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Liz Weston

Tuesday’s need-to-know money news

November 27, 2018 By Liz Weston

Today’s top story: With money goals, multitasking pays off. Also in the news: Snagging hotel loyalty perks, what to know about high yield reward checking accounts, and how to not let debt ruin your holiday.

With Money Goals, Multitasking Pays Off
There needs to be more than just paying off debt.

Snag These Hotel Loyalty Perks, Even if You’re Disloyal
It all depends on the right card.

What to Know About High Yield Reward Checking Accounts
Some accounts offer interest as high as 5%.

Don’t Let Debt Ruin Your Holiday
Some people are still paying off last year’s gifts.

Filed Under: Liz's Blog Tagged With: debt, high yield checking accounts, holiday spending, hotel perks, loyalty cards, money goals, Retirement, Savings

5 guidelines for holiday tipping

November 27, 2018 By Liz Weston

Holiday tips are a way to thank the people who make your life easier. So why is it so hard to figure out whom to tip and how much?

Guides published by etiquette experts don’t always agree on what’s appropriate. What people actually do is another matter altogether.

Only about half of Americans give any holiday tips, according to a recent Consumer Reports survey, and those who do tip often give less than the amounts recommended by etiquette experts. For example, 56 percent of those who had housekeepers gave them a tip, and the median amount was $50. The manners mavens at the Emily Post Institute suggests the tip equal the cost of one visit, which according to HomeAdvisor averages at $167.

In my latest for the Associated Press, some guidelines that may help you decide whom to tip, and how.

Filed Under: Liz's Blog Tagged With: holiday tipping, holidays

Monday’s need-to-know money news

November 26, 2018 By Liz Weston

Today’s top story: 4 mental tricks to help you save more for retirement. Also in the news: How to boost your chances of getting a personal loan, answers to your HELOC questions, and how to get your finances in order before the new year.

4 Mental Tricks to Help You Save More for Retirement
Staying on the right path.

Boost Your Chances of Getting That Personal Loan
5 tips that could help your chances.

Answers for Your HELOC Questions in 10 Words or Less
Understanding your home equity line of credit.

Get Your Finances in Order Before the New Year
The clock is ticking.

Filed Under: Liz's Blog Tagged With: HELOC, home equity line of credit, Personal Loans, retirement savings, tips, tricks

Q&A: Why you should keep credit use low

November 26, 2018 By Liz Weston

Dear Liz: You recently said you don’t need debt to have good credit, but I was told that “credit utilization” — the amount of credit you use compared with your credit limits — is important. Paying off the cards each month means zero balances are reported to the credit bureaus and result in no utilization. Also, older credit accounts help scores, and my older accounts dropped off after a period of time, lowering my average age of credit accounts to four years. How can I fix this? Good credit doesn’t stay on forever.

Answer: It’s not true that paying off your cards results in zero credit utilization. The balance that the card issuers report to the credit bureaus is typically the balance on your statement date. You could pay it off in full the very next day, and the statement date balance would still show up on your credit reports and get calculated into your credit scores.

That’s why it’s important to keep your credit utilization down, even if you pay in full (as you should). It’s good to keep charges below about 30% of your credit limit. Below 20% is even better, and below 10% is best.

Accounts typically won’t drop off your credit reports unless they’re closed. Even then, the closed accounts can remain on your credit reports for many years, contributing to the average age of your accounts. The key to having good scores is to keep a few accounts open and in use, not to carry debt.

Filed Under: Credit Cards, Credit Scoring, Q&A Tagged With: credit card debt, Credit Score, debt to credit ratio, q&a

Q&A: Finding a way out from under big medical bills

November 26, 2018 By Liz Weston

Dear Liz: I am so lost. I recently became a widow at 52. My husband didn’t have life insurance. I had to grab a job two weeks after he passed. Five months later, I’m sick with late-stage congestive heart failure and can’t work. I’m barely able to pay my mortgage now with Social Security survivor benefits. I need to sell and rent something cheaper before I lose my home of 18 years. I have to decide between continuing to make the payments and buying medicine and food.

I don’t have health insurance because Medicaid was not expanded in my state and I haven’t been on disability long enough to qualify for Medicare. I owe a lot of money to someone who helped me. I would have been dead without the help, not to mention homeless. My husband left me in a bind.

Answer: I’m so sorry you’re having to deal with all this.

If you’re not already getting help paying for your prescriptions, check out resources such as NeedyMeds.org, the Partnership for Prescription Assistance and the Patient Advocate Foundation’s National Financial Resource Directory. It’s crucial with your diagnosis that you take your medications as prescribed and don’t skip or alter your dosages.

Your medical providers may have charity programs to help pay your healthcare bills, or they might be willing to accept small payments. You may be able to negotiate a discount if you ask to be charged the same rates as your area’s largest insurer.

If you’re on Social Security Disability Insurance, you’ll qualify for Medicare after two years. Without health insurance, though, it may be hard to get the quality care you need to live that long.

You could move to another state that would cover you under Medicaid, but that may not be feasible, given how sick you are. Plus, you may not qualify if you have some equity in your home and you sell it. While your residence is not a countable asset that could prevent you from getting Medicaid, the profits from a sale probably would be.

A housing counselor could help you explore your options, which could include selling, taking on a roommate or getting a mortgage modification. You can get referrals from the U.S. Department of Housing and Urban Development site or by calling (800) 569-4287.

Another option is foreclosure, especially if you don’t have much equity in your home and the foreclosure process is relatively slow in your state. You could use the money that otherwise would go to house payments for living expenses and medicine until you have to move. It’s not ideal, but none of your options are at this point.

Filed Under: Medical Debt, Q&A Tagged With: medical debt, q&a

Wednesday’s need-to-know money news

November 21, 2018 By Liz Weston

Today’s top story: Do your kids a favor and pick retirement savings over tuition. Also in the news: 18 of the best Black Friday deals, Navient’s student loan practices are under fire, and how much it costs to have a float in the Macy’s Thanksgiving Day parade.

Do Your Kids a Favor: Pick Retirement Savings Over Tuition
Looking at the bigger picture.

18 of the Best Black Friday 2018 Deals
Serious savings.

Navient’s student loan practices raise questions in federal audit
Deceptive tactics.

How much does a float in Macy’s Thanksgiving Day Parade cost?
The helium costs will surprise you.

Filed Under: Liz's Blog Tagged With: Black Friday, Macy's Thanksgiving Day parade, Navient, retirement savings, Student Loans, Tuition

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