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Wednesday’s need-to-know money news

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Today’s top story: Five credit card mistakes that you can fix. Also in the news: Staying financially fit in the new year, making 2014 the year you get out of debt, and how to give your paycheck a boost.Credit Check 1

5 Credit Card Mistakes You Can Fix
How to right credit card wrongs.

5 Ways to Stay Financially Fit in 2014
Getting your wallet in shape.

Why 2014 is the year to get out of debt
There’s no better time than the present.

4 Ways You Can Earn More in 2014
Give your paycheck a boost.

How to Cure Your Post-Holiday Financial Hangover
A little hair of the dog won’t help.

Friday’s need-to-know money news

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Today’s top story: Assessing the damage created by holiday spending. Also in the news: Stress testing your personal finances, New Year’s resolutions for baby boomers, and finding help with getting out of debt.

Did the Holidays Hurt Your Credit?
Analyzing the Christmas carnage.

Stress-Testing Our Personal Finances
Preparing your finances for unexpected crises.

New Year’s Resolutions Boomers Should Make
Establishing better financial habits.

8 Tips to Find Help With Your Debt
You don’t have to do it alone.

The Best Online Tools for Your Housing Search
Your new home could be just a click away.

Starting over in your 50s, and other curveballs

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Man Seeking EmploymentLosing a job late in life can be devastating, and rebuilding can be tough. Here’s how writer Teresa Mears puts it:

Americans in their 50s and 60s, who expected to be at the peak of their careers before retirement, are finding themselves playing catch-up. While they may never get back the lives they had before, there are steps they can take to improve their retirement prospects.

Jean Chatzky and I offer advice about those steps in “10 ways to get your retirement plan back on track.”

Job losses can have another side effect, besides derailing your retirement: they also can derail your credit scores. I talked to Kelley Holland for CNBC about why that matters and what you can do about it in “What your poor credit rating is costing you.”

I also discusses debt for a series of interviews with Spectrem’s Millionaire Corner, including “Debt is Not Just a Four-Letter Word,” “What Every Buyer ‘Auto” Know about Car Loans” and “You Don’t Want to Overdose on Student Loan Debt.”

Speaking of student loan debt, there are ways to erase some of your federal education loans—but too many people don’t know what they are. Read more in “5 ways do-gooders can erase student loan debt.”

My other recent education columns for Reuters including “Debunking the myth of college rejection rates,”  “3 ways to fix financial aid form flaws” and “That break from college? Stopping out leads to dropping out.”

Use a credit card like a debit card to avoid debt

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Dear Liz: Here’s a suggestion for the reader who prefers a debit card to a credit card so she will not get in debt: Use your credit card as a debit card. Every month I pay any credit card balance plus an additional amount equal to a month’s average purchases. Then I keep track of what I spend so I don’t go over that amount during the billing period. This is the same as paying the bill one month ahead. I don’t go into debt at all and still get my reward points.

Answer: Another way to accomplish the same end is to check your credit card balance every week and move that amount to a savings account. When the bill is due, you can move the money back to checking from savings and pay in full. It’s important in any case to stay on top of your balances and make sure you’re not spending more than you can pay off each month.

New giveaway: “Confessions of a Credit Junkie”

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Confessions of a Credit Junkie High Res OriginalCongratulations to Kim from Davis, California, who won the copy of Mary Hunt’s “The Smart Woman’s Guide to Planning for Retirement” that I was giving away last week.

This week’s giveaway is Beverly Herzog’s “Confessions of a Credit Junkie.” Beverly made big mistakes with her credit, but was able to dig her way out. In the process, she became an expert on credit and credit cards. Whether you need inspiration for dealing with debt or just want some tips for getting the most out of your cards, Beverly’s book will be a big help.

To enter, leave a comment here on my blog (not my Facebook page).

Click on the tab above the post that says “comments.” Make sure to include your email address, which won’t show up with your comment, but I’ll be able to see it.

If you haven’t commented before, it may take a little while for your comment to show up since comments are moderated. But rest assured, it will.

The winners will be chosen at random Friday night. Over the weekend, please check your email (including your spam filter). If I don’t hear from a winner by noon Pacific time on Monday, his or her prize will be forfeited and I’ll pick another winner.

Also, check back here often for other giveaways.

The deadline to enter is midnight Pacific time on Friday. So–comment away!

Join our credit chat tomorrow

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liz-credit-mythsI’ll be hosting a live video panel discussion about credit myths and facts tomorrow, Dec. 13, at noon Eastern/9 a.m. Pacific. Joining me will be John Ulzheimer of SmartCredit.com, Gerri Detweiler of Credit.com and Maxine Sweet of Experian.

This is a reprise of a conversation we had at FinCon13, the financial blogger conference held in St. Louis this fall. People there really seemed to get a lot out of it, so we thought we’d share our insights with a broader audience.

My panelists have the inside scoop on the credit industry. John has more than two decades’ experience working in the consumer credit industry, including stints with credit bureau Equifax and credit score creators Fair Isaac (creators of the FICO scoring formula). Gerri’s my go-to expert on consumer credit and debt collection; she’s also the author of the books “The Ultimate Credit Handbook” and “Slash Your Debt.” Maxine Sweet leads Experian’s consumer education efforts and knows how to give clear, concise (and correct!) answers to your questions.

You’ll find the live video stream here. Please bookmark the site and join us tomorrow for insights you won’t find elsewhere. Thanks!