Word: credit-card
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...house and talk about her money situation. Nothing doing--until a year later, when the older woman learned she had cancer. With some urging, she agreed to move to a supported-living condo in New York, and her family found out that she had $20,000 in credit-card debt that she couldn't explain. Helping her was a struggle. "Mom's mostly competent, but not fully," says her daughter, 47. "She's very independent and stubborn and insists on doing a lot for herself...
...wasn't guilty of them all, but enough to start me thinking. I want my kids to work hard, appreciate what they have and give to causes they believe in. Yet we live in an age when "affluenza" makes the cover of Forbes, and young adults have serious credit-card problems. Does the fact that my daughter sees me whipping out my credit card several times a day mean she will be back on our doorstep with her hand...
Seated with Bembry are a couple of dozen congregants, most of whom are middle-aged, middle-income African-American women with big credit-card bills and little or no savings. One by one they rise and recite their goals: to buy a home, start a business, finance a child's education. Dwana Washington, 42, says she would like to do all these things and also build up her $1,000 nest egg--a daunting ambition, considering how much she spends each month on day care for her three kids. Another woman volunteers that she is saving $11 a month...
Citigroup is offering graduates of the One Thousand Churches program six months of free checking and is considering a credit-card deal. Insurance companies, computer makers and Internet service providers are also coming to the table with special offers. Freddie Mac donated $1 million and developed One Thousand Churches' tutorials on credit scoring and home ownership. "The future of the housing market rests with minorities and first-time home buyers," says Willie Spears, an executive at New Orleans' Hibernia National Bank, "so in that respect we're being a little selfish...
...typical student, graduating with about $17,000 in federal loans, consolidation is wise. Stretching out the payments while lowering the interest rate can give you the wiggle room to knock down the credit-card bills that inhibit saving. Don't make a move before July 1--unless you apply through a consolidator like Collegiate Funding Services www.cfsloans.com) which is accepting applications that it won't process until then. And although these rates will be in force for a year, if you're in the six-month grace period in which you don't have to pay anything, you have...