Is your credit card balance increasing or decreasing? Data from the credit bureau Experian suggests that it’s more likely to be rising. Credit card balances increased by an average of almost 6.6% year over year in the second quarter of 2018, adding $48 billion to America’s collective credit card debt.
Debt rose in every state,
Identity theft accounted for $16.8 billion in losses in 2017 spread across 16.7 million victims, according to Javelin Strategy and Research. Were you one of the unfortunate 16.7 million?
Victim or not, it’s wise to consider freezing your credit to make it difficult for identity thieves to use your personal data –
We often hear about skyrocketing student loan and credit card debt, but a different type of debt is growing at a faster rate than either of those. According to data from the credit bureau Experian, debt from personal loans rose by 11.4% in the second quarter of 2018 compared to the same quarter in 2017
You may be mentally and physically ready to retire, but are you financially ready to retire? Don’t just automatically assume that your current nest egg is sufficient because you’ve reached a certain age. Assess your financial readiness, starting with these five questions.
1. What Are Your Retirement Goals? – Typical advice suggests aiming for 80%
Did the money gremlins sneak into your bank account and drain it again? Surely, the problem cannot be that you spent too much! There must be some other reason….
Perhaps it is time to get a handle on your spending. If you do not track your spending, you cannot distinguish between gremlins and your own
E-mail scams can take many forms, but did you realize that an e-mail scam could scuttle your home purchase? The Federal Trade Commission (FTC) has warned homebuyers of a housing-related e-mail fraud that could drain your housing funds.
Thieves initiate the swindle by hacking into the e-mail accounts of homebuyers, real estate agents, and brokers,
“I raised my credit score over 800 – and you can, too!” So says Tiffany Aliche, a financial speaker and author better known as The Budgetnista.
Tiffany was working as a schoolteacher, and had excellent credit, until she lost her job in the Great Recession. “I had a choice between paying my mortgage
What’s a sure way to harm your credit score? Being late with payments or missing them completely. On-time payment history is one of the biggest factors in calculating your credit score – and, according to a new survey from CreditCards.com, women are more likely to miss a credit card payment and suffer the credit score
“Consumers for sale! Get your consumer information here! Plump ripe consumers, ready for the taking! Only $1,170 for a full consumer package! À la carte information for as little as a few dollars! Get them while they’re fresh.”
Granted, there aren’t peddlers roaming around your local business district selling your stolen information – but the
Small Changes, Big Impact Sometimes a seemingly small difference can have a large effect, like the straw that broke the proverbial camel’s back. According to a recent study by the credit bureau Experian, that same principle applies to millennials and their borrowing behaviors. With a small change in financial habits, more millennials could significantly shift
Bankruptcy is a painful process at any point in life, but it’s especially excruciating when you are at or near retirement age. There’s no time to recover and build retirement income.
Unfortunately, seniors are declaring bankruptcy at an increasing rate. A recent study from the Consumer Bankruptcy Project found that the rate of Americans at
According to Federal Reserve Data, student loan debt reached $1.52 trillion in March of 2018. Women hold approximately $900 billion of that total.
Why do women hold more in student loan balances? A recently updated report from the American Association of University Women (AAUW) suggests that several reasons combine to shift the student loan burden
Reverse mortgages can be a useful tool for seniors attempting to convert the equity in their home into cash for living expenses or other retirement purposes. The loan is usually paid out over time instead of as a lump sum.
There are no repayments as long as the senior taking out the loan
How much discretionary income do you have left after you’ve paid the monthly bills? Would that change if you were a homeowner instead of a renter, or vice versa?
PropertyShark and RENTCafé considered this question with a study of 52 urban areas. Using data from the Census Bureau and the U.S. Department of Labor, discretionary
Cleaning Up Credit Reports In April, we reported on the upcoming rise in credit scores thanks to the National Consumer Assistance Plan (NCAP). The NCAP was created by the three major credit bureaus (Experian, Equifax, and TransUnion) as part of a settlement with state attorneys general. The NCAP objectives and other actions by the bureaus
You must maximize your retirement funds to increase your chances of enjoying a comfortable retirement, so it’s important to avoid unnecessary fees that take a bite out of your nest egg without providing value in return. Consider these five retirement expenses that are generally avoidable if you pay attention and properly plan your finances.
1.
By Andrea Woroch
Have you spent too much on vacations, dining out, or entertainment this summer? Follow these seven simple steps to get your finances back on track and pay down your debt faster.
If you’re scared to look at your credit card bill and bank statements, there’s a good chance you went overboard over
Credit card issuers generally offer a grace period that allows you time to pay your bill without incurring interest charges on your purchases. The grace period usually lasts two or three weeks from the end of the billing cycle, and will be incorporated into the due date on your bill. Pay your bill in full
Internet scam artists are moving beyond your email inbox to target your text messages as well. “SMiShing,” also known as SMS Phishing, continues to loot information from busy and unaware consumers despite its relative maturity as a scam method.
Here’s what you should know about SMiShing and how to protect yourself:
SMiShing occurs when a
A construction lien, otherwise known as a mechanic’s lien, is a claim that is made against a property by a contractor, subcontractor, or other professional party involved in a construction project. These liens exist to protect construction professionals from non-payment for materials or services rendered.
If you are withholding payment to a contractor for a
Your credit score is one of the primary items that lenders check when they consider loaning you money. A lower score means greater risk, and lenders will charge you a higher interest rate because of that difference – but how much could it cost you over the lifetime of a loan?
According to a new
Waiting to Buy According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives.
Why are millennials late to homeownership? The
For millennials who are just stepping into their workaday world, planning for retirement is definitely not something they seem to have on their mind. However, as Social Security benefits are sure to scale back over the next two decades, retirement planning has become a must for every millennial who wants to maintain the same standard
Did you miss the April 17 tax deadline for 2018? If so, you probably filed for and received a six-month extension from the IRS. Don’t relax too much, because October will be here before you know it.
The IRS offers a series of tips to help taxpayers avoid common errors when filing their taxes, whether
Have you ever lied for financial gain? The odds are strong that you’ve done it at least once. According to a new study from finder.com, almost 4 out of 5 Americans have admitted to lying for some type of financial gain – and many don’t feel guilty about their lies.
Over 2,000 U.S. adults
One day you appear to be on track for retirement, and the next day the stock market crashes. You were on track for a comfortable retirement at age 67 – or before, with a little luck. Now you may have to work into your 70s before you can afford to retire.
Don’t let
Are you planning to retire within the next 10 to 15 years?If so, are you ready to take retirement preparedness to the next level?
Retirement is no longer an abstract concept when you reach your 50s. It’s important to take a closer look at your financial plans now, while you have time to make any
So, you are in the market for a new vehicle, huh? You’ve got some important decisions to make. New or used? Coupe or sedan? Import or domestic? Fire engine red or metallic silver?
But perhaps your most important decision, at least from a financial standpoint, is how you will pay for the vehicle. You have
Applying for credit for the first time is a bit like applying for your first job. People are hesitant to hire you because you don’t have any job experience, and you can’t get any job experience because nobody will hire you. In the case of credit applications, creditors are leery of extending credit if they
Are you having trouble getting a home loan because you have no suitable credit history? Has your credit activity been dormant for a long enough time that lenders can’t properly evaluate your risk?
The FICO credit-scoring standard used by Fannie Mae and Freddie Mac requires that potential borrowers have a credit account
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