Fred Harteis News Articles - You've been hearing about how bad the economy is recently. But no matter how bad the news may get, there are some things you can do to insulate yourself from the slowing economy.
Put your rebate to work
Uncle Sam is going to be mailing out rebate checks in May.
If the last two digits of your Social Security number are in the lower digits, you'll be getting your check sooner. And retailers are salivating.
Some states are considering sales-tax holidays for the spring. But don't be swayed.
While the government may encourage you to spend that check, your best move is to pay off your credit card bills. You may also want to make an extra mortgage or car payment.
While it may not sound like much fun, you can also put it toward your emergency fund.
Cut costs
Start with the fees you can avoid - like bank fees.
Find out if you are eligible to join a credit union where the fees and surcharges may be lower. Go to the National Credit Union Association Web site at NCUA.gov.
Congress is turning a spotlight on some of those 401(k) fees. If you're not sure what fees you're being charged, talk to your plans' administrator or someone in the HR department.
If you want to avoid balance transfer fees on your credit card, look at your credit card agreement. Look for a reference to a maximum balance transfer fee. If you don't see any dollar amount, call the credit card issuer and get the details. Balance transfer fees can add up to hundreds of dollars.
Know where to go
Knowing where to go to get cash in an emergency is half the battle already. If you have enough equity in your home - and that's a big IF nowadays - you may be able to take out a home equity line of credit.
With a home equity line, you will be approved for a specific amount of credit - depending on the equity you have in your home. And you can borrow from this line of credit when you need it. You may be allowed to deduct the interest because the debt is secured by your home.
Source; Cnn.com
About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.