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Debt Credit Cards

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    Warren Buffett appeared live on CNBC's Squawk Box this morning to promote a new online animated series called the Secret Millionaire's Club in which he teaches kids about finance and investing. Buffett told us that stocks are still a better investment than cash investments, like Treasuries, even though the Dow has recently rallied to its highs of the year over 9000.  This is a transcript of the CNBC interview.

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    As children, we probably learned that it was impolite to ask how much someone paid for something. These learning’s generally follow us into adulthood and make it difficult for us to talk about our money situations….with our financial planners, our friends and even our spouses and children.

  • Lydia Alcock doesn’t seem like the kind of kid who would run up a $23 quadrillion bill on her Visa Buxx card.

  • If we pay off the credit cards, how likely is it that the credit card companies will close our accounts? We don't want to be without any credit. So, what's the best way to pay off the debt without losing our credit?

  • Debit cards and me, definitely not BFF’s. So the story of the quadrillion-dollar pack of cig’s has me a tad smug, as much as continually amazed at just how crazy debit cards can be.

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    Merchants across the nation have spent years unsuccessfully fighting interchange fees, which generates an estimated $40 billion to $50 billion in income annually for banks that issue credit cards. But after Congress passed a law last month to protect consumers from excessive fees and interest on credit cards, merchants are mounting a fresh offensive.

  • Cramer gives two big calls in the credit card industry, now that he's seen big signs of credit stabilization.

  • My minimum payment on my one card went from $250 a month to $350 a month and is pushing the limits of my budget which is already in the negative or barely positive.

  • In fact, JPMorgan Chase's vice chairman wasn't exactly enthusiastic about the economy either. Cramer reacts to both and offers plays on cheaper gas.

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    American Express Chief Executive Kenneth Chenault says he has seen signs of stabilization in the economy, but there have not been any signs of improvement yet.

  • On June 30th Bloomberg ran an article called "FICO Scores Show Flaws as U.S. Banks Cut Credit Lines." The article sufficiently bashes the credit score giant and their core product by pointing out that consumer credit scores are lowered when credit card issuers lower credit limits.

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    The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.

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    I'm trying to raise my credit score to purchase my first home. My credit score is 635. I was late a few times on a couple of loans. I've since paid them off. When I purchase my score the formula uses those old accounts that I've paid off to formulate my score. Is that fair or correct?

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    Despite swelling delinquencies and reform pressure from the government, credit card companies are using pricing power and staying power to emerge as a favorite among market pros.

  • My favorite Dollar Dilemma regarding credit scores went something like this: “I make over six-figures, my credit should be awesome!” The more we need credit scores, the more misinformation still seems to fester.

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    Q. I receive 6-10 calls per day from the debt relieve people asking me to contact them so they could either wipe out my credit card debt completely or a least reduce it by more than half.

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    Has the economic crisis actually been a good thing for your retirement savings? If you asked this question, most people, still reeling from the hit their 401(k)'s took from during the market's dive, would think you were nuts. But every cloud has a silver lining, and there is at least one potential plus-side to what we've been though over the past year.

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    Q. I am watching your show "On the Money" and the topic is: "How to raise your credit score." I have great credit: 788 on Experian. I am planning on buying my first home, hopefully by September. My only debt is $2,900 on Amex Blue. In order to raise my score a little higher -- should I pay the entire balance off?

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    I opened a credit card account to help improve my credit a few years back. The limit on the card has not increased but the interest rate has since I received the card. The credit card account has a $65 annual fee, $300 limit and 29.99% interest rate. Is it worth it to keep the account open?

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    A crackdown on credit limits by card companies is squeezing the nation’s 27 million small businesses, exacerbating the problems brought on by a stagnant economy.