Recently in Mary Henderson Category

 
Miranda Mentzer, Kansas City, Kansas junior, frequently shops for her daughters gymnastics clothes, which goes for around 35 dollars a piece.

"Hi, can I get a venti double shot on ice with vanilla syrup and breve?"

This is the usual drink of choice for Miranda Mentzer as she does her routine of getting ready for another day at school. Although she starts her classes at 1:00 p.m., she likes to start her day with a coffee at Starbucks, 647 Massachusetts Avenue, at around 12:30 p.m.

"Today, I had to wake up, get Heather ready for school, get Nicole dressed, pay for gymnastics, drop Nicole off at my brother's, and get to school all before class at 1. After school, I have to go get the girls, take them to gymnastics, come home, make sure Heather gets her homework done, get dinner ready, and put the girls to bed. Typical day," Mentzer said.

However, 30-year-old Mentzer, who drives into Lawrence from Kansas City, Kansas every Tuesday and Thursday afternoon, has recently had to change her routine, since she dropped two of the four classes she has been taking this semester. She said that the money problems that her family has been having as forced her to take only a half load of classes instead of a full load.

"The other day, I didn't come to class because I didn't have enough money for gas. It's OK, because I don't usually come to class anyway though. I got a B on my art midterm, and I think I've only been to that class twice," Mentzer said.

Her daughters, Heather, 8, and Nicole, 4, have seen how much there mother has been doing for them lately. Heather says that her mom works so hard that by the end of the day, she's still doing work.

"She doesn't go to sleep at all. She's always awake," Heather said.

With all the cuts Mentzer has been making with her spending, there are a few things that she doesn't give up, such as the three dollar coffee at Starbucks before school. She also refuses to give up her daughters' gymnastics classes. Mentzer knows how important it is to keep children involved in activities. That is why both of her daughters are enrolled in gymnastics. Freda Burress, Mentzer's sister-in-law, said that despite the legal woes, Mentzer tries to do what she can for her children's happiness.

 
Mentzer spends around 125 dollars a month to keep her kids in gymnastics.

"She's devoted to her kids. She keeps them in things they like to do no matter what. I don't know how she does it," Burress said.

Miranda's husband, Ryan, recently lost his job after a messy battle with his boss and former best friend. Miranda has had to get a job working at McDonald's and is now the only source of income for the family. She makes 10 dollars an hour, and spent her first paycheck on the girls.

"I got my paycheck and used it to pay for gymnastics. Since Ryan's not working, I have to pay for it somehow. I'm not going to take them out of gymnastics," Mentzer said.

Mentzer also refuses to let her one passion go away: art. She has been painting ever since she was young and has a gallery of paintings displayed in her garage. Mentzer has taken that love of painting and used it to full her college career by double majoring in classical antiquity and art history, both of which she hopes to get a doctorate degree in.

"My goal in life is that I graduate. I have a lot to do in class still, but I want a good life for my kids," Mentzer said.

When she finishes her coffee, it is almost 1:30 p.m., 30 minutes after her first class of the day. Mentzer, once again, misses her first class of the day.

"That's OK. If I leave now, I'll be on time for my next class," she says as she picks up her purse and walks towards the door.

Some stores, such as Old Navy, create cards that can be used outside the stores.

 

One of the first things that Natalie Holland did when she got married was apply to get a joint credit card with her husband, David. The credit card the couple chose to apply for was a Best Buy Rewards credit card so that they could afford to buy a new Mac Book Pro computer.

 

"We saw that it was 18 months free with no interest so we went in, got a card, and bought the computer," Holland said.
 

With some cards, the companies send customers in-store rewards
for using their cards.

"We already have a $1500 debt from a different credit card, so we're focused on paying the one that has interest off first," Holland said.

Holland is just one of millions of customers that take advantage of addition discounts in reward for opening a department store credit card. Some stores ask customers to open cards after asking if they would like to save a percentage off on their purchase. That's how Karie Plumb got interested in a card from The Gap.

"I was able to save 20 percent when I opened a card and I can use it at other stores besides The Gap," Plumb said.

General Electric Money Bank, or GEMB, is the bank that provides the services for Gap Incorporated's credit cards. Gap Inc. is the parent company of The Gap, Old Navy, and Banana Republic, all three of which has separate credit cards that customers can use at all three stores. With the changing economy, GEMB is just one of the many banks that are going through some tough times. According to Fitch Ratings in a New York Times article by Tara Bernard, "losses on the cards are rising at a faster pace than the broader credit card market -- reaching a three-year high of 10.51 percent in January, up 44 percent from a year ago."

Jory Taplin, manager of Old Navy, 3234 Iowa Street, says that despite the economy, the amount of applications that the Lawrence store has received for credit cards has not changed.

"It's been a steady amount. We received more at Christmas, but we always get a lot more then," Taplin said.

Although the amount of willing customers has not changed, the process in which customers obtain credit cards has. Customers are finding it harder to get credit cards approved through Old Navy and other stores because of a change in the terms of processing an application.

"It's the same criteria as getting a credit card. We go off of credit score. However, it used to be that a lower credit score could be approved, but they have raised the credit score limit for approval," Taplin said.

Hong Kong and Shanghai Bank Corporation, or HSBC, the bank that provides services for Best Buy's credit cards, is also having problems. According to a Deal Book article by Andrew Ross Sorkin, "there was the acknowledgment that HSBC might have lost the $1 billion it had invested with Bernard L. Madoff, the New York money manager who authorities say has confessed to running a $50 billion Ponzi scheme."

Holland knows that when the bill finally comes after the 18 months free, she is going to have to pay that amount, but she is ready for whatever happens.

"In the back of my mind, yes, I am a little afraid that I'm not going to be able to pay it off, but I'll be ready for it when it comes," Holland said.