It’s a week until Black Friday, and headlines are dishing Black Friday deals and their secrets while, in other news, unemployment rates are rising in 29 states. Any predictions for how the shopping season will fare if retailers keep slashing prices to spur consumption, while around 10% of Americans nationwide are still unemployed?

While that thought sets in, here’s the buzz on Credit Karma and what’s happening in the housing market:

Credit Karma News

• Dallas Morning News reports on how to get an idea of your credit score without paying a fee.
• Tips for beefing up your credit score at Investor’s Business Daily.
• MarketWatch features CK in discussing how credit-card balances move higher.
• Hawaii’s credit score beats U.S. average reports Pacific Business News.
• My BankTracker uses CK data to report on credit card problems rise and fall: defaults down but delinquencies increase.

Home & Mortgage News

• CNN Money claims that you don’t have to be a millionaire to buy a house, as more than 70% of homes sold last quarter were deemed affordable for those who are still working.
• Contrary to the common belief that its better to buy a house rather than rent, Own the Dollar shows that the advantages of renting might be gaining on home ownership.
• Fiscal Frizzle shares his roadbumps on the path to home ownership to give readers advice on what to do when you decide to take that road.
• Ever wondered about the cost of running your home? Chicago Tribune discusses the cost of energy in your home with the article, How much is your home costing you?
• Save money in your home in this alternative way: Your Money Relationship shares 31 medical home remedies you should know so you can try to do-it-yourself before shelling out money at the doctor’s.

According to Bankrate.com’s weekly national survey, mortgage rates are at a record low ideal for interested home buyers and also represent a golden opportunity for homeowners looking to refinance. These rates are significantly lower than rates one year ago, and since mortgage rates don’t stay at records levels for very long, borrowers should act with urgency to take advantage of these record low rates while they are still affordable. Here are Bankrate’s recent survey results:

• 30-year fixed: 5.06% — down from 5.19% last week (avg. points: 0.40)
• 15-year fixed: 4.48% — down from 4.61% last week (avg. points: 0.34)
• 5/1 ARM: 4.58% — down from 4.58% last week (avg. points: 0.30)

Gift cards are making a comeback this credit-crunched holiday season, so if you plan to give or receive them, familiarize yourself with the new rules on gift cards slated to go into effect August 2010.

True–the regulations won’t be in place till next year, but cardholders often hold on to gift cards long enough that you may see how the new rules will benefit you. The Federal Reserve proposed these consumer safeguards—which are still up for revision this month—as part of the CARD Act. These protections for consumers implement stricter reforms on the fees and expiration date of gift cards, gift certificates, and general-use pre-paid cards.

Here’s a rundown of the proposed rules: Issuers are not allowed to charge dormancy or service fees on inactive cards unless it has been inactive for at least a year. After that, issuers can only fine the card for inactivity once a month. Also, monthly maintenance fees, balance-inquiry fees, and re-loading fees will be banned. Expiration date is extended so that all gift cards are usable up to 5 years after the purchase date. And finally, issuers are required to have full disclosure of the possible fees, dormancy charges, and fine-print policies your gift card is subject to.

As we wait for the CARD Act’s gift card reforms to take place and revamp the rest of the gift card marketplace, consumers can also take steps to protect the value of their gift card:

If you are buying a gift card, read the fine print and look out for any upfront fees. For example, general-purpose gift cards offered by issuers like American Express and MasterCard typically charge $4-$7 for purchasing a card and may have additional policies that could cost you. The CARD reforms do not prevent upfront sales fee, so don’t be surprised if issuers decide to raise this cost in the next few months. Also, you can save money and shop around for discount gift cards. Check out Plastic Jungle, which is part of a growing crop of gift card trading marketplaces that allow you to trade, sell, or buy gift cards at a discounted price. UPDATED 11/20/09: Also, check out this article on 13 Ways to Buy Gift Cards For Less for more ways you can save money gift-giving by opting for these little plastic presents this season.

If you receive a gift card, read the fine print and look out for maintenance fees, which charges you if the first purchase is made but you leave a balance on the card. Also, keep the receipt of your gift card just in case your card is lost or stolen and your issuer does not replace for free. Finally, try and use it as soon as possible so you don’t have to worry about the extra cost of fees and expiration dates prior to the effective date of the new reforms. And always keep track of your balance so you don’t make a bigger purchase than your card can afford.

Some big issuers have revamped their policies to be more consumer friendly, however these federal reforms are necessary to make sure gift cards are regulated just credit cards. In September, American Express eliminated its $2 monthly dormancy fees that it charged. Also, Macys ended expiration dates for any gift cards purchased after February 2008, and Best Buy gift cards no longer have any inactivity fees, usage fees, and expiration date. The gift card marketplace is already shaping up, just in time for the holidays.

With these reforms in place and less fees to worry about, gift cards are becoming a no-risk alternative to spending credit or debit. As long as you’re mindful of the fine print, its financially-savvy to take the leap and gift with gift cards.

At Credit Karma Blog, what goes around comes around… So what do you think about this post? Agree, disagree, or have something more to say? We’d love to hear your reactions!

If you were hoping that Congress would cap the recent raising of credit card interest rates, don’t hold your breath. Federal efforts to impose stricter limits on credit card interest rates, which have been skyrocketing up to 30 percent in anticipation of the credit card regulations that goes into effect in February, are running into some political speed bumps trying to find support with Democrats and gain majority for approval. Congress’ hands might be tied in protecting consumers, but check out the following round-up for what you as a consumer can do about your credit card and your debt.

Credit Card News

• CNN Money offers tips on how to make money in 2010 with your savings and credit.
• Some enlightening reading for all those who are thinking of ditching the MasterCard or Visa in favor of debit: Credit to debit: should you make the switch?, asks SmartMoney.
• A boost for credit cards from Moolanomy Personal Finance’s blog on why credit cards rule over the inferior debit card.
• New York Times reports, New overdraft rules: what consumers need to know. A short but helpful read especially if you swipe your debit card or go to the ATM frequently.
• Or, if you want to get ahead of the game like Consumer Reports, here’s how to avoid debit-card overdraft fees ahead of Fed’s new rules.

Debt News

• Five Cent Nickel wonders, how much does your debt cost? Figuring out how much it is costing you every month for someone to lend you money might nudge you to pay down debt faster.
• NY Daily News reports that Obama warns the U.S that too much debt could fuel ‘double-dip recession’.
• Can you leverage debt to help improve your credit? Rich Credit Debt Loan explains.
• Get out of debt faster - no more excuses! Debt Free Adventure does the number-crunching to show you how a little repayment can add up to a lot.
• Celebrate with Clever Dude because he is finally free of consumer debt! Find out how he paid down a $113,000 debt load.

More than 15 million people who received the Making Work Pay tax credit as part of Obama’s $787 billion stimulus package may end up paying back part of their tax credit due to the federal government mishandling allocation of the credit.

The Treasury Department admits that the government may have been too generous in distributing the credit, and taxpayers who received the credit but were otherwise ineligible may end up actually owing money to the federal government.

The Making Work Pay tax credit was Obama’s signature tax credit and provides workers 6.2 percent of their earned income, up to $400 for individuals and $800 for couples or joint filers. Individuals making more than $95,000 and couples making more than $190,000 are ineligible. The tax credit was aimed at boosting the paychecks of nearly 95% of all working Americans to encourage spending and consumption.

However, the problem was in the system of paying out the tax credit. The tax credit was distributed to most workers through reduced withholding on their federal income tax, which lead to small increases on their monthly paychecks throughout the year. Workers saw the advance in their paychecks almost immediately when the legislation was signed in April; however, they were not required to claim it until much later on their tax returns. The legislation didn’t take into account certain circumstances, like some taxpayers who have more than one job, married couples with two working spouses, and those who receive Social Security. In these cases, taxpayers may have been advanced more than they were entitled to receive on the tax credit. Nearly 15.4 million workers, or 10% of all taxpayers, may be liable to pay back a part of the tax credit by owing additional taxes when they file in 2010.

Paying back the tax credit may impact some workers with smaller-than-expected tax refunds, which averaged $2,800 this year, or it might mean actually paying out of pocket for others. The Treasury Department maintains that the stimulus tax credit has been effective in helping 110 million families with the pumped up month-to-month paychecks. But the poor structuring of the tax credit allocation may do more to annoy taxpayers already hard-up paying bills and taxes. This glitch in stimulus fund handouts, if not addressed, may plague more taxpayers in 2010 who will be stuck footing the bill on what was supposed to be a tax break.

At Credit Karma Blog, what goes around comes around… So what do you think about the fact that millions may need to repay part of this tax credit? Agree, disagree, or have something more to say? We’d love to hear your reactions!

If you use a credit card for its rewards program, be prepared for new restrictions or even a complete shutout of your card’s ability to earn airline mileage, valuable points, and hotel stay freebies.

After hiking up interest rates and slamming new fees on cardholders, credit card companies are now going after popular rewards programs. Citi is one of the first big issuers to begin making changes to some of its rewards programs. Consumers with the Citi Hilton HHonors credit card need to earn at least 12,500 points, up from 10,000, in order to get a free hotel stay. The Citi mtvU Visa card, popular amongst college students and the younger crowd, now have to earn 12,700 points, up from 10,000 points, in order to earn $100 reward back. One of the biggest blows is to the Citi Home Depot Rewards MasterCard, which has been made inactive since Oct 31 and cardholders are urged to redeem points by January 31, 2010 or they expire.

I wouldn’t be surprised if other issuers follow suit in rewards program cutbacks in order to take some pressure off expected losses. Credit card companies are stretched to maintain profitability and are further tightening credit access in anticipation of the coming credit card reforms.

Is there anything I can do?
Costly credit card changes have been pounding cardholders for the last few months now and now rewards programs are on the chopping block. There isn’t much you can do if the issuer decides to change the terms of your rewards credit card, but you can make the most of it. Its a good idea to start cashing in on your rewards card’s points and miles because your issuers may soon discontinue your rewards program or limit your earning ability, and you don’t want to lost out on potential flights, vacations, and redeemable points stashed in your credit card.

If you are planning to spend on credit, you might as well use your rewards card as often as you can so you can make the most of the current terms before the issuer cuts back on your earning power. Stick to earning points you can redeem that are especially useful to you, such as a particular hotel chain’s offers or gasoline rewards. Also, do the math on a rewards offer to ensure it is worth it. And you can always close down your rewards card if the program isn’t worth it, but keep in mind that it will take a blow to your credit score.