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Joomla Popin Window by DART CreationsThere was a time when having a credit card was considered to be an elite privilege.  The purpose of credit card was to avoid carrying large sums of cash.  People gladly paid annual fees for the convenience, and no one offered things like frequent flier miles or cash-back rewards.  As a matter of fact, it was so difficult to get a credit card, you were glad to have been accepted into the "elite".

There is currently legislation in the works to limit how credit card companies can charge you in terms of penalties, late fees, and interest rate hikes.  These change in fees come, usually, with no or little warning.  So, in essence, you could be carrying a large balance on a credit card, and have your interest increase by as much as $70, $80 or $90, just like that.  Some consumer advocacy organizations claim that credit card companies are grossly profiting from these unnecessary fees and rate hikes and it has to stop.  The argument from the companies is that the free market is just that- free.  If you feel the fees are too high or unfair, then go to another company.  But we know that it's not that easy.

Last update: 21-05-2009 11:49

Balancing family financial obligations has made it nearly impossible for some Black women to save, a study by ING shows.

The survey, which polled 1,000 Black and 454 "non-Black" women about their spending habits, found that more than half of the Black respondents lent $500 or more to a friend or family member within the last year; one-third said they loaned more than $1,000.

"Black women's sense of obligation to community and family is both extraordinary and commendable," says Rhonda Mims, president of ING Foundation and senior vice president of ING's Office of Corporate Citizenship & Responsibility. "But when you are pulled in so many directions financially, something or someone has to pay the price. For Black women, it appears their financial well-being suffers."

Unfortunately, that sense of obligation has adversely affected Black women's ability to save. Among those surveyed:

· 66 percent own a retirement account, compared to 79 percent of all other women

· 28 percent own individual stocks and bonds, compared with 52 percent of all other women

· 23 percent own mutual funds, compared with 39 percent of all other women

Last update: 21-05-2009 10:30