Take 5: A Roundup of Reads From Around the Web

This week: How greed makes you poor, tips to build credit, the miracle of compound interest, the best road trip in every state, and how to correct mistakes in your credit history.

1. The Best Road Trip Destination in All 50 States

[Credit.com] “If you’ve got the travel bug but can’t afford a trip abroad, here are 50 drives to consider that are well within budget. Grab your gas rewards card, cue the radio and get behind the wheel.

You almost have to click on articles like this, because you want to see if you agree with the recommendations, especially in your home state.

I live in Florida and was willing to bet they’d name the cruise through the Keys as the state’s best drive. Nope. It was the Old Florida Heritage Highway, which I’ve never driven. What’s the best drive in your state?

2. The 10 Things You Need to Know About Compound Interest

[The Dollar Stretcher] “Why is compound interest important to you? Because it can turn just a few dollars today into big money over the course of your lifetime. Let’s look at the ten facts you need to know about compound interest.”

It’s been called the “eighth wonder of the world” and “man’s greatest invention.” When you allow your interest to earn interest, especially over long periods of time, it really adds up. If you’ve yet to see the light, you’ll find these 10 illustrations illuminating.

3. User vs. Joint Credit Card: What’s the Better Way to Build Credit?

[Credit Sesame] “If you’re starting completely from scratch or you’re working on erasing past credit mistakes, there are two relatively easy ways to get the score you want. You can either get a joint credit card or ask someone to let you be an authorized user on their credit card. At first glance, they may seem like the same thing but there are some important differences between the two.”

While I’d hesitate to say either of these techniques will, by themselves, “get the score you want,” you should know the difference between being an authorized user on someone else’s credit card and having a joint account. If you’re looking to enhance your credit profile, it’s a distinction you need to understand. And if you’re thinking of allowing someone to share your credit profile, it’s also something you need to know..

4. 4 Ways to Deal with Credit Mistakes That Kill Your Ability to Get Good Rates

[Debt.com] “[T]here are steps you can take that will deal with these credit mistakes and help remove those blemishes, including misspelled names, outdated addresses, duplicate accounts, fraudulent accounts and inaccurate payment history.”

We just did a story on the impact of various self-inflicted screw-ups on your credit. This article shines a light on another shockingly common type of credit problem: mistakes on your credit report put there by credit reporting agencies. Read this one to understand how to get your report, examine it, then fix any mistakes you might find.

5. 6 Ways Greed Is Keeping You Poor

[Wise Bread] “It conjures images of fat cat CEOs hoarding millions, while their workers earn minimum wage. But although Ebenezer Scrooge and his ilk are portrayed as misers with serious money, greed can sometimes make you poor.”

How can greed make you poor? Accumulating possessions can cripple you financially, overindulgence can ruin your health, and you can be tempted to break the law or to gamble, among other things. See the article for more.

Don’t forget to share your thoughts and reactions in comments below or on our Facebook page.

Stacy Johnson

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