Welcome to the Fourth of July edition of the SPENDonLIFE weekly grab bag! Check out some of the latest happenings in the world of credit, all related to Uncle Sam of course. And enjoy your Independence Day weekend!
Uncle Sam has a 645 FICO
What would happen if Uncle Sam walked into a bank and applied for a loan? Well, first, he would need his credit score calculated based on the factors that all the rest of us are judged by. CreditLoan.com did exactly that, and, surprisingly, the number isn’t as bad as I would have thought. The US government’s level of debt is astronomical, of course, but that’s tempered by its ability to pay off debts by simply printing more money. Gotta love good ol’ inflation.
How to celebrate the Fourth, frugally of course
The Debt-Free Scholar offers five fun ways to show your patriotism without breaking the bank this weekend. In fact, these decorating ideas can be used year after year, so they’re really just a one-time investment. High-five Uncle Sam!
The US savings rate reaches a 15-year high at 6.9%!
The latest Commerce Department reports show that we’re saving more than ever (well, more than ever since 1993, that is). Free from Broke discusses the pros and cons of this impressive all-American savings comeback.
New government bill aims to cap interest rates
Some US politicians up on Capitol Hill are pushing for further credit regulation beyond the recently passed CARD Act. Senate bill S. 582, known as the Interest Rate Reduction Act, would extend interest rate caps to protect credit union members from “loan sharking” practices and excessive fees. Denise Richardson of Give Me Back My Credit explains how you can support this legislation, and what else you can do to protect yourself from interest rate spikes.
Yikes! Is our country a ticking time bomb?
USDebtClock.org sure makes it out to be. My eyes start to cross as I see the rapidity with which our nation’s debt levels are rising. The clock was designed to clearly show the “balance sheet” of the United States of America and is continuously updated with the most accurate debt information available. As its creators say, “America is a proud country with a long history of overcoming insurmountable problems. The debt crisis that the Government and individuals face is the most pressing issue of our time. We must begin to confront this challenge head on and not squander away the future financial health of the nation.” United we stand!