Quite often how and why we spend money is tied to our is tied to our emotional state. Sometimes we spend money completely on a whim because something struck us a being a “must have” item in that moment. At other times, our purchasing decisions are wrapped up in the way we feel overall . […]
How To Stop Spending Like A Shopaholic Read More »
Q: Hi. I just paid my school loan in full by the due date. However, I just received a bill for additional interest. Am I obligated to pay it? A: You likely received a bill — even after you paid your student loan in full — because your lender was probably charging you per diem
When you think about an individual who would borrow money from strangers, rather than fill out a loan application at a bank, what kind of image comes to mind? Do you think the borrower is desperate, has bad credit or has mismanaged his or her finances? Or maybe you think the person has few economic
Want a P2P Loan? See This Profile of a Typical Peer-to-Peer Borrower Read More »
If you’ve been struggling to keep up with mortgage payments for a while and simply can’t afford your home loan, walking away from your mortgage may be a last resort. In the wake of the recession, millions of Americans have had to give up the American dream of living in their own house and have
Should You Walk Away from Mortgage Debt You Can’t Afford? Read More »
Consumers scored a victory recently when Bank of America and a host of other banks decided to forgo charging fees on debit cards. But that doesn’t mean Americans won’t face other new fees and unexpected charges by the banking industry. Here are several ways that U.S. banks are likely to sneak in new fees –
New Bank Fees Are Coming: Here’s What to Expect Read More »
Q: I am retiring and want to roll over my deferred account to an IRA. Which is the best IRA account? And how old do I have to be to withdraw without getting penalized? And what will the tax rate be?” A: Under current IRS guidelines, you must be at least 59 1/2 years old
What are the Age Rules Regarding an IRA Withdrawal? Read More »
Q: We have a 5% loan and we owe a little over $132,000 left on it. It was appraised at $168,000 in June 2010. We are now looking at refinancing it at 4.25%, and it was appraised at $148,000 dollars. Since the appraisal was low, we will have to take out PMI but it is
When to Refinance Your Mortgage Read More »
Ever since the Occupy Wall Street protests that launched in New York City began, many people have questioned whether this loosely defined group will “succeed” – and if so, how its success will be measured. In my view, even before the news broke that Bank of America was dropping its planned $5 debit fee, Occupy
Even Before BofA Dropped Its Debit Fee, Occupy Wall Street Had Already Won Read More »
A reader of AskTheMoneyCoach.com wanted to know whether or not it’s a smart decision for them to launch a 401(k) or 403(b) investment plan later in life. The person asked me simply: Q: “Should I start a 401(k) or 403(b) investment plan at 63 years of age?” A: Yes! Actually, I think it can be
Should You Start a 401(k) After Age 60? Read More »
Since my oldest daughter entered high school in September, I’m going all out to help her hunt for scholarships and aid her in scoring some free money to pay for college. I figured we’d be getting an “early” start, by looking for scholarships while she’s just now in 9th grade. Boy, was I wrong! Little
College Scholarships for Students in High School, Middle School and Kindergarten Read More »
Many people who have heard of peer to peer lending understand that it is a form of social lending that removes the bank as the middleman. However, there are a lot of other factors about peer-to-peer loans, the peer to peer lending process or the P2P industry in general, that many people don’t understand. Here
Peer to Peer Loans: 6 Things You Need To Know Read More »
You never want to play “trick or treat” with financial con artists. Unfortunately, consumers do it all year long. Here are 5 ghoulish financial scams that can wreck your budget on Halloween – and all year long! Foreign Lottery Scam – Here’s one straight from Transylvania. You get a letter telling you that you’ve won
5 Ghoulish Financial Scams That Can Wreck Your Budget on Halloween and Beyond Read More »
Q: If you were to hit a high default interest rate on a 0% interest intro credit card; will it place a negative mark down on your credit report? A: If I understand your question, you had a credit card with a teaser rate of 0%, but then were late on a payment and it
Will My Credit Score Be Hurt By a High Default Interest Rate? Read More »
Q: What is a peer-to-peer loan or peer-to-peer lending? A: In the U.S., peer‑to‑peer lending is a relatively new form of social lending that removes banks as the middlemen in a loan transaction. With a peer-to-peer loan, an individual – sometimes called the lender or the investor – provides funds to a borrower and does
What is a Peer-to-Peer Loan or Peer-to-Peer Lending? Read More »
Q: I have about 6 credit cards that are maxed out. I recently got some money so I was wondering if it is better to pay off a couple of cards or pay down the balance on every card? A: From a credit scoring standpoint, it would be better to pay off a couple of
My Credit Cards Are Maxed Out. Which One Should I Pay Off First? Read More »
