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Emily’s list: ‘Poor’ musician edition

Emily Crone

Happy Friday! Today is the birthday of several music greats;
Joan Baez, Jimmy Page, Dave Matthews, and even AJ McLean of the Backstreet Boys
(OK, so maybe AJ isn’t quite up there with the rest). Today is also the anniversary
of the death of the composer Johann Strauss. This week’s credit card roundup of
posts from around the personal finance blogosphere celebrates famous musicians
and their questionable experiences with credit cards and debt.

1. Everyday
Finance
explains what your FICO score is and why it matters.
Don’t feel bad if yours isn’t great yet, though; even famous musicians
with tons of money don’t always have good credit scores
celebsx4.jpg.

2. So
you’re a tightwad and avoid debt like the plague, but your spouse or
significant other is a big shopper and loves plastic. How can you
compromise and ensure money and debt don’t ruin your relationship? Wise
Money Matters
offers several tips on how to talk with your partner about
money
. As long as you can communicate better than R&B legends and now
exes (and reality TV train wrecks) Bobby Brown and Whitney Houston.

3. Credit
Karma
reminds readers that identity theft is a real problem, and can even
be committed by those close to you, so always be cautious about giving out
your financial information. Even singers Patti LaBelle, Will Smith, and
Jennifer Lopez have fallen victim to identity theft.

4. MoneyNing
compares learning to manage your finances responsibly to going through
potty training
.
It takes work to recognize that there is an alternative method and to retrain
yourself! Especially when it comes to spending money and living in debt.
It appears that Miley Cyrus is still going through this potty training
phase
with her credit card.

5. Get
Out of Debt
helps a reader understand her options if her credit card
company refuses to lower her payment
. There are several different types of
negotiation plans. Rap superstar MC Hammer should have used some of these
methods before he got more than $13 million dollars in debt and had to go
to bankruptcy court.

6. Your
Money Relationship
is appalled that his credit card company gave him an
ultimatum
: pay off your debt by a certain date or get a 10 percent
interest rate increase. In the music industry, many of the big players
have an American Express Centurion card (aka black card), which always
requires the balance to be paid at the end of the month. For regular
consumers, however, paying off your balance in full overnight isn’t always
doable. That’s why a low interest rate is so important!

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  • AC

    I think it’s quite rude that you made the comment about AJ not being of the same calibur as the others in your list. He is just as much of a musician and loved just as much by his fans as the others are loved by theirs if not more. Down talking him and his band mates are not only hurtful to him but are hurtful to his fans. We don’t feel that we should coninually have to justify the Backstreet Boys or ourselves and we deserve the same respect as anyone else. Thanks.

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