Forget rum punch; these guys reportedly tore through the city’s most exclusive gentlemen’s clubs, hammering back whiskey and $3,860 bottles of sparkling wine while basking in the chaste attentions of attractive hostesses who are paid to treat all male customers like Bond, James Bond.
But who got stuck with the headache? Dad, but mostly American Express.
Thanks to rising bank fees, students and young adults with simple finances may begin turning to prepaid debit cards rather than having a checking account, according to Reuters. For those with simple finances, there isn’t much of a difference between these and traditional debit cards linked to bank accounts. These cards are reloadable, and some employers can now pay employees via a direct transfer to a prepaid card.
While prepaid cards can rescue you from bank fees, they can come with a whole slew of other fees, so the Consumers Union advises readers to read the fine print closely. They recommend avoiding cards with inactivity or cancellation fees. Additionally, some prepaid debit cards come from FDIC-insured banks, while others are from private companies, so be sure to do your research.
The article features an expert who advises that people get a prepaid card that has online bill pay. This allows you to pay important bills, such as rent, as though you are sending a check. Just remember that you won’t have any physical checks. Those who normally have to pay exorbitant fees for check-cashing services or money orders can greatly benefit from prepaid debit cards, Reuters says.
Please read on for my weekly roundup of my favorite personal finance blog posts from the past week!
When most of us find ourselves deep in credit card debt, there’s not much we can do. If we’re lucky, our creditors will work with us to make a deal and lower our interest rate or give us more time to pay off what we owe. Rarely is debt ever just forgotten or canceled — that is, unless you are an impoverished country.
It’s been announced that a group of countries are canceling about $1 billion of debt that Afghanistan owes them. In March of 2009, Afghanistan’s public debt was estimated at $2.1 billion; half of that is owed to the Parish Club, which, according to CNN, is “an informal group of creditor governments from major industrialized countries that meets monthly in Paris with debtor nations on restructuring their debts.”
The club is forgetting the debt partly because of Afghanistan’s involvement in the program Heavily Indebted Poor Countries. About $441 million of the debt is being forgiven due to participation in the program, while creditors are simply writing off the remaining $585 million. In exchange for the assistance, Afghanistan has pledged to use what would have been their debt repayment money to fund U.N. programs.
Don’t you wish someone would just swoop in and help you out with your debt? Unfortunately, it just doesn’t work that way. But here’s a little help: Check out the best of the personal finance blogosphere from the past week below to learn how you can take control of your own finances and debt before they overtake you. Sure, it’s not a bailout the size of Afghanistan, but it’s a start!
Think teenagers spend all their money on food and fun? Not anymore. According to a new poll about teens and personal finance, gasoline is now teenagers’ No. 1 credit card expense — surpassing clothing, which led in the previous polls.