Bankrate.com has a new calculator that shows the true cost of paying the minimum payment on your credit cards.

Check it out here.

Tags: credit card, minimum payment

Did you get a big tax refund this year?  How did you spend it - vacation, clothes, pay down debt?

The average income tax refund is over $2,000.  That’s a lot of money, so you want to make sure you put it to good use.  Here are five smart ways to spend your tax refund this year:

1. Fund your IRA or Roth IRA for 2007.  The maximum contribution is $4,000 ($5,000 if you’re over 50).
2. Put some money in your childrens’ college fund - you have several options including 529 plans, Coverdell savings accounts, UTMAs and more.

I’ve gotten a lot of questions about the FAFSA form lately, as well as the best student loans to get.

Kiplinger.com has a great article on student loans right now.  Some tips shared include:

1. Determine which type of school your family can afford
2. Set a realistic limit on how much debt you can afford
3. Stick with the Federal loan programs - Perkins, Stafford and PLUS loans
4. After you’ve exhausted your options in Federal loans, get a list of lenders from the school, or from FinAid (www.finaid.com)

Jessica Anderson of Kiplinger.com wrote a great article on 20 Small Ways to Save Big…