Managing Your Finances

The New York Times has an article about how credit card companies are targetting the newly bankrupt, figuring that they are now good risks with their credit cleaned up.  What a sick business!  Let us hope that the newly bankrupt are smart enough to just cut  up the cards and throw them in the mail!  Kevin Drum at Washington Monthly calls the companies "credit scavengers," and they sure do seem like the vultures of the financial world.   Jane Galt at Asymmetrical Information has put together her thoughts on sound financial planning strategies.  Lots of interesting comments, some along the line that her recommendations are a bit spartan -- I think that that is the point, be spartan until you can afford to be otherwise.  See also Viking Pundit commenting on her post.  Unfortunately the people reading and commenting are most likely those that don't need the advice.  I remember a young woman who would go out and "buy" a new car on time, but not make the payments.  Eventually, they would come take the car away, and then she would go out and do it again!!  The auto companies and dealers were so desperate to make a "sale" and get the benefit of the financing, that they would loan to folks with pitiful credit.  It is a vicious cycle.