you named when you opened the account or bought the policy.
Over the years, life changes. You get married, divorced, have kids, etc. But too often, you forget to revisit those beneficiary selections. That means if the worst happens, the money in that bank account you opened in college, pre-spouse and kids, could still go to Aunt Edna or your ex.
So take a look at each of your financial accounts and insurance policies to make sure that the money will go where you need it to go now — not where you wanted it to go years ago.
8. Revisit your insurance. The past few years have been a bumpy financial ride for everyone. If your circumstances have changed (cars, job, home or home value), have you changed your insurance too? If not, you could be carrying too much (too expensive) or too little (risky if you have to make a claim). Spring is a great time to take a quick look and make sure that your coverage is, as Goldilocks said, “just right.”
9. Clean house. You know those old household white elephants that have been around so long you don’t even see them anymore? Bad financial habits or outdated decisions are just like that. Lurking on the edge of your life, they take up space and resources without offering much in return. But spring is a great time to examine your financial “big picture” and clear out what isn’t working for you.
Look at the reasons behind your current financial situation, says Foreman. For instance, “is there a reason you’re always carrying $3,000 on your credit cards?” he asks. Or do you need to be a two-car family? And are those family cars you bought then the best ones to meet your needs now?
With this step, you might find that you want to cut spending, increase your income or some combination of the two.
The secret to getting the most out of this one: take off the blinders and really look at everything to find out what is (and isn’t) working for you financially.
10. Think about getting outside. Just as physical spring cleaning gives you a chance to bring the outside in and vice versa, financial spring cleaning has a fun side, too, says Foreman.
“Now’s a good time to start thinking, ‘What are you going to do for a vacation this year?’” he says. And from “stay-cations” to weekend and long-weekend getaways, there are plenty of economical alternatives to the old standard 14-day sojourn.
And a little advance planning can give you a financial advantage. Says Foreman, “You can get information on the Internet, send for a brochure,” and salt away a little money for whatever you choose.
By Dana Dratch
Published: March 24, 2010 on CreditCards.com
Tags: Credit Cards, Organization, Tips
01.Apr.10 Budgeting, Credit Card Debt, Organization, Taxes Comments (0)
With the average American saving around 3.3% it seems like getting out of debt could be difficult. However, in a recent article author Laura Rowley points out,
If savings behavior isn’t changing, consumer attitudes may be. A recent Gallup poll found 62 percent of Americans say they enjoy saving more than spending, while 35 percent reported the reverse. Back in 2006, respondents were split about 50-50 on the question. Moreover, 57 percent say they are spending less money in recent months than they used to, up from 50 percent last July. Among the newly frugal, 38 percent say this spending pattern is the “new normal,” while 19 percent say the budget cuts are temporary.
Rowley goes on to explain that the average American can significantly reduce their debt by using a small portion of their extra income to pay down their debt. In her example she points out that one home owner was able to save $23,900 over the life of the loan by paying $35.86 more a month towards his home loan.
At MoneyDesktop we are passionate about helping people get out of debt as quickly as possible. The best part is, it’s not that hard. Our software shows you where your money is going and gives you step-by-step instructions on how to get out of debt. Results like those mentioned are not uncommon for our users, so if you haven’t already, give MoneyDesktop a try for free today.
Read all of Rowley’s article on Yahoo! Finance here
photo credit: dieselbug2007 on Flicker
Tags: Debt, Debt Elimination, Home Loan
08.Mar.10 Budgeting, Credit Card Debt, Debt Management, Payoff Mortgage Comments (0)
Maybe you’ve made a credit mistake or two, but there’s no reason to freak out. Here are the three common problems people make, as well as what you need to do to solve them.
Problem No. 1: Opening too many credit accounts. Ah, this is a common one. You may have applied for credit randomly, causing your wallet to burst with plastic. It also resulted in the ability to charge and (temporarily) live far beyond your means. Without enough cash to pay for what you wanted, those open lines of credit probably made buying what you couldn’t afford too easy.
Solution: If you have any active lines of credit left, review them and decide on a couple that you want to keep. They should be accounts with the lowest interest rates and other favorable terms. Tuck the others away in a safe place, or if you feel you can’t control overspending, close them entirely. In the future, only apply for the credit you require and won’t abuse. The average person needs just a couple of accounts — a general purpose credit card that you can use anywhere, and perhaps a retail card at a store where you regularly shop.
Problem No. 2: Letting debt escalate. A $10,000 total liability is not unusual, but it’s a hefty sum for one person to repay quickly. You know this now, but while you were using the credit cards, you needed to have kept your eye on the ball (er, bill). Certainly you didn’t get to that figure overnight, and the moment you discovered it was getting out of control you should have stopped charging and focused on repaying the balance.
Solution: When you do use credit again, you’re going to have to make sure your debt never gets out of hand again. To do that, always check your balance before charging. If you know you’ll have enough money to pay for everything you charge in full without neglecting your essential expenses, great — go for it. If not, put the card away.
Problem No. 3: Reneging on your contract. If you have arranged a hardship program through a qualified credit counseling agency, your creditors will probably report you as delinquent, since you’re not making the originally agreed-upon minimum payments. On the other hand, if you are settling the debt by negotiating the balance with a debt settlement company, you will also see credit damage because you are paying less than the total owed. It will be notated on your credit report as “settled,” which is much less desirable than “paid in full.” Why such damage? You’re reneging on a contract. When you got the credit card, you promised to pay according to their terms. When you don’t, you get dinged.
Solution: If you are using a hardship plan, resume minimum payments again as soon as possible. In the event you’re with a debt settlement company, the accounts have likely gone into collections, so you may as well continue and get the financial break. The prescription for both of these scenarios is basically the same: Wait for notation to age — after seven years, the negative information will drop off the reports (and after a couple years it will become considerably less important) and start to use credit responsibly now. By charging regularly, and paying on time and in full, you’ll establish a positive credit history as you’re waiting for time to work its magic.
Erica Sandberg’s articles and insight are featured in such publications as the Wall Street Journal, Pregnancy, Babytalk, Redbook, Bank Investment Consultant, Prosper.com, MSNMoney.com, and Smartmoney.com. An active television and radio commentator, Erica is the credit and money management expert for San Francisco’s KRON-TV, a frequent guest on Forbes Video Network, Fox Business News, Businessweek-TV, and all Bay Area networks. Prior to launching her own reporting and consulting business, she was affiliated with Consumer Credit Counseling Services of San Francisco where she counseled individuals, conducted educational workshops, and led the media relations department. Erica is a member of the Society of American Business Editors and Writers, and on the advisory committee for Project Money.
22.Feb.10 Budgeting, Credit Card Debt Comments (0)
Unless a user specifically opts into the service, effective July 1st, banks will be banned from charging overdraft fees on ATM and debit card transactions. Overdrawn checks will not be affected by this ban. As we mentioned previously, this may have a drastic affect on how many banks make money.
According to Reuters:
ATM and debit card transactions are typically discretionary purchases, the officials said. Consumers frequently use checks for bills that they want paid no matter what.
Bank regulators have been under pressure to beef up consumer protections following a financial collapse brought on in part by reckless lending practices. Lawmakers critical of regulators’ failure to rein in those practices are considering stripping consumer protection functions from the Fed and other financial regulators and entrusting them to a dedicated consumer protection agency.
This may spell the end of free checking accounts. Banks will no longer be able to cover the cost of offering checking service to consumers without some source of income. Of course, banks may just as easily find a way to force users of their accounts to opt-in to the overdraft service before receiving an account. Should this be the case, the benefit to consumers remains minimal at best.
photo credit: See-ming Lee 李思明 SML
12.Nov.09 Credit Card Debt Comments (0)
The New York Times has run an excellent article on the usurious overdraft fees charged by banks. Overdraft fees on debit cards earn banks more than all credit card penalty fees combined. For this reason, they are increasingly being relied upon by banking institutions as a strong source of income.
Unfortunately, it appears that many banks are now using these fees as their only real source of income. When a user of a debit card has a purchase that exceeds the amount of funds in its corresponding account, it results in an overdraft. The bank still pays the charge, and then charges the consumer roughly $40 in fees for every day and/or transaction that takes place until the account is again positive.
Essentially, banks use these overfrafts as a form of offering pay-day style loans at extremely high interest rates.
The article in the New York Times points out that the elimination of these fees would likely result in the immediate closure of hundreds of banks and credit unions. As a result, most flat out refuse to permit consumers to turn off ‘overdraft protection’ even for mentally handicapped or disabled users.
The Times also offers a guide to avoiding these fees suggesting that consumers find a different bank if they are unable to disable the overdraft ‘feature’ on their account. One item which the guide fails to mention, most large banks are willing to forgive a single overdraft fee as a courtesy, and may forgive even more if provided a reasonable excuse.
photo credit: B Rosen
12.Oct.09 Credit Card Debt Comment (1)
Chase has announced a new service to many of its users named BluePrint. The service allows customers to selectively finance certain purchases for longer periods of time while choosing to pay off other purchases on an accelerated schedule.
According to Bloomberg,
JPMorgan Chase & Co. is betting it can capture market share from credit-card issuers including American Express Co. by helping consumers better manage their debt.
The lender today rolled out Chase Blueprint, an online billing platform that allows 20 million card holders to finance certain purchases while paying others in full each month interest-free. Customers then choose the number of monthly installments, and Blueprint calculates the interest they can save by paying more than the monthly minimum.
JPMorgan Chase & Co. is betting it can capture market share from credit-card issuers including American Express Co. by helping consumers better manage their debt.
The lender today rolled out Chase Blueprint, an online billing platform that allows 20 million card holders to finance certain purchases while paying others in full each month interest-free. Customers then choose the number of monthly installments, and Blueprint calculates the interest they can save by paying more than the monthly minimum.
The aim of the new service is to encourage consumers to increase their credit card use in return for increased flexibility. It’s worth pointing out that using multiple credit cards allows a consumer to manage their debt in the same way, albeit requiring some micromanaging. This said, it’s wonderful that a credit card issuer is working to offer debt management tools and is hopefully a sign that other issues will soon follow suit.
photo credit: Logan Antill
15.Sep.09 Credit Card Debt Comment (1)
Some financial advisers talk about credit cards like they’re a bad thing. But, that’s simply not true. Carrying a lot of credit cards gives some substantial benefits to the holder. When you have a large revolving line of credit, your credit score won’t drop so dramatically when you carry a balance. Part of the formula for determining credit scores is comparing the balance to the amount of available credit. Carrying multiple lines of credit can also give you the freedom to choose between offers and take advantage of lower rates.
The biggest problem with keeping so many open lines of credit is that they are difficult to keep track of. Credit card companies offer incentives such as a low starting APR, betting that you’ll forget when the interest rate adjusts upwards. They may also change interest rates and due dates with only a brief notification by mail.
If you keep a lot of credit cards, one of the best financial moves you can take is to track interest rates carefully. Every month, check to see what the APR is on each credit card you carry. Transferring balances to a lower-interest credit card could save you hundreds or even thousands of dollars. (Beware of balance transfer fees, however. Those are another tricky way credit card companies surprise borrowers).
Credit cards can be a tool to help you improve your financial situation. When used recklessly or carelessly, they can easily spin out of control. But, if you’re able to manage your credit cards well, you can use them to get out of debt and avoid paying thousands in excessive interest.
Most people have so many lines of credit, they can’t name them all from memory. According to MyFico, the average consumer has a whopping 9 credit cards and 4 installment lines (mortgages, car loans, etc).
Some financial advisers talk about credit cards like they’re a bad thing. But, that’s simply not true. Carrying a lot of credit cards gives some substantial benefits to the holder. When you have a large revolving line of credit, your credit score won’t drop so dramatically when you carry a balance. Part of the formula for determining credit scores is comparing the balance to the amount of available credit. Carrying multiple lines of credit can also give you the freedom to choose between offers and take advantage of lower rates.
The biggest problem with keeping so many open lines of credit is that they are difficult to keep track of. Credit card companies offer incentives such as a low starting APR, betting that you’ll forget when the interest rate adjusts upwards. They may also change interest rates and due dates with only a brief notification by mail.
If you keep a lot of credit cards, one of the best financial moves you can take is to track interest rates carefully. Every month, check to see what the APR is on each credit card you carry. Transferring balances to a lower-interest credit card could save you hundreds or even thousands of dollars. (Beware of balance transfer fees, however. Those are another tricky way credit card companies surprise borrowers).
Credit cards can be a tool to help you improve your financial situation. When used recklessly or carelessly, they can easily spin out of control. But, if you’re able to manage your credit cards well, you can use them to get out of debt and avoid paying thousands in excessive interest.
24.Jun.09 Credit Card Debt Comments (0)
