Thursday Grab Bag - 10/15/2009

We usually do a Friday Grab Bag but we're changing things up a bit this week because tomorrow is "Identity Theft Awareness Day" (mark your calendars!). Check back tomorrow for the story of one ID theft victim who struggles to reclaim her credit (after her father dragged it through the mud).

In the meantime, there's some other interesting stuff going on in the world of credit and personal finance:

Need extra cash?

Make some extra money after checking out this comprehensive list of ideas from Yes I Am Cheap. From scoring $100 from Bank of America for signing up for a new account to getting rid of everything you own (not as drastic as it sounds), there are frugality tips for everyone here.

Is the honeymoon over (with your car, that is)?

I loved Fiscal Fizzle's guide to the four stages of car ownership. It's a neat way to see what to focus on if you just bought a car, if you've had a car for a few years, or if your car is about to give out on you. Should you get that extended warranty? At what point should you cancel your comprehensive/collision insurance? When do you give up on your car completely?

Lack of credit hurts, not helps, economy

Creditors might think they're protecting themselves from risk by drastically reducing the amount of credit they extend, but they're actually shrinking the global economy. As economist Carl Weinberg says, "No economy has ever grown without an accommodating increase in money and credit." The lack of available credit has forced consumers to start saving and stop spending, which in turn is causing a "major economic contraction." For more details on the gloom and doom, check out the chart at NPR.org courtesy of High Frequency Economics.

How the CARD Act affects you

If you are under 21, trying to build credit, juggling various cards, or deep in debt (or any combination of these), the CARD Act will probably impact you. I love the simple breakdown from Just Thrive, because it clearly shows what this important new piece of legislation might mean depending on your circumstance.

Don't let your gift cards rot!

Gift cards are all too often thrown in a drawer and forgotten about. This is even more true when the expiration dates aren't for years to come. We figure we have all the time in the world to redeem them, what's the rush? But Ryan Sagar at SmartMoney explains how the CARD Act's clause to extend expiration dates on gift cards isn't likely to help consumers, but hurt them.

Penance for 7 personal finance sins

Discover the seven deadly sins we all take with our finances, and what we can do to correct the error of our ways. Len Penzo lends his knowledge of the Catechism and personal finance to anyone who is ready to repent.