If you’re looking to save money, look no further.  Here is a list of websites that will offer you free financial advice, money-saving tips, and even discounts on certain items.  Of course, this is only a fraction of what is available, but this list will give you a good start.

• An obvious one is www.annualcreditreport.com. This is the only website authorized to give you a free copy of your credit report from all three bureaus. You can start here to analyze and improve your credit, which in turn will help you secure higher credit limits, numerous types of loans, and lower interest rates.
• On a related note, check out www.myFico.com to access your credit score. You’ll have to pay a fee for this one, but you’ll know exactly where you stand with the credit bureaus and what potential lenders are seeing when you apply for a loan.
• If you’re not exactly raking in the dough, WiseBread offers tips for “living large on a small budget.” Their philosophy is that you shouldn’t have to sacrifice fun to save money. You can still get the things you need and want without going into debt or settling for the cheap stuff.
• A good way to save money is to do research and find honest feedback on any items you’re looking to buy. You can find this feedback at www.epinions.com. Consumers post their opinions about products they’ve tried, potentially saving you from wasting your money on a lackluster product and even directing you toward the best and most affordable versions. You’ll also see links to sites selling what you’re looking for (such as eBay and Amazon) along with their prices.
• Avoid missing out on special sales at your favorite online stores by visiting www.retailmenot.com. Here you’ll find coupon codes for just about every store you can think of. You might score free shipping or a percentage off. Do be aware that you might have to spend a certain amount to qualify for the coupon, and watch out for ones that are expired or require a membership to that store (such as Barnes and Noble) in order to get the discount.
• Save money by doing home repairs yourself, or just about any type of repair, for that matter. Save even more money by going to Fix-It Club for free do-it-yourself guides on a wide array of topics.

There’s a lot of free advice out there if you know where to look.  Do your research to find trustworthy sources.  You really don’t need to pay someone to tell you how to save money.  In fact, that’s an oxymoron, so avoid it at all costs (pun intended).

On May 22, 2009, a new credit card law was passed.  The proposed goal is to help protect consumers from unfair credit card practices, some of which you may have been a victim of.  However, it appears that even the people who have always paid their bills on time and in full might be hurt by this new law.

There are definitely some benefits.  Credit card companies cannot raise your interest rates without giving you at least 45 days notice.  Your bill is due 21 days after the date it was mailed, which means your due date cannot be changed in the meantime, and the credit card company cannot mail your bill at the last moment in the hopes that you won’t have enough time to pay by the due date.

There is no more universal default, which means that one creditor cannot raise your interest rates because you’re suddenly late paying a completely different creditor.  There is also no more double-billing cycle, so finance charges on late payments will be based on your current purchases rather than reaching back to previous bills.  The credit card companies also cannot enact any penalty interest rates until you’re 60 days past due, so you have a little extra time.

You can also “opt out” of fees for going over your limit.  That’s not to say you get a free ride when you go over your limit.  It’s more that your purchase will be denied if it will put you over your limit.  You can “opt in” to paying the overage fees if you don’t want to be stopped from going over your limit (although that doesn’t seem like a good idea).

Your payments are required to be put towards the highest interest rates, which ideally would help you pay down your debt faster.

Here’s where the negatives come in.  It will be more difficult for you to get credit if you currently have bad credit.  That could be positive or negative, but mostly it seems like a catch-22.  You’ll be prevented from going further into debt by not being allowed more credit, but this could also cause you to go deeper into debt when you most need to be rescued and are struggling to pay your current bills.

There has been talk that the credit card companies will now be searching for other ways to make money off of their customers.  Potential consequences of the new law might be higher interest rates across the board, whether you have good or bad credit.  The companies might re-introduce annual fees to credit cards (making it hard for those with bad credit to get new credit and causing good credit customers to stop using their cards) and scale back rewards programs.  Worst of all, if you have a good history of paying your bill in full and on time, your purchases might start to accrue interest immediately.

This law will not be fully into effect until July 2010, though, so creditors have plenty of time to raise your interest rates, lower your limits, change your due dates, etc., until then.  It appears that most of the negatives are currently speculation, so we’ll see what actually happens in the months to come.  Keep an eye on your accounts in the meantime, and keep up with or start good credit habits to avoid any of the bigger pitfalls once the law is enacted.

If you’re struggling to pay your bills, you’ve probably been looking for ways to minimize your debt.  If the payments on your bills were just a little bit lower, you know you would be better off financially, and with your largest bill being your mortgage, you’re wondering if there’s any way you can reduce your monthly payments.

You can do so with a mortgage modification.  This is not to be confused with refinancing, though.  When you refinance, you are applying for a new loan that pays off the old one.  To qualify, you will be subject to a credit check, an appraisal of your home, and you must not have any late payments.  If you pass these requirements, you can potentially end up with a smaller payment and a better interest rate.

If you don’t pass, your other option is a mortgage modification.  This option is strictly for those who are struggling to pay back their loan and have likely gone delinquent or are at risk of doing so.  The terms of your current loan will simply be modified, usually by lowering the interest rate and/or extending the length of the loan to potentially lower your monthly payments.

To get a mortgage modification, the property in question must be your primary residence. You must show that you have missed payments on your loan or are in danger of doing so (if you’ve filed bankruptcy, though, you won’t qualify), and you must be able to prove that you are not purposely defaulting on your loan just to get a modification.  Proof of a shift in your financial circumstances, such as losing your job, can help you qualify as well.

If this looks like an option for you, be sure to find a licensed agent.  There are plenty of scammers out there who will lure you in with tempting offers and end up robbing you of even more money that you probably can’t afford to spend.  Once you find a licensed agent, read over every last detail, and if you don’t understand something, don’t sign until you do.  It’s important to understand all of the terms because some modifications will tack unpaid interest and missed payments onto the end of your loan, and it’s possible that your monthly payment may not actually decrease by much or at all.  Be sure to research all of your available options before signing yourself into a modification.