You’ve got a credit card or may be a car loan, right? You are making your minimum payments and you are making those payments on time. All of a sudden you receive an offer from your lender to skip a payment. For a small monthly fee some lenders are allowing customers to skip payments. Do you think it’s a good deal? Learn the facts about inflationary debt.

Inflation and Debt

To explain inflationary debt let’s use an example. Let’s say you have a credit card that charges 18% in interest. On that credit card you have a $5,000 balance. You monthly payments should be about $150.00 a month. However, when you skip a payment you are actually add your monthly payment to your balance. In the example above, you monthly payment is $150.00. And don’t forget the interest. That’s $150.00 at 18%. That means instead of just paying the $150.00, your have just added $170.00 additional to your $5000 balance.

Along with the addition to your balance many lenders charge a processing fee for this type of service. After you add up the small fee for the offer, $170.00 added to your balance, and the processing fee – you may be thinking, I should have just paid my bill.

Let’s make the math very simple. The only time you should ever consider not paying you debt is when you literally can’t. Any other circumstance falls under – not a good financial move. Not only should you pay your bills every month, you should try to pay then off fast. That means you should be added additional money when you can.

In short, keep paying off your debts. The quicker you pay off the debt the less interest you are paying. Plus, being debt free is a wonder feeling.

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Later this year, Wilmington Trust is scheduled to layoff hundreds as the company combines with M&T Bank.  The total layoffs will amount to 30% of Wilmington Trust employees.  Even after the conversion due to occur during the summer of 2011, Wilmington Trust employees will not be safe.  More layoffs will occur after the two banks combine.

On the bright side, Wilmington Trust customers can rest easy.  Current Wilmington Trust branch locations are scheduled to remain open.  Also, on 2/8/2011 Wilmington Trust announced filling a created position of “Director of Endowments & Foundations” with F. Mackey Hughes.

More Wilmington Trust and M&T Bank news to come.

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President Obama said:

At this time last year, amidst headlines about banks on the verge of collapse and job losses of 700 thousand a month, the White House received another troubling piece of news about the American economy. The United States’ economy was shrinking at an alarming rate — it was the largest six-month decline in 50 years.

Factories and farms were producing less; businesses were selling less; and more job losses were on the horizon.

However, one year later, according to numbers released this past week, this trend has reversed itself. For the past six months, the American economy has been growing again. And lat quarter, it grew more quickly than at any time in the past six years. This is a sign of progress. And it’s an affirmation of the difficult decisions the White House made last year to pull the American financial system back from the brink and get the economy moving again.

Nevertheless, when so many people are still struggling — and when one in ten Americans still can’t find work, and millions more are working harder and longer for less — the White House’s mission isn’t just to grow the economy. It’s to grow jobs for folks who want them, and ensure wages that are rising for those who have them. It’s not just about improvements reported in quarterly statistics, but ones people feel in their daily lives — that equal to a bigger paycheck; and/or more security; and/or the ability to give your kids a decent shot in life and still have enough to retire on one day.

That’s why job creation will be the White House’s number one focus in 2010. The White House will put more Americans back to work rebuilding America’s infrastructure all across the country. And since the true engines of job creation are America’s businesses, President Obama proposed tax credits to help them hire new workers, raise wages, and invest in new plants and equipment. He also wants to eliminate all capital gains taxes on small business investment, and help small businesses to get the loans they need to open their doors and expand their operations.

As President Obama works to create jobs, it is critical that we rein in the budget deficits that have been accumulating for far too long — deficits that won’t just burden our children and grandchildren, but could damage the American markets by driving up interest rates, and jeopardize recovery efforts.

There are certain core principles American families and businesses follow whey they sit down to do their own budgets. They accept that they can’t get everything they want and they focus on what they really need. They make tough decisions and sacrifice for their kids. They don’t spend what they don’t have, and they make do with what they’ve got.

It’s time the American government did the same. That’s why President Obama is pleased that the Senate has just restored the pay-as-you-go law that was in place back in the 90s. It’s no coincidence that we ended that decade with a $236 billion surplus (That’s the Clinton Years, Folks). Reinstating this law will help the American economy get back on track, ensuring that every time the White House spends money they find somewhere to cut it from.

President Obama has also proposed a spending freeze, so that as the White House increase investments in things we need, the government will also cut spending on those things we don’t need.

President Obama has also called for a bi-partisan fiscal commission — which will be a panel of Democrats and Republicans who will sit down and hammer out concrete deficit-reduction proposals by a certain deadline.

This past week, 53 Democrats and Republicans voted for the Fiscal Commission in the Senate. But it failed when seven Republicans who had co-sponsored this idea in the first place suddenly decided to vote against it.

President Obama is eager and ready to work with anyone who’s serious about solving the real problems facing Americans and the economy.

Reining in Budget Deficits — President Obama Weekly Address

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Beware of telemarketers promising to lower your credit card interest rates. Everyone with a phone is at risk of this credit card scam. It’s via an automated telemarketer call system. And they don’t care if you are on the “DO Not Call List”. The telemarketers are promising to lower your interest rates on your credit cards, but don’t fall prey to it. If you do, it will cost.

The Better Business Bureau is warning credit card holders not to fall prey to this credit card scam. Already, thousands of Americans have received these calls — me included. When I got the call it sound official. However, I hung up and call my credit card company directly. They notified me that it was a scam. Special tip — if you want to have your credit card interest rate lower — call the credit card company yourself.

Here’s how the credit card scam works: Once you received the automated call, it will direct you to call another telephone number. After you call this second number you are asked to pay a fee of $700 -$1000 for them to get your credit card interest rate lower. The Better Business Bureau is directing people to “just hang up”. Don’t call the second phone number.

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Former Executive from Wachovia moves onto SCBT Corp. Greg Lapointe is the new senior vice president at SCBT Corp. Greg was the president at Wachovia’s Midlands market. Who is SCBT Corp? SCBT Corp is the South Carolina Bank and Trust Corporation. Currently SCBT Corp is celebrating 75 of service in South Carolina.

At SCBT Corp you can set up a Personal, and/or Business accounts or maybe you are in search of a mortgage. SCBT was named in Forbes Top 100 most trustworthy companies. SCBT is a member of the FDIC and its NASDAQ symbol is SCBT.

Other Things At SCBT Corp:

• $100 rebate with free business checking
• Earn $25 for referring a friend
• Free online extras with totally free checking

SCBT Corp Website

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Another bank failure to report. Guaranty Bank or GFG filed an 8-K with the SEC which states they can no longer continue. With that shocking statement, Guaranty Bank has consented to be seized by the FDIC. According to reports, Guaranty Bank core capital is at a negative 5.7%. Guaranty Bank will be the largest bank to fail in 2009.

Guaranty Bank operates under:

GFG
Guaranty Financial Group
Guaranty Bank
Guaranty Financial

Guaranty Bank is based in Austin, Texas. The banks problems are a result of the mortgage crises. Remember, customers of Guaranty Bank deposits are insured by the FDIC up to the FDIC limits. Go to –FDIC Temporary Changes to view the current FDIC limits in place.

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You do know that “saving” and “finance” go hand and hand — don’t you? No matter what your current financial situation looks like, there is a way to save money and make your finance outlook better. Working hard for your money is one thing, now it’s time for your money to work hard for you. The key to a healthy financial outlook is to get as much as you can from every dollars (correction – penny).

Saving and Finance Overview

Learn how to stretch those dollars by understanding how things work. Below are a few articles I have written to get you on your way.

Saving and Finance Managing Your Money

Money Management Online Made Easy

Get Out of The Debt Trap

The Interest Bank — Find the Highest Interest Rates

Prepare An Emergency

Now that you have learned how to management your money, how to get out of a debt trap, how to prepare an emergency fund, and how to find the highest interest rates it’s now time to start generating some more money. Below are a few more articles I have written to get you making more money.

Saving and Finance Making More Money

Successful Blogging

Why I Purchased Bank CDs

Free Money You Don’t Know About

Short Term and Long Term Interest Rates

Okay, you have just gotten the latest information on becoming a successful blogger, why i purchased bank CDs, where the free money is, and what’s the difference between short term and long term interest rates. Therefore, we should move onto how to save money. Below are a few more articles I have written to get you to save what you make.

Saving and Finance Saving Money

Are You Paying Too Much for Groceries

Whole Life verses Term life Insurance

Paying Off Your Mortgage Early

Living Frugal

Money in a Bad Economy

Have a saving and finance tip to share with our readers? Post it in the comment section of this blog.

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Welcome to Personal Finance and Money blog. Although I have been writing about personal finance/money for quit sometime, I have finally create a blog on the same subject matter.

Personal Finance and Money Topics:

Interest Income – Interest income is money earned on cash held in savings accounts, certificates of deposits, money market accounts, and other investment accounts. Interest income is never part of your original investment, which is known as your principle. On the Personal Finance and Money blog we will be discussing different ways to earn interest income.

Passive Income – Passive income is from sources you do not materially participate in. Passive income is taxable. Here on the Personal Finance and Money blog we will be discussing different paths to passive income.

Online Income – Everyone is trying to earn money on online through blogging and affiliate marketing. Here on the Personal Finance and Money blog we will be discussing different ways to earn money online.

Expenses – One of the fast ways to save money is to watch your expenses. Therefore, here on the Personal Finance and Money blog we will be discussing different ways to save.

To get you started on the road to “Finance Money Management” success here are some suggested ….

The Total Money Makeover: A Proven Plan for Financial Fitness

Intelligent Investor The, Revised Edition

Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth

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