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Wednesday’s need-to-know money news

December 19, 2018 By Liz Weston

Today’s top story: What to buy every month in 2019. Also in the news: Giving income updates to credit card companies, Experian adds a new way to strengthen your credit, and how the latest Fed decision affects rates on credit cards, mortgages and savings accounts.

What to Buy Every Month in 2019
Plan your purchases accordingly.

Should You Give Income Updates to Your Credit Card Issuer?
The pros and cons.

Experian ‘Boost’ Adds a New Way to Strengthen Your Credit
Utility bills can become a factor.

How the latest Fed rate decision affects rates on credit cards, mortgages, savings accounts
Understanding what it all means.

Filed Under: Liz's Blog Tagged With: 2019 shopping, Boost, Credit Cards, Credit Score, Experian, Fed, income updates, interest rates

Tuesday’s need-to-know money news

December 18, 2018 By Liz Weston

Today’s top story: 9 housing and mortgage trends to watch for in 2019. Also in the news: Your easiest New Year’s resolution, a DNA test sends a family of 5 on a journey of a lifetime, and how often your credit score is updated.

9 Housing and Mortgage Trends to Watch for in 2019
What to expect next year.

Your Easiest New Year’s Resolution: Make Your Savings Grow Faster
This is a resolution you should keep.

DNA Test Sends Family of 5 on Journey Around the World
One family’s journey of a lifetime.

How Often Your Credit Score Is Updated
Timing is everything.

Filed Under: Liz's Blog Tagged With: 2019, Credit Scores, DNA test, housing trends, mortgage trends, New Year's resolution, Savings

You don’t have to live by these money myths

December 18, 2018 By Liz Weston

We’re told experiences are supposed to make us happier than stuff — turns out that may apply mostly to the affluent. The famous marshmallow test that predicts future success, based on which kids can resist an immediate treat? That research has similar problems. Meanwhile, the jury’s still out on whether willpower is something you can “use up.”

Studies about these issues shaped a fair amount of personal finance advice in recent years. The fact that researchers may have drawn incorrect or at least incomplete conclusions reminds us that blanket advice on money is risky. What works for one person may not work for the next, particularly if their financial lives are vastly different. In my latest for the Associated Press, the money myths you don’t have to live by.

Filed Under: Liz's Blog Tagged With: money myths

Monday’s need-to-know money news

December 17, 2018 By Liz Weston

Today’s top story: How to prevent gift card fraud this holiday season. Also in the news: Those “live checks” promise cash but come with a catch, renovation loans expand your home buying options, and the 2019 tax brackets.

How to Prevent Gift Card Fraud This Holiday Season
Keep an eye out for scams.

That ‘Live Check’ Promises Cash, but There’s a Catch
It could come with a whopping interest rate.

Renovation Loans Expand Your Homebuying Options
Move-in ready homes are becoming harder to find.

These Are the 2019 Tax Brackets
Small changes for 2019.

Filed Under: Liz's Blog Tagged With: 2019 tax brackets, gift card fraud, gift cards, live checks, renovation loans, scams, Taxes

Q&A: What to do when you’re mad at your credit card company

December 17, 2018 By Liz Weston

Dear Liz: This past summer I was traveling in a foreign country and the email alert that a credit card payment was due did not reach me. Upon returning to the U.S. and attempting to use the card, I was verbally assaulted over the phone by a credit card company representative demanding payment. I’m 80 and have never missed paying off any credit card charge at the end of the billing cycle or paid a penny in credit card interest. The card company reported the missed payment, lowering my credit score 133 points.

This is no way to run a business! I’ve cut up both cards and closed all accounts I had with this company. I had no problem getting a card from another issuer. I’d think that best practice in my case would have been a flag raised on their computers that the missed payment was unusual. A polite contact could have been made, the check would have been in the mail the next day and the company would still have a customer.

Answer: Being verbally assaulted after a one-time lapse suggests either a poorly trained representative or a company that doesn’t care much about customer service. Unfortunately, your leverage to get the missed payment taken off your credit reports pretty much disappeared when you closed your accounts. Some card issuers will make such “goodwill” adjustments to keep longtime customers, but others won’t. It’s always worth asking before you take your business elsewhere.

Now that you have your new card, please consider setting up some kind of automatic payment so this doesn’t happen again. Credit card companies typically offer the option to have your minimum payment, your full balance or a dollar amount in between pulled from your checking account. Making sure that at least the minimum is paid can prevent further damage to your credit scores.

Filed Under: Credit Cards, Q&A Tagged With: dispute, fees, Q&A. credit cards

Q&A: The gift of organization

December 17, 2018 By Liz Weston

Dear Liz: You recently responded to a widow whose pension income stopped on her husband’s death. She was told the company had no record that he had chosen a “joint and survivor” option that would have continued the pension for her lifetime. This is outright fraud and elder abuse. My mother was given the same answer by an insurance company when my father died after collecting his pension for 25 years. If someone signs up for a “single life” pension that ends at death, the company will always have a record.

If you select the surviving spouse option, their standard operating procedure is to say they have no record. They prey on the elderly hoping the surviving spouse has dementia or lost their contract. Before my father died, other surviving spouses told my parents and me about this practice, so my parents kept all their retirement papers in a safe place. When I told the insurance company representative that I had the contract in front of me, her attitude changed from combative to helpful. She said, “I will mail you the paperwork to sign, and include a copy of the contract when you mail it back.”

Answer: Having a copy of the contract seems to be key in getting such conflicts resolved. Let’s hope the original letter writer still has this essential document that can prove her case.

Many people hang on to way too much paperwork because most of it will never be needed or can be retrieved or re-created. Documents relating to pension choices are among the exceptions. To be useful, though, important documents must be not only kept but also accessible. A contract buried in a pile of utility bills may never be found. Having an organized filing system and keeping it maintained can be a gift to yourself and your family.

This year’s natural disasters, including hurricanes and fires, remind us that just having paper versions of documents isn’t enough. It’s a good idea to scan important documents and store copies at another site, on a secure internet site or (preferably) both.

Filed Under: Elder Care, Estate planning, Q&A Tagged With: elder care. financial documents, Estate Planning, q&a

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