Remember to always read the fine print. You’ve heard that before. It’s like buyer beware, and it reminds us to pay attention to all the details of a purchase when we make one. Scams, some legal and others not, abound. One such “scam” that companies use in hopes of making more money off of you… Read More
What to do When an Account Goes to Collections
Typically an account is sent to collections if it is more than 90 days past due. What does this mean, how does this affect a credit report, and how is best to remedy the situation? A collection occurs when we are late on a payment; examples could be auto loans, utility payments, or other services… Read More
Financial “Rules of Thumb” for Your Everyday Life
Greg Meyer shares a number of “rules of thumb” for personal finances in a recent blog post at creditunionguy.blogspot.com. In this post he discusses the potential upsides of banking at a credit union rather than a large bank. He also advises on the portion of your paycheck that should be allotted to savings, for retirement,… Read More
Repaying Student Loans (as reported by Gary M. Stern on finance.yahoo.com)
The average outstanding balance for a person with student loan debt is over $20,000. Paying off those loans can seem like a daunting task, and for many graduates, it takes a lifetime. But it doesn’t have to. Gary M. Stern offers five ways that anyone with student loans can pay off their debt faster and… Read More
Smart Education (as reported by Richard Barrington on fivecentnickel.com)
We’ve all heard the saying that an investment in your education is the best investment you can ever make. But even an investment in education needs to be well thought out, especially in a time of rising student loan debt and high unemployment among recent graduates. Not all degrees are created equal, and nothing can… Read More
College Students and Credit Cards
Credit cards and available credit can be tempting, we all know this. How should college students, often new to credit, choose what they charge on credit? Greg Meyer shares some tips on his blog, creditunionguy.blogspot.com. He advises only charging emergency expenses or something that could be considered an asset; necessary car repair or possibly books… Read More
Is Financial Aid Working? (as reported by Jon Marcus on money.cnn.com)
For a variety of reasons, some perhaps still unknown, more financial aid for education has been going to children of families who don’t need it rather than the poorer families who can’t afford college without it. As the Obama administration once again begins to address income inequality and its relation to education, it is becoming… Read More
Better Emergency Funds (as reported by Mandi Woodruff on finance.yahoo.com)
Saving money in case of emergencies is a good idea, there is no arguing with that. People lose their jobs, houses need repairing, health bills must get paid. But how you save for emergencies is a topic worth some debate. Because most people to date would consider the best way to save for emergencies is… Read More
Don’t Overpay Your Taxes (as reported by Sean Williams on fool.com)
If you work a job where you get a paycheck, your taxes are likely taken out of your paycheck automatically. The amount of the withholdings is based on your W-4. But it may not be the right amount. If you end up getting a tax refund every year, it means that you are overpaying your… Read More
The Rule of 752 (as reported by Credit.com on blog.mint.com)
You first goal in building wealth should always be to earn more than you spend. In order to do that, most people look to cut expenses. It’s natural to first look at your bigger costs, but don’t ignore those smaller and more frequent expenses. The Rule of 752 can help you pay closer attention to… Read More