PawEng » Money http://paweng.com Software, hardware, and the internet Mon, 03 Aug 2009 00:22:00 +0000 en hourly 1 http://wordpress.org/?v=3.0 The Crisis of Credit Visualized http://paweng.com/2009/02/21/the-crisis-of-credit-visualized/ http://paweng.com/2009/02/21/the-crisis-of-credit-visualized/#comments Sat, 21 Feb 2009 12:01:36 +0000 PawEng http://paweng.com/?p=567 The Crisis Of Credit website [via Lifehacker] has a visual explanation of the current credit crisis. Over 11 minutes they go over the reasons for the crisis.


The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

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]]> http://paweng.com/2009/02/21/the-crisis-of-credit-visualized/feed/ 0 Five Things to Watch Out For with Credit Cards http://paweng.com/2009/01/26/five-things-to-watch-out-for-with-credit-cards/ http://paweng.com/2009/01/26/five-things-to-watch-out-for-with-credit-cards/#comments Tue, 27 Jan 2009 02:11:15 +0000 PawEng http://paweng.com/?p=505 The Get Rich Slowly blog has an article about five credit card company tricks and how to thwart them.

For example:

Promise #3: “0% APR on balance transfers for 12 months!”

The Trap: Two-fold. First off, it’s almost impossible these days to transfer a credit card balance without paying 3% of the balance upfront. Transfer $5000 and you’ll pay $150 before we even start talking about paying down the balance.

Second, almost all card companies take your payments and apply them first to balances with the lowest interest rate. Say you transfer $1000 to a card at 0%. The card’s interest rate on new purchases is 13.99%. This month you buy $500 worth of stuff with the card, then pay $500 when the bill comes. Do you still have a $1000 balance at 0%? No, you have a $500 balance at 0% and a $500 balance at $13.99%! Why? Because your $500 payment went toward the balance sitting at 0%, not toward the balance sitting at the 13.99%.

Read all five tricks at Get Rich Slowly, and see what they think your best options are.

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