Zone 2

Money In the News: What We Should Avoid

Reuters posts about the estimated cost of the U.K. riots reaching over £200m (or over $300 million US Dollars)

Damage caused by riots in London and other British cities this week will cost more than 200 million pounds ($323 million), the Association of British Insurers said Thursday, doubling its previous claims estimate.

NPR posts about the fight over medicare cuts and tax hikes.

The U.S. government will spend about $48 trillion over the next 10 years, according to CBO projections. Roughly $13 trillion of that will be deficit spending.

The debt deal being voted on today would cut each of those numbers by about $2.4 trillion. That’s not trivial, but it doesn’t fundamentally change the big picture.

Time Moneyland posts 12 things we should stop buying now.

Credit Card Payment Insurance:
The pitch: Pay a monthly fee — often tied to the amount of your outstanding balance — and the credit card company will make payments for you if you lose your job, become sick or disabled.

The truth: This “protection” can cost a few hundred bucks a year, and there are often so many restrictions and caveats on coverage that you won’t see a dime. Even if your claim is accepted, the insurance only pays the monthly minimum for a period of months. If you have an outstanding balance, you’re better off putting that money toward paying down the principal. Capital One even settled a class-action lawsuit over its insurance plan.

The Frisky posts about identifying the Money Drains in your life.

I’m amazed at how every time I walk out of my apartment, cash just seems to seep out of my wallet. So, this year, in a conscious effort to make my paycheck stretch a bit longer, I’ve been keeping a watchful eye on my miscellaneous expenses. Here are some common dollar drains I’ve found and tips to put a stop to them before more money flushes down the proverbial drain.

Kiplinger posts about 11 credit card mistakes we should avoid.

Late payments are the “biggest foul” when it comes to credit cards, warns Ben Woolsey, director of marketing and consumer research at The consequences can include late fees, jacked-up interest rates and a lower credit score.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

This entry was posted in Money in the News and tagged . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

Zone 3