Although many of us would welcome the opportunity to accumulate wealth and the lifestyle that it would bring, there is no doubt that some of the world’s richest people are notable for their frugality and Spartan lifestyle, as opposed to a conspicuous display of riches. Are they just modest – or does this prudence serve another purpose? Is a reputation for careful expenditure just another way of deflecting accusations of being ‘cheap’? Here are the five wealthiest people of recent times, who also happen to be the most frugal.  

Warren Buffett 

The world’s most successful investor, Warren Buffett’s books on business have been read by millions. With a personal worth of $47 billion, this qualifies him as one of the world’s richest men, yet Warren Buffett still lives in the modest home in Omaha, Nebraska that he purchased more than 50 years ago. He still eats at the local diner and enjoys a modest meal of burger and fries. He reportedly does not use a mobile phone, and drives his own car to work.  

Ingvar Kamprad 

Although this Swedish billionaire’s name does not readily come to mind, the brand that bears his initials – furniture warehouse Ikea – is a worldwide phenomenon. Like the simple, economical nature of the products he sells, Kamprad rejects flashy shows of wealth and drives to work in a 15-year old Volvo, flies to meetings in economy class and uses the bus whenever possible. His home in Sweden is, unsurprisingly, furnished with IKEA products.  

Frederik Meijer (1919-2011)

US billionaire Meijer owned a chain of grocery stores that bear his name; his net worth at the time of his death was estimated to be around $5 billion, and despite handing over control of his company to his sons in 1990 continued to work as chairman of the board. He was famous for buying economical cars and driving them until they fell apart, staying in motels, and contributing large sums to charity.  

Carlos Slim Helú

Mexican Carlos Slim Helú has recently been named as the richest person in the world, at $53 billion, through his acquisition of telecommunications companies in Latin America. This ranks him higher than Bill Gates in the rich list. He has not yet indulged in a private plane, and has lived in the same house for the past 40 years. He still drives himself to work every day despite the threat of kidnapping, and only recently upgraded from the plastic watch he wore for most of the 1990s.  

Chuck Feeney

Duty-free shopping magnate Feeney made his fortune offering goods to long-haul travellers from Asia to the US, and donates much of his fortune to many deserving causes. He does not own his own home or car, and wears a plastic watch. He only owns one pair of shoes at a time, and flies economy class. Feeney’s upbringing during the Great Depression has certainly contributed to his frugality – but his generosity has seen huge donations being made to medical and education charities, and he spends very little on himself. 

Neil: Welcome everyone I’m Neil Cavuto and well talk about going down with the ship. No not the Titanic us. Ship. Because it is tax filing time for millions of Americans this weekend and if you think your tax hit is bad now wait till a year from now when those Bush tax cuts could all be gone, that payroll tax break will almost definitely be gone, and whole new taxes will be on. Including a big one no one’s talking about when you sell your house to pay for Medicare, yeah a Medicare tax on your house. Is all this sinking in? Think on this Titanic anniversary that this is all just a pile of ship? Well I’m not shipping ya. Whew boy that was tough. No wonder why money guy Ed Butowsky has that sinking feeling.

Ed: How are you Neil?

Neil: Good, but you, uh, have concerns about the steady drumbeat of these taxes that even if one of them sticks were stuck.

Ed: Mmm hmm. I mean it depends on you know how you get your income but there is nothing good about this. And it’s really funny Neil because the government right now is literally doing the complete opposite of what I believe and most people believe they need to do to get the economy going and that is putting a blanket on top of growth and enterprise and obviously regulations you know don’t figure into this but everything they could possibly do to keep growth and the economy from expanding they’re doing.

Neil: You know we’ve had a very violate trading week we’ll take a peek at today off about better then about 136 points on the Dow. Not that this was the primary reason but I, I would think that people can look at a calendar and I think they can see what’s expiring all at the end of this year and how difficult it is for Washington to address a single issue let alone multiple planes stacked up at LaGuardia. How are they reconciling that? And the closer we get to these deadlines how do you think the markets respond to that?

Ed: Well look nobody likes anything that’s happening right now in the overall markets and you know what your intuition is dead on. When you go back and look at the times right before people are starting to pay their taxes markets just never do well. People wait and then they have to literally go in and start selling stocks to get that money to pay their tax bill. So your intuitions dead on and you know I don’t know how anybody can really positively say that this is a good idea to get the economy going. In fact Obama often times has said we get this economy going it’s the last thing we need to do is tax people. But then why do we have the policies in place that we do today?

Neil: You know I think it is going to be news to a lot of folks in 2013 when they sell their house and they find that there is going to be a 3.8% charge on those profits to pay for Medicare. I can see some folks saying what?

Ed: Well you know when anybody goes to sell a house and I’ve have a lot of clients that look to buy houses and sell houses they’re always negotiating do I drop it 1%, 2%? Well now they have to factor in basically 4% more not going to the realtor but going to the Medicare, umm you know the new law that’s come out. I mean six percent bothers me when

Neil: And most of them were already underwater to begin with so so so,

Ed: That’s right Yup.

Neil: That’s just to get ahead of that.

Ed: Yeah. Now it’s not on all the proceeds, there’s a lot of trickery and it’s…

Neil: Understood. 200,000 or above, right

Ed: Right and it’s not very transparent but as soon as you say hey by the way, pay your realtor 6% and then give 4% to President Obama for his uh policies ya know now you’re out 10% based on what you thought you were going to be taking in. That is not a very positive uh thing and it’s not going to help the economy I’ll tell you that.

Neil: Um with all of those tax hikes likely to take effect now obviously they will try to take as many as they can off the table Republicans might, umm, but were going to have a delay at the very least right? Were going to be dealing with these probably mamby pamby six month extensions if, that but it won’t be resolved the markets a blur uncertainty, what is it going to look like?

Ed: Well your your gonna have… ya know you have to look at each one individually. The one that really drives me crazy is this dividend uh tax going away. I mean theirs a lot of hard working people umm but at the same people a lot of people who are retired live off of dividend income. I mean interest rates are so low right now so you’ve have a lot of people who are calling up you know literally ya know I talk to all the time and saying I want to find some good dividend paying stocks. Well now people have to understand that they are now going to be taxed at their income rate and that’s going to be in some cases 39.5% plus Neil another 2% which is for phase out for some of these itemized deductions. So your dividend tax is going to go from 15% to possibly 40% and that is going to hurt the income for a lot of people.

Neil: Alright Ed, thank you, I think.

Ed: Absolutely

Neil: Always good seeing you. Meanwhile union leaders are today teaming up with the Democratic national committee to push for tax hikes at least on the rich, while touting private sector job growth, you heard me right private sector job growth. The former GOP Presidential candidate Mike Huckabee sees’s some irony in all of this, Governor.

Mike: Well it is pretty amazing that we are talking about increasing taxes at a time when uh we really need some things that will get the job market going and what Ed was saying is so very powerful. And uh you hear people say with Mitt Romney’s not paying enough taxes cus he’s basically making it off of capital gains. He will be come January he’ll see a tax increase as will a lot of other Americans. He probably can afford it. There are a lot of retired teachers and retired firemen who are living off investment income who cannot. 

Ed Butowsky Explains Confusion in the Investment Industry

To help recover from the Great Depression, the United States passed the Glass-Steagall Act, separating the capabilities of banks, brokerage firms, and insurance companies. When this act was repealed in 1999, it allowed all financial institutions to replicate each other’s business models. As a result, mass confusion occurred in the marketplace and people did not know where to go for their investment needs. Additionally, it became evident that the lack of training and education in this field was unacceptable.

While stocks, bonds, mutual funds, and other financial products are the “nuts and bolts” of a portfolio, how they are combined to “build” a portfolio is the key to efficient investing. Although financial institutions sell these products, their advisors typically lack sophisticated training on properly implementing them to build an efficient portfolio. Successful investing is all about risk management, and advisors cannot properly construct a portfolio unless they understand the correlations among each underlying asset. 

No matter what the fast-talking guy says as he dangles the ballpoint before you, you do not need loan protection insurance.

When you accept a credit card or negotiate for a consumer loan, eager salespeople will urge you to “enroll in” their payment protection plans, stressing the low cost of such huge peace of mind. When you finance a new car or a major appliance, you want to protect your acquisition from repo-man’s big mitts, and loan protection insurance seems an expedient way to safeguard your big-ticket item. You do, however, have far better alternatives. Note that loan protection plans do not protect your income or credit; they simply assure that this one creditor will receive his regularly scheduled installment payments. This unnecessary point-of-purchase pitch may, in fact, suggest an opportunity to walk away from the whole deal, because loan protection cannot determine your creditworthiness, and it does more to protect your lender than to protect you.

Consider wise alternatives to loan protection insurance.

If you feel uncertain about your long-term job security, you should focus your attention on cutting costs, retiring debts, and saving. Except in dire emergency, you should avoid new consumer debt as if it were a deadly virus. Naturally, your home mortgage represents your first and most important obligation; and, if you put less than 20 percent down on your purchase, you already carry mortgage insurance. Moreover, unemployment benefits will cover your mortgage and home expenses for 99 weeks. With mortgage interest rates at historic lows, you should look at refinancing your mortgage if you can save at least 1.5 percent on your annual percentage rate or if you substantially can reduce the loan’s term at the same monthly payment. Then, focus your financial strategies on meeting the rest of your obligations. Instead of wasting your money on loan protection insurance, you should…

• Build an “emergency fund”

Following the time-honored rule of making yourself your first creditor, putting at least ten percent of each paycheck in savings before you start paying your other bills, build a balance of at least $1000 in a traditional savings account. You and your family must understand you save this money strictly for emergencies, and your account should guarantee your access to the money without restrictions or penalties.

• Save the equivalent of six months’ salary

When you have secured your $1000 emergency fund, establish a second account for income protection. As you set-up and manage this account, focus on decent returns instead of liquidity, and take moderate risks to accelerate the account’s growth. When you gave set-aside the equivalent of six months’ salary in this account, you may let it grow on its own momentum while you diversify your investments or double-up your home mortgage payments.

• Pay attention to the duck

If you already have celebrated your fortieth birthday, disability poses greater threat to your income than unemployment does. Therefore, secure high-quality disability insurance that will pay your bills and give you cash when you suffer long-term illness or must endure a protracted recovery from an injury. Unlike loan protection insurance, disability coverage delivers payments directly to you, allowing you to use the money according to your needs and priorities.

• Eliminate credit card debt

To free-up more money for savings and investment, aggressively retire your credit card debts. You even can download a smartphone app that shows you how to plot your pay-off strategies according to highest balances and interest rates. In order to start building wealth, you should pay off all but one credit card, using that single card only for purchases you can pay-off in a single billing cycle.

• pay-off or downsize the car and your other luxuries

Take a deep breath and acknowledge you do not need a Lexus when a Camry will do. The same principle applies to all your luxuries. You can live happily and far more securely without them. Following the strict rules of wise family finance, divert savings from these items into a life insurance policy that builds cash value while it assures your family can maintain its quality of life even in your absence.

Family financial planners concede that building the family’s wealth requires some sacrifices and attitude adjustments, but they insist it need not require suffering. Advisers remind clients how the satisfaction and security they feel with money in the bank far outweigh the cheap thrills of conspicuous consumption. When you wisely manage your money to build wealth, you never will need loan protection insurance.

If you are debating the age-old question of whether renting a property or buying a home is in your best financial interest, you are certainly not alone. It’s an important thing to consider, given that depending on whether you rent or own--and where--could end up saving you a bundle, or costing you much more in the long run. Of course, many factors are entirely dependent on a person-to-person basis. Do you enjoy the freedom of being able to pick up and move to a new city every few years? Are you hunkering down and starting a family soon, looking for a positive community and a good school system? Many aspects of consideration go into this big decision. I’ve compiled five financial factors that I believe are important to address when you are weighing your options. Hopefully these are issues that will greatly aid you in your decision-making process :

1) How Long Will You Stay

Catherine New of Daily Finance recommends looking at your five-year plan. How long are you planning on living in this residence? Is there a potential to move within your five to seven year future? If a move is a possibility, and you’re not entirely sure you will live there for longer than 5-7 years, purchasing a home may actually cost you more in transaction fees, closing payments, and realtors’ fees than any money the investment would have saved you. If you could see yourself living there for five to seven years but aren’t entirely sure you would want to, you can ask yourself how committed you are to that particular neighborhood, city, town, or state. Are you planning on having kids within that time? If so, what is the school district like? These are questions that will help you determine if purchasing that particular home is the right choice for you.

2) Hidden Costs

Vivian Wagner of Mint.com advises checking into all the hidden costs that can come with purchasing a home. Some of these include maintenance, general upkeep, property taxes, homeowners insurance, renovation costs, landscaping, and utilities. It’s important to decided whether you have enough cash on hand to cover a big expense if something came up, such as needing a new roof or having to replace the furnace. You will have no landlord to fall back on, as you would if you were renting. The responsibility becomes yours solely, so ensuring that you take all the hidden costs into account is important.

3) Rent ratio

The rent ratio is essentially the sale price of a house, divided by the annual cost of renting an equivalent house. For example, if the asking price for a house was $200,000, and it cost $1500 to rent a similar property, the price-to-rent ratio would be 11.1. According to Trulia’s spring rent-vs-buy index, the general rule of thumb is that if the ratio is above 20, renting is the most cost-effective option. If the ratio is below 15, buying is in your favor if you plan to live in the house for a minimum of five years. Trulia states that anywhere between 15 to 20 is dependant on the homebuyer’s tax bracket, and whether or not they plan on itemizing their tax deductions. Trulia listed the top three metros where buying is cheaper than renting as Detroit, MI with a rent ratio of 3.7, Oklahoma City, OK whose rent ratio is 4.3, and Dayton, OH coming in with a 4.8 rent ratio. Those listed in the top three cities where renting is more affordable than buying are Honolulu, HI with a rent ratio of 17.0, San Francisco, CA at 15.5, and New York, NY at a 14.5 rent ratio.

4) Use a Rent Vs. Buy Calculator

The New York Times has a great one to plug in your monthly rent, price of the house in question, down payment, mortgage rate, and annual property taxes. The calculator takes the common expenses of owning versus renting into account, and also tallies what is known as “lost opportunity costs”: the return on investment that you COULD have earned by investing the cash that you otherwise put into a down payment on a home. The calculator will break down the analysis by year, telling you how many years it would take before buying would outweigh renting, and how much on average you would save.

5) Look at your Income/Monthly Expenses and Credit Score:

Be realistic with what you can afford. Look at your monthly spending versus your income and your savings. Do you have enough upfront for the purchase costs of a house? These include things like the down payment, closing costs, and realtor’s fees. It’s also a good idea to look at your credit report and score well ahead of time, before you plan to buy. A better credit score (above 740) can mean lower interest rates, which is more money in your pocket in the long run. So get cracking on whipping your credit score into shape before you plan on investing in a home.

And one last word: from all the research I’ve done, I’ve found it’s generally better to rent IF your rent is lower than average and you are confident that it won’t rise any time soon, IF you plan on moving a couple years, or IF you can get higher-than-average returns from whatever you’re investing your cash into (that is, the cash you would be spending on a down payment.

"What would you do if you won the Mega Millions lottery jackpot?" This question was asked around nearly every water cooler in the country until the record-breaking $656-million jackpot found a home. Even people who are well aware that the odds of winning were one in 176 million thought it was worth buying a few tickets so they could join their friends in dreaming about how they would spend all that money. Day dreaming in your cubicle of spending a filthy amount of lottery money is harmless. However, don't let that day dreaming of writing fat checks carry over when you examine how much seemingly free money you’ve been promised by your efile tax return.

As a culture, we are not the best when it comes to choosing to save money instead of spend it right away. Surely you've heard the phrase "This money is burning a hole in my pocket." This emphasis on spending now and thinking there will be more checks than bills around the corner is what contributed to our devastating housing bubble and consumer debt crisis. Psychologists have long known that if you offer a child $5 now or tell him he can have $10 if he waits a week, he will probably take the Lincoln. Before you get carried away thinking about how to spend the tax return that isn’t even in the mail yet, resist the temptation to seek instant gratification and wait until the money is in the bank.

Here are three items that you may be tempted to buy before the tax return check clears, and why you should wait :

1) Fancy TV vs. Routine Expenses

I realize that recent cinematic masterpieces like "Puss in Boots" by DreamWorks looked infinitely better on your friends HD 3D Blu-Ray Netflix-enabled flat screen TV. Despite you begin nerd-texting your buddy about 1080p resolutions and contrast ratios, please don't go spend that tax refund on a new TV before the feds even send the check. Better yet, don’t even pick out which TV you are going to get until the money is in hand.

When we start to dream of spending money we don't yet have, we become so emotionally invested in the coveted item that we will buy that item even if we know it's not the responsible choice at the time. If every time you look at your current and disappointing TV you think of how much better your Friday night marathon of "Teen Mom" will be on that 60” flat screen, it's going to be that much harder to spend the return money on routine expenses that you forgot to include in your budget.

2) Book a Vacation vs. Start an Emergency Fund

Traveling for pleasure is one of those things we all say we love, but can never seem to scrounge up enough money for a proper trip. Music lessons for the kids, worm medicine for the dog, get out of the doghouse apology jewelry - that traveling budget line always seems to be the first to get squeezed out. 

As tempting as it may be to lock in the best price on plane tickets to Euro Disney as soon as you are notified of a forthcoming refund, you need to resist. Why should you resist indulging in the charms of a Styrofoam princess castle in a continent full of real castles that used to house real princesses; simply because every person needs an emergency fund. Picture this: you bought nonrefundable plane tickets for three months from now. Then in two months your car breaks down. Now you don’t have the money to fix your car, and you can’t get to work and make enough money to eventually pay for that family vacation.

Instead, hold off on booking the trip until the refund is in your account and you’ve started an emergency fund for life's unexpected surprises. This will also help you avoid the pitfall of using that $1,000 refund to plan a trip that balloons to over twice that amount.

3) iPad vs. IRS Mistake

The simplest reason you shouldn't spend a tax return that you are yet to receive is that there may have been a mistake. TurboTax may say that you are entitled to a return, but make one mistake while inputting your financial information and Uncle Sam may soon be telling you, "I want you, to fork over more money. There is a war and a jobs crisis I'm working on here!" 

As much as you are dying to get your hands on the new iPad so you can play the new outer space Angry Birds game, wait until the check clears. iPads will still be there, and with the accelerated rate at which new tablets enter the market, there may be something even better by the time you are actually ready to make a responsible purchase. 

No matter how real the promised tax return money feels, it's just a fantasy until your bank tells you it's there. If you feel the need to spend the money first, then do it - but only on paper. It’s not very often that we receive Unexpected Non-Reoccurring Income (UNRI). Think hard about how it should be spent - and then wait until it's really yours before you spend a penny.

Not every investment vehicle works or is created equal to satisfy your financial goals. Some investments are low risk and provide a steady income, yet the return is small compared to the investment amount. Other investments may provide returns that are significantly larger, but they may require a commitment for the long term. Investment vehicles are available in many different types including certificates of deposit, stocks, bonds, savings, Roth IRAs, traditional IRAs, and mutual funds.

Some types of investments pay off their earnings on an annual, monthly, or quarterly basis. Other investments pay their earnings at the end of the investment or they can have age restrictions as to when you can take the money without being penalized. You should make sure that the investment income strategy that you select matches your timeline expectations.

An important consideration in any investment is its tax implications. If you happen to be saving for education or for retirement, then you should consider the investment vehicles that were designed for those types of investments. Also, some investments offer tax deductions while the earnings aren’t taxed. In the traditional IRA, the contributions that you make are not taxed, but its earnings are taxed.

You probably shouldn't put all of your investment money in one place and should seriously consider diversifying your investments by placing money in several different types of investment vehicles. This can work to protect you from risk because typically when a portion of your investments may perform poorly, other ones can make up for those losses.

The following are the common types of investment vehicles available to individuals :

1. Traditional IRA is savings plan for the individual that offers tax advantages for retirement savings. It is available through different securities and the contributions that are made may be tax-deductible while the earnings will not be taxed until they're distributed. The Roth IRA is a savings plan for the individual where the earnings are not taxed. It is available through different securities and the contributions that are made are not tax-deductible.

2. Bonds and bond funds are known as fixed income securities. The income that is paid by this type of investment is fixed and typically they invest in government or corporate debt obligations. This type of investment risk is low.

3. Index funds invest in specific market indexes. They are designed to mirror the performance of a designated bond or stock. The risk level for this type of investment depends on the index that the fund utilizes. For example, an emerging market fund is riskier than a bond index fund.

4. Stock investments represent a share in the piece of a company. As the stock prices rise or fall, so does the value of the investment. This type of investment is considered a medium to high risk.

5. Mutual funds typically invest in different types of securities including money market, bonds, and stock securities. The risk levels with this type of investment vary depending on the mutual fund holdings.

Although credit cards have been used since the 1960s, there are still a number of baffling myths circulating about them. You probably heard a few of them yourself, and possibly even believed some of them simply because they sounded logical. However, failing to fully understand credit cards and how credit scores are calculated can only hurt you in the end.

The following seven credit card myths are still prevalent today, so it is important to be aware of them and, of course, the truth behind the myth.

1. Checking your own credit score will affect it negatively

This is one of the most common and possibly also most dangerous myth about credit cards. Many people never check their credit score for fear that it will affect it negatively, which means they don’t know where they stand. The truth is that checking your own credit score has no impact on your credit score whatsoever.

2. “No Limit” credit cards allow you to spend as much as you like

This is another risky myth to believe, because even though some credit cards don’t set a limit each month, there is always an end to the amount of credit you can get and if you aren’t careful you will eventually be cut off.

3. Not signing your credit card will prevent thieves from using it

This myth says that if you simply write “See ID” in the signature field of your credit card it will prevent thieves from using your card. Unfortunately, without your signature your card is not valid, even for you.

4. If you pay off your debt you will boost your credit score immediately

This would be nice, but in reality, your credit score doesn’t improve the minute you pay off your debts. It takes around 30 to 90 days, for your credit score will begin to show improvement, providing you haven’t racked up new debt within that timeframe.

5. If you go over your limit but pay it back before the deadline you’ll never have penalty rates

A credit card company won’t necessarily decline you a purchase if it pushes you over your credit limit, but that doesn’t mean that it won’t have repercussions. Every time you go over your credit limit, you risk having your interest rates increased to penalty rates, even if you pay it back right away.

6. The way you use your debit card can affect your credit score positively

While using your debit card wisely may be an indication that you are a responsible individual and know how to handle your finances, it isn’t taken into account when your credit scores are calculated.

7. You can improve your credit score if you pay more than you owe

This might seem logical, but it isn’t true. Credit bureau experts have explained that even if you are below zero on your account, it is assumed that the situation is temporary. So it doesn’t matter if you have 100 dollars or 1000 dollars on your account, for scoring purposes, it will still be shown as a zero.

Blaming the economy for your bad credit rating or for not being able to get a bank account sounds like a bad excuse for bad management. And yet, there's a grain of truth in it. The last few years have seen a massive crisis of the global financial system, with banks collapsing, unemployment rising to record heights and an entire nation (Greece) on the brink of bankruptcy. Considering the scale of the dilemma, it was hardly a surprise that the problems were quickly passed down to the average man. It didn't take long before getting even a small credit became all but impossible and many found it exceedingly hard to pay their bills. Those who had taken on loans or raked up credit cards debts were struggling to pay them off. An ever increasing number of people were being made redundant and so couldn’t pay their debts and others just simply couldn’t cope with the increasing cost of living. In short: Making ends meet was turning into an everyday challenge.

Bad credit rating : A rude awakening

For some of those affected by the impact of the economic downturn, bankruptcy may have been their only option. Others may have found work and started repaying their debts. But a negative mark had already been left on their credit history. For many of them, the aftermath of the crisis turned into a rude awakening. Rather than being able to get a new job and work their way back into society, they struggled to even get something as basic a bank account, with high street banks turning down a growing number of applicants. The current craze about basic bank accounts and so-called eccounts – both aimed specifically at people with bad credit – is an immediate result of this development. And they have both proven a veritable godsend for people who have a bad credit history as there are usually no credit checks and often people are accepted who would be turned down almost anywhere else.

Basic bank accounts : Basic facilities

Needless to say, a bank account for those with a bad credit rating can only provide the most basic of bank facilities. After all, in these difficult times, even banks have become cautious to say the least and will not want to risk doling out money to someone they feel they can not trust. And so, basic bank accounts and eccounts will allow the customer to deposit and withdraw money but will not allow for overdrafts or provide customers with a cheque book. There are bad credit bank accounts, however, which will offer the customer the benefit of a debit card or master card prepaid card. This isn't just a fantastic payment tool which allows you to purchase services and goods at millions of locations. It also allows the card holder to build up their credit score over a period of time. The bank reports back to the credit agency about the customer’s spending pattern. This will show to future money lenders that they are able to handle their money.

Stability : Turning a bad credit rating into a good one

There are other ways of rebuilding credit such as taking out a prepaid card, remaining in the same job, in the same house and with the same bank, as banks like to see stability. Check your credit report for inaccuracies too as they can sometimes contain things that are damaging your credit score. If you are sure your credit report is correct and you have a low credit score then a bad credit bank account will probably be of interest to you. Look online for the very best bad credit bank account options.

The more time you'll invest, the better. The clouds may have cleared a little, but the crisis is anything but over.