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Old 11-22-2009, 09:45 AM
Franc Tireur Franc Tireur is offline
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Make money in 2010: Your savings and credit

Credit will stay crunchy, but savers willing to shop can find good deals.

Like most Americans, you're probably pledging to save more next year -- already savers are socking away cash at a better pace than they have in years (3.7% of income recently, up from just 0.2% in early 2008 ).

Pat yourself on the back -- because your thriftiness won't be rewarded with much more than that anytime soon.

Interest rates on savings vehicles were dismally low in 2009, and the beginning of 2010 doesn't appear as if it will be much better. Bank savings accounts, CDs, and money markets generally track the Federal funds rate, and that has ranged between zero and 0.25% since late 2008 .

"The Fed is going to be slow to raise rates for fear of choking off the recovery," says Richard Barrington, banking analyst for MoneyRates.com.

Those same low rates will benefit borrowers next year -- that is, if you can get a loan. Banks seem likely to remain as stingy about dispensing credit in 2010 as they were this year: The Fed's survey of lenders shows fewer banks tightening standards for consumer loans (33% now vs. 64% in October 2008 ), but none easing them.

If you do get approved, you may not be able to borrow as much: Some 17% of credit cardholders recently reported that their limits had been cut, compared with just 8% in February.

What you can look forward to is fairer treatment regarding those cards, once landmark reforms take effect that limit banks' ability to impose higher rates and onerous fees. Customers who have been on the receiving end of "gotcha" practices that will earn banks $38.5 billion in overdraft fees this year may also get some relief: Many Capitol Hill watchers believe legislation reforming overdraft policies has a good chance of passage in 2010.


What do you plan to do for 2010?

Cut up your credit cards and live within your means?

Saving much more money than you recently did in the past years?
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Old 11-24-2009, 07:42 AM
de frag de frag is offline
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i think we must take a good assets
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