Consumers who take advantage of the sweeping reforms going into effect on February 22, 2010, can save and protect their credit. The “Credit Card Accountability Responsibility and Disclosure Act of 2009,” known as the Credit CARD Act, is the most important consumer legislation since Congress passed the Truth in Lending Act (TILA) in 1968.

But, at 33 pages, the Act is long and complicated. How can the average credit card users make the most of the forthcoming reforms in the CARD Act?

1) Opt-out of over-limit charges.

Beginning on the 22nd, credit card users must be given a fixed credit limit that cannot be exceeded (previously, consumers were surprised by over-limit fees after exceeding their limit.) If you attempt to charge something over your limit, it will be declined and you won’t be hit with a fee. Late fees are akin to parking tickets–you’re essentially paying for nothing. Yet, the new law is allowing users to “opt-in” if want the extra credit and give the creditor express permission to do so…along with accepting the over-limit fee. (more…)

Having a realistic budget is often the first step needed in saving money. People could easily save money in a variety of ways every day if they only take the time to think about how. Little changes can add up to a big savings. Here are some six tips on money saving that you can implement immediately?

1. The key to learning how to save is to properly access your inventory of needs. A tip on saving money is to write a list beginning with the largest items first and gradually move down the expense scale towards the cheapest item. Finding ways to save moderately on the large items and also saving on the smaller items can have the potential to reap a big reward in your budget. (more…)

Do you need help creating a monthly budget that works? Just follow the seven tips below and you will be well on your way to creating a working monthly budget.

Tip #1 – Know Where You Are – It is important to know where you are financially before you create a month budget. This process includes documenting all your income sources, what you think you spend on expenses each month, and listing all your creditors and the debt that is owed to them. By doing these three things you will get a better understanding of where your finances stand.

Tip #2 – Track you spending – Tracking your spending for 30 days before creating a budget will give you the concrete numbers of how much you spend in each expense category every month. Many people are surprised to see how all the little purchases at up at the end of the month. By knowing how much you typically spend in each expense category you can now plan those expenses for the next month in your budget. (more…)