DailyFinance.comhttp://www.dailyfinance.comDailyFinance.comhttp://o.aolcdn.com/os/df/2013/img/2-dailyfinance_logo_m.pngDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/A Florida Housing Development Stalls, and the Cows Move Inhttp://www.dailyfinance.com/2010/12/11/florida-housing-development-stalls-cows-ghost-town/http://www.dailyfinance.com/2010/12/11/florida-housing-development-stalls-cows-ghost-town/http://www.dailyfinance.com/2010/12/11/florida-housing-development-stalls-cows-ghost-town/#commentsFiled under: , , , ,

cows FloridaJerilee Wei never expected to be living next to a cow pasture when she bought her home in Lakeland, Fla., in 2007. In her upscale community, newly constructed houses were selling for between $300,000 and $425,000. Then one morning she woke up and found some cattle had moved in.

It turns out that the developer had changed the legal status of the land, taking advantage of a "greenbelt classification" law that lowers taxes for farmers. The land once set aside for lakefront homes was now a pasture.

The developer had planned to build 600 homes but only 25 have been completed, and half of those are still empty. The pool and community center were built as planned, but not the tennis courts. Wei wonders how the few homeowners who are left will be able to pay for the upkeep of the community. The builder has pulled out his crews, and real estate agents have vanished -- and what was expected to be a gated paradise is becoming a ghost town with cattle for neighbors.

Fountains and Barbed Wire

The residents were given no warning about the change in plans. "We all stared in disbelief as the fencing went up. There was great speculation as to what was going on. Barbed wire and split post didn't exactly fit with the community's Italian resort theme," Wei wrote in a blog post about her experience. Then the cows were moved in overnight.

Before the cows arrived, the neighbors enjoyed a community with the "serenity of fountains and statues, cement benches overflowing with fragrant flowers," according to Wei. The homeowners thought they were buying into a wildlife preserve, with 60% of the land set aside to be preserved for conservation and 40% for homes -- but the wildlife they expected to see included sand hill cranes, wild boars, coyotes, foxes, eagles and alligators.

Florida ghost townsIn Florida, developers have saved hundreds of thousands of dollars in property taxes by having their planned developments re-designated as agricultural land. Today, these unfinished projects in central Florida's Polk County sit on land valued for tax purposes at $128,032. Without the greenbelt classification, the developers would be paying taxes on property worth $8.4 million. Those homeowners who bought before the crash are paying higher taxes on single homes than the developer's are paying on the undeveloped land they still hold in the developments. The developers can re-designate the land for housing whenever they want, so when they are ready, they can start building again. But until then, the homeowners are left in sparsely populated communities with property they can't sell.

What Comes Next?

Wei bought her house through a private real estate deal, so she didn't have a mortgage directly with the bank. After she was living the home it for two and a half years, she learned that the person who still had the mortgage had stopped paying on it. In the middle of 2009, she abandoned the property and bought an older house in historic Lakeland. She assumes that the development property has since been foreclosed upon. Wei lost $50,000, but she's thankful she didn't have the mortgage on the property and was able to get out quickly, and stop the financial bleeding without killing her credit score. Many others in the Florida ghost towns are not so lucky. They're stuck with underwater homes, plus the upkeep of expensive amenities and few people to pay for them.

When she's visited the property since moving out, she says she experienced a "frontier-like silence, reminding you of what it must have been like after a gold rush boom, as towns emptied out and people moved on to the next paradise."

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Ghost towns like the one Wei describes dot the Florida landscape. South Florida has been the hardest hit: Most of the homes built in 2006 are selling for half of their original price, if they can be sold at all. RiverTown in St. Johns County was started with a $13.9 million improvement bond, but today sits with finished streets and only a few homes.

Amazingly, those builders that still survive are starting to buy up failed developments with plans to resume construction. Avatar and Toll Brothers are two of the most active in planning to restart Florida development. I live in an Avatar active-adult community in central Florida where building has started again, though there are cows nearby (see the photo above). Perhaps someday other ghost towns may become living communities once again.

Lita Epstein has written more than 25 books including The 250 Questions Everyone Should Ask About Buying Foreclosures and The Complete Idiot's Guide to Personal Bankruptcy.

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]]>abandoned homescowsdevelopersFloridaforeclosuresghost townsgreenbelt classificationHousing Bubblehousing crashhousing crisishousing marketmortgagesproperty taxesreal estatereal estate bubblereal estate developmentunder water mortgagesunderwaterunderwater housingLita EpsteinSat, 11 Dec 2010 06:00:00 ESTWill you be able to find a doctor in 2014?http://www.dailyfinance.com/2010/05/28/will-you-be-able-to-find-a-doctor-in-2014/http://www.dailyfinance.com/2010/05/28/will-you-be-able-to-find-a-doctor-in-2014/http://www.dailyfinance.com/2010/05/28/will-you-be-able-to-find-a-doctor-in-2014/#commentsFiled under: , ,

If 32 million people get health insurance in 2014 under health reform, will you still be able to find a doctor when you need one? That's a question a lot of people are asking, and no one truly knows the answer.

The Association of American Medical Colleges (AAMC) projects a shortage of 55,300 doctors in 2014 and estimates that could grow to 159,300 by 2025. The reason for the dramatic increase by 2025 is not just health reform but also the fact that many baby boomer doctors are nearing retirement. Another big problem is that doctors are choosing specialties that pay more than primary care, so even fewer will be running primary care practices.

To try to reverse that shortfall, the AAMC's Center for Workforce Studies has recommended that "medical schools increase enrollment by 30% by 2015," says Clese Erikson, director of workforce research. She adds medical schools are currently on "track to reach a 30% increase by 2018."

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]]>doctor shortagehealth carehealth insurancehealth reformnurse practitionerLita EpsteinFri, 28 May 2010 15:00:00 ESTHow to negotiate your medical billshttp://www.dailyfinance.com/2010/05/21/how-to-negotiate-your-medical-bills/http://www.dailyfinance.com/2010/05/21/how-to-negotiate-your-medical-bills/http://www.dailyfinance.com/2010/05/21/how-to-negotiate-your-medical-bills/#commentsFiled under: ,

Bert Martinez found out five years ago that his chronically ill daughter's medical bills would top $50,000 a year -- an amount the father of five children could not afford.* So Martinez quickly learned the art of negotiation. Soon he was haggling and bartering with doctors, hospitals and other medical providers, often getting reductions of 25% or more off his daughter's and the rest of the family's medical bills.

"About 60% of doctors will give a discount," Martinez says. Sometimes he's able to negotiate a fee upfront working directly with the doctor or the manager of a large practice. Other times, Martinez, who specializes in sales and marketing training, barters for his family's health care needs by offering to streamline the doctor's business or improve the marketing section of their website in exchange for medical care. He's even posted ads on Craigslist offering his service in exchange for specific medical care needs, such as physical therapy

But negotiating upfront is Martinez's preferred method of cutting medical costs. The key to success, he says, is to ask for the decision maker, know what type of financial help you need and how much you can afford to pay upfront or in monthly installments -- then ask for less than you can afford.

Suppose you can afford to pay $100 per month until the bill is paid off -- you should offer to pay $80 per month so you have some financial wiggle room. Always remember, says Martinez, "it's not personal, it's business," and conduct yourself as though you're negotiating a business deal..

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]]>healthhealth insurancehealthcarehealthcarebillHealthInsurancemedical billsnegotiating medical billsNegotiatingMedicalBillsuninsuredLita EpsteinFri, 21 May 2010 15:30:00 ESTMyMoney website: A one-stop bonanza of financial informationhttp://www.dailyfinance.com/2010/05/21/mymoney-website-a-one-stop-bonanza-of-financial-information/http://www.dailyfinance.com/2010/05/21/mymoney-website-a-one-stop-bonanza-of-financial-information/http://www.dailyfinance.com/2010/05/21/mymoney-website-a-one-stop-bonanza-of-financial-information/#commentsFiled under: , , , ,

One-stop site for government personal finance informationEver wish you could find one place to go for basic financial information about anything? If that's your wish, you'll find all that you need at the government's newly launched MyMoney.gov website, which was developed with financial information from 12 Federal agencies, departments and bureaus that make up the Financial Literacy and Education Commission.

"As America recovers from the most severe financial crisis since the Great Depression, it's critical that we strengthen every aspect of our financial system," Treasury Deputy Secretary Neal Wolin said in a press release announcing the launch of the site. "Financial education and access is a priority for this Administration, and we're pleased to provide this critical resource to help Americans find free, reliable and unbiased information that can help inform their daily financial decisions and plan for the future."

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]]>budgetscalculatorsloansmortgagesmymoneyretirementsavingsLita EpsteinFri, 21 May 2010 15:00:00 ESTShould you 'friend' your doctor on Facebook?http://www.dailyfinance.com/2010/05/18/should-you-friend-your-doctor-on-facebook/http://www.dailyfinance.com/2010/05/18/should-you-friend-your-doctor-on-facebook/http://www.dailyfinance.com/2010/05/18/should-you-friend-your-doctor-on-facebook/#commentsFiled under:

Most Facebook users debate about whether they should "friend" a co-worker or boss, but what about a doctor? While social networking and e-mail may offer easy access to a doctor who is typically hard to reach, getting too cozy online could carry some serious ramifications -- for both the patient and the doctor.

"While the public might be receptive to 'friending' doctors, most physicians won't be in a hurry to use social media with their patients," says Dr. Michael Kirsch, a gastroenterologist who writes the blog MD Whistleblower. "Physician Facebookers would not want patients to have access to their vacation photos and personal vignettes, many of which are private for a reason. Reading comments on a doctor's Facebook wall might show how that the physician is really 'off the wall.'"

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]]>doctorsfacebookfriendsmedical studentsmyspacepatientsphysiciansLita EpsteinTue, 18 May 2010 09:00:00 ESTFive websites that help you find the best hospitalhttp://www.dailyfinance.com/2010/05/06/five-websites-that-help-you-find-the-best-hospital/http://www.dailyfinance.com/2010/05/06/five-websites-that-help-you-find-the-best-hospital/http://www.dailyfinance.com/2010/05/06/five-websites-that-help-you-find-the-best-hospital/#commentsFiled under: ,

What do you do when you have just received a serious medial diagnosis and have to decide which hospital to use? In most cases, you'll depend solely on your doctor's recommendation, but you want to be sure you'll get the best care. If you have a few options or you still need to find a specialist, how do you go about finding the right specialist and hospital near you?

Luckily, a number of websites can help you research both the hospitals and specialties at which they excel. Here are five of the top websites for hospital and other health care reviews:

Joint Commission

My favorite is the one run by the Joint Commission on Accreditation of Health Care Organizations, which provides the most comprehensive listing of health care organizations available today. The Joint Commission goes in to health care organizations periodically to check the quality at each hospital it certifies. Its website now lists both Joint Commission-accredited and certified health organizations, as well as health care organizations not accredited or certified by the Joint Commission.

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]]>cmscompare hospitalsconsumer reportshealth careHealthCarehospital ratingshospitalsJoint Commission on Accreditation of Healthcare OrganizationsLita EpsteinThu, 06 May 2010 08:00:00 ESTNew American Express credit card lets you pick benefitshttp://www.dailyfinance.com/2010/05/04/new-american-express-credit-card-lets-you-pick-benefits/http://www.dailyfinance.com/2010/05/04/new-american-express-credit-card-lets-you-pick-benefits/http://www.dailyfinance.com/2010/05/04/new-american-express-credit-card-lets-you-pick-benefits/#commentsFiled under:

American Express offers new cardMany credit card companies let you personalize the way your credit card looks, but American Express has taken this personalization one step further with its new ZYNC credit card, a card that allows you to pick and choose the rewards and benefits you want. You'll pay for the privilege, but if you can find a package that will save you more than the $25 annual fee, it might just be worth a look.

Consumers can customize their ZYNC card by adding bundles of benefits American Express is calling "packs." There are 10 packs currently available: Some are free; others cost $25 or more per year.

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]]>american expresscostcocredit cardcredit cardszyncLita EpsteinTue, 04 May 2010 14:30:00 ESTMore consumers seeking insurance deals and data onlinehttp://www.dailyfinance.com/2010/05/04/more-consumers-seeking-insurance-deals-and-data-online/http://www.dailyfinance.com/2010/05/04/more-consumers-seeking-insurance-deals-and-data-online/http://www.dailyfinance.com/2010/05/04/more-consumers-seeking-insurance-deals-and-data-online/#commentsFiled under: , , , ,

online dataConsumers more often research an insurance company online and make a purchase at the website rather than make a call to talk with someone at the company.

Not surprising, since insurance salespeople have such a bad reputation for withholding full information or selling the product that will give them the best commission. And even if you feel more comfortable making your final purchase talking directly with a salesperson, you should do in-depth online research, including a full comparison of benefits, to form your final questions before purchase. Fortunately, there are more online resources to help you do so.

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]]>insurancesocial networkingLita EpsteinTue, 04 May 2010 13:30:00 ESTPersonal loans 101: How to get the money you needhttp://www.dailyfinance.com/2010/04/30/personal-loans-get-the-money-you-need/http://www.dailyfinance.com/2010/04/30/personal-loans-get-the-money-you-need/http://www.dailyfinance.com/2010/04/30/personal-loans-get-the-money-you-need/#commentsFiled under: , , ,

how to get a personal loanWith credit card interest rates soaring as high as 30%, people continue to look for alternatives to credit cards, especially when an emergency comes up. Personal loans can be a good option, but only if you have a good credit score; otherwise, the rates can be even higher than credit cards.

Just what can you use a personal loan for? Essentially any cash needed, including credit card payoff, debt consolidation, education, training, home improvement, car financing, business needs, vacation expenses, major purchases, wedding expenses, moving costs and medical expenses.

But be careful out there: If you're not absolutely sure about what you're getting yourself into, personal loans can cost you big time. Interest rates, especially from places like the ones that offer payday loans, can be as high as 300%, so be certain you understand the terms before you sign on the dotted line.

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]]>bankscreditdebtpeer-to-peer lendingpersonal loansLita EpsteinFri, 30 Apr 2010 15:00:00 ESTAnthem Blue Cross withdraws 39% rate request, saving Californianshttp://www.dailyfinance.com/2010/04/30/anthem-blue-cross-rate-request-saving-californian/http://www.dailyfinance.com/2010/04/30/anthem-blue-cross-rate-request-saving-californian/http://www.dailyfinance.com/2010/04/30/anthem-blue-cross-rate-request-saving-californian/#commentsFiled under: , ,

health care reform lawWith the threat of having to rebate customers if they make too much profit, Anthem Blue Cross withdrew its request for premium increases as high as 39%. That's great news for an estimated 800,000 Californians who buy individual health insurance policies from Anthem Blue Cross, a subsidiary of WellPoint.

The decision was not because Anthem cared about consumers. Instead, it was because under the new health care law, companies will have to rebate customers beginning in 2011 if they don't spend at least 80% of their premiums on health care. This new rule requires commercial insurers to maintain what's called an 80% "medical loss ratio." That loss is what is actually spent on medical care. The other 20% can be spent on salaries, overhead and profits.

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]]>anthemblue crosshealth insurancepremiumsLita EpsteinFri, 30 Apr 2010 14:30:00 ESTMost insurers to limit policy cancellations by Mayhttp://www.dailyfinance.com/2010/04/30/most-insurers-to-limit-policy-cancellations-by-may/http://www.dailyfinance.com/2010/04/30/most-insurers-to-limit-policy-cancellations-by-may/http://www.dailyfinance.com/2010/04/30/most-insurers-to-limit-policy-cancellations-by-may/#commentsFiled under: , ,

No more cancelling policies of cancer victimsWe probably won't be seeing many more stories of people losing their health insurance when diagnosed with cancer or for any other reason except fraud. That practice will end by May for many insurers who practice it. The new health care law mandates that rescission (cancellation of an insurance policy after diagnosis of an illness) of insurance will only be allowed if a person commits fraud, and it officially takes effect September 23.

Now major health insurers are quickly picking up that tune and saying they will only drop or rescind coverage where a patient commits fraud or intentional misrepresentation. "As soon as the law was enacted, we began looking at all the provisions so we could implement reforms with the minimum amount of obstruction and offer greater peace of mind to the 200 million people we serve," Robert Zirkelbach, director of strategic communications for the American Health Insurance Plans (AHIP), told me by telephone interview. AHIP represents 1,300 members that provide health insurance coverage.

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]]>breast cancerhealth insurancehumanarescissionunitedhealthwellpointLita EpsteinFri, 30 Apr 2010 11:00:00 ESTCo-signing a loan is like bad credit waiting to happenhttp://www.dailyfinance.com/2010/04/27/co-signing-a-loan-is-like-bad-credit-waiting-to-happen/http://www.dailyfinance.com/2010/04/27/co-signing-a-loan-is-like-bad-credit-waiting-to-happen/http://www.dailyfinance.com/2010/04/27/co-signing-a-loan-is-like-bad-credit-waiting-to-happen/#commentsFiled under: ,

loans to friends a bad ideaA friend recently came to me about a loan she had co-signed for her roommate to pay for culinary school. The roommate completed the program and got a job, but she wasn't making enough money to pay off the loan. She deferred the loan as long as possible, and with each deferral, the loan balance kept growing and the interest rate kept increasing.

Then the roommate met a boyfriend and moved out. The boyfriend didn't like my friend and talked her ex-roommate into forgetting about the loan. So she stopped making any payments on the student loan and left my friend with the bill. My friend wanted to know what she could do because she wanted to buy a house and she was pretty sure this would destroy any chance of her getting a loan. But if she made the payments on the student loan, then she wouldn't be able to afford the house. Ah, what to do, what to do?

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]]>co-signco-signing loansstudent loanLita EpsteinTue, 27 Apr 2010 17:00:00 ESTShould health insurance premiums be regulated?http://www.dailyfinance.com/2010/04/27/should-health-insurance-premiums-be-regulated/http://www.dailyfinance.com/2010/04/27/should-health-insurance-premiums-be-regulated/http://www.dailyfinance.com/2010/04/27/should-health-insurance-premiums-be-regulated/#commentsFiled under: , ,

helath insurance premiumsFederal legislators have found a major hole in the regulation of health insurance premiums before the new health care reform takes effect.

This hole could lead to even more dramatic increase in premiums than the 39% increase announced by Anthem in California in February as the health care law was being debated in Congress. Missing from that law is the ability to regulate unreasonable or unjustified rate increases by the federal government.

Senator Tom Harkin (D-Iowa), during a hearing of the Senate Committee on Health, Labor Education and Pensions called "Protection from Unjustified Premiums," said that "about 22 states in the individual market and 27 states in the small group market do not require a review of premiums before they go into effect ... This is a gaping hole in our regulatory system."

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]]>aetnaanthembluecrossbluecrossblueshieldcignafeinsteinharkinhealth insurancehumanapremiumsUnitedhealthwellpointLita EpsteinTue, 27 Apr 2010 16:30:00 ESTHow uninsured will cope under new health care lawhttp://www.dailyfinance.com/2010/04/22/how-uninsured-will-cope-under-new-health-care-law/http://www.dailyfinance.com/2010/04/22/how-uninsured-will-cope-under-new-health-care-law/http://www.dailyfinance.com/2010/04/22/how-uninsured-will-cope-under-new-health-care-law/#commentsFiled under: , ,

health care insuranceWe've been seeing a lot of stories about people who say they're healthy and shouldn't be forced to waste the money on health insurance. For example, a recent story in The New York Times talks about a man who earns about $25,000 and never bought health insurance and doesn't think he needs it. He doesn't want to spend money on something he calls a "maybe" -- maybe I'll get sick.

So what happens to these people who decide to forgo insurance in 2014? They may or may not have to pay a tax penalty. But for someone making just $25,000 a year, if he can't find a policy that is no more than 8% of his income or about $167 per month, there would be no tax penalty.

The mandate doesn't require people to buy insurance if the lowest cost option exceeds 8% of one's income. People with incomes below the tax filing threshold also are exempt from the penalty. That threshold for people under 65 was $9,350 for singles and $18,700 in 2009 for couples, and is adjusted each year by the IRS.

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]]>health insurancehealthcaretax creditsuninsuredLita EpsteinThu, 22 Apr 2010 14:30:00 ESTGift card exchange: No more middlemenhttp://www.dailyfinance.com/2010/04/22/gift-card-exchange-no-more-middlemen/http://www.dailyfinance.com/2010/04/22/gift-card-exchange-no-more-middlemen/http://www.dailyfinance.com/2010/04/22/gift-card-exchange-no-more-middlemen/#commentsFiled under: ,

new gift card exchange cuts out the middlemanIf you're like the rest of us, you've got a few gift cards laying around, collecting dust and, in some cases, losing money month after month as they continue to go unused. Want a better option? You may be able to get something for those unwanted gift cards if you try to sell them at the new gift card social exchange at CardHub.com.

Unlike existing gift card exchange websites, CardHub.com has created a service that cuts out the middleman. Before this new option debuted this week, you had to work with one of the existing key exchange sites that would buy the card from you for 50% to 90% of the amount left on the card, then turn around and sell it for a profit on their website.

But wouldn't it be better to keep the profit for yourself by cutting out the people in the middle? Odysseas Papadimitriou, CEO and founder of CardHub.com, asked himself that very question and designed the new social network for gift card exchanges to "leverage the power of Facebook, as well as the power of friends and associates," as Papadimitriou told WalletPop in an interview.

The new program allows you to use Facebook's social network to let people know you have a gift card to sell and how much you want for it. (The link to Facebook allowed CardHub to put in some security protections so you know the person is legit.) To use the website, you do need an account on Facebook with more than a few friends; as a security measure, you won't be able to use CardHub if you're new to Facebook.

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]]>CardHubFacebookgift card exchangegift cardsselling gift cardsLita EpsteinThu, 22 Apr 2010 12:00:00 ESTGraduation gift for college students: You may not lose your health insurancehttp://www.dailyfinance.com/2010/04/21/graduation-gift-for-college-students-you-may-not-lose-your-heal/http://www.dailyfinance.com/2010/04/21/graduation-gift-for-college-students-you-may-not-lose-your-heal/http://www.dailyfinance.com/2010/04/21/graduation-gift-for-college-students-you-may-not-lose-your-heal/#commentsFiled under: , , ,

health insurance for college studentsMajor insurers -- Humana, Kaiser Permanente, UnitedHealthCare, and WellPoint -- announced they will extend insurance to those graduating from college and soon to be kicked off their parents' health insurance plans. Officially, the new healthcare reform law requires health insurers to allow young adults to stay on their parents' plan until they are 26, but that provision doesn't kick in until Sept. 23.

"We are also working hard with other insurers on similar proposals and sent a letter today offering to work with each of them to expand this opportunity even further, " Health and Human Services Secretary Karen Sebelius said in a statement Monday. She went on to explain, "The letter follows productive discussions with insurers since the bill passed about closing the gap in coverage for college graduates or young adults whose birthday in 2010 made them ineligible to continue on their parents' plans."

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]]>healthhealth insurancehumanakaiserunitedhealthcarewellpointyoung adultsLita EpsteinWed, 21 Apr 2010 16:30:00 ESTMedical insurance companies playing games with the numbershttp://www.dailyfinance.com/2010/04/19/medical-insurance-companies-playing-games-with-the-numbers/http://www.dailyfinance.com/2010/04/19/medical-insurance-companies-playing-games-with-the-numbers/http://www.dailyfinance.com/2010/04/19/medical-insurance-companies-playing-games-with-the-numbers/#commentsFiled under: , ,

medical insuranceStarting in 2011, medical insurance companies will have to meet new rules on profitability. They will need to spend at least 85% of dollars collected in premiums for the large group market on medical care and at least 80% of premiums collected in the individual and small business group market on medical care.

Most are not meeting these goals, especially in the individual health insurance marketplace -- and some are starting to reclassify expenses so they don't have to pay a rebate to consumers in 2011.

Based on a study by the Oversight and Investigations staff of the Senate Committee on Commerce, Science and Transportation, at least one company, Humana, spent only 68.1% of the premiums it collected from individuals in 2009 on medical spending. The committee staff prepared the report for its chairman, Sen. John D. Rockefeller IV (D-WV). Humana has the worst record, but others that fall below the required 80% in the individual marketplace include Aetna (75.7%), Coventry (71.9%), UnitedHealth (70.5%), and WellPoint (74.9%).

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]]>aetnacoventryhealthhealth insurancehumanainsurancemedical insuranceunitedhealthwellpointLita EpsteinMon, 19 Apr 2010 14:00:00 ESTHow to calculate credit card interest and save yourself moneyhttp://www.dailyfinance.com/2010/04/16/how-to-calculate-credit-card-interest-and-save-yourself-money/http://www.dailyfinance.com/2010/04/16/how-to-calculate-credit-card-interest-and-save-yourself-money/http://www.dailyfinance.com/2010/04/16/how-to-calculate-credit-card-interest-and-save-yourself-money/#commentsFiled under: ,

how to calculate credit card interest and save moneyIf you're like most of us, you've probably received at least one credit card bill with the new format required by the CARD Act that went into effect on February 22. The new format explains how long it will take to pay off your card if you pay only the minimum required.

Personally, I like this new format. It clearly spells out what paying just the minimum costs you, not only in the time it'll take for you to pay off that balance, but also in the total amount of interest you'll owe while you're paying down your debt.

If you pull out any of your recent credit card bills, you'll see the new chart, which will show similar payoff information for your own card. I recently looked at a sample bill for a card with a balance of $11,000 that requires a $178 minimum payment each month. The new chart indicates it will take 25 years to pay off that bill in full when you pay only the minimum. And the total you'll end up paying, including interest? $17,054. And that's for a card with a low 6.99% interest rate! Most people have interest rates three or more times that rate. The chart for this sample bill also showed that if you double the minimum payment, which in this case would be $341, you could pay the card off in three years and save nearly $5,000 in interest, for a grand total of $12,306.

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]]>creditCredit Card ACTcredit cardsCreditCardActinterestminimum paymentLita EpsteinFri, 16 Apr 2010 15:00:00 ESTUnitedHealth starts preventive health initiativehttp://www.dailyfinance.com/2010/04/15/unitedhealth-starts-preventive-health-initiative/http://www.dailyfinance.com/2010/04/15/unitedhealth-starts-preventive-health-initiative/http://www.dailyfinance.com/2010/04/15/unitedhealth-starts-preventive-health-initiative/#commentsFiled under: , ,

ymcaWhile it may be only one insurer -- UnitedHealth Group -- focusing on only one disease -- Type 2 diabetes -- the new program announced by UnitedHealth and the YMCA may be a sign of things to come. Clearly, UnitedHealth understands that spending on disease prevention now can save billions later.

And now that health insurance companies must insure everyone beginning in 2014, regardless of pre-existing conditions, it's time for the companies to step up and work on preventive care.

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]]>diabetesUnitedHealthUnitedHealth GroupYMCALita EpsteinThu, 15 Apr 2010 18:00:00 ESTThe next credit card battleground: rewards cardshttp://www.dailyfinance.com/2010/04/12/the-next-credit-card-battleground-rewards-cards/http://www.dailyfinance.com/2010/04/12/the-next-credit-card-battleground-rewards-cards/http://www.dailyfinance.com/2010/04/12/the-next-credit-card-battleground-rewards-cards/#commentsFiled under: ,

Loyal reward card users should tread carefully. Make one misstep, such as a late payment or exceeding the credit limit, and you could lose your ability to redeem points. Even worse, if the credit card issuer decides to close your account for any number of reasons, you could end up losing all of your hard-earned points.

The Credit CARD Act reined in many of the all-too-common (and exploitative) practices employed by credit card companies, but rewards still remain one area that is loosely regulated. Card companies still have plenty of flexibility with the way in which they structure their rewards programs -- and many are using that flexibility to wipe out point balances for cardholders who don't follow the rules. The problem is that those rules are often buried in the fine print of a credit card agreement.

Continue reading The next credit card battleground: rewards cards


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]]>american expressbank of americacapital oneciticredit cardsdiscoverrewardsLita EpsteinMon, 12 Apr 2010 16:30:00 EST