What To Do When You Are a Victim of Identity Theft
A subscriber to my newsletter went to Half.com, a division of Amazon.com and ordered a book. When she got her Discover card statement, she found a bogus charge described as Amazon.com. She wanted to know what to do. This sounds like a case of identity theft (i.e. use of your credit card number without your […]
The 529 College Savings Plan Explained
A 529 Plan is a tax-advantaged savings vehicle created to help families save for education costs ranging from K–12 to graduate school. This article explains how a 529 Plan works, who benefits, common pitfalls, and actionable steps to pick and use one effectively. You’ll learn the core rules, state differences, what to avoid, and the […]
How to Best Dispute a Medical Debt
One of my newsletter subscribers had a question about how to best dispute a medical debt. She found out that a collection account for $1,879 appears on her Equifax credit report, based on a $2,000 surgery she had back in 2004. This individual (who is also unemployed) said she’d paid monthly on the bill at […]
Another Financial Scam: This One Involves Walmart
Another financial scam is making the rounds. This one involves Walmart. And it’s happening just in time for the holidays. Here’s the con: Some no-good thieves are calling people on the phone and saying: “You’ve won a $200 Walmart gift card!” To collect your gift card, they say, you just have to pay $1 for […]
What to Expect if Your Bank Closes
A Facebook fan read about some local banks closing, and wanted to know how – as an account holder – this will affect her. Here’s what you need to know if your bank fails. So far this year, 115 banks have collapsed in the U.S., and many of them are local banks. The Federal Deposit […]
FHA Loan Guidelines
A Facebook fan who is about to get married had asked me whether there is a limit in the amount of income to be able to qualify for FHA. It seems that they were advise to only put the fiance’s name on the mortgage as their combined income would disqualify them from getting the FHA […]
Tips for Splitting Assets: When Entrepreneurs Divorce
The owner of the Los Angeles Dodgers, Frank McCourt, is in divorce talks with his wife Jamie, the CEO for the team. This power couple is one of 1.2 million husband-and-wife teams who run a business together, according to the National Federation for Independent Business. And when couples split, often so can the business. John […]
How Credit Rating Can Affect Your Ability to Get a Job
A Facebook fan had heard that a bad credit rating could keep him from getting a job. He wanted to verify whether this is true and wanted to know where he find out about his credit rating. It is true that having a bad credit rating can impact a person’s ability to get a job. […]
Are Mortgage Help Centers Legitimate?
A Facebook fan has asked whether the National Mortgage Help Center is a legitimate company. I’ve never had any dealings with National Mortgage Help Center, nor have I heard anything about them from consumers or in the media. So I can’t really comment with any authority or insight into whether this particular company is “legitimate” […]
5 Things to Know about Filing Bankruptcy
The number of people filing for personal bankruptcy was up 36.5% in the first half of 2009 from the same period a year before, and more than likely that number will keep rising as people seek their own personal bailout from the recession. Here are a few things to know if you have ever contemplated […]
Your Credit Score Explained
You probably already know that not paying a bill can adversely affect your credit score, but do you know by about how much? Do you know what effect opening up a retailer charge card just to get 10% off on your purchase can have on your credit score? These are some things you should be […]
Got Medical Bills in Collections? Avoid This Scam
A Facebook fan who has a medical bill that got overlooked after she lost her job was contacted by a debt collection agency who said they have added $150 to the bill as processing fee. She wanted to know if is advisable to contact the medical billing company directly after it has gotten to this […]
Help for First-Time Home Buyers
A Facebook follower wrote me saying she earns about $30,000 a year, asked about buying a home with little to no money down. If you or someone you know is trying to become a first-time homeowner, and you don’t have a high salary or a lot of savings, there is financial assistance available if you […]
Student Loan Cancellation Explained
A couple of Facebook fans who recently heard me on the Russ Parr Show have asked me to elaborate on the Student Loan Cancellation Program. Under federal law, you can get your federal student loans canceled or discharged for many different circumstances. Reasons for loan discharge: Death Total and permanent disability School-related issues or improper […]
Why You Should Answer a Summons on Debt Collection
If you can’t pay a debt, creditors are willing to settle out of court with you for a lump sum payment of less than the amount you owe, or a monthly payment plan, but they also will not hesitate to sue you for the full amount of the money you owe them. So what should […]