Tuesday’s need-to-know money news

Today’s top story: Apps that encourage you to spend. Also in the news: Advice for weaning your grown kids off your credit cards, why some people don’t mind overpaying the IRS, and how to protect yourself from falling interest rates.

These Types of Apps Could Prompt Impromptu Spending
You don’t need extra help spending money.

Advice for weaning your grown kids off your credit cards
Time to cut them loose.

Here’s why these people don’t mind overpaying the IRS
Yes, you read that correctly.

How to Protect Your Savings From Falling Interest Rates
A few options.

Wednesday’s need-to-know money news

Today’s top story: Regretting your Equifax settlement choice? You can change it. Also in the news: What to buy (and skip) in August, considering CDs as savings interest rates fall, and how to wean your adult child off your credit cards.

Regrets About Your Equifax Settlement Choice? You Can Change It
You might want that credit monitoring after all.

What to Buy (and Skip) in August
Let the back-to-school shopping begin.

When Savings Rates Fall, CDs Might Appeal
Interest on savings is about to take a dive.

How to Wean Your Adult Child Off Your Credit Cards
Setting an expiration date.

Wednesday’s need-to-know money news

Today’s top story: How your vacation spending can help fund next year’s trip. Also in the news: How much you’ll really pay for that student loan, the 5 best and 5 worst states for retirement, and what NOT to buy on Amazon Prime Day.

Record Summer Vacation Spending? Pay It Forward to Your Next Trip
Consider a travel rewards card.

How Much You’ll Really Pay for That Student Loan
Interest rates can be shocking.

Here are the 5 best and 5 worst states for retirement
Did yours make the list?

What NOT to buy on Amazon Prime Day
Not all sales are created equal.

Friday’s need-to-know money news

Today’s top story: 8 ways to keep your travel credit card working for you. Also in the news: How being neighborly can save you money, why new federal student loans are getting cheaper, and to save more for retirement, add this to your budget.

8 Ways to Keep Your Travel Credit Card Working for You
Making sure your card is pulling its weight.

How Being Neighborly Can Save You Money
Borrowing tools and beyond.

New Federal Student Loans Are Getting Cheaper
Interest rates are dropping.

To Save More for Retirement, Add This to Your Budget
Making savings a line item.

Tuesday’s need-to-know money news

Today’s top story: 5 things you don’t have to pay a tax preparer to do. Also in the news: AmEx Gold’s inconsistent dining rewards are frustrating foodies, what you need to know about surging savings account rates, and what you need to know about “free” credit scores.

5 Things You Don’t Have to Pay a Tax Preparer to Do
Knock these things off your tax list.

AmEx Gold’s Inconsistent Dining Rewards Are Frustrating Foodies
A bumpy relaunch.

Savings Account Rates Are Surging: Here’s What to Know
Online banks are offering the best rates.

What You Need to Know About ‘Free’ Credit Scores
Free doesn’t always mean without cost.

Monday’s need-to-know money news

Today’s top story: Electric scooter haters could be missing a chance to save money. Also in the news: Picking the wrong money goals, how and when your student loan interest rate may change, and 4 essential tips when teaching young kids about finance.

Are Electric Scooter Haters Missing a Chance to Save Money?
Better for the environment and your wallet?

Are You Picking the Wrong Money Goals?
What you should be focusing on.

Know How and When Your Student Loan Interest Rate May Change
Don’t be caught by surprise.

4 Essential Tips When Teaching Young Kids About Finance
Lifelong lessons.

Wednesday’s need-to-know money news

Today’s top story: This winter, your credit should freeze, too. Also in the news: 5 keys to picture-perfect TV buying, when to hire someone to do your taxes, and 5 things consumers should watch out for now that the Fed hasn’t raised rates.

This Winter, Your Credit Should Freeze, Too
Protecting your personal info.

5 Keys to Picture-Perfect TV Buying
Just in time for the Big Game.

When to Hire Someone to Do Your Taxes
When Turbo Tax isn’t enough.

5 things consumers should watch for now that the Fed has NOT raised rates
Bad news for savers.

Wednesday’s need-to-know money news

Today’s top story: What to buy every month in 2019. Also in the news: Giving income updates to credit card companies, Experian adds a new way to strengthen your credit, and how the latest Fed decision affects rates on credit cards, mortgages and savings accounts.

What to Buy Every Month in 2019
Plan your purchases accordingly.

Should You Give Income Updates to Your Credit Card Issuer?
The pros and cons.

Experian ‘Boost’ Adds a New Way to Strengthen Your Credit
Utility bills can become a factor.

How the latest Fed rate decision affects rates on credit cards, mortgages, savings accounts
Understanding what it all means.

Friday’s need-to-know money news

Today’s top story: Student loan interest rates go up July 1st. Also in the news: Chase rolls out an all-mobile banking app, 5 ways your friendships can blossom on a budget, and how to make living with your parents pay off.

Student Loan Interest Rates Go Up July 1
Prepare for an increase.

Chase Rolls Out All-Mobile Banking App. Is It for You?
All of your banking done on your phone.

5 Ways Your Friendships Can Blossom on a Budget
Don’t let student loans cramp your style.

How to Make Living With Your Parents Pay Off Financially
Start building your savings.

Q&A: The dark side of reverse mortgages

Dear Liz: I have had a reverse mortgage on my condo since 2009, due to financial necessity. The interest rate on my mortgage keeps going up. Could the interest rate be reduced by changing lenders or would there be exorbitant fees involved in the process? My financial standing is not good, and I am in credit card debt. However, I do pay the minimum payment each month on each card. Being retired, I need some guidance on relieving the financial pressure I am currently experiencing.

Answer: Please consult a bankruptcy attorney.

Changing reverse mortgage lenders would indeed involve considerable expense and wouldn’t relieve any financial pressure because you don’t have to make payments on this kind of loan. (For those who don’t know, reverse mortgages allow people ages 62 and older to tap their equity in a lump sum, through a stream of monthly checks or via a line of credit. The debt grows over time, typically at a variable interest rate, but the borrower doesn’t have to make payments. The loan is repaid when the borrower moves out, sells the home or dies.)

If you can pay only the minimums on your credit cards, you probably have more debt than you’ll be able to repay. Some people manage to dig themselves out of such debt, often by working two jobs and dramatically cutting their expenses. They may use a debt management plan offered by a credit counselor to reduce their interest rates. Sometimes they sell their homes and use the equity to pay off the debt.

You can explore these options, of course, but chances are they won’t be a solution for you.

You may not be able to find a job, or have the stamina to work. Selling your home to pay off the debt would leave you without a house in your old age and may leave you without income, if you’re getting monthly checks from your reverse mortgage. If you borrowed a lump sum instead, your debt may have grown to the point where you don’t have much equity left anyway.

Your situation is one of the reasons many financial planners are leery about reverse mortgages. They can be an extremely helpful tool in retirement, but sometimes people use them as a way out of a financial jam without addressing the spending or other issues that got them into the jam in the first place.