The average cell phone bill may be around $50, but the average consumer is paying $3 per minute because they’re only using a fraction of their minutes each month. The Times reported the number based on the average number of minutes charged in more than 700 San Diego telecom bills and dividing by the average number of actual minutes used.

The Consumerist.com believes that these numbers are skewed by the small amount of people that pay for a large amount of minutes and only use a few. However, even with those people removed, the Consumerist still believes that the average cost per minute is between $0.50 to $1 per minute. This is contradictory to the common belief that cellular costs are coming down.

Consumers that want to make sure that they’re on the plan with the best value may want to check out online services like BillShrink.com and MyValidas.com. These services can help find cell phone plans that fit with the actual number of minutes used each month.

Credit cards have minimum payments and, if consumers do not meet those minimum payments, the creditors may start calling. Most credit card agreements require payment of the minimum amount due on a monthly basis. So, consumers that make below-minimum payments are subject to negative actions from the bank. These can include card cancellation, creditor calls, and reports to the credit bureaus.

The largest concern for consumers making below-minimum payments are the fines. Many credit card companies charge a $29 to $39 monthly fine for not paying the minimum on time, and this amount can be more than the consumer’s below-minimum payment! This means that each monthly balance could move higher and higher with no end in sight – something called negative amortization.

The best solution is to rework monthly budgets to come up with enough money to pay more than the minimum. If this is not possible, it may be wise to call up the credit card company and see if the will negotiate at all on the amount due or rate. And finally, if none of this works, it could be wise to seek help with a debt settlement company if the amount is high enough to justify it.

President Obama’s tax plan is set to increase the tax bill for the wealthy, but it could end up hurting many middle class citizens living in richer areas of the United States. Many people living in the $200,000 to $400,000 per year income range live in high-cost areas of New York or California and are stretched to afford their homes when real estate prices were higher. These people certainly are not rich, but they are worried that the president’s plan could push them over the edge.

The reality is that many of these people are already subject to higher taxes because they are paying the alternative minimum tax. Even with the new tax hikes, the amount of taxes these people owe may not change that much because what they owe under the regular income tax may not push them out of the alternative minimum tax territory. But higher income people in states with lower income or property taxes are more likely to pay bigger sums.

The other big concern for investors is the capital gains tax rate, which would change depending on income. People in the top two tax brackets would see their capital gains tax rise to 20 percent from 15 percent while middle income families would still pay the same amount. This may deter many people from investing in the stock market as the price has gotten much higher…

Food is one of the biggest portions of our daily budget and consumers have traditionally turned to newspapers to get the coupons they need to save. However, there are also many web sites with coupons that can be printed and used on your weekly shopping trips. Here are our top three sources for grocery store coupons online:

1. CouponMom.com
2. GroceryCoupons.com
3. Coupons.com
   

Checking these web sites before your next grocery trip can help put more money in your pocket during these tough economics times.

Consumers have been cutting back on many things during the recession, but there are some things that shouldn’t be cut at all. Here’s our list of the top three things consumers should spend money on:

1. Expert Advice – Experts can help you save more money than they cost. Tax experts can help you find great deductions; lawyers can help you save on legal judgments; and financial advisors can help you save money in key areas like retirement planning and college saving.
2. Debt Repayment – It is very important to keep on top of your bills as much as possible to save on future interest charges. Also, a lower credit rating can make future borrowing extremely expensive, particularly when purchasing a house or car at a higher interest rate!
3. Little Things – Spending a small amount on personal indulgencies may seem counterintuitive, but satisfying your cravings can help avoid a binge later on. After all, you can only live so long on nothing before you raid the refrigerator and binge spend.
   

Home equity lines were a reliable source for borrowing over the past decade, but things are quickly changing as the housing market turns south. Here’s how you can evaluate your home equity line of credit and determine just how much you can expect…

1. Find the Value. The true value of your home will tell you how much equity is available to borrow against. So, the first step to evaluating your home equity line is finding out exactly how much your home is worth and subtract out the amount of debt left on the house.
2. Pay Down Debt. Banks look at your debt-to-income ratio to determine your credit-worthiness. Paying down debt or increasing income are the only two ways to improve these ratios, and given the economy, the latter may be the easiest to do for now.
3. Get Approved Now. If you have a home equity line of credit expiring over the next few months, don’t wait until the last minute to get it extended. Start at least two or three months in advance in order to deal with the paperwork and being proactive can get you pre-approved.

While the rest of America was struggling to make a buck, executives at Merrill Lynch made over $3 billion while it was hemorrhaging money. However, Bank of America has refused to turn over the bonus information to the NY AG after receiving a subpoena.

New York officials told ABC News that the session to get information from CEO Ken Lewis was ugly and combative. They accused him and the bank of stonewalling, saying they refused to provide a list of which executives got what of the billions in bonuses.

Meanwhile, the CEO arrived in style, traveling from the bank’s headquarters on a $50 million G-5 corporate jet, and then a premium SUV to the Manhattan office. This further angered regulators who gave the bank $45 billion in federal bailout money for the “troubled” bank.

As for Lewis, he says the immediate issue is whether or not he has told the “whole story” about the huge bonuses paid shortly before Merrill Lynch merged with Bank of America. He also told Congress that he had “no authority” over the bonuses paid during that time.

Those with children know that it can be expensive to leave the house without the children. Baby sitters these days no longer accept $1 an hour – many are looking for more than minimum wage! So, one way to save money may be to share a sitter with friends and neighbors that also have kids. Assuming you go out at least once a week for a few hours and cut your bill in half, you could save $300 a week or more!

A related way to save on baby sitter costs is to take turns babysitting each other’s children. This is a free alternative to hiring a baby sitter and can help save a substantial amount of money every month. After all, a recession can be a lot easier if everyone works together…