But Apple’s new payment system has the potential to sidestep the bad guys and someday, perhaps, make breaches a thing of the past, according to LowCards.com’s Bill Hardekopf.
Apple Pay, announced Monday, allows people to pay for stuff with their phones, but your credit and debit card numbers won’t live there. The system generates unique tokens that are used instead. No longer would your sensitive financial information be sent into the ether, to be stored in insecure databases.
You can read more at “Could Apple Pay Be the End of Data Breaches?“
Today’s top story: What to do when debt collectors harass you for someone else’s money. Also in the news: Online tools to help manage your money, what the new FICO 9 credit score could mean for those about to apply for mortgages, and seven ways you’re misusing your credit cards.
Help! I’m Getting Debt Collection Calls for Someone Else
How to convince relentless debt collectors you’re not the person they’re looking for.
4 Online Tools to Manage Your Money in the 21st Century
There’s an app for that.
What FICO’s New Credit Score Formula Means for Home Buyers
The new FICO 9 could change your mortgage prospects.
7 ways you’re using your credit card wrong
Some of them may surprise you.
More seniors on hook for student loans
Over 700,000 families headed by someone 65 or older still carry student debt.
Today’s top story: How to build your retirement nest egg on a small salary. Also in the news: Why Millennials are rejecting credit cards, tips on how to decide between saving money and paying off debt, and eight faster ways to pay off your student loans.
How to Plan for Retirement When You Don’t Make Much Money
Increasing the size of your tiny nest egg.
Why Millennials Are Rejecting Credit Cards
The massive amount of student debt is playing a big role.
5 Questions to Help You Decide Whether to Save or Pay Off Debt
What to do with your extra cash.
8 Ways to Pay Off Your Student Loans Faster
The quicker the better.
How to Balance a Fun Life With Your Financial Goals
You know what they say about all work and no play.
Today’s top story: How customizing your budget could be the key to success. Also in the news: Preparing yourself financially for a career change, products to make your teenagers money-savvy, and Home Depot confirms a months-long credit data breach.
How to Do a Budget: Customization Is Key
Tailoring your budget could be the key to its success.
5 Ways to Financially Prepare to Go After Your Dream Job
Getting ready to take the big leap.
4 Bank Products to Make Teens Money-Savvy
Prepare your teen to make wise financial choices.
Home Depot Confirms Computer Data System Breach
Retailer offers one year of free credit monitoring to customers.
6 Smart Ways to Use a Credit Card
Keeping yourself out of trouble.
More than half of Americans—56 percent—say they’re falling behind financially, according to a new national survey by the Pew Research Center.
That’s not surprising, given that a recent Census Bureau study concluded that most Americans are worse off financially than they were before the recession, despite gains in the stock market and home prices.
Which is why Donna Freedman’s latest piece for Get Rich Slowly, “Why I voluntarily slashed my salary,” is a timely read.
Like the rest of us who wrote for MSN Money, Donna faced a big drop in income when the site pulled the plug on original content. Rather than try to recoup what she’d lost, though, Donna made a conscious decision to live on a lot less.
Donna’s situation is Donna’s. Yours is probably quite different. But I’m always inspired reading what she has to say about the benefits of a more frugal, conscious life.
That doesn’t mean I think that status quo is okay. The ever-widening gap between rich and poor is not okay. The huge debts young people take on to get educated is not okay. The fact that most people’s finances can be seriously and permanently upended–by a layoff, a divorce, a death in the family–is not okay.
It’s also not okay to keep blaming individuals for what are clearly huge economic trends. Overspending on credit cards did not trigger the Great Recession.
But if you’re living with less, Job One is figuring out how to make that work, at least for now. Job Two may be pushing for change.
Today’s top story: How to get rewarded for being responsible with your credit cards. Also in the news: The hidden costs of a new job, tips on how to avoid credit fraud, and how you should and shouldn’t pay for college.
3 Credit Cards That Reward You for Being Responsible
Paying on time has its benefits.
5 Hidden Costs of a New Job
That new salary could cost you.
5 Common-Sense Tips to Help Avoid Credit Card Fraud, ID Theft
Making smart choices when paying for college
Using your retirement savings isn’t one of them.
7 scams that just won’t die
Microsoft isn’t calling you.
Dear Liz: After a divorce, I had to start my life over at 62. I got three credit cards. Somehow, I failed to see the online bills for one of them and neglected to pay it. The company didn’t contact me until three months had passed. I got a letter saying the small balance ($130) was forgiven and the card had been canceled. I was shocked. I made several calls but was told nothing could be done. Now one of the credit bureaus has my score at 640. I’m a reliable person and always pay my bills on time. This was a great oversight. Is there anything else I can do?
Answer: Even seemingly small missteps can have outsized effects on your credit scores. Missing even one payment can knock more than 100 points off good scores.
And as you’ve learned, creditors tend not to be sympathetic to the idea that you didn’t pay because you didn’t see the bills. You’re expected to know when your bills are due and pay them. A quick phone call or visit to the credit issuer’s website would have told you what you owed.
Fortunately, you still have the other two cards. Those should help you rehabilitate your credit scores as long as you use them properly and you don’t cause any further damage.
Before another day passes, set up automatic payments for both accounts. You typically can choose to have one of three amounts taken every month from your checking account: the minimum payment, the full balance or a dollar amount that you specify. Ideally, you would choose to pay off the full balance each month, since carrying a balance won’t help your scores and will cause you to pay unnecessary interest.
Mark the dates of the automatic payments on your calendar and set up alerts to make sure that there’s enough money in your checking account on that day.
Use both of your cards lightly but regularly, charging small amounts each month. Don’t use more than about 30% of your available credit — less is better. To rehabilitate your credit scores even faster, consider adding an installment loan to your credit mix, if you don’t already have one. Mortgages, car loans and personal loans are examples of installment loans.
Finally, make sure you don’t fall behind on any other bills or let any account, such as a medical bill, fall into collections. Another black mark would just extend the time it takes to rebuild your scores.
Today’s top story: The easy solution to our retirement savings crisis. Also in the news: How to supercharge your retirement savings, how long credit flaws will stay on your report, and why it’s time to start saving for the holidays.
Our Retirement Savings Crisis—and the Easy Solution
A slight bump in savings rates could be a game changer.
6 Tools to Supercharge Retirement Savings
Where to find the aforementioned bump.
How Long Different Credit Flaws Stay on Your Report
Find out how long that late payment will linger.
You Need to Start Saving for Your Holiday Budget Now
The holidays are right around the corner.
Three Money Disruptors Making Your Financial Nightmares Less Scary
Tech disruptors are making our financial lives a bit easier.