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Lending 'Love Money' Can Leave You Broke - Beware Helping Family Or Friends That Are Struggling With Household Debt

Kim knows all about "love money." That's borrowing from family and friends, when tough times hit.

Surviving The Axe - Get Over The Pain, Say The Experts, And Make Family Finances Top Priority
By Linda Leatherdale, Toronto Sun | Published 07/13/2008 | Money Management |

For 62-year-old Butch, who's worked as a tool maker his entire working life, the future looks grim. Very grim.

Since 2005, its's been a flurry of pink slips, with long bouts of unemployment and no money coming in. Though Butch is now working again, his hourly rate has been slashed by 30% and he no longer has medical benefits. Every day he sits in fear that the axe will fall again.

Death By Plastic - Plenty Of Credit Line To Hang Yourself
By Garry Marr | Published 07/5/2008 | Dealing With Debt , Money Management |

Yippee! My MasterCard credit limit has been extended to $34,400, and I didn't even ask for the increase.

Consider: I can transfer any account balances to my MasterCard for a nominal interest rate of .054767%. Sounds cheap except for the fact it is 19.99% on an annualized basis. I get the same low rate for purchases.

Prepaid Credit Cards May Be Too Handy - Convenience Always Comes At A Price

Among the more insidious ways lenders have devised to get consumers to spend more is the prepaid credit cards.

These look like ordinary credit cards but are preloaded with a certain amount of cash up front. There are no interest charges, so there's no way of spending more than the preloaded amount.

The Death of Thrift

Young people just want to shop till they drop. Old-fashioned thrift is in short supply in North America. Savings rates in Canada and the United States have been - 1% since 2005, a phenomenon known as "dissaving".



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