According to an article today in the Wall Street Journal, credit card companies have begun to tighten up their credit card offers. Some companies, like Citigroup are requiring higher credit scores, some are lowering the credit lines they offer.

These stricter rules are more than likely due to the poor earnings the companies have had recently — I am guessing that a person who can’t pay their mortgage also can’t pay their credit card bill. Until the economy turns around this trend will probably continue.

It was interesting that J.P. Morgan Chase mentions that they are cutting back on promotional offers to “gamers”, folks who transfer balances frequently or take advantage of low-rate offers. Guess they are not wanting to play the App-O-Rama game.

Televangelists and financial gurus on TV have much in common. Many TV preachers promise their audience wealth and prosperity if they will follow their directions and send in a love gift to support their business ministry. These TV preachers can be entertaining, but actually following their advice not only will lighten your wallet but may also endanger your eternal soul. The televangelists of finance may not affect your soul but they put your finances in similar jeopardy.

The people who need help also do not realize the discipline it takes to become financially fit. They see the athlete and wish they had the talent, not realizing that even with the talent they would not have the discipline to shape the talent. Instead they are looking for the quick fix and there is always someone who has a system that can bring instant riches. The Apostle Paul spoke of “those who:

“will not endure sound teaching, but having itching ears they will accumulate for themselves teachers to suit their own passions.”

Both financial and spiritual gurus sell the benefits of following their systems to those who will listen, to those who can afford it the least. People fall for their message because they realize their need help and the message comes across as authoritative. They think that those who have money are “the lucky ones” and are willing to gamble whatever it takes to become lucky themselves.

Because this is what people want to hear, financial gurus in both broadcast and print medias must pander to their audience. Headlines to buy or sell hot stocks bring in readers looking for a quick buck, and readers bring in advertisers. It would be way too boring if these gurus told you to “Buy and Hold”, “Invest for the Long Term”, and recommended indexed mutual funds month after month. How many months in a row could the pundit make such financially sound recommendations before they are let go.

Following most of the pundits on TV or in magazines, while exciting, will endanger your financial well being in the same way that watching televangelists endangers your spiritual well being.

I have let my finances slide for almost a year. In an effort to get back on track I have created a checklist of items I need to work on to get back on track to being financially fit. Right now I am not sure if I could check any of these items off my list. I will work on each of these items and report my progress as I go.

• True/False - I have a well organized record keeping system
• True/False - I am monitoring the progress of my financial net worth
• True/False - I have written out my short-term and long-term financial goals
• True/False - I am living within my means
• True/False - I have no credit card debt or other short term debt
• True/False - I am saving at least 10% of my income
• True/False - I have six months of living expenses set aside for financial emergency
• True/False - I have an up-to-date will