Trendy Credit Card Practices Many Not Be Worth It

As with most industries – change is going to come. Not all change is welcome however, especially when it comes to your finances, your personal protection, and your financial well-being. So when the credit card industry rolled out the following doozies, it should make you take pause and understand them before following the sheep into the pasture.

The stress of two mortages

If you’ve been following me here on Gather Little by Little over the past year or so, you’ll know about our quest for a new home. If your fairly new here or maybe even need a refresher let me summarize for you.

Money Saving Tips for the Holidays – A free eBook

I gave you a teaser on Friday that the M-Network had a big surprise coming today, well here it is: a new free e-book titled Money Saving Tips For The Holidays“. No, you don’t have to link to us, subscribe to our blogs, comment or anything else in order to get it. This is our early Christmas gift to you and reading it is as simple as clicking the link below.

The eBook is a compilation of tips and ideas from all 8 members of the network – myself, My Two Dollars, Paid Twice, Cash Money Life, Moolanomy, Being Frugal, Plonkee Money & Mrs. Micah – it is available as a PDF download right here:

Should the church use debt?

This is a guest post from Kevin, the author of No Debt Plan. He blogs about getting and keeping you out of debt.

Just like any other church ours started out small. A handful of core families from a larger church decided they weren’t happy with the current direction of things and split off. Starting out they held church in ‘borrowed’ buildings – the homes of members primarily.

Soon that starter locations were too small for the number of people each Sunday, so the church moved to a ‘real’ church building. I don’t know all of the financial details of the transaction as it was before my time. I’m guessing there was some debt involved.

Don't make the Dr. Evil error of assuming

This is a guest article by Jeff who writes at Caddickisms where he shares his “thoughts on everything”. If you like this article, make sure you head over to Caddickisms and subscribe to Jeff’s feed.

Back in July, I missed a payment on one of my credit cards. I only missed it by 12 hours, but still, I missed it. This was a big problem, because I had heavily loaded this particular card under an excellent promotional balance transfer rate of 3.99% for the life of the balance. Give a credit card company a reason, and they’ll rip those promotional rates right out from under you – and missing a payment certainly qualifies as a good reason, from their perspective.

Paying credit cards before a mortgage? What???

I work in IT for a bank. During our monthly team meetings, we often have guest speakers from different areas of the bank come and talk to us about their area. One of our recent speakers was from our credit card division. While not a fan of credit cards, learning about the business model was interesting. The amount of profit and high level of default rates was plain scary. The one quote that caught my attention was “Credit cards have become such an important financial tool, that people are now paying their credit cards before their mortgage“. My first reaction was that I didn’t hear what she said correctly which was immediately followed with a resounding mental “WHAT???”. I wrote the quote down along with the question “Why??”. Rather than interrupt the presentation, I decided to follow up with her afterward.

Arming Yourself

Knights in Armor
Photo by: Jeff Kubina

This is a guest article by Otherdeb (Deb Wunder). Deb is a 55-year-old writer who lives in Brooklyn, New York. In addition to her writing (she is a published short story writer, and has a blog called The Dangling Conversation), she makes beaded jewelry and knits (and takes commissions for both), reads anything she can get her hands on, and gets paid to keep a high school cafeteria under control ten months a year. She is between half and three quarters of the way to becoming debt-free.

The emotional snowball

Snowballl on a hill
Photo by: redjar

We paid off our Chase card last week. It was an amazing feeling and one that has kicked in the afterburners on knocking out our Bank of America card next. My two remaining cards, Bank of America and Wachovia are our last two. While I don’t like the debt, I do like both of these companies. There customer service has been great, they have both been very fair and have not causing any unexpected rate hikes nor refusing the reduce the rates when I’ve called and asked. They are both the opposite end of the spectrum from Chase, whom I grew to abhor. So good bye and good riddance Chase, you will never be in my wallet again.

What Does the Bible Tell Us About Debt?

The Bible

Photo by: LabyrinthX

This is a guest post by Miranda Marquit who writes about personal finances for the All Business Personal Finance Corner and edits information on debt consolidation for Interested in writing a guest post for Gather Little by Little? Contact me!

One of the growing areas of personal finance is an interest in applying Christian principles to how one spends, saves and invests money. Christians are beginning to take an interest in how their financial lives affect their spiritual lives — and especially in how their spiritual beliefs and values inform their financial decisions. From investing to donating money to the less fortunate, Christians are turning to the Bible to help them navigate their personal finances. And as America’s debt problem becomes increasingly many Christians are wondering what God has said about debt.

Dealing with the debt timebomb


Photo by:

This is a guest post by Jonathan who created Friends and Money in March 2007. His site is dedicated to providing reviews of paid survey, social networking, and cash back shopping communities. His aim is encourage visitors to combine the twin goals of making friends and earning money online.

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