Dear Liz: I recently paid off a large amount of credit card debt: over $15,000 in total to several credit card companies. How long does it take for my credit report to reflect that? I will be moving into an apartment in the next month or two. I don’t want my application to be denied because my debt […]
Recent Blog Posts
This week’s money news
This week’s top story: September mortgage rates forecast. In other news: Striking writer, 7 balance transfer credit card mistakes, and how to avoid them, and stock market outlook: September 2023. September Mortgage Rates Forecast: Not Yet at the Top Mortgage rates might rise in September, for the fifth month in a row, because of uncertainty about […]
Q&A: When selling a vacation home, here are the taxes to expect
Dear Liz: I am one-third owner of a vacation house. My siblings own the other two-thirds. We inherited the house from a parent about 10 years ago. I want to sell my third to my siblings, who are willing and able to buy it. Can I do anything to avoid capital gains? Would it make a […]
Q&A: How delayed Social Security retirement credits work
Dear Liz: I just got off the phone with the Social Security folks and they told me the 8% delayed retirement credit is based on your benefit at full retirement age, rather than an 8% increase every year based on the previous year’s amount. So, if my full retirement age benefit was $3,000, my benefit increases […]
Q&A: Whether to close elderly mom’s CDs
Dear Liz: I have the power of attorney for my 92-year-old mother, who has dementia. She has numerous financial accounts including money market, checking and savings accounts and certificates of deposit. When she passes, would it be easier to settle her estate if I start closing her CDs now and put that money into, say, her […]
Q&A: Don’t close that credit card
Dear Liz: I’m debt free with a comfortable income and excellent credit. I just got a new cash-back credit card. I have three other credit cards, including one affiliated with a retail chain that I no longer use. Should I close the retail chain card so I only have three cards? Should I have fewer? Answer: More […]