Divorce Money Matters

Here is a good synopsis of the new Credit Rules that went into effect this week from the Federal Reserve.  http://tinyurl.com/new-credit-card-rules.  I have been blogging about the need for these reforms for some time now.  They are a step in the right direction, though the credit card companies were given a long head start to give many folks the shaft before the changes came.

Pay particular attention to the example given in the "How Long Will it Take to Pay off Your Balance" section.  Minimum payments will keep you indebted to the credit card companies for much of your life. 

Best bet, use your credit cards wisely… only for emergencies or if you know you can pay off the balance every month.  That way you can avoid the credit card crunch and pay yourself.  Just imagine what those minimum payments could be worth to you in retirement if you were able to invest that money for your future rather then having to pay it towards debt!