The biggest news to take place last week (and the past few months) is the passage of the health care reform law. Once everything is finalized and in place, the controversial law should ensure coverage for more Americans, lower premiums and lessen discrimination for gender and preexisting conditions.
| The cast of the “Jersey Shore” showcasing their signature, yet slightly manipulated, tans.
The price tag for the bill is a whopping $940 billion, according to the Congressional Budget Office, and while some of the changes will save money and pay for themselves in the long run, the government has to find other creative ways to finance the expanded health care coverage.
One such method is adding a 10 percent tax for visits to tanning salons, according to CNN. In the next 10 years, it is estimated that this “sin tax” will raise a cool $2.7 billion. Some tanning salon owners are shouting that it’s not fair and that consumers will no longer want to visit their business, but people who fry in tanning beds are more likely to suffer from cancer, which means more health care expenses when they’re older.
It makes sense to me! If you are trying to keep your costs down (and health up), you might want to stay away from tanning salons.
Who wants to look like those “Jersey Shore” kids, anyway?
For more insight and advice on money matters, take some time to read my top 10 favorite personal finance blog posts from the past week:
1. CESI Debt Solutions interviewed me and 18 other fabulous personal finance bloggers to put together this extensive post detailing 42 money lessons.
2. Do you have a friend who makes a ton of money but can never seem to make ends meet? I Will Teach You to be Rich discusses a social phenomenon that causes some high earners to rack up unnecessary credit card debt.
3. You may see nothing wrong with Mom and Dad giving you an allowance or helping you pay off your credit card debt once you’re out of school, but Beyond Paycheck to Paycheck explains why this behavior can lead to financial immaturity.
4. Bargaineering shares his thoughts on a new American Express program that gives members reward points when they spend time volunteering with certain groups.
5. Being Frugal tells readers about a new cash back debit card that might be the perfect solution for consumers who want a rewards program but don’t want a credit card.
6. Yes, it is possible! Dough Roller explains how you can recover from bankruptcy and rebuild your credit.
7. J. Money at Budgets are $exy fesses up to having a credit card addiction, but admits that, like alcohol, there is nothing wrong with using a credit card in moderation.
8. Sorting out your financial priorities is challenging. Frugal Dad advises a reader who can’t decide if it’s a wise idea to use an emergency fund to pay off credit card debt.
9. MarketWatch breaks down how the Fed’s new gift card rules will save consumers money when they go into action in August.
10. The Digerati Life outlines some ways to resolve debt and discusses the pros and cons you should consider before you decide to settle your debt.