We recommend that consumers shift their funds from traditional savings to CDs and from banks to credit unions. If everyone did so they would earn about 40 billion more in interest annually. That's an average of about 400 per household.
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If you ask for understanding and relief from credit card companies and mortgage companies, the cash you raise will go farther,Stephen Brobeck
This is an important finding because those who know their personal wealth are more likely to spend, borrow and save sensibly.
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It's discouraging. What we see is little change in the assets of the typical American household between 2001 and 2004, after substantial increases in the previous six years.
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Most Americans are now aware of the consumer debt trap and the need to build wealth, but don't believe they can do so.
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Check the terms and conditions, particularly the grace period and fee levels -- whether or not there's an annual fee -- and interest rates.
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