Close-up of the Damage to My Friend's Galveston Beachhouse

A few days ago I posted the before and after satellite photos of Galveston, TX. Just now my friend got a photo of her house taken from a helicopter. Take note that nothing has been cleared away in the area and there "was" a house almost twice as big as hers about 3 feet to the left of the house in the photo. It's amazing anything of hers was left.

Cash for Points - Check Your Options!

Not long ago I remembered that American Express used to allow you to exchange Membership Rewards Points into cash. So I investigated and although they don't give you "cash" you can turn them into American Express Travelers Cheques that you can use anywhere. You really have to look to find it - just keep looking for "more rewards."

I checked all the other cards I accumulate points on and what do you know several of them allowed you to exchange points for cash...a real, honest to goodness check. I had enough points spread out over several cards that allowed me to get over $1,000.00 - yes, you read that right!

So if you need a little extra cash start looking at the Rewards Programs you have with your credit cards and look at ALL the options. You may have a nice surprise waiting for you!

How Much Money Do You Need to Save to Make Something Worthwhile?

Would you walk away from a $20 bill laying on the street? How about $50? $100? You may be able to save that and more in your business each and every month if you accept credit cards. Find out more NOW.

One of my newest passions is the rip-off's in credit card processing. Most businesses, no matter how small, are pretty well resigned to the need to accept credit cards. Our main business has been accepting them for 19 years and I've had lots of experience with a variety of different merchant service providers.

Then a few months ago a friend had a major problem with her provider and blogged about it. Since I check our rates every couple of years I realized I hadn't done that in a while and started checking around. And because of her issue I really did research this time, not just shop rates.

What I found was amazing. The vast majority of providers charge "junk fees" every month that just add to their profit. Do you have a "statement fee" or a "customer service fee" on your statement? Those are pure profit centers for the provider. I actually have a list of about a dozen junk fees that commonly charged. And did you know that even a merchant provider can request a copy of a charge slip...it's called a "retrieval" and yes, they charge you a fee for it. So less than honest merchant service providers will often pad their profit in a month by issuing retrieval requests for no reason except to add to their profit that month.

I delved deep into this and finally found my current Merchant Service Provider. No statement fees, no batch closing fees, etc., just a great rate with a business that is honest and straightforward.

I'm actually doing a video interview later today on this subject. But my question to you is how much money do you need to save in order to make you sit up and take notice? If someone said they'd save you $20 a month each and every month would it be "worth" it to you to take action? What about $50 a month? $100? $300?

This is money you are currently spending that would stay in your pocket. You don't have to do anything, sell anything, buy anything...it's just saved money. And yet I know people who just don't take the action necessary to do it. And this is not just about credit card processing, but changing a vendor for a better price, canceling a service you really don't use, doing something different, anything, that would save you money. At what point does keeping more of your money make you take action?

The Economy - Where Are We Headed?

If you've been reading my Blog you know I've been sounding the alarm about HELOC's being reduced or taken away and more recently credit card companies reducing credit lines arbitrarily whether you have a good payment history or not. And the amount of money that you make has absolutely nothing to do with the reductions in credit. As I said before, if you've been hit with this situation, check your FICO score because it will, most likely, take a hit as the "credit utilization" portion (a big one in the scoring) could go from 30% to 100% utilization, as it did for a friend.

The other day CNN reported on this situation, specifically with American Express admiting that they were reducing all credit lines. And today a friend just told me she was watching Suze Orman this morning and she was talking about this, also. She went so far as to say we are going back to a cash and carry society, that credit will be a thing of the past. I wonder how MC and VISA feel about that comment considering they just went public a short while ago and she's talking about their billlion dollar businesses disappearing!

So how will this all play out in the economy? Anyone with a crystal ball?

CNN Now Reporting What I Told You a While Ago - AMEX Is Cutting Credit Lines

Finally the word is getting out to the public about this. CNN reported that AMEX is cutting credit lines. And although it was just AMEX they mentioned I know Chase credit card limits are being reduced as well as the AT&T Universal Card.

The issue here is not just the sudden disappearance of your credit, which is unnerving enough, but as they cut credit lines to just what people owe on the cards it becomes an issue for FICO scores. FICO scores are heavily weighted to the percentage of credit you have outstanding to your total available credit. With the reductions you could easily go from 30% to 100% usage which is going to lower your FICO score. A friend's AMEX was reduced from $25,000 down to the $8,000 which he currently owed. Several of my cards have been lowered to just what I owe creating 100% credit usage.

And the question in my mind is how often they will keep reducing it. If you make a large payment will they reduce your credit line even more next month? In my mind it's a Catch-22 situation. The more they reduce credit lines the lower everyone's FICO scores will go, which will make them reduce your credit even more.

So if you are one of the few people who are actually buying a home right now if you were pre-approved then your credit lines were dropped you may see your FICO score lowered and the mortgage loan approval evaporate. So this isn't just about credit cards, it's another big hit to the housing market.

Your Written Words on the Internet...Think About What You Say

An article on www.earlytorise.com has again given me plenty to think about. You'll notice on the right hand side of the page about half way down I have a daily RSS feed for some of that day's articles.

Yesterday there was one that certainly made me think about what I write in my Blog, on Facebook, etc. Here's a snippet...and a link to the full article. If you post anywhere on the internet you'll want to read it and give some thought to it:

“Reputation is character minus what you’ve been caught doing.”

Michael Iapoce

What Happens Online Stays Online

By Suzanne Richardson

You finish a fantastic book, and post a review of it on Amazon…

Your favorite blogger posts a blog entry that you disagree with, so you write a rebuttal in the comments section…

You send in a glowing note of thanks for a product you bought, and the company (with your permission) publishes it in their online newsletter…

You get terrible service at a new restaurant downtown, so you add a scathing description of the snooty waiters and bland food to CitySearch…

Your old college roommate hosts a huge birthday bash, and you rave about how drunk you got on your MySpace page…

There’s practically no end to the ways you can publish your opinions online.

And that’s great. It means that you can start a blog or an e-newsletter, and quickly position yourself as an expert in anything… from marketing to tropical fish to grammar and more.

But before you fire up the Internet and start posting away… take a second to reconsider.

The thing you have to remember is this: The Internet may be a palimpsest of conversation, information, advice, and junk. It may be protean and malleable. But it is also pretty permanent.

When you put things on the Internet, they’re there for good. And if you don’t think through what you’re posting, it might turn up years - even decades - later to haunt you....

Read the full article here: http://www.earlytorise.com/2008/09/20/what-happens-online-stays-online-2.html

Visting My Daughter and Have Been Banned From Using Her Computer!

Sorry for the lack of a new post...I'm visiting my daughter and she hates when I'm on the computer at her house! Of course, we're just hanging around, not doing anything special, but as soon as I start to gravitate towards her computer she tells me I'm not allowed on it.

I've blogged about this before, but I really do spend a lot of time on the computer. And both my husband and daughter tell me I'm on it too much, that I'm ignoring them. Sometimes I understand their point of view. But if I'm mentally bored I'm drawn to it. And when they're watching a movie like Spiderman that doesn't engage me, why shouldn't I get on the internet?

So I'm sneaking on now because she's out doing an errand and my husband is watching football. And I'm anxious to see what I've missed in the last couple of days, not "news" but articles, ideas, thoughts.

So I'm off to spend some quality time with the internet and will report back with what I find of interest!