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Liz Weston

Monday’s need-to-know money news

July 11, 2022 By Liz Weston

Today’s top story: Are 4-day workweeks and flexible hours the future of full-time? Also in the news: A new episode of the Smart Money podcast on home affordability trends in the United States and abroad, what to do if you can’t out-budget inflation, and how to set your own prices for Amazon Prime Day.

Are 4-Day Workweeks, Flexible Hours the Future of Full-Time?
While a shorter week sounds appealing, there are trade-offs — and perhaps other ways to raise worker satisfaction.

Smart Money Podcast: Why Are Homes Pricey in the U.S. and Abroad?
This week’s episode is a conversation among NerdWallet’s housing Nerds who discuss home affordability trends in the United States and abroad.

What if You Can’t ‘Out-Budget’ Inflation?
Inflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs.

How to Set Your Own Prices for Amazon Prime Day (and Why You Should)
Beat Amazon’s manipulation tactics by setting your own maximum prices on Prime Day.

Filed Under: Liz's Blog Tagged With: 4-day workweeks, affordabiity, Amazon Prime Dy, Budgeting, inflation, Smart Money podcast

Q&A: How to walk away from timeshare maintenance fees

July 11, 2022 By Liz Weston

Dear Liz: We have owned a timeshare since 2007. It’s paid in full. We are not using it anymore and would like to stop paying the annual maintenance fees. Help! Selling or giving it away is not easy. Should we just stop paying the maintenance fees? At 71, how bad could the impact be?

Answer: Timeshare developers have different policies about pursuing unpaid maintenance fees. If the developer turns your account over to a collections agency, your credit could suffer for up to 7½ years.

Before you simply stop paying, consider first asking the developer to take back your timeshare. Only a few timeshare developers have formal programs to accept surrendered timeshares, but many will consider doing so as long as the timeshare is paid off. Ask to speak to the person who handles such surrenders or “deed backs.”

If the developer resists, you have a few other options. Sites such as the Timeshare Users Group and RedWeek have marketplaces where you can list your timeshare. You may have to offer to pay the maintenance fees for a year or two as an incentive to get someone to take the timeshare off your hands. Another alternative is to rent your timeshare, since you might be able to cover the maintenance fees that way.

If someone contacts you offering to help sell your timeshare, it’s probably a scam. You can find legitimate brokers who facilitate sales by contacting the Licensed Timeshare Resale Brokers Assn., but these professionals typically only handle sales at high-end resorts.

Filed Under: Liz's Blog Tagged With: q&a, timeshare maintenance fees

Q&A: Credit rating after mortgage payoff

July 11, 2022 By Liz Weston

Dear Liz: We are recently retired and will own our home free and clear in about six months. Will not having regular mortgage payments dent our credit ratings? If so, what can be done as a good substitute?

Answer: Your credit scores may dip after you pay off your mortgage, particularly if you don’t have another installment loan such as a vehicle or personal loan. To get and keep the highest credit scores, you typically need both installment loans and revolving accounts, such as credit cards.

The good news: You don’t need the highest credit scores to get the best rates and terms from lenders. Using credit cards lightly but regularly can help you maintain good scores without taking on debt.

Filed Under: Credit Scoring, Mortgages, Q&A Tagged With: credit rating, mortgage, q&a

Q&A: Credit freezes

July 11, 2022 By Liz Weston

Dear Liz: You recently suggested a credit freeze. I agree that’s a good idea, and probably the only good way, to try to protect your credit.

But I’ve tried to periodically unfreeze my credit reports and that rarely goes well. The banks won’t tell you which credit bureau or bureaus they use to check your credit, so you have to temporarily thaw your reports at all three. This weekend, only one bureau worked well. At another, I was able to sign on but got a message the site was temporarily unable to access my information. The third didn’t recognize any of my possible usernames, so I tried my Social Security number and date of birth, which it also didn’t recognize. I’m SURE I don’t have those wrong, so I’d say part or all of their database is offline. More than likely I’ll be able to sort this out on a weekday when the bureaus staff their phones, but so far, I’ve worked on unfreezing my credit for two days and only one of the three services responded correctly.

Answer: Freezing and thawing your credit reports is certainly easier and faster than it used to be — plus, these services are now free by federal law. But as you’ve learned, you need to keep careful track of the credentials associated with your accounts at each credit bureau, including any login IDs, passwords and personal identification numbers.

You can write this information down and keep it in a secure location, but also consider using a password manager. These secure software programs allow you to create unique credentials for each site you visit. Given the prevalence of database breaches, it’s essential that you don’t reuse usernames and passwords. The programs also can help you change your passwords regularly, which is also important in keeping your information secure.

Filed Under: Credit & Debt, Q&A Tagged With: credit freeze, q&a

Thursday’s need-to-know money news

July 7, 2022 By Liz Weston

Today’s top story: 3 lessons I wish I’d learned sooner about booking travel. Also in the news: A scrap of hope for distressed home buyers, is buying a car a two-person job, and the best Amazon Prime benefits you don’t know about.

3 Lessons I Wish I’d Learned Sooner About Booking Travel
Here are three hard-won travel lessons.

A Scrap of Hope for Distressed Home Buyers
The first half of 2022 was a catastrophe for home buyers.

Is Buying a Car a 2-Person Job?
Bringing a friend to buy a car isn’t a bad idea — unless they don’t provide the right support.

The Best Amazon Prime Benefits You Don’t Know About
If you’re going to sell your soul to Amazon, you might as well get everything you can out of the deal.

Filed Under: Liz's Blog Tagged With: Amazon Prime benefits, car shopping, distressed home buyers, travel booking

Wednesday’s need-to-know money news

July 6, 2022 By Liz Weston

Today’s top story: Are 0% interest student loans better than forgiveness? Also in the news: The worst hidden travel fees and how to avoid them, 5 reasons why you haven’t switched banks, and the best app for splitting the check.

Are 0% Interest Student Loans Better Than $10K Cancellation?
Cancellation is the most popular proposal to address student loan debt, but it isn’t the only one out there.

The Worst Hidden Travel Fees and How to Avoid Them
Sticker prices can be misleading. Always make travel purchase decisions based on the final cost.

5 Reasons Why You Haven’t Switched Banks
Enough time, money and motivation can help overcome hurdles when changing banks.

The Best Apps for Splitting the Check
Never again break out the calculator to figure out how much you owe for mozzarella sticks.

Filed Under: Liz's Blog Tagged With: apps, banking, cancel student loans, hidden travel fees, splitting the check, Student Loans

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