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debt

Monday’s need-to-know money news

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1436536219414Today’s top story: Time to give your financial goals a midyear checkup. Also in the news: The statute of limitations on debt, how to save on child care, and financial concepts to teach your teen.

Give Your Financial Goals a Midyear Checkup
Checking your progress.

The Difference Between a Debt’s “Statute of Limitations” and Your Credit History
The debts that will not die.

7 Ways to Save on Child Care
Saving where you can.

5 Financial Concepts To Teach Your Teen Before High School Graduation
Get them on the right path before they leave for college.

Using debt strategically: Join us!

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I’m hosting NerdWallet’s first Facebook Live video, “Using Debt Strategically,” on Thursday starting at 7 p.m. Eastern/4 p.m. Pacific. I’ll be discussing ways to prioritize your debt and pay it off faster while building your overall wealth. Whether you’re struggling with debt or just trying to be smarter with it, I can help answer your questions. Like NerdWallet on Facebook for updates and alerts on this event: nerd.me/facebook.

Debt Forgiveness Always Has a Catch

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iStock_000076779733_Small-570x225The Credit Card Debt Forgiveness Act and the Obama Student Loan Forgiveness Program don’t exist. The IRS won’t erase your tax debt just because you say you can’t pay it.

Even when debt forgiveness options are available, they can be loaded with traps such as hard-to-follow rules, unexpected tax bills and damage to your credit scores.

You need to know all this because there’s a thriving industry of scam artists telling you otherwise. In their ads and email come-ons, the bad guys try to convince people drowning in debt that there are ways to escape without serious consequences.

In my latest for NerdWallet, which debts can be forgiven and the catches that come with forgiveness.

Thursday’s need-to-know money news

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Today’s top story: Credit counseling for housing. Also in the news: What happens to your debt after you die, how to benchmark your net worth, and how to navigate five embarrassing money situations.

Credit Counseling for Housing: What It Is and What to Expect
You don’t have to go it alone.

Will Your Heirs Have to Pay Up When You Die With Debt?
Your creditors will be waiting.

How to Benchmark Your Net Worth In 3 Easy Steps
Taking stock.

How to Navigate 5 Embarrassing Money Situations
It happens to everyone.

When Bankruptcy Is the Best Option

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bankruptcyBankruptcy isn’t the end of the world. It may even be good for you.

Bankruptcy stops collection calls, lawsuits and wage garnishments. It erases debt. And despite what you’ve heard, bankruptcy may help your credit scores.

Credit bureaus and scoring experts often say bankruptcy is the single worst thing you can do to your scores. Foreclosures, repossessions, charge-offs, collections — nothing else can drive your scores down as fast and far as a bankruptcy.

In my latest for NerdWallet, a look at when bankruptcy is the most helpful option.

Wednesday’s need-to-know money news

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emergency-fund-1940x900_36282Today’s top story: Debunking emergency fund myths. Also in the news: How filing separately could give some couples a lower tax bill, the financial benefits of living with less, and how much down payment you should have to buy a home.

Debunking 5 Emergency Fund Myths
Separating fact from financial fiction.

Filing Separately Could Give Some Couples a Lower Tax Bill
Splitting up your tax returns could save you money.

The Financial Benefits of Living With Less
Downsizing your way out of debt.

How Much Down Payment Do You Need to Buy a Home?
How much do you really need?