According to the Consumer Financial Protection Bureau (CFPB), credit report errors more than doubled during the coronavirus pandemic. In addition, the CFPB found that many pandemic protections which were designed to help consumers, such as loan forbearance periods on federal student loans and federally backed mortgages, ended up negatively impacting their credit reports as a result of complications such as processing delays and suspended payments being marked incorrectly. 1 This is a significant … [Read more...]
Teaching Your College-Age Child about Money
When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner has grown up, it's time for you to make sure that your child has enough financial knowledge to manage money at college. Lesson 1: Budgeting 101 Perhaps your child already understands the basics of budgeting from having to handle an allowance or wages from a part-time job during high school. But now that your child is in college, he or she may need to draft a … [Read more...]
Spring Cleaning Your Way to Better Finances
Spring is a good time to clean out the cobwebs, and not just in your home or apartment. Your personal finances can benefit from a good spring cleaning, too. Here are some questions to ask yourself regarding your budget, debt, and taxes. Is there room in my budget to save more? A budget is the centerpiece of any good personal financial plan. After tallying your monthly income and expenses, you hopefully have money left over to save. But... is there room to save even more? Review your budget … [Read more...]
U.S. Government Sends Millions of Economic Impact Payments by Prepaid Debit Card
In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn't receive a payment via direct deposit. How is the card activated? The Economic Impact Payment Card (EIP Card) arrives in a plain envelope from Money Network Cardholder Services, along with card information and instructions for its activation. Only one card is … [Read more...]
Mid-Year Is a Good Time to Fine-Tune Your Finances
The first part of 2020 was rocky, but there should be better days ahead. Taking a close look at your finances may give you the foundation you need to begin moving forward. Mid-year is an ideal time to do so, because the planning opportunities are potentially greater than if you waited until the end of the year. Renew Your Resolutions At the beginning of the year, you may have vowed to change your financial situation, perhaps by saving more, spending less, or reducing your debt. Are these … [Read more...]
2019 Credit Card Fee Study: What’s Normal and What’s Not?
Comparing credit card fees can help you save money. By U.S. News Staff |Jan. 29, 2019, at 11:00 a.m. https://creditcards.usnews.com/articles/fee-survey Credit card fees are nearly unavoidable – every card has some. A better understanding of these fees, however, can help you select the right credit card for your needs and save money. The 2019 U.S. News Consumer Credit Card Fee Study analyzed the fees of hundreds of credit cards active in the U.S. News card database, … [Read more...]
What are some strategies for paying off credit card debt?
Nowadays, it's easier than ever to get caught up in the cycle of credit card debt. In fact, it's become a growing problem for many Americans. According to the Federal Reserve, total U.S. credit card payments reached 111.1 billion in 2016, up 7.4% from 2015. 1 If you find that you are struggling to pay down a credit card debt balance, here are some strategies that can help eliminate your credit card debt altogether: Pay off cards with the highest interest rate first. If you have more than … [Read more...]