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U.S. Consumer Credit Seen Rising; Greenspan to Speak on Economy
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U.S. consumer borrowing through charge cards, car loans and other non-mortgage debt is expected to show a $7.5 billion increase for the month, according to the median of 42 forecasts in a survey by Bloomberg News. In June, consumer borrowing rose by $6.6 billion. The Fed issues the report at 3 p.m. local time.
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From debt to wealth on $10 a day
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Let's say you're the average American. You have a decent job, but you also have $8,000 in high-rate credit-card debt and no savings to speak of. You may not believe that $10 a day can dig you out of that hole. But it can-- and in less time than you think.
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Turning Poor Credit Scores Around
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Do you know your credit score? If not, you're not alone. A new report out this week finds most of us not only don't know our credit scores, we don't realize how a bad one affects our financial future.
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You've got to create a family budget based on needs, not wants
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David Schult, a personal finance lecturer at California State University, Long Beach, said that no matter what an individual or family's method, creating a budget is imperative. To do that, 'you should sit down and immediately determine what your needs are instead of your wants,' he said. 'Then it's time to control yourself. There's no reason why you need to buy everything on sale.'
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Consumers beginning to feel the Fed's rate nudges
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Rates for car loans, home equity loans and credit card debt have begun edging up since the Fed began boosting rates this summer. And the Fed -- which raised rates again on Tuesday -- isn't done.
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Bounced checks can lead to banking ban
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many consumers find themselves shut out of the banking system after mismanaging their checking accounts and being blacklisted on a national registry.
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