It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Here we share some of the week’s more interesting tidbits from the world of identity theft and credit. Enjoy!

What happens to your online accounts when you die?

If you were to die tomorrow, would anyone know how to access your online accounts? Creditbloggers recently asked this very question in Who Gets Your Bits? While this might not be nearly as important as, say, who inherits your home or other major assets, you can make it easier for others sorting through your affairs after you’re gone. The best solution I’ve heard is to simply keep a list of your online accounts and passwords in a safe deposit box next to other important documents. 

How to own a car for less

I was shocked to learn that the average person only owns their car for 5.5 years. I’ve owned mine for nearly 8 and have no intention of giving it up anytime soon (not because I love it, but rather because I don’t want a new, expensive car payment). Wisebread does the math on how to get the most out of your set of wheels for the least amount of money. I would add one thing to the list: maintain good credit to get a better deal on your auto loan!

Who shares your name?

Identity thieves don’t necessarily need to take on the identity of someone with a different name. It’s much easier just to impersonate someone who shares your name, such as Michael Nelson of Atlanta who pretended to be successful lawyer Michael Nelson of New York. The fraudster succeeded in taking money from two people who were in need of legal counsel.

Identity-stealing Romeo

To all the single ladies, watch out for fraudsters on dating sites who prey on women looking for companionship. Jaitass Dhanoa, for instance, wooed multiple women through sites like Match.com and IndianDating.com, then open credit cards in their names (making himself an authorized user, of course). All in all, Dhanoa racked up tens of thousands of dollars through the cons.  

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Here we share some of the week’s more interesting tidbits from the world of identity theft and credit. Enjoy!

Puerto Rican birth certificates are hot commodities

I’ve never thought about this, but Puerto Rican birth certificates are big ticket items on the identity theft black market. Puerto Ricans are U.S. citizens, so other Hispanics steal their birth certificates to be able to apply for passports to travel in and out of the U.S. The solution? Scrap all existing legitimate birth certificates and start fresh. Starting July 1, every Puerto Rican will need to obtain a new birth certificate, and pay $5 for it. Schools and other organizations will also no longer be allowed to keep birth certificates on file.

Hackers no longer need hacking skills

Now, anyone who wants to steal your personal information over the internet doesn’t really need high-tech skills, according to the NewScientist. All they need is a little money to buy the software that does the hacking for them. This kind of software has been around for awhile, but many packages are now being sold with extra incentives like a money-back guarantee. So if the wannabe criminal isn’t completely satisfied with his take, he can return his purchase risk-free.

Beware: iPods infected with malware

The ways criminals can get at your personal information are endless. Here’s one I hadn’t heard of before: identity thieves load malware onto iPods and then sell them to you via eBay or Craigslist. They’ve got your address already, and the malware gives them access to the personal information on your computer.

Is the convenience of a credit card worth $1,068 a year?

Own The Dollar illustrates how common it can be for yearly credit card fees to top the $1000 mark. If you’re not too scared, spend an hour looking over your credit card statements over the past year and add up all the extra fees you pay on a monthly basis. Just one more reason to make a serious effort to pay down your balances in full every month.

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Here we share some of the week’s more interesting tidbits from the world of credit and identity theft. Enjoy!

Credit card statements get a makeover

I love Free From Broke’s breakdown of his new, post-CARD Act credit card statement. Now, his American Express bill tells him upfront that if he doesn’t pay on time, they are going to charge him $39. It also displays a calculation that tells him if he only pays the minimum, it will take him nine years to pay off his balance. Do you notice similar changes on your card’s statement this month?

Do you know a credit junkie?

And should you have an intervention? My Life ROI points out the telltale signs that someone is totally addicted to plastic.

Celeb Mischa Barton’s credit cards declined

I used to watch The O.C., which is the only reason why I know who Mischa Barton is (she played Marissa, the rich, misunderstood girl-next-door). Sadly, she hasn’t gotten much work since the popular show, and her finances are feeling it. Two of her credit cards were declined at a Whole Foods in Hollywood. Luckily, she had a friend with her who picked up the tab.

Bankruptcy plagues 80% of retired pro-footballers

I guess it makes sense that so many pro-athletes can’t make their millions of dollars last a lifetime. After all, their forte is playing their sport, not managing money. Bad business advice, family and friends who leech, and the pressure to look like a big baller both on and off the court all take a financial toll. Check out these seven sob stories of pro athletes who have fallen on tough times.

Deceased, child, and tax ID theft, all rolled into one

Sadly, there are identity thieves out there who add insult to injury by stealing the identity of a deceased child. This happened recently to a Washington couple, who discovered their baby was being claimed by a stranger for tax benefits. Now, the couple must prove to the IRS that they are indeed the parents, which means paperwork, tax accountants, and bureaucracy during a time when they should be left in peace.

Band buys their own music with stolen credit cards

In a way, this is kind of genius. A struggling band negotiated a 40% royalty deal with iTunes, then used stolen credit cards to purchase $750,000 worth of their own songs. Not only did they get to bank $300,000, but their popularity on iTunes also increased, leading to more sales. The nine-member British "band" (can’t imagine what their music sounds like) was living the rock star life until they were caught by Scotland Yard and the FBI.

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Here we share some of the week’s more interesting tidbits from the world of credit and identity theft. Enjoy!

Credit card statements get a makeover

I love Free From Broke’s breakdown of his new, post-CARD Act credit card statement. Now, his American Express bill tells him upfront that if he doesn’t pay on time, they are going to charge him $39. It also displays a calculation that tells him if he only pays the minimum, it will take him nine years to pay off his balance. Do you notice similar changes on your card’s statement this month?

Do you know a credit junkie?

And should you have an intervention? My Life ROI points out the telltale signs that someone is totally addicted to plastic.

Celeb Mischa Barton’s credit cards declined

I used to watch The O.C., which is the only reason why I know who Mischa Barton is (she played Marissa, the rich, misunderstood girl-next-door). Sadly, she hasn’t gotten much work since the popular show, and her finances are feeling it. Two of her credit cards were declined at a Whole Foods in Hollywood. Luckily, she had a friend with her who picked up the tab.

Bankruptcy plagues 80% of retired pro-footballers

I guess it makes sense that so many pro-athletes can’t make their millions of dollars last a lifetime. After all, their forte is playing their sport, not managing money. Bad business advice, family and friends who leech, and the pressure to look like a big baller both on and off the court all take a financial toll. Check out these seven sob stories of pro athletes who have fallen on tough times.

Deceased, child, and tax ID theft, all rolled into one

Sadly, there are identity thieves out there who add insult to injury by stealing the identity of a deceased child. This happened recently to a Washington couple, who discovered their baby was being claimed by a stranger for tax benefits. Now, the couple must prove to the IRS that they are indeed the parents, which means paperwork, tax accountants, and bureaucracy during a time when they should be left in peace.

Band buys their own music with stolen credit cards

In a way, this is kind of genius. A struggling band negotiated a 40% royalty deal with iTunes, then used stolen credit cards to purchase $750,000 worth of their own songs. Not only did they get to bank $300,000, but their popularity on iTunes also increased, leading to more sales. The nine-member British "band" (can’t imagine what their music sounds like) was living the rock star life until they were caught by Scotland Yard and the FBI.

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! To wrap up SPL’s Video Week, here are a few more must-see clips and commercials on credit. Enjoy!

Mainstreet Brigade

These guys have been in the news a lot, mainly because of the two entertaining, slightly edgy PSAs they’ve created. The first features ditzy, plastic-surgery-obsessed reality TV star Heidi Montag, who talks about the dangers of credit card interest. The second is a reunion of popular Saturday Night Live comedians playing Presidents, from Nixon to Obama. The Main Street Brigade’s end goal with these viral videos? To rack up support for a Consumer Financial Protection Agency that regulates big banks and protects us everyday folks from tricks and traps.  

Budget happy

There are lots of ways to set up a budget, but as you can see from Kevin’s video at No Debt Plan, it takes some effort and continuous maintenance throughout the month. But it’s worth it. A well-maintained budget means you always know where your finances stand and how well you’re sticking to your monthly budget. A lot of people may just rely on a site like Mint to track their monthly spending, but I find that creating a custom Excel doc tailored to your expenses and goals is the most effective, straightforward way to keep track of your money.

Magnets eat credit cards for breakfast

There’s been some debate as to whether magnets can really make credit cards unreadable. Cynthia Drake over at CreditCards.com performed a Mythbusters-type experiment to get to the bottom of this mystery once and for all. Check out what she discovered by watching her rub credit cards against household refrigerator magnets, heavy-duty magnets, and finally a two-ton junkyard magnet. The results will surprise you!

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Welcome to Video Week on SpendOnLife! Every day this week we’ll highlight an interesting video from around the web on credit or identity theft. So grab some popcorn, and enjoy!

How South Dakota Became America’s Credit Card Capital

Today, we selected a snippet from PBS Frontline on the history of the modern credit card. It’s from 2004, but still relevant because it explains how and why Sioux Falls, South Dakota came to be the major mecca for credit card companies (Hint: they liked the state’s lack of usury restictions).

If you’re interested in watching the full hour of this PBS special, check out the other segments here. Note that some of the information is outdated, now that the CARD Act has finally passed.

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Here we share some of the week’s more interesting tidbits from the world of credit and identity theft. Enjoy!

CARD Act Infographics

Two cool infographics about credit have come out recently. The one at left (click it to enlarge) from Economic Crisis Blog sums up Americans’ debt level and lists the key protections (and loopholes) of the CARD Act. The infographic at right (click it to enlarge) from BillShrink is interesting because it clearly shows which banks complied early with the CARD Act, opposed to looking for ways to screw over consumers for as long as possible. Surprisingly, all major banks got a gold star for protecting consumers early from arbitrary rate increases.

New consumer credit guide from the Federal Reserve

The Federal Reserve Board of Governors has put together a really helpful online resource that serves as a one-stop shop for consumers to learn about credit. This credit guide for consumers visually explains how to understand those offers of credit that come in the mail, as well as how to make sense of your monthly credit card statements. There’s also a handy calculator that breaks down how long it will take you to pay off your debts (remember to never pay just the minimum!)

New Mexico to move its money away from big banks

All 65 members of New Mexico’s House of Representatives voted to move state money (between $2 billion and $5 billion) from big banks to smaller credit unions. The bill now needs approval from the Senate to move forward, but this has me wondering if my money wouldn’t be happier at a credit union, too.

Big payout from rewards cards

Chris over at The Art of Non-Conformity shares how he has racked up 300,000 frequent flyer miles in only five weeks simply by opening up new rewards credit cards and receiving the bonus miles. The downside? The hours spent filling out applications, nearly $500 in credit card annual fees, and a 4% drop in his credit score. Those costs may be worth the benefits to you, just don’t try this at home if you can’t restrain yourself from maxing out open credit lines.

One student, $555,000 of student loans

Michelle Bisutti graduated from medical school with $250,000 of student loan debt. But that number has grown to $555,000 in just a few years thanks to default charges and never-ending compound interest that accrued during her residency. It was all in the fine print, but Bisutti, like so many students and other borrowers, just didn’t read it. Her debt was handed over to a debt collection agency, and that in itself cost her a $59,500 fee and tanked her credit rating. Students beware: your lenders are ultimately looking for ways to pad their profits, not do you any favors. 

Tips for reigning in your medical expenses

This topic is near and dear to my heart, having been burned in the past by the cost of expensive blood tests my doctor ordered that I didn’t need and that my insurance would not cover. Now I’m hyper-vigilant to medical costs, always asking beforehand how much things are going to cost. The frustrating thing is that, many times, the medical staff and even my insurance won’t give me up front answers about costs! So I end up having to bite the bullet and hope the bill doesn’t come back too ghastly. Check out Own the Dollar for some good tips on getting the best medical care at a reasonable cost.

Housing market not all doom and gloom, from a 10-year perspective

If you’re tired of hearing about drops in the housing market (or experiencing them firsthand), then step back a little and look at the housing market over the past decade. As NPR points out, there has been a 46% increase in home prices between 2000 and 2009, so if you have been a homeowner for most or all of that time, chances are you’re still coming out ahead.

Yorkshire terrier seized in identity theft investigation

A former Kaiser Permanente employee has been busy using the stolen personal information of other Kaiser Permanente employees. Mia Garza has bought everything from liposuction to designer dogs using others’ credit card information. Upon searching Garza’s apartment for fraudulently purchased goods, police found the Yorkie puppy Garza purchased from puppymatch4you.com using a stolen credit card number. The dog was returned to the puppy broker, despite offers from some Kaiser Permanente colleagues to adopt the dog.

Cross-dressing ID thief baffles police

Michael Vash Payne has a bad fraud habit: he dresses up as a woman, goes out shopping, and pays for his purchases using fake checks bearing the name "Monica Johnson." Payne makes off like a bandit, while the check bounces and debt collectors come after the real Monica Johnson to pay up. It’s not clear whether Payne’s cross-dressing habit is solely for the sake of pulling off the fraud or if it’s a personal preference. Payne remains at large; check out the video to see his picture:

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Today’s SpendOnLife grab bag is all about the big event this weekend. And I’m not talking about the all-star basketball thing, but Valentine’s Day! There have been some great relationship ideas offered up from some of our favorite personal finance bloggers, and we’ve listed the very best here. Find everything from ways to make your valentine feel special (on a budget, of course) to learning how to communicate better with your partner about money.

Play cupid on the cheap

Frugal Valentine’s Day gift ideas from Financial Highway

Will You Be My Eco-Valentine? 7 earth-friendly tips from Bargaineering

Save Money on V-Day from Canadian Finance Blog

No money, no problem! moneyStrands shows you how to do Valentine’s Day on a budget

Own the Dollar helps guys give sweet gifts for little or no money

Listen up, guys: Wisebread shows you how to buy lingerie

Valentine’s Day by the numbers from BillShrink

Dating and money

Classy dating on a budget from Wisebread

Dating and credit scores from Bankrate

Marriage and money

Joint or single checking? Five Cent Nickel talks about the pros and cons

Spend and pretend: What NOT to do in a marriage from Dual Income No Kids

Pre-marriage concerns: Moolanomy reminds us of the financial aspects of choosing a spouse

Marry for love or money? Take the SpendOnLife quiz to find out what you should do

Experian explains about how to get your married name on your credit reports

101 ways to improve your marriage money relationship from Money Help from Christians

Merging finances after marriage from Dual Income No Kids

Communication is key: Talking money with your significant other

How to talk about money from Moolanomy

Len Penzo book review: Get Financially Naked by Manisha Thakor and Sharon Kedar

Financial love fest: 6 “Get to Know You Better” questions for your honey from Budgets are Sexy

Tips on talking money with your spouse from Get Rich Slowly
 

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Today it’s all about erasing debt. Reduced debt means less money wasted on interest, fewer collectors calling on the phone, and, ultimately, higher credit scores. Here’s a round-up of some tips and resources that will help you reduce, eliminate, or otherwise master your debt, no matter how big a hole you’re in. 

Forget a gift registry…try a debt registry!

Now, services like BillPayRegistry.com give your friends and family a way to help out with those pesky credit card, student loan, and auto loan bills. Create a registry of your unpaid bills, similar to a bridal registry. Send it out to your friends and family members, and receive contributions towards your debt as gifts for birthdays, holidays, weddings, or just because. Instead of another toaster oven or paring knife, get help toward building a stronger financial future.  

Earn $1000 today

A penny saved is a penny earned, right? How many pennies can you save if you follow these 100 action items from Cesi Debt Solutions? Everything from blanketing your home’s water heater to buying quality pairs of tights (instead of cheap ones that don’t last) is on the list. Do an many as you can to see the savings pile up.

Have a no-spend weekend

Sometimes, your wallet, bank account, and checkbook just need a break. Give them one by opting for no-cost actitivities instead. The last suggestion on this list from Moolanomy may even earn you some extra cash to pay down existing debt.

When borrowing more means owing less

In some situations, consolidating debt makes sense. Consider debt consolidation once you have a repayment plan in place, and when you see an opportunity to pay a lower interest rate. Don’t make a habit out of balance transferring debt from one credit card to another, as that just moves the problem around instead of tackling it head on. CashMoneyLife offers some good advice for knowing when to pursue debt consolidation. 

The debt debate: to buy or not to buy a new car

Does Kyle’s dilemma at SuburbanDollar sound familiar to you? Maybe you or your partner have been itching for a new car, even though you have run that runs perfectly (more or less) and is completely paid off, right in your garage. Which do you gravitate to more: an old car that is completely paid off that requires no monthly bills, or an awesome new car that is going to put you back into debt. We all know the "right" answer, but that doesn’t really help to quell the temptation of a supple leather interior, built-in MP3 player, and power locks and windows. 

Bad government, bad!

The United States debt is the highest it’s ever been. The House of Representatives just voted to increase the debt ceiling in this country to $1.9 trillion. Yes, we know, there are Social Security and Medicare payments to be made. But, really? $1.9 trillion? (That’s 12 zeros in case you were wondering…)

Accept the challenge: 23 tips to eliminate debt

DoughRoller shares some tried-and-true steps on how to turn your financial situation around. They can be categorized into four categories: facing your debt, creating a plan, improving your credit to qualify for better interest rates, and simply spending less money. It’s not easy, and anyone who tells you otherwise is probably just making empty promises. 

Photo courtesy of http://www.flickr.com/photos/f-r-a-n-k/ / CC BY 2.0

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It’s Friday again, and that means it’s time for the weekly SpendOnLife grab bag! Here we share some of the week’s more interesting tidbits from the world of credit and identity theft. Enjoy!

Can your credit card handle the new iPad?

Apple’s latest gadget seems awesome and somewhat affordable on the surface, but throw in 64 GB and the 3G network, and you’re looking at a base price of $829 plus the upfront and monthly fees that AT&T feels like charging. Make sure you consider the full beating your credit card will take (as Geek.com illustrates here) before rushing out to buy the latest and greatest.

New shredder arrives just in time for tax season

Fellowes has just released a new paper shredder that pretty much decimates your personal paperwork, credit cards, and even CDs. Micro-cut blades shred your documents ten times smaller than a cross-cut shredder, confounding even the most eager and willing identity thief. Another plus? The shredder is supposedly jam-proof and can process up 12 sheets of paper in one pass. If you haven’t invested in a personal shredder yet, this might be a good one to look at (if you can handle the $216 price tag).

More money, more problems (with identity theft, that is)

Just like credit card marketers, criminals go where the money is. Experian’s latest study shows that affluent suburbanites who enjoy tennis and travel are at the highest risk of identity theft. Those who own newer homes in metropolitan areas and drive high-end vehicles are more likely to become victims, based on a comparison of credit card applicants.

Chronic identity thief can’t help himself, even while in prison

Already serving a three-year sentence for stealing more than $28,000, identity thief Morocco Curry just keeps doing what he does best. From behind bars, Curry opened up multiple lines of credit using others’ personal information, including that of prison staff. He’s now been transferred to federal prison, where his sentence has been extended to 102 months.

Mom and son form ID theft duo 

Tonia Cheeseman and son Michael used the personal information of Tonia’s employer, among others, to apply for credit cards and run up the bill. Tonia’s minimum prison sentence will be two years, while her son faces at least one year.

David Frank Pflegl II steals identity of David Frank Pflegl III

This is just sad and morbid. A father used his deceased son’s name and Social Security number to get a passport, a driver’s license, a mortgage, and even a job when his own poor credit and driving history got in his way. David Frank Pflegl II’s fraud was just recently discovered and he is now in jail on suspicion of identity theft and forgery.

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