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Monday’s need-to-know money news

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Zemanta Related Posts ThumbnailToday’s top story: Seven things that won’t hurt your credit score. Also in the news: Discovering unclaimed property, seven ways to spring clean your finances, and how to get the best deal on buying a house.

Seven Things That Won’t Hurt Your Credit Score
Some of these may surprise you.

10 States Sitting on Billions of Dollars That Could Be Yours
A simple search can reveal if you have unclaimed property.

7 Ways to Spring Clean Your Finances
Time to get your financial house in order.

How to get the best deal buying a new house
The sooner you buy, the better.

Your 401(k) Plan: 3 Ways to Tell If It’s Any Good
How to find out if your compmany’s 401(k) is worth joining.

Do you feel richer yet?

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Zemanta Related Posts ThumbnailWe’re richer than we were before the recession, according to a new report by the Federal Reserve. The net worth of U.S. households and nonprofit organizations is now a record $80.7 trillion, 14% higher than last year. The previous peak in 2007 was $76.59 trillion in today’s dollars.

If you don’t feel wealthier, though, you’re not alone. Most of the gains went to the country’s richest households, and older people saw bigger wealth increases than younger people. That doesn’t bode well for consumer spending, economists said, since younger and less wealthy households are more likely to spend their gains. An article in today’s Wall Street Journal includes this quote:

“Wealth inequality…has increased over time,” said William Emmons, an economist at the Federal Reserve Bank of St. Louis. “So, there seems to be a disconnect: There are big wealth gains, but not much follow-through on consumer spending.”

Another study by the Federal Reserve Bank of St. Louis found that the average family headed by someone under 40 has recovered only about a third of the net worth lost during the financial crisis and recession, while the average wealth of middle-aged and older families is about where it was prior to the crisis.

Friday’s need-to-know money news

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IRS 1040 Tax Form Being Filled OutToday’s top story: How to choose between increasing your savings or paying down debt. Also in the news: What financial risks Boomers need to consider, how to file your taxes for free, and what recourse you have if a credit report error has hurt your score.

Should You Increase Savings First Or Pay Down Debt?
Making the smart decision.

Financial Risks Boomers Should Consider in Retirement
How to avoid retirement landmines.

Here’s How to File Your Taxes for Free
Save your filing fees.

Can I Sue If a Credit Report Error Hurt My Score?
Examining your options.

Can I Take Advantage of the Student Loan Interest Tax Deduction?
How your loan payments could actually save you money.

Thursday’s need-to-know money news

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Zemanta Related Posts ThumbnailToday’s top story: Why military families are at an increased risk of identity theft. Also in the news: What Millennials can teach Boomers about financial planning, the most important thing on your credit report, and how to leap over savings hurdles.

Military Families Remain Easy Prey for ID Theft
Military families have their information stolen at twice the rate of regular consumers.

What Gen Y Can Teach Boomers About Financial Planning
Millennials are more financially conscientious than one might think.

The Most Important Thing on Your Credit Report
It’s all about payment history.

5 Huge Hurdles to Saving and How to Avoid Them
Every little bit helps.

5 tips for saving at the grocery store
Whatever you do, don’t go to the grocery store hungry.

Erasing student loans in bankruptcy court

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Help at financial crisisEducation debt typically isn’t erased in bankruptcy court. That doesn’t mean it can’t be.

Ask Michael Hedlund, an Oregon law school graduate who repeatedly failed the bar and then went to work as a juvenile counselor. A federal appeals court decided he didn’t have to pay $53,000 of the $85,000 in student loans he still owed.

Or Janet Rose Roth of Nevada, who was freed from over $95,000 in federal student loans even though she was employed for most of the time she owed the money and never made voluntary payments on the debt.

Or Carol Todd, who dropped out of the University of Baltimore School of Law and was allowed to erase nearly $340,000 in education debt. A bankruptcy judge ruled her Asperger’s syndrome made it impossible for her to hold a job that would allow her to repay the loans.

These three court decisions, all made within the past two years, challenge many misconceptions about who can and can’t get relief in bankruptcy court.

The cases have something else in common: the debtors didn’t, or couldn’t, pay for help. Roth represented herself in court while law firms represented Hedlund and Todd in their appeals pro bono, or without a fee.

My Reuters column this week (“Bankrupt? How to get student loans erased“) discusses how few borrowers actually try to get their loans discharged in bankruptcy, and whether cost is a factor. You can read it here, and get all my Reuters columns here.

Wednesday’s need-to-know money news

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Zemanta Related Posts ThumbnailToday’s top story: Where to save for retirement if you make less than $100,000. Also in the news: Financial therapy, the least prepared states for retirement, and a guide to refinancing your mortgage.

Don’t Wait For Obama’s MyRA: The Best Places To Save For Retirement If You Make Less Than Six Figures
The best time to start saving is now.

Do You Need Financial Therapy?
You don’t need to deal with money problems alone.

Retirement readiness looks grim in many states
Wake up, South Carolina!!

Four-Step Guide to Refinancing Your Home Mortgage
Lower interest rates could save you money.

Money-saving tips for seniors
Easy ways to keep some extra money in your wallet.