How Interest Rates Affect Your Costs

If you have good credit, you are probably under the impression that your credit card is a pretty good deal. If you have bad credit, you know your credit card rates, fees, and service charges aren’t as good as someone sporting a niftier credit history than yours, but do you know exactly how much better off your credit card statements could look?
Unless you have an advanced degree in accounting economics and like doing recreational math problems, then you are probably like the rest of us: paying off your credit cards a bit at a time hoping to see your efforts chip steadily away at your balance until it reaches zero. Running the numbers might surprise you. Doubling your minimum payment is great, but might not give you the expected pay off and pay down power you are after.
It is great news for the vast majority of the population whose definition of employment or enjoyment does not include the computation of compound interest; however, there are those brainiacs who are just weird in their love of complex math. They can do the math for us. One such example assumes a credit card debt of $5000 paid off in one year’s time. If your interest rate is set at 5%, your payment will need to be $428.04 monthly to guarantee a zero balance in one year’s time. In the end, you will have paid $136.48 in interest charges. Not too shabby, but if your credit isn’t stellar, there is no way your interest rate is set at a paltry 5%.
One of the realities of having bad credit is that when you are able to find a company willing to extend you a credit line, you will pay much higher interest rates for it. A common interest rate for poor credit is 21% or more. This makes the same $5000 dollar debt look very different. To pay it off in the same 12 months, your payments are now over $37.00 higher per month at $465.57. But the increase in the monthly payment is a mere love tap when compared to the bulked up total in interest charges. At 21% interest, you would end up paying $586.84, which is $450.36 more than the good credit rate of 5% winds up paying for the same $5k. Interest rates don’t cap at 21% either. Some bad credit cards carry interest fees of 29-35% or more.
Don’t get too smug if your interest rate is closer to the 5%, because that is not a guarantee it will always be that way. One late payment could send your interest rate rocketing up to that 29% rate in a matter of one billing cycle. If you don’t believe it, check the fine print that comes with your statement each month. Penalties and interest charges due to mismanagement of your account are printed there, and they can be downright scary.
Higher interest rates are not the only measure of a credit card for good credit vs. a credit card for bad credit. To compare other fees and account charges click the graphic to the left.


In the end, the only real way to be certain your credit card payments will stay low, interest fees remain manageable, and a credit score will improve or stay high is to keep on top of your credit accounts. Paying them off in full each month is best, and being certain to avoid extending your credit beyond your income will keep you sitting pretty.In the end, the only real way to be certain your credit card payments will stay low, interest fees remain manageable, and a credit score will improve or stay high is to keep on top of your credit accounts. Paying them off in full each month is best, and being certain to avoid extending your credit beyond your income will keep you sitting pretty.

http://www.creditloan.com/blog/2011/08/24/how-interest-rates-affect-your-costs/

More Evidence Links Tanning Beds to Higher Skin Cancer Risk

MONDAY, Oct. 24 (HealthDay News) -- Roughly 10 percent of Americans continue to use indoor tanning beds, but new research suggests that doing so increases their risk for three common skin cancers, including basal cell carcinoma, squamous cell carcinoma and melanoma.

In conducting the study, researchers tracked the tanning bed use of more than 73,000 nurses -- first during high school and college, and then when the women were between 25 and 35 years of age.

The study found that tanning beds increased skin cancer risk over time, with a "dose-response effect." That means the more visits to the tanning salon, the higher the woman's risk for skin cancer.

Compared with women who didn't use tanning beds, the risk for basal cell carcinoma and squamous cell carcinoma jumped 15 percent for every four visits to an indoor tanning bed each year. The risk for melanoma, the deadliest form of skin cancer, also increased by 11 percent.

Exposure in youth seemed most hazardous. "Use during high school/college had a stronger effect on the increased risk for basal cell carcinoma compared with use during ages 25 to 35," noted study author Dr. Mingfeng Zhang, a research fellow in the department of dermatology at Brigham and Women's Hospital and Harvard Medical School in Boston in a news release.

Numerous studies conducted over the past few years have shown strong associations between tanning bed use and skin cancer. In March of 2010, a advisory panel to the U.S. Food and Drug Administration recommended a ban on indoor tanning by minors, and last February the American Academy of Pediatrics issued a statement supporting such a ban.

The study authors agreed that the findings have public health implications for prevention of all three types of skin cancer.

"[They] can be used to warn the public against future use of tanning beds and to promote restrictions on the indoor tanning industry by policymakers," said Zhang.

The researchers said they plan to investigate the link between skin cancer and tanning bed use over a longer timeframe.

The study was slated for presentation on Monday at the International Conference on Frontiers in Cancer Prevention Research, sponsored by the American Association for Cancer Research. Findings presented at medical meetings have not undergone peer review and are usually considered preliminary.

More information

The U.S. Food and Drug Administration provides more information on the dangers of indoor tanning.
Copyright © 2011 HealthDay. All rights reserved.
10/24/2011 5:00:00 PM

Six Tips for Early Retirement

With all the concerns about the economy and creating new jobs, is it crazy to be thinking about taking early retirement? Maybe not. Here are a few tips to consider should retiring early be a goal of yours.
	Start early. Establish your desire to retire early as soon as possible. Make sure both you and your spouse favor the same retirement date goal. With this stated goal, meeting savings targets and establishing spending priorities gets much easier.
	Know what you want to do. Often if you have a dream that can be fulfilled in retirement, it makes any hardships to get there more tolerable. Perhaps you've always wanted to visit the national parks while you're still mobile enough to enjoy them. Once you set this goal, creating a plan to get there will have more meaning.
	Pay yourself first. People who retire early have savings rates in excess of 10% of their income. This might mean holding off on a big vacation once in a while, but the long-term dividend is worth it. The larger your savings becomes, the more flexible you are in acquiring assets that generate more wealth for you.
	No debt and credit cards paid in full. It's hard to retire early if you are making large loan payments. Having a mindset to save money before you buy something versus taking out loans is the way to go for prospective early retirement. Why pay the credit card company interest when you could use that money for your non-working days?
	Financial independence mindset. Save enough to not have to worry about Social Security or other government programs to take care of you. Said another way, never over spend your own resources as you will need to depend on yourself and not others for your financial independence.
	Use common sense in investing. Many investment alternatives today no longer make financial sense when compared to the income potential of the underlying asset or property. For example, if you purchase rental property, make sure it cash flows at reasonable rent rates. If you use common sense, more of your investments may help generate income, even in retirement.

Even if you decide not to retire early, creating a plan as if you will retire early provides much added financial freedom should you have an unexpected job loss or other financial surprise. While this list is not meant to be all-inclusive, it should help start the conversation toward your early retirement dream.

The Rise of the Cyberbully

The world of technology is fast-paced and more readily adopted by youth. This often leaves parents and guardians in a catch-up role trying to figure out what our children are doing and how we can teach safe behavior. With over 50% of youth saying they have been subjected to abuse through social and digital media according to a recent MTV - Associated Press survey, the problem requires attention.

Teens use of technology explodes

A 2010 survey by the Cyberbullying Research Center found teen's (10 - 18 year olds) use of electronic communications widespread:

	83% used cell phones
	40% took cell phone pictures
	77% sent text messages
	50% used FaceBook

Cyberbullying defined: "Cyberbullying is when someone repeatedly harasses, mistreats, or makes fun of another person online or while using cell phones or other electronic devices." Source: Cyberbullying Research Center

Types of Cyberbullying

Cyberbullying usually occurs from someone the person knows very well. It comes in many forms:

	Posting something online that is not true
	Saying something mean or hurtful about someone and sending it to the child's social circle
	Forwarding a "private" message to others with the intent to hurt both parties
	Breaking into a cell phone or social account to read private information or worse, using the account to send out inappropriate messages
	Defacing social media pages
	Excluding your child from a social network, effectively ostracizing them
	Sexting. These are sexual messages and photos that are sent, often with peer pressure attached. These images and messages are then used to blackmail and belittle an ex-girlfriend or boyfriend as they are made public or threats are made to distribute the embarrassing information.

What can you do?

	Look for signs. If you child's behavior starts changing it may be time to discuss the cyberbully possibility. Cyberbullying is occurring across broad social spectrums: good students and poor students; in urban and rural areas; across genders and across all races.
	Set up rules. Make sure you have full access to your child's cell phone and social media accounts. Let them know this is part of the agreement with you to have the technology. Monitor use and look for changes in tone and behavior.
	Report abuse. Coach your children to tell you when cyberbullying occurs. Take this private harassment and make it known to the school and the parents of the offending children. Often simply telling friends what is going on helps stop the problem.
	Make Changes. Password protect devices and change the passwords often. Close down offending social sites. Change email addresses and screen names. Do not allow access to these devices after bedtime hours to provide a respite from the harassment.
	Tell the person to stop. Amazingly this is often one of the most effective means to get the bully to stop their harrasment.

Thankfully many school and state programs are being established to help students be more aware of the problem and provide resources to stop any harassment. Should you wish to learn more:

MTV - AP Digital Abuse Study - www.athinline.org/about
Cyberbullying Research Center - www.cyberbullying.us

Consumers Should Shop Carefully At Halloween Boutiques

Seasonal Stores May Disappear Before You Need Customer Service

Temporary costume stores and other Halloween boutiques are as much a sign of fall as autumn leaves. The BBB advises shoppers to check the businesses out with the BBB before patronizing unfamiliar stores or websites.

 

Nationwide, the BBB received 378 complaints about costume stores and websites last year. The complaints included deliveries that were late or never arrived, poor quality and difficulty obtaining refunds. Some customers found the stores closed when they returned to report a problem.

“A costume may look cute and the price may seem right, but it pays to check into a site’s reputation and consider return policies and shipping schedules before placing an order online,” said Michelle L. Corey, BBB president and CEO. “If you’re buying from a temporary store, ask about return policies before making a purchase.”

The St. Louis BBB logged only two complaints about costume stores last year, but in the past, it has issued warnings about websites that sell human and animal costumes. The BBB offers these tips to help you avoid being haunted after Halloween is over:

• Location. If you're interested in trying a new or unfamiliar online merchant, ask the company for its physical location (address and phone number) so you can check its BBB Business Review at www.bbb.org.
• Customer satisfaction policy. Determine the company's refund and return policies before you buy. If online companies can’t offer concrete commitments on how they will handle any potential problems you may have with their products or services, reconsider doing business with them.
• Leave nothing to chance. Be sure you have a thorough understanding of everything involved before placing an order. Be clear on the price and any shipping and handling charges. Know the terms of any product or service guarantees. Find out how long it will be before you receive your order. Federal law requires that goods and services be delivered within 30 days, unless a different delivery period is specifically stated by the merchant.
• Guard your personal information. Only provide your credit card number online in a secure environment. Look for the prefix “https://” in the URL box listing the website’s address to be sure that the site you are using is secure.
• Ask how long a store will operate. If you’re buying from a seasonal store, ask them whether they will be open after the holiday and whether they will accept returns when the season is over. If not, consider buying elsewhere or taking more time to be sure the item is exactly what you want before making the purchase.

BBB Warns Cardinals Fans To Steer Clear Of Ticket Scams

Playoff Has Fans Scrambling To Find Tickets

The Cardinals’ historic comeback to win a wild card slot in the National League division playoffs has caught fans up in baseball fever. However, the BBB warns fans to beware of potential scams by fake ticket sellers seeking to cash in on the comeback.

The opportunity for sports fans to be scammed by fake ticket sellers occurs most often when people buy tickets from individuals outside the stadium, on the street or through online auctions, classifieds and bulletin boards.

“Sports fans can get burned by purchasing counterfeit tickets or paying in advance for tickets that never arrive,” said Michelle L. Corey, BBB president and CEO.

The secondary market for sporting and entertainment tickets is a $10 billion a year industry. It includes tickets bought and sold by professional brokers as well as those purchased and resold by speculators and season ticket holders.

“The Internet has become the arena of choice for sports fans looking to buy or sell tickets,” Corey said. “Unfortunately, it also has become a breeding ground for scammers looking to take advantage of sports fans.”

The BBB’s database includes reputable, secondary market ticket firms that provide buyer protections, including money-back guarantees if tickets are fake. On some sites, sellers also must provide credit-card numbers so the site can charge a seller’s card for the cost of replacement tickets if they sell fake tickets. The Cardinals have their own website for reselling tickets held by season ticket holders.

The BBB offers the following advice for fans seeking tickets:

• Be careful buying tickets from someone on the street. When you get to the gate and find out your tickets aren’t real, the seller will be long gone.
• Before buying from an online ticket broker, look for the BBB logo on the website and click on it to make sure it is real. The BBB’s dynamic seal will take you directly to the BBB Business Review on the company, where you can read about the company’s record for responding to complaints. Make sure the website has a secure payment processing system, usually denoted by “https://” at the start of its website address or URL or a small closed lock icon at the bottom of the screen.
• If you buy tickets through an online auction site, choose a seller with a long history of satisfied customers. Scammers can hijack old accounts, so make sure the seller has recently sold other tickets.
• Ticket buyers also should be wary of sellers who try to lure buyers from a legitimate site to another site for a “private” transaction. Scammers often want to conduct their business on sites with names that mimic well-known companies but actually are fakes.
• If you are buying tickets through an online classified ad site, never pay the seller by wire transfer. You will have no way to get your money back if the tickets do not arrive or are counterfeit.