Facebook Week in Review: 06/03/2011

7 06 2011

June 3

Under the 2009 CARD Act when a person age 18-20 applies for a credit card, the card issuer must verify that the person has sufficient independent income or require a co-signer. How do you feel about this Act?

The start of the weekend is almost here. Go forth and save.

June 2

You’re getting financially fit and it hurts! We know the pain . . . . money going towards bills rather than on a night out on the town. Pain is weakness leaving the body. Stay true to your goals of becoming debt free.

Just released – a consumer advisory from the OCC regarding thieves using high-tech tools in scams to capture your account information in order to steal your money. Card Skimming involves attaching devices to money machines that read the information on your debit and credit cards when you swipe them. Stay informed and protect your accounts. http://www.occ.treas.gov/news-issuances/consumer-advisories/2011/consumer-advisory-2011-2.html

June 1

Many leaders say that a positive attitude is the key to success. It’s the same regarding personal finance…when you tell yourself you cannot get ahead – there’s just too many bills – you tend to accept that fate. Invest in yourself. Identify negative financial behavior and change it.

Let’s keep the momentum going…..we have over 3,400 likes (this is over 100 from last Monday). Take the Military Saves Pledge because financial stability is more than knowledge. Stay on top of your personal financial readiness and positively impact your personal/household savings rate.  http://www.militarysaves.org/whyjoin/default.asp

May 31

Think Twice Before Withdrawing – All TSP withdrawals are subject to income taxes. TSP Financial Hardship Withdrawals are subject to federal income tax. SMs younger than 59½ may also pay 10% early withdrawal penalty taxes. SMs must wait 6 mos before contributing to their TSP account. In-Service Withdrawals permanently reduce retirement savings–funds cannot be repaid.

‎91% of military respondents reported having at least one credit card, with 36% reporting they had at least four. 41% of military respondents reported having $5,000 or more in credit card debt. More than a quarter, 27% reported having at least $10,000 in credit card debt—-Financial Capability Survey

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