Personal Finance News Thursday 3/7

Phil's Personal Finance Tip of the Day:

How Sunscreen Can Ruin Your Credit

By Jeanne Kelly | Credit.com 

In the spring, snow melts and flowers bloom and many people take time off for a little vacation. Regardless of whether your preferred vacation spot is just around the corner or on the other side of the globe, you might be surprised to discover that your sunscreen can keep you from buying a car this year. And your hotel room rental might keep you from buying a house next year. And the gate admission to your favorite amusement park might lead to a lost job.

I know it sounds outrageous because these vacation items are more or less harmless. But if your good financial behavior takes a hike while you’re on vacation, these seemingly harmless things can lead you into trouble with your credit.

Even people who remain relatively vigilant with their credit could be tempted to let their guard down while on vacation, making several mistakes that can haunt them for years to come. Here are some common vacation-related credit mistakes:

Mistake #1: Sloppy identity theft precautions

While you enjoy laying on the beach or checking out the local sites of your favorite resort, do you know where your identification is? What about your credit cards? Don’t just be cautious about theft; be cautious about identity theft.

A passport or credit card that is carelessly left out in the open in a hotel room or on a table near the pool contains enough information for an identity thief to spend YOUR money without you realizing it. Most people are cautious about cash but they don’t take the same care with other items that can have an even longer-lasting impact on credit scores.

The best practice is to hide your identification and credit cards as diligently as you hide your cash, and make sure you have contact information of the appropriate organizations (like embassies and credit card companies) if these invaluable items go missing.

To read the entire article from Jeanne Kelly | Credit.com:
http://finance.yahoo.com/news/sunscreen-ruin-credit-110010662.html

Inspirational Quotes@Inspire_Us from Twitter:

The difference between the impossible and the possible lies in a man's determination. -Tommy Lasorda

Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com