Credit Card Rules for Young Adults

Credit Card Rules for Young Adults

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

teen with packages

There was a time, up until February 22, 2010, when college students and other young adults under age 21 were “easy targets” for credit card offers. In exchange for inexpensive freebies, such as T-shirts, pizza, hats, and highlighters, young adults were actively (and often aggressively!) sought after to sign up for credit cards. “Plastic for pizza” (or some other incentive) was widely practiced. Not anymore.

As …

The Pros and Cons of Secured Credit Cards

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Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

Secured credit cards are a good way to establish credit if you have no credit history or a history of prior credit problems (e.g., late payments, charged-off accounts, and bankruptcy). Secured credit cards are backed by money that cardholders deposit with the credit card issuer. In other words, the amount deposited serves as collateral (security) for the credit card limit in the event that a borrower misses payments. In this case, money …

The High Cost of Credit Card Minimum Payments

The High Cost of Credit Card Minimum Payments

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

When it comes to managing your money, compound interest can be your friend (e.g., through systematic long-term investing) or your enemy (e.g., by making minimum payments on outstanding debt). This article will focus on the latter; specifically, the high cost of credit card minimum payments. Of all the credit card traps that are out there, and there are quite a few (e.g., late fees, …

How to Select a Credit Card

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

The best way to select a credit card is to match it to your intended use and bill-paying habits. Are you a “revolver?” Revolvers are credit card users who rarely, if ever, pay their credit card bills in full and, thus, pay finance charges each month to carry outstanding debt. If you plan to carry a balance from month to month, select a credit card with a permanently low-interest rate; i.e., not …

How to Get Out of Debt and Repair Your Credit

Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, oneill@aesop.rutgers.edu

Got outstanding loan balances and credit card debt? Do monthly payments seem overwhelming? You are not alone. The ability to “buy now and pay later,” coupled with slick advertising, has made living beyond one’s means very tempting. As a result, many Americans, at all income levels, went on a credit-fueled “spending spree” during the late 1990s and early 2000s. Now it’s time to pay back what we owe and get out of …

Advance Directives Case Study 2

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Case Study 2- How do you handle after-death choices? (Organ/tissue donations, autopsy, burial, cremation)

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Millie …

Advance Directives Case Study 3

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Case Study 3 – The disadvantages of writing your own will.

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Eddie, age 70, decides to write his …

Advance Directives Case Study 4 North Dakota Answers

Case Study 4 – The surviving spouse’s share

Answers for North Dakota Residents

The following answers are based upon North Dakota law as of January 2006. The
laws in other states may be different. Laws are subject to change, so please ask
your attorney for answers to specific questions.

1. Assume that Joe and Sarah own their home as community property. If Joe’s will leaves the home to their three children, and he dies before Sarah, the children will inherit

Advance Directives Case Study 5

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Case Study 5 – How much will each heir inherit?

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George, a 98 year-old widower, has two children, Alice …

Advance Directives Case Study 6

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Case Study 6 – The dangers of making