Personal Finance in the News

October 25, 2007

Freezing Your Credit Report
Thanks to recent legislation, you may be able to lockdown your credit report so that new creditors can’t access your credit report without explicit permission from you.  This should help prevent anyone from fraudulently borrowing any money in your name.  Of course it also causes a big hassle anytime you want to apply for a credit card or any type of loan. 

I put a fraud watch on our credit history after someone got a hold of our credit card and went on a shopping spree a few years ago.  Anytime someone applies for credit in my name, I’m supposed to get a call before it’s approved.  This doesn’t always happen so I think about into freezing our credit report.

Home Prices Keep Dropping
Good news for people in the market looking to buy a home, prices keep getting cheaper.  Bad news for people trying to sell.

The National Association of Realtors reported Wednesday that sales of existing homes fell 8 percent in September, the largest decline to show up in records dating to 1999. The seasonally adjusted annual sales rate of 5.04 million existing homes was also the slowest pace on record

The excess supply of homes for sale has put downward pressure on prices, who knows when the fall will stop.

People Keep Using Credit Cards
American Express reported higher quarterly profits due to higher spending on it’s credit cards.  Real estate prices are falling, the dollar is falling, but people keep on spending money and putting in on their American Express.

Ben

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Ben

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn’t like the other kids… His addiction to personal finance has paid off for his family and now he’s helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.


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