Never Live on Just Cash

Many of us blame credit cards for getting us into debt, which leads us to believe that credit cards are evil and should be eliminated from our lives. While the idea of not spending more money than you have is on point, the notion of eliminating credit cards is just silly. Consider the following points before deciding to live solely on cash.

VS.

Spending cash can’t make you cash like credit cards can.
You don’t get rewards or discounts for paying in cash. But you do get rewards such as cash back when you use credit cards. With rewards credit cards, you can even earn points for gifts, travel, gas etc. If there is something you are going to buy, then you might as well buy it with a rewards credit card and get rewards for making the purchase. Buying in cash doesn’t give rewards, but credit cards do.

Cash is unsecure.
If your cash is stolen, then it is gone forever. But if your credit card is stolen, then your money can still be secure by simply reporting your card stolen. Carrying around tons of money just isn’t a good idea.

Cash isn’t accepted everywhere.
More and more places these days aren’t accepting cash, such as car rental agencies. It’s always good to have a credit card handy just in case.

Cash doesn’t leave a paper trail.
By leaving a paper trail it’s easier to see where all of your money is going. Unless you’re great at writing all your expenses down, your credit card bill can be used as a simple way to document your expenses. Knowing where all of your money is going can help you budget your money for the future.

Living just on cash isn’t the solution to anyone’s money problems. Credit cards are great for helping you save money by giving you cash back or rewards when you use them. Just remember to not spend more money then you have.

Do you have an opinion about cash vs. credit cards? Share it with us by leaving a comment!

Is the Secretary Paulson and Ben Bernanke Bailout a Good Idea?

There are many saying that Secretary Henry Paulson’s bailout plan is not the best way to deal with the credit crunch crisis. Paulson came from Goldman Sachs. Is he trying to protect his buddies? Are they taking advantage of the fact that the administration of the country will change soon and then the new leaders can blame their predecessors?

The bailout shifts the burden of the losses to the taxpayer. Another problem with that is that we are not even getting fire-sale prices. They say the bailout will not be effective if bottom dollar is paid. So they are trying to speculate on what it will all be worth in the future.

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Are You Prepared for the Worst?

Hank Paulson the Treasury Secretary, and the government are working on a plan today to set up a government facility to take on bad debts from financial institutions to prevent the global credit crisis from worsening. They say that the problem is that companies who borrow to keep their businesses running cannot get credit. There are questions as to how fast the government can actually implement such a plan. Some say it could take weeks. I don’t know what the repercussions of a move like this would be other than we the American taxpayers would be taking on more debt.

White House spokeswoman Dana Perino questioned whether doing something in the middle of a market correction was wise and acknowledged it could be difficult to approve something quickly.

The government says that the facility would be similar to the Resolution Trust Corporation which was set up on 1989 to take on all the failed thrift assets during the savings and loan crisis.

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Class Action Lawsuit Against Trans Union

You are eligible to receive benefits from a settlement against Trans Union if you had an open credit account or an open line of credit from a credit grantor (including, for instance automobile loans, bank credit cards, department store credit cards, other retail store credit cards, finance company loans, mortgage loans, and student loans) located in the United States anytime from January 1, 1987 to May 28, 2008.

You must register at http://www.ListClassAction.com by September 24, 2008, to be eligible.

You may register for one of the three following benefit options:

1. Sign up for six months of credit monitoring services. If you select this option, you can also register to possibly receive cash benefits in the event of a cash distribution or file an individual lawsuit against the Defendants.
2. Sign up for nine months of enhanced credit monitoring services. If you select this option, you will not receive any further benefits, including a cash payment, and you will not be able to file an individual lawsuit against the Defendants.
3. Register to possibly receive a cash payment. If you select this option, you can also sign up for six months of credit monitoring; however if you receive a cash payment, you cannot file an individual lawsuit against the Defendants.

I selected the 6 month credit monitoring service with a possible cash payout. Cash payouts in class action lawsuits are generally very small, but you have nothing to lose by registering, and you will be able to monitor your credit for free.

The Credit Card Finder is Coming

On Friday, 8/15, we will be launching our Credit Card Finder

Before this site was started we scoured the internet for credit card information. The problem we found is that most sites just don’t care about you. They just provide a list of cards and remove themselves from all responsibility of your decision.

The Credit Beacon was founded to help you make the best and most informed decisions regarding your finances. When it comes to credit cards it takes more than a couple bullet points to express what you’re really getting. It takes a lot more than just a site built by a handful of people too, it takes you.

We’ve built a comprehensive database of card offers that we will be constantly adding to, you can easily sort through them to find exactly what you’re looking for. But most importantly you can share your stories about any card you’ve had experience with, we need to start cooperating financially so that everyone can have a brighter future. So all we ask is when Friday rolls around you check out our card finder and tell us more about your personal experiences so that everyone can benefit!

5 Proven Ways to Encourage Saving Money

Are you one of those people who cringe when you see someone else splurge? Are you a money-saving mad man/woman? Well, you’re not alone. Some of us are just natural savers. We gather money and hog it like there’s no tomorrow. It frustrates us when we see our friends and family spend money so freely. We wonder why our conscious prevents us from buying things that aren’t necessities, even if we do want it really bad. Okay, maybe we have a money-hogging impulsive disorder, but that’s another story. For now, let’s just say that saving money is a good thing and we should get other people to do the same.

Enlighten the Future
Just about everyone gets excited when you start talking about great financial opportunities for the future. I mean, wouldn’t you get excited if I told you you could be rich in a couple years? You can tell your friend about all the wonderful things you can do when you save your money for the future. You can save to purchase a car cheaper, because you won’t have to finance it. You can save for school, so you don’t have to take out loans and pay interest. You can even retire earlier. Saving money doesn’t mean you hog it and just to let it sit somewhere; saving money can reduce the net amount of money you spend on purchases so that you have extra money in the future to spend on more things, like a nice vacation. Saving money lets you buy more, no matter how strange that may seem.

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Who Else Wants Free Money?

Who said money doesn’t grow on trees? You just have to know how to plant one!

Have you noticed how credit card companies and banks make lots of money off of us by charging interest on the debt we owe them? Well I have a solution to outsmart the credit card companies and banks to start making money off of them. It does not require that you have a lot of money already, nor does it require you to be a rocket scientist. Almost anyone can do it. And I say almost because you still have to be careful; we are talking about money here, free money to be precise. This isn’t some scam. It is perfectly legal and there are plenty of people doing it as you read this.

The Concept
You’ve probably heard of leaving money in a high interest savings account or certificate of deposit (CD) to gain interest or invest your money in stocks etc. This is the general concept, but the problem with these methods of obtaining free money is that you have to have money to start with. So what do you do if you don’t have money to start with?

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The Reality Of 5 Credit Card Myths

1. I am a hopeless, failure because I am in debt.

Stop being so pessimistic, literally. Your inability to get out of debt is all psychological. Debt is just an obstacle that you have to be motivated to overcome. If you believe that you are stuck, then you are. But if you believe that you will get out of debt, then you will. Some of the most financially successful people in the world such as Donald Trump, had tons of debt to the extent of filing for bankruptcy. But today he has a $2.5 billion fortune because he knew he wasn’t a hopeless failure. It is your own state of mind that will determine who you are and what you are capable of. You are not hopeless and you are not a failure.

2. Your credit card is not opened until you call the company to activate it.

Wrong! Your credit card is opened and shows up on your credit report the instant it is approved. So if you ever decided that you no longer what a credit card after you apply for it because it will hurt your credit score, you can’t just consider it not opened if you don’t activate it. Calling the company for activation allows the credit card to be used and by that time it is already opened.

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The Secret to Being Financially Happy

How do people like Warren Buffet and Bill Gates get to be the billionaires they are today? Is it their integrity? Is it their ambition? Is it their entrepreneurship? Or is it their willingness to do anything? Actually, they are who they are simply because they are brilliant.

A part of being brilliant is to know the balance between financial growth and personal necessities. Building credit and wealth requires making responsible decisions. It requires you to know when it’s okay to spend extra money or go over a credit card limit for something that is a necessity. Or in other words, being cheap can save you money and make you financially wealthy, but being too cheap can kill you, and that would be the opposite of brilliant, which is stupid.

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9 Must Read Credit Guides

1. No Debt Needed Debt Reduction Guide
   Written by a person who successfully got out of debt, this guide is a great place to start. It gives elaborate steps on what you should do to get out of debt, covering everything from determining a debt reduction method to planning future savings.
2. The Only Credit Card Guide You’ll Ever Need
   This simple to follow, question and answer guide has vital information that you need to know. It covers everything from the basics about credit cards, finding the right credit card, and warnings you have to know.
3. “Good” Credit Debt – How – To Play the 0% APR Game
   Want to make money off of debt? This guide will show you are sneaky trick!
4. 15 Ways to Establish and Improve Your Credit History and FICO Score
   This is a must read guide on how to improve your credit. It contains information everyone should know.

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Getting Started With Credit

Having credit is a very important part of living in today’s society. The amount of credit you have represents how trustworthy and responsible you are when it comes to money. Your credit is measured using a credit score. Your credit score is checked every time you apply for a credit card, mortgage, buy a car or even apply to get your phone line installed. Checking your credit score is becoming more and more prevalent, because lenders and organizations are becoming more careful about whom they can trust giving credit to.

Your credit is dependent on the items listed below:

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Welcome to The Credit Beacon

We Love Good Credit

The Credit Beacon was founded with one thing in mind, your credit.  We want to help you make informed decisions about your financial and credit needs.  We believe that having good credit is a vital asset to living life and we are here to help you achieve all you can imagine.

Our services are all free.  We don’t charge anything, not even a penny.  Unlike other sites, we are solely dedicated to helping you.  We provide you with advanced search tools to ensure that you find the best credit card offers, lenders and counselors.  We also give you access to industry facts and secrets.

The staff here at The Credit Beacon is proud to welcome you to your future of obtaining and retaining an excellent credit score!