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Liz Weston

Thursday’s need-to-know money news

April 16, 2015 By Liz Weston

Household-Budget1Today’s top story: How a good budget can help you build credit. Also in the news: Avoiding financial scams, tips on managing your elderly parent’s money, and five money rules for a successful retirement.

How Your Budget Can Help You Build Credit
A good budget can help you build a great credit score.

10 Tips To Avoid Common Financial Scams
Don’t be taken advantage of.

Managing Your Mom or Dad’s Money
Taking over a difficult task.

5 Money Rules For A Successful Retirement
How to make your money last longer.

Filed Under: Liz's Blog Tagged With: budgets, building credit, Credit, elderly parents and money, financial scams, Retirement, retirement tips, scams

Wednesday’s need-to-know money news

April 15, 2015 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: It’s tax day! Also in the news: Apps to teach your kids about money, personal loans vs credit cards, and why a good FICO score matters when buying a home.

Time’s Up! It’s Tax Deadline Day
No more excuses!

5 apps to teach your kids about money
Just in time for Financial Literacy Month!

The Pros & Cons Of Personal Loans vs. Credit Cards
It’s all about the interest rate.

The One Graph That Explains Why a Good FICO Score Matters for Homebuyers
The better the score, the better the terms.

Filed Under: Liz's Blog Tagged With: apps, Credit Cards, Credit Score, graphics, kids and money, Personal Loans, tax day, Taxes

Tuesday’s need-to-know money news

April 14, 2015 By Liz Weston

bigstock-U-s-Income-Tax-Return-Form-28476797-e1390508229663Today’s top story: How to finish your taxes before the deadline. Also in the news: How to file for a tax extension, when your employer can check your credit, and why you need to pay close attention to your parents’ financial advisors.

The Procrastinator’s Guide to Finishing Your Taxes
The clock is ticking.

How to File for an Extension
Buying some time.

When Can Employers Check Your Credit?
Far less often than you might think.

Hidden Dangers With Aging Parents’ Financial Advisors
Paying close attention is vital.

The Ultimate Tax Day Guide: Post Office Hours, Freebies and Expert Tax Refund Tips
Free shredding!

Filed Under: Liz's Blog Tagged With: aging parents, Credit, credit checks, financial advisors, tax day, tax extension, Taxes

Monday’s need-to-know money news

April 13, 2015 By Liz Weston

Zemanta Related Posts ThumbnailToday’s top story: What to do with a financial windfall. Also in the news: How to financially survive a military deployment, what you should cut back on first if you lose your job, and how to protect your retirement nest egg.

How Not to Blow a Financial Windfall
The yacht can wait.

3 Things Military Wives And Husbands Can Do To Secure Their Finances
Surviving deployment financially.

The Budget Categories To Cut Back on First When You Lose a Job
What you need to immediately cut.

How Retirees Can Build a Portfolio for the Next 30 Years
Protecting the nest egg you worked so hard to create.

Filed Under: Liz's Blog Tagged With: budget tips, budgets, financial windfall, military spouses, Retirement, retirement nest eggs

Q&A: Credit CARD Act

April 13, 2015 By Liz Weston

Dear Liz: I have a business credit card that offers cash rebates. It has an interest rate of 15.24% on purchases and 25.24% on cash advances. I carry balances in each category. Each month the issuer posts my entire payment to my lower-interest purchases balance and nothing to my cash advance balance. I telephoned to complain but I was told that they will not post any payments to my cash advance balance until my purchases balance is completely paid off. I thought that there was a federal regulation that payments had to be posted to the highest-rate debt balance first. Am I mistaken? If not, to which federal agency can I complain?

Answer: There is indeed a federal law that requires payments in excess of the minimum to be applied to the highest-rate balance. It’s part of the Credit Card Accountability Responsibility and Disclosure Act of 2009. But the Credit CARD Act applies only to consumer credit cards — not business cards.

It’s not a good idea to carry a balance on any credit card, but it’s even more dangerous to carry a balance on a card that lacks the consumer protections promised in the Credit CARD Act. Talk to the bank that has your business checking account to see if you can arrange a lower-rate loan to pay off your balances.

Filed Under: Credit Cards, Q&A Tagged With: CARD act, Credit Cards, q&a

Q&A: Helping a mentally ill family member

April 13, 2015 By Liz Weston

Dear Liz: I want to offer some bit of advice to the woman with the mentally ill, homeless son. She didn’t say which state he lives in, and I’m guessing it’s not California. There are so many wonderful programs here. I did help a woman my age (late 40s at that time) get off the street by convincing her to let me drive her to PATH (People Assisting the Homeless). It took a few tries but she finally got into my car. PATH took over after that. She has been on Supplemental Security Income for years and lives in a low-income housing tax credit building. Tell the mother that there are social workers dedicated just to representing people that are both homeless and mentally ill in all 50 states. There is also subsidized housing available in all 50 states. She just needs to put her worry into action to find the right social worker or organization. They have the know-how to proceed and help her son. I’m not saying that this will be easy, but she will feel better if she persists in trying to find the right resources for her son and it just might work.

Answer: Thank you for suggesting PATH as a possible solution for homeless people in Southern California. The mother thought there was no help available in the state where her son lives, but every state has at least a few programs for the mentally ill. Getting low-income housing is another matter because many programs have far more applicants than availability.

The mother can certainly make inquiries and suggest possible solutions for her son. But she still needs to set boundaries in how much time and money she dedicates to his problems. She is elderly, on a limited income and several states away from her son. She deserves a little peace at the end of her life, which may mean making peace with the idea that his fate is not in her hands.

Filed Under: Q&A Tagged With: family and money, follow up, q&a

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