So what do you think is a high credit card interest rate - 10%? 20%? 30%? What about 79%?

You see, over the past few months, the banks have been preparing for the new credit card rules. You know, the rules that prevent them from "gouging" us consumers. So how are they preparing? By "gouging" us now, BEFORE the new rules go into effect!

I had one of my cards go from a 14% interest rate to a 30% interest rate - for no reason. I wasn't late. Don't have a high balance. Haven't gone over the limit. And have had the card for at least 5 years.

So to reward me, the bank raised my interest. I know, they're a business, and they need to make money. But DOUBLING MY INTEREST RATE!? That's not good business no matter what industry you are in.

But that's nothing compared to what one bank is offering. Get this - they are offering a credit card with a 79.9% interest rate!

NO, it's not a typo. 79% interest!

OK, this is not a card designed for the average consumer, it's for someone with past money problems who needs to re-establish credit. So, nobody is forced to use a card with interest rates this high.

But the simple fact that this is even a real card make the banks look exactly like the greedy fools that encourage people to get into debt and STAY in debt.

What can we do? Simple - stop relying on banks.

• Get your debt under control.

• Start your own business or get a part-time job to make extra money.

• Stop buying those things we don't really need.

• And stop buying those things we really can't afford.

• Create your own emergency savings account to borrow from when money is tight.

As long as we give up our financial control to credit cards, we're at the mercy of the banks.

So, in 2010 do what you can to take back that control! What do you think? Let us know in the comments section below:

One thing I really hate is hearing an ad for something that is "free" and then being charged for shipping or processing or some other junk fee. In my book, free means free - if I need to pay anything, then it's not free.

Or if I need to sign up for another service first, and only then do I get the item for free, then to me that's not really free either.

So quite often I get contacted by companies like FreeCreditReport.com to offer their products on my website. You know, the company with the catchy song on TV? Since they advertise the free part so loud and clear, you would imagine that your credit report would be completely free.

But is it?

Well, you must sign up for a trial of their credit monitoring service. Sure, you can cancel before the trial period ends. But that's a real pain. And the trial is only for 7 days. Otherwise, you get charged a monthly fee. So, is that really free?

Want to know the worst part?

You can actually get a free credit report without any strings attached. No fees. No sign up. No trials. So here's the service I choose to recommend:

www.AnnualCreditReport.com

Not that FreeCreditReport.com is dishonest. Or illegal. In fact, they tell you everything on their website. But like I said earlier - to me, free means FREE - otherwise I can't be bothered. So when those companies contact me, I say "no". Since it bothers me as a consumer to have to pay for something that is advertised as free, I won't offer to my site's customers. Maybe I'm being way too picky. Or maybe I'm being way too philosophical. What's the harm? They're just a company trying to make money, right?

Of course. But to me, FreeCreditReport.com is not really free. What do you think?

It's almost a crime what colleges charge for tuition these days. And it's not much better how credit card companies target college students BEFORE they even get a job and make enough money to use credit cards. Sure, both are businesses and it is their job to make money.

But the culture of getting in debt is starting WAY too early across college campuses.

I read this article the other day, Student Loans are the New Indentured Servitude, and was amazed at just how much recent college graduates owe when they get out of school:

It's a little technical, but it makes a strong point. OK, I know college is expensive. Been there, done that. So I know what it is like to pay back your student loans.

But what message are we sending to young people by making them struggle under such incredible debt before they have the means to pay it back? If they can't pay back their loans, how will they learn to pay all their other expenses? By using credit cards?

No, I don't have a good solution to this problem. It's the same at most colleges these days. But I just can't help but wonder whether college is ever worth it for many of these young people. Especially when these loans and credit card bills don't come with any instructions on how to manage money.

Bad way to start adulthood. Tough lesson to learn the hard way.

Hopefully most of them will find a way to break through and not think that having debt is cool.

So, which do you think is worse for college students, credit card debt or even bigger student loan bills?

My biggest surprise as a college student wasn't the wild parties, the burning couches (thrown from the windows of "The Jungle" at UConn), the freedom to go to sleep and wake up whenever I wanted, or the ability to party 7 nights a week.

It was the ease of getting an American Express card with just a signature (and virtually no income)! I have to admit, it was fun to walk around campus with my new green AMEX card. And it was fun getting a call from my friends who went down to the casinos in Atlantic City NJ telling me they wish I had gone with them because "there are these cool machines that take your credit cards and give you money!"

But what a horrible lesson to teach a young adult in college, right!

You can buy things even without any money. All you have to do is use your card, and pay later. Never mind that you can barely pay for a pizza on a Friday night. You can but whatever you want, anyway (well, with AMEX you need to pay in full every month, but for most cards you don't).

Well, the new credit card rules that go into effect in February 2010 require that credit card companies can't just give away credit cards to applicants under 21, unless they can prove their ability to repay the cards or get a co-signer.

On the one hand this sounds like a great idea. After all, college students aren't responsible adults yet, are they? That's what I was thinking.

Until I read this article that states Credit Card Act treats adults as children. Now I'm not so sure.

What do you think? Are college students over the age of 18 adults who should be able to get a credit card and learn how it works before they're out in the working world full-time? Or should the credit card companies have the burden of treating college student special and make sure they know what they are getting into?

It is common knowledge that your personal information should be kept private to reduce the chances of identity theft or credit card fraud. Protecting your personal information is important not only when you are out and about each day, but also when you are making financial transactions online. With all this emphasis on privacy and security, the fact remains that your information is required to complete certain transactions. People who are already facing a financial crisis may be more vulnerable to sharing this information when enrolling in programs or processes which are intended to provide debt relief. Here are a few tips to help minimize your risk.

• Research who will have access to your information- Before enrolling in a program or entrusting a company with bank or credit card information, take the time to research the company. Find out who will have access to your personal information and what type of security systems are in place to prevent unauthorized use. Check the Better Business Bureau to see if there have been any complaints about the company that may indicate they are not on the up-and-up. Another way to get a better feel for a company is by looking for reviews from previous clients. These steps may uncover issues which would indicate the company should be avoided.
• Never give your bank information to a debt collector- Regardless of the abusive tactics used by debt collectors, do not succumb to the pressure to pay a past due debt if you don't have the money to pay that debt. If you do have the money and want to send a payment, do so on your terms. Never provide your checking account information and authorization for an electronic debit as form of payment. There are people who have agreed to a certain amount only to find all of their money has been removed.
• Play close attention to bank account activity. Although you shouldn't use electronic payments to pay a debt through a debt collector, automated debits are common when working with the credit card company directly or certain debt settlement companies. In most cases if you have been behind on payments and the creditor is either working with you or has agreed to settle for less than you owe, they require an automated draft to ensure they get their money by the designated date. If this is the case, you not only have to ensure the money is available, but also that the correct amount is withdrawn. Not every person, company or transaction is subject to suspicion, however both human and technological errors occur.

The tips covered here may not help you get out of debt, but they will help you prevent further financial distress. Whether on purpose or by accident, incorrect transactions posted to your bank account could cost you hundreds or thousands of dollars. No one can afford to lose that kind of money, especially someone already struggling with unpaid debt.

What do you think? Have you ever been “burned” by giving out your personal information? If so, comment below:

Tisha Tolar is a writer for DebtFreeDestiny.com, where she provides information about credit card consolidation, debt relief and how to get out of debt.

So, if you were behind on your mortgage payments and facing the possibility of foreclosure, what would you do? I just read an article about a New Jersey woman who was in this type of situation. And rather than look for an easy way out, she decided to find a way to make extra money.

So she decided to sell homemade "mortgage apple cakes" to make some extra money. And now she has so many orders she now needs to help process all the orders! Read the article here.

What a great lesson we can all learn from!

Even if we are not facing foreclosure. I get emails from people all the time asking what they should do to get out of debt. Most people are looking for professional help, or some type of "miracle" cure for credit card debt.

While sometimes you need help, sometimes you just need to buckle down and work harder. One of my former bosses used to say "sometimes when money is tight you just need to go out and make more of it!"

How true! But most of us don't usually think this way. Maybe we should.

Because there is no magic potion for paying off debt. You just need to learn how to spend less. And earn more. And do whatever it takes.

Have you ever done anything like this? Let us know by commenting below:

Got a good tip for getting out of debt? Saving money? Making your life (or someone else's life) a little better? Earning a few extra bucks? Living on a tight budget?

Money is tight for lots of people these days. And we need all the help we can get.

No tip is too small, because every little bit helps. Tell us how you:

• save money on monthly bills
• cut out expenses
• pay your bills when money is tight
• use your credit card less frequently
• or anything else that helps you with your finances

So don't be shy, share your good ideas with others. Just comment below (you can even do it anonymously) and let us know your favorite money-saving tips!

I know, I know, when money’s tight you have to do some strange things to survive financially. But there’s a BIG difference between eating mac & cheese every night … and buying a new big screen hi-def TV to watch while you eat your mac & cheese!

So you owe it to yourself to correct as many of these mistakes as possible – as quickly as possible – in order to get yourself back on track:

1 - Playing by the creditors rules
Ever wonder why you are paying 19.99% interest on your credit cards? Because it’s a lot easier to pay than to call them up and ask for a break. And because it’s a lot easier than shopping around for a new credit card with a lower rate (if you do this, make sure to cut up the old card – you don’t need to cancel the old account, for credit score purposes, but you don’t want to add to your debt, just lower your interest).

2 - Not paying yourself first
These days setting up a savings account is very easy. Just go online, search for “online savings account”, find the highest interest rate, and set up an automatic withdrawal every month. Even if it’s just $25 or $50 a month, at least it’s a start. And before long you’ll have your own emergency fund (see below).

3 - No rainy day emergency fund
Without an emergency fund, it seems like every expense is an emergency – and then finds it way onto your credit card. You need to find a way to put aside 1-2 months worth of expenses into a bank account that you only use for emergencies (and getting that big screen hi-def TV is NOT an emergency!)

4 - Keep spending what you don’t have
Sure, when you need to spend more than you make just to buy groceries, life is tough. But then you need to look really deep (deep inside your heart AND deep inside your checkbook) for ways to cut your expenses. Do you really need cable TV more than you need food? Rather than driving to the mall, how about driving to the consignment store to shop for clothes? See, you get the idea - if you just try hard, you can find ways to save money.

     

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