Tuesday, January 5, 2010

This week's top story: Beware! Forgiven debt carries tax penalties

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More credit card news | Credit card help | Credit card videos | Credit card statistics January 5, 2010
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Top credit card stories

Beware of tax bite that may follow canceled debt
If you thought your money woes ended last year when you settled that credit card, think again. The new year may bring an unwelcome surprise to your mailbox in January -- a tax bill for the forgiven debt amount. More... 
Personal finance predictions for 2010
You'll change the ways you and your family spend, borrow and save, experts say. See predictions for credit cards and more. More... 
More issuers ditch mandatory binding arbitration
With legal pressure ramping up against the often-criticized way to resolve credit card disputes, issuers abandon compulsory arbitration. More... 
How wage garnishment works and how to avoid it
Wage garnishment -- a last ditch effort at debt collection -- hits debtors where it hurts: their ability to pay the bills, fill the gas tank and feed their families. More... 
Expert credit card advice

How to keep a bogus medical bill off your credit report
'The Credit Guy' expert Todd Ossenfort
Here are steps to take to prevent an inaccurate medical bill from appearing on your credit report.
More...
 
Don't let FICO score advice get you down
'Opening Credits' expert Erica Sandberg
The tips on your credit report for improving your score can be just stock responses and shouldn't be taken too literally.
More...
 
Hiding debt problems doesn't help
'To Her Credit' expert Sally Herigstad
Hiding your financial situation from collectors and family makes things worse when you need to build a support system instead.
More...
 
Authorized users pay for primary cardholder's goofs
'Credit Score Report' expert Jeremy Simon
As an authorized user, you risk paying for another's mistake. Luckily, there are steps to take to minimize the damage.
More...
 
Taking Charge: A CreditCards.com blog

'The Middle' sitcom takes a jab at deferred interest
Watch out for deferred interest offers. As this TV show comically depicts, "no interest until" offers can be costly if you're not careful. More... 
Emily's list: New Year's resolutions edition
The personal finance blogosphere this week agrees: Setting resolutions is great, but keep them bite-sized if you want them to succeed. More... 
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Credit card rate report
(as of 1-5-2010)
National Average   12.97%
Business   10.74%
Low Interest   11.97%
Balance Transfer   12.03%
Cash Back   12.49%
Instant Approval   13.32%
Rewards   13.40%
Airline   13.60%
Bad Credit   13.74%
Student   14.51%

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