President Obama has had it with Wall Street’s shaky (and often unethical) financial practices that led us to (and perhaps kept us in) a crippling recession. His administration is currently pushing a Wall Street reform bill that will help overhaul the American financial system. After a filibuster and several other stalls from Republicans, the Senate unanimously agreed on Wednesday to begin a public debate on this. Obama says he hopes this reform bill passes quickly, and so do I.
According to Reuters, Obama says the bill “may reduce the bonuses for some of the players on Wall Street, but we’ll end up having a safe, more secure financial system, and I think banks and other financial institutions can get back to making money the old-fashioned way by lending it to companies to build business and create jobs.” One of my favorite quotes from Obama on the same topic is: “Some of the behavior generally on Wall Street, even if it’s legal, doesn’t seem to serve an economic purpose.” Translation: It’s definitely time for more transparency.
The bill would add more consumer protections from predatory lending, in addition to much greater oversight of the banking industry and stock market. While we wait for the results, I hope you will read on and enjoy my roundup of some of the best personal finance blog posts from the past week!
1. Yes, it really pays off! Free From Broke explains how maintaining a great credit score has helped save his family money.
2. Debt Kid discusses why having a “side hustle,” which are paying gigs outside of your day job, can help overcome debt.
3. Cash Money Life helps readers figure out what to do if one credit bureau reports your credit history incorrectly.
4. Studies and reports can be deceiving. Joe Taxpayer tells us why studies that show people spend more when using credit cards may not be as accurate as we think.
5. Are you new to credit or need a refresher in the basics? The Digerati Life doles out tips on how to easily (and wisely) manage your credit card.
6. Forget plastic; PT Money explains how you can use a virtual credit card number to shop online more safely.
7. A guest post on Not Made of Money tells readers that while it’s important to be aware of your FICO score, it is not healthy to obsess over it.
8. Gather Little by Little recounts a recent experience of receiving a surprise debt collection letter in the mail. This recently happened to me, too — I was unknowingly signed up for a free magazine trial and ignored the mail notifications asking for payment (I thought they just wanted me to buy a subscription). I didn’t find out that I actually owed money until a debt collection letter for $7.80 came in the mail!
9. Frugal for Life lists four things you can do to wreck your credit and 14 things you SHOULD do to repair it.
10. Tired of receiving those annoying preapproved credit card offers in the mail? You don’t have to! Bill Eater explains how you can opt out of receiving those offers.