This article was originally published by Msn.com on Wednesday, Nov. 12, 2008.
No credit? No problem! Some businesses are dusting off a budget-friendly strategy familiar to your parents and grandparents. Now you can even get a replacement hip that way.
By Katherine Reynolds Lewis
After falling out of favor when credit was cheap and easy, the layaway is back.
"We have seen a huge increase," said Michael Bilello, the senior vice president of business development for eLayaway, which offers layaway plans for everything from big-screen televisions to hip replacements. "This is something fiscally responsible Americans are going to use."
Kmart even hired Kate Gosselin, a star of the reality television show "Jon & Kate Plus 8," to tout layaway as a sensible way to budget for Christmas while keeping gifts out of the house and safe from children's prying eyes.
Layaway Makes a Comeback
Posted by Katherine Lewis at 4:17 PM 0 comments
Labels: economy, Msn.com, personal finance, shopping
Down Payments are Back
This article was originally published by Interest.com in October 2008.
If you're buying a home this fall, you'll need a down payment of anywhere from 3% to 25% of the purchase price, depending on your lender, your credit score and where you're buying.
Just a couple of years ago, almost anyone could get 100% financing. Down payments were a relic of the '80s and '90s, sort of like Pac-Man and grunge rock.
But such irresponsible lending is why foreclosures are at a record high, the banking industry is collapsing and the economy is headed for a serious recession.
Posted by Katherine Lewis at 10:05 AM 0 comments
Labels: debt, economy, finance, Interest.com, personal finance, real estate
How to Survive a Bad Economy
This article was originally published by Interest.com in September 2008.
It's hard to stay calm when every other day seems to bring news of another financial crisis.
A record number of families are in foreclosure, energy prices are soaring and hundreds of thousands of jobs have been lost this year. Banks are going bust and billion-dollar government bailouts are propping up much of the financial industry.
One thing is clear: The economy is in trouble, and that could mean less money for you and your family.
Posted by Katherine Lewis at 9:53 AM 0 comments
Labels: debt, economy, Interest.com, personal finance