Introducing........The eKit

(Caution: Unabashed Commercial Ahead)

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The IOU NO MORE eKit is your Declaration of Financial Independence.  Join the revolution today.

Only available at our online store.

Surprise, Surprise, Surprise!

A friend of mine told me a great car buying story this week and I want to share the substance of it.

She and her husband decided a good used car (already a sensible choice) was in their future. They did their research, packed a checkbook and headed out to test drive. Once they found their ideal car, and did their negotiating it was time to close. The sales person said, "I suppose you'll be needing to arrange financing", to which they replied, "No, it's ok if we write a check, right?"

"What?"

"Write a check. We're going to pay cash."

The entire dealership fell into silence. As they handed over the payment in full, they were told, "I don't believe this has ever happened here before."

I love the revolution! Talk about a stimulus plan. Pay yourself instead of the bank. Then pay in cash for what you need. Everybody wins. Except those who feed off of debt, of course. What is it we call things that feed off of other things again? Oh, that's right............ parasites!

Read Em And Weep

Just read an article describing the bad and the ugly that is coming out of the new regulations for Credit Card Companies. Notice, I didn't add, 'good' to bad and ugly. There is no good. Sure, the CC companies will have to be more transparent in disclosing their fees and rates, but many of them are using the opportunity to raise those newly clarified fees. Yeesh.

There is a level on which I don't care what they do, because I haven't had a Credit Card balance in years. They could raise the rates to 300% and it doesn't change my world.

One interesting thing that came out of all this, though, is I found out I still have an open Credit Card account I didn't know about. I got a letter from a particular bank saying my cash advance limit had been reduced. Oh, darn. I thought I closed that with the rest of my Visa an Master Cards years ago. I certainly haven't used it. Oh well, it's closed now.

The first rule in the IOU NO MORE revolution, is "STOP BORROWING". That means Credit Cards, too. Don't give me the 'for emergencies' line, either. The emergency will be trying to pay the darned thing off.

Gotta get ready for work now. You can read the article HERE.

"Cash for Clunkers", A Trojan Horse of a Different Color?

The President's Cash for Clunkers program has, by most reports, been a tremendous success. Big enough that Congress has 'gone back to the well' for more cash to back it. Where are they getting that cash? Oh, that's right, from the very tax payers who are asked to buy the cars. So in essence, we're being asked to pay taxes to support our tax credit. Anyone dizzy from this circular reasoning yet?

It is not the logic, though, that has me miffed. What has steam coming out of my ears is our Government bribing Americans to get into debt. As already mentioned, it is disguised as a tax credit. But it is a tax credit paid for by tax payer money. It is marketed as a call to 'save the environment, but is in reality an attempt to bail out the newly Government owned Automobile companies. It is billed as a way to save money at the pump, but is in reality a way to get Americans into debt. It may very well turn out to be the automobile version of the 'subprime mortgage'.

Oh, and because the 'clunkers' are all being destroyed, the inventory of cheap used cars is being dramatically reduced, forcing low end used car buyers to pay more. And, finally, the program is pushing up the prices of new cars, which were falling.

Debt is bad. But when it's debt on a depreciating item (I can't bring myself to use the words, depreciating asset, because that sounds like an oxymoron when debt is attached to it), it's doubly bad. If you have not fallen into this trap yet, I urge you to look away. Don't inhale that new car smell. Don't let the 'fever' weaken your resistance. Stay on your winning plan of recession proof living.

On the happy front, I found an article that says the 'Cash for Clunkers' program may be losing some momentum. We can only hope. Read it HERE.

Debt Help Scams on the Rise

It seems you can't turn on the radio or television (or internet) anymore without seeing a half dozen adds for programs that will teach you the 'secrets credit card companies don't want you to know' about not paying your debt legally. Poppycock! There aren't any 'secrets'. There is a great deal of common sense we can apply. And part of that common sense is avoiding these scam artists like they were carrying the plague, which in a way they do. These are hucksters who are preying of men and women who are in dire straights during difficult times and I dislike them very much. They are taking advantage of desperate people. They will charge enormous, sometimes hidden, fees for less valuable information than is available in IOU NO MORE for about $11 (including shipping).

I found a pretty good article about these groups on Yahoo finance. While I disagree a bit with the author's chosen strategy for dealing with debt, I fully agree with what she says regarding these dirt bag scam artists. You can read the article HERE.