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Red sign in the shape of a house with the text "BANK OWNED" and "OPEN HOUSE," along with a white arrow pointing to the right. Often seen after a strategic default, the sign is placed on a white stand outdoors.

Strategic Default: 7 Things Homeowners Are Doing With the Money they Save

Real Estate / / , /

We keep hearing a lot about strategic defaults and about how people are increasingly walking away from their homes because they see them as bad investments. Up until now, a fairly clear picture has emerged of the profile of the average strategic defaulter. Research shows that these individuals typically have better FICO credit scores, larger […]

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debit card fees

3 Ways to Avoid Rising Bank Fees and Debit Card Fees

Saving Money / / /

U.S. banks stand to lose tens of billions of dollars in the aftermath of regulatory reforms that have hit bank coffers hard. Unfortunately, the hit to consumers may be even harder. That’s because banks looking to make up for lost revenues are starting to charge fees for everything from using a debit card to maintaining

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Close-up of an "Engine Start Stop" button in a vehicle, perfect for renting a car. The button is encased in a sleek metallic ring.

How Renting a Car With a Debit Card Can Impact Your Credit Score

Credit Scores / / /

In a recent post, I told you about the importance of reading the fine print – and how it can have implications for your credit rating. Here’s another true story that shows the importance of reading the fine print. In February 2009, I went to Tucson, Arizona, to serve as the keynote speaker for a

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secured credit card vs. prepaid debit card

Secured Credit Cards and Prepaid Debit Cards Explained

Credit Cards / / , /

Q: What is the difference between a secured credit card and a prepaid debt card? A: If you aren’t eligible for an unsecured credit card, you still have options for carrying plastic in your wallet. Secured credit cards and prepaid debit cards are fairly easy to get but both cards have their benefits and drawbacks.

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Banks

How to Deal with Banks Without Going Insane

Personal Finance / / /

Some aspects of the banking industry, the credit system, or the credit-scoring world, may baffle you because the rules go against all logic and at times even contradict each other. Other financial rules, when implemented and applied in real life, may seem patently unfair to you. And then there are banking and credit rules that

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bank fees rising costs

How to Handle Rising Fees From Banks, Utilities and Retailers

Personal Finance / /

If it seems like you’re getting financially squeezed from all directions, that’s no figment of your imagination. Bank fees on the rise, utility rates are about to increase and even membership fees at places like Costco are going up. Why is all this happening now, and what should you do? Let’s look at each area

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A person with a black headband and checkered scarf yells into a flip phone, possibly dealing with collection agencies.

Beware of Calls and Threats From Fake Collection Agencies

Scams / / , , /

Beware of calls from shady, unlicensed collection agencies and their verbal threats to garnish your wages. I recently heard about people receiving repeated calls from the PDLR Group. Apparently representatives from PDLR were threatening to garnish people’s wages and consumers wanted to know if this was legitimate. One individual questioned the legitimacy of the PDLR

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A man sits at a table, looking at a sheet of paper in his hand, the complexity of race and gender issues weighing on his mind, with a laptop open in front of him.

The Impact of Race and Gender On Your Credit Score

Credit Scores / / , /

Just in case you like to speed read articles, I’ll cut to the chase and tell you that race and gender DO NOT impact your credit score. Many consumers believe a host of myths and misconceptions about their credit scores. Some of the biggest fallacies surrounding this topic involve race, income and other factors that

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A desk calendar displaying a month with a red pushpin marking the 7th day serves as a reminder for the looming statute of limitation.

What is the Statute of Limitation for a Student Loan?

Student Loans / / /

After some changes to federal laws in 1998 and 2005, the statute of limitation on student loans has been dissolved (with some very limited exceptions), which means that you can no longer have your student loans discharged when you file for bankruptcy. Many people wonder whether they are eligible for a student loan discharge when

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budget

An Easy Two-Step Process to Create a Basic Budget

Budgeting / /

Here’s my simple two-step process for creating a basic budget. It’s fast, easy, and anyone can do it. Step 1:  Itemize ALL of Your Expenses Create a list of everything you spend money on—whether those expenditures are weekly, monthly, or yearly. Use different categories to group all your expenses. Examples of common budget categories include:

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financial rebound

I Feel Like I’ve Lost Everything – What Should I Do?

Personal Finance / / , /

Q: Two years ago I lost my job working at a New York bank making about $85,000 per year. Prior to my layoff,  my financial situation looked something like this: Assets Savings of about $18,000 $60,000 in my 401k A $400,000 house with $170,000 in equity Liabilities A HELOC for $25,000 at 5% A  $488

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lynnette khalfani-cox

How to Make a Budget Work after a Financial Downfall

Budgeting / / /

Whether you had to deal with some unexpected medical bills, maxed out your credit cards to cover expenses, or faced some other type of financial blow recently, it’s time to rework your budget. Managing a budget after a financial downfall can be tricky, especially if you are strapped for cash and used up your emergency

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