Old folks can offer wisdom about many things, but you might not want to trust them when it comes to 21st century economics. I’m hearing too many older people espouse the view that college degrees aren’t as valuable these days because more people have them. They need an Econ 101 review. It’s true that the […]
Recent Blog Posts
How to keep mortgage debt from wrecking your retirement
Dear Liz: I have a first mortgage with a current balance of $32,000 at 5.625% interest. This will be paid off in about 24 months, based on regular payments plus $200 a month extra I am paying on principal. I have a home equity line of credit with a balance of $200,000 at 3% interest […]
Huge debts? Where to find help
Dear Liz: My husband and I are in a huge amount of debt. I understand that there are nonprofit agencies that can sit down with us and help us develop repayment plans and strategies. How do I find a reputable one? Answer: Contact the National Foundation for Credit Counseling at (800) 388-2227 for a referral […]
Does giving up your land line hurt your credit scores?
Dear Liz: I recently heard that not having a land-line home phone number can hurt your credit score because it indicates instability. Is this true? I, like many people, use only my cellphone and no longer have a land line. Answer: The answers to most credit scoring questions are complex because the formulas are complex. […]
Capital gains boost income tax bracket
Dear Liz: You recently wrote about potential capital gains on the sale of a property that was a gift from the parents (“Gifting home creates unnecessary tax bill“). The husband of the seller made $75,000 a year in income and the seller didn’t work. Isn’t it true that if his taxable income remains in the […]
“Compassionate review” may lead to student loan discharge
Dear Liz: We have a family member who recently was approved by Social Security for a complete disability claim. This person will never work again but has an outstanding student loan. The lender has a formal mechanism to apply for loan forgiveness, but is refusing to accept medical documentation of the disability. What appeal process […]