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MoneyTips By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm It's a constant struggle to stay afloat financially on disability income. Many disabled persons have credit card debt they can't pay, often incurred before they were disabled. What can disabled persons do about telephone calls and letters from collectors? What happens if you are sued? As the Executive Director of HELPS, a nationwide nonprofit law firm that protects seniors and disabled persons from unwanted collector contact, I'd like to answer some of the pressing financial questions we regularly hear from disabled persons. 1. How safe is disability income from collectors? The most important thing to know is that Social Security in all its forms, including SSD, is protected by federal law from debt collectors. Almost all states have laws that protect private disability as well. Even if a creditor files a lawsuit and obtains a judgment, they can't take... from MoneyTips https://ift.tt/2DTM

MoneyTips Holidays are supposed to be a joyous time – but scammers can replace the joy of the season with the headaches of fraud. Help yourself and take some simple precautions to keep the Grinches out of your bank accounts during the holidays. Phishing emails – Phishing, or emails with fake links designed to get your personal information, often ramps up at the end of the year. Fake delivery confirmations are an annual favorite. Popular ones include the personalized letter from Santa to your child, solicitations from unknown third parties that offer gift cards or discounts in exchange for taking a survey, and fake renewal requests for things like insurance coverage. Fake Charities – Unfortunately, fake charities often pop up during the holidays to take advantage of people’s generosity. Social media has become a popular method of attack for these scammers. Please support your favorite

MoneyTips You're reviewing your credit card bill and find some odd charges. How did you rack up hundreds of dollars in online gaming charges? Your first thoughts may be fraud – but before filing a fraud report, think about who has access to your credit card. Do your children know where your credit card is and how to use it? Is it available on a computer, tablet, or phone they use? A new survey by CompareCards.com finds that 29% of Americans with children below the age of eighteen have had a child use their credit or debit card without permission. Meanwhile, 52% of respondents gave their child permission to use their credit cards or debit cards – with 36% allowing three or more purchases. Of that 52% of respondents, 48% regretted their decision. Men were more likely to be burned by children using their card without permission. While 44% of men claimed to be victimized, only 19% of women did. Men also were far more likely to regret their decision to let children us... from

MoneyTips By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm Federal law protects Social Security and retirement incomes from garnishment by almost all collectors. But what about the IRS and student loan debts? The IRS and public student loan lenders can and occasionally will garnish 15% of a senior's Social Security income. There is much information on the Internet scaring seniors about this practice, but very little information discussing how a garnishment of Social Security for taxes or student loans can be prevented or stopped. It is not the general practices of the IRS or student loan collectors to garnish other forms of retirement such as pensions or VA benefits. State tax collectors and private student loan collectors cannot garnish Social Security or seniors' other retirement income. The IRS or a public student loan collector must notify seniors in advance by mail before garnishing their Social Security benefits. Seniors often think they have n... fro

MoneyTips Your checking account is a tempting target for thieves. You must stay alert for the many varieties of checking account scams – but first, you must be able to recognize a scam when you see one. Have you ever been targeted by any of the scams below? Free Prizes – This scam usually starts with a postcard or a telephone call notifying you of a prize that you have won. If you respond positively, the telemarketer will ask you for your checking account number, either for verification or to use for direct deposit. Once they have your account number, scammers will be able to apply a "demand draft", allowing them to withdraw funds directly from your account without your signature. Variations of this theme exist, such as a special credit card offer that applies even if your credit history is suspect. In all cases, the end result is the same – the telemarketer will ask for your checking account information. Don't give it to them. Compromise... from MoneyTips http

MoneyTips Practice Safe Shopping What does Black Friday protection mean to you? Maybe it's helmets and elbow pads as you battle your fellow consumers for doorbuster deals. Maybe it's protecting your space in line. Maybe it should be taking precautions to prevent identity theft. The holidays represent peak season for identity thieves – probably because there are more transactions and more opportunities for theft. According to 2017 data compiled by ACI Worldwide, the number of online transactions between Thanksgiving Day and December 31 increased by 19% over 2016, while attempted fraud over the same period increased by 22%. What day in 2017 were fraud attempt rates the highest? It's not Black Friday – it's Thanksgiving Day. Thieves like to get a jump-start on holiday shopping, too. Reduce your chances of identity theft over the Thanksgiving weekend by following these common-sense methods for practicing "sa... from MoneyTips https://ift.tt/2TACOJQ

MoneyTips Did your credit card limit unexpectedly decrease? If so, would you believe the good economy is the reason why? Capital One and Discover, two of America's largest credit card issuers, recently announced a tightening of credit card limits despite the strong economy. Both companies cite risk management as the reason. While the economy may be strong now, Americans have taken on levels of debt that may not be sustainable in tougher times. According to Federal Reserve data, total consumer (non-mortgage) household debt is over $3.9 trillion. Total revolving debt (mostly credit card debt) is just over $1.04 trillion. Both Capital One and Discover have a relatively high percentage of borrowers with lower credit scores – according to The Wall Street Journal , approximately one-third of Capital One's card balances are held by borrowers with subprime credit scores. Consequently, both companies must be more pre-emptive at lowering risks. By tightenin... from MoneyTips h

MoneyTips Would you pay $17 to get $2 back? Few people would – but a new survey suggests that many Americans are effectively doing so because of the way they handle their rewards credit cards. You may think, "Why have a rewards card if you don't load it up with purchases? You have to spend money to get rewards." According to a new survey from CreditCards.com, too many Americans follow that line of logic – and make a huge mistake in the process. Over half of survey respondents (57%) have at least one type of rewards card, with cash-back the most popular at 43% of rewards cards – but only 41% of those respondents pay off their rewards cards in full each month. The average annual percentage rate (APR) for credit cards is currently over 17%. Meanwhile, most cash-back rewards are in the 1-2% range, with some offering 4% to 5% on certain purchases. Interest charges on any balances will quickly overwhelm savings. According to 2017 data from NerdWallet, the ave... from

MoneyTips You have many factors to consider when choosing a credit card — interest charges, rewards programs, security measures, and the like — but do you ever consider the price-matching perk? Are you even aware that credit cards can offer price matching? Price matching may go by different names such as "price guarantee" or "price protection", but the basic principle is the same. If you purchase an item using that card and find the item for a lower price within a certain period of time, the card will refund the difference up to a specific dollar-value limit. You'll need to check with your card issuer to verify whether price matching is offered and how the system works for that card. Each card will have a limit on the amount of reimbursement, a set period for which price matching applies, and lists of excluded items. Typical exclusions include jewelry, motorized vehicles, event tickets, food/perishable items, and animals. For most cards, you must initiate

MoneyTips Do you know how your mortgage loan officer is compensated? You should if you plan to buy a home, because your loan officer's compensation could have the potential to affect your mortgage loan – and proposed new changes could amplify the effects. At the beginning of 2014, the Consumer Financial Protection Bureau (CFPB) significantly changed the rules for loan officer compensation by amending and clarifying restrictions under the Truth in Lending Act. The CFPB action was designed to reduce incentives for loan officers to steer consumers toward riskier loan products that increased loan officer compensation but may not have been in the consumer's best interest. Under the CFPB's ruling, loan officers can't receive any compensation based on interest rate, loan terms, or by steering consumers toward an affiliate third party such as an appraisal or title insurance service. They can't receive compensation from a borrower and a related party for the same transa

MoneyTips How would you finance a home improvement project? If it's beyond what you can pay for in cash, you might consider using a credit card instead of a home equity loan or line of credit . According to a new survey from Houzz, one-third of Americans paid for at least part of their home renovations with plastic. Only 5% used credit cards alone, with 6% using plastic to supplement loans, and the remaining 21% using a combination of cash and credit. The median credit card user spent $10,000 on renovations in 2017, with $1,500 to $4,800 of that spending applied to credit cards. Homeowners using credit for improvement projects frequently look for promotional credit card offers. If you want more credit, check out our list of credit card offers . Survey respondents who planned to pay off their card balances over time chose prom... from MoneyTips https://ift.tt/2DoW4nV

MoneyTips Did you know that an identity thief could use a government form to have your sensitive documents like your credit card statements delivered directly to them? In our exclusive video above, Professor MoneyTips Jeff Hoyt explains how easy it is for crooks to steal your identity this way and what you can do to foil their plans. If you would like to monitor your credit to prevent identity theft and see your credit reports and scores, join MoneyTips . Advertising Disclosure from MoneyTips https://ift.tt/2DGYAqB

MoneyTips What brightens up your holiday shopping season? You may prefer a quiet Christmas season at home, large family gatherings at the home of the relative who drew the short straw, or hand-to-hand combat on Black Friday at the mall. However, everyone agrees that saving money on Christmas shopping gives the holiday an extra layer of cheer. Here are nine suggestions to increase your holiday cheer and your savings account simultaneously. 1. Make a List – Avoid the temptation to go shopping without a list and look for holiday inspiration. You'll find inspiration, along with many gift items you didn't really want at a higher price than you should have paid. Know what you are shopping for and avoid costly holiday "mission creep." After all, even Santa makes a list (and checks it twice). 2. Make a Budget – A budget is the key to any form of saving. Once ... from MoneyTips https://ift.tt/2hPLjCB

MoneyTips New Study: EMV Cards Still Subject to Fraud Whether you know it or not, you probably have an EMV card in your wallet. EMV cards, named for the joint development with Europay, MasterCard, and Visa, incorporate a computer chip into the physical card. When scanned using an EMV-capable chip reader, the card generates a unique code for each transaction. Anyone stealing information at the point of sale gets a code that's useless for future transactions – compared to the old magnetic stripe technology that transferred the same information each time. Magnetic stripe information can easily be stolen and counterfeited, while EMV cards are basically counterfeit-proof. EMV cards were touted as a great defense against credit card fraud . Initial results were promising, as... from MoneyTips https://ift.tt/2OKzCrc

MoneyTips Student loan debt in America has topped $1.5 trillion dollars, and millennials hold a large amount of that debt burden. As of 2017, 37.5% of Americans with student loan debt were under the age of thirty. A new study by MagnifyMoney highlights the difficulties millennials face because of their debt. Since student debt draws money away from other savings and investment opportunities, the long-term effect on net worth can be devastating. The short-term effect on net worth is striking as well. According to the study, millennial households without student debt have an average net worth of $114,376. Millennial households holding student debt have an average net worth of $29,087 – approximately 75% less than their student-debt-free counterparts. The discrepancy shows up in all financial aspects. Millennial households without student loan burdens have almost twice as much in their savings and checking accounts compared to those with student loans ($10... from MoneyTips htt

MoneyTips Black Friday arrives on Friday, November 23. Do you plan to join the frenzied early sales with hundreds of your fellow consumers, scour the Internet for online bargains as soon as you've digested your Thanksgiving turkey, or wait until the first shopping wave dies down and take your chances a little later in the day? Whatever your strategy, a battle plan is important – and battle planning requires reconnaissance. Here are a few Black Friday predictions to consider as you formulate your plans. Spending Increases – Here's an easy prediction – people will spend more over the period from Thanksgiving Day to Cyber Monday than they did last year. BestBlackFriday.com predicts an average spending of $340.33 per consumer, up almost $5 from last year. The online spending component is exploding. Last year marked the first time that Black Friday online shopping topped $5 billion. BestBlackFriday.com predicts $5.8 billion, an increase of mo... from MoneyTips https://ift

MoneyTips With all the security breaches in the news, you've decided to protect your credit by placing a fraud alert on your account with the major credit reporting agencies (Experian, Equifax, and TransUnion). Now you can rest easy, right? Guess again. A fraud alert notifies businesses that you have reason to believe identity thieves may open fraudulent accounts in your name. Businesses are expected to verify your identity and get your consent before approving credit requests in your name, using whatever contact method you specify (typically by phone). However, while a fraud alert notifies businesses of the fraud prevention steps to take, there's no legal obligation for businesses to follow through. If potential creditors are not paying attention or cutting corners, they could potentially issue credit in your name to others. In addition, creditors aren't obligated to tell you that someone tried to establish credit in your name. If that's the case, what good is a.

MoneyTips You're making a major purchase at a department store or big box retailer. You're offered savings and promotions if you sign up for a store credit card on the spot. Why wouldn't you take advantage of the offer? A store credit card might be an excellent option for you – or it may be a regrettable decision. A recent survey by CompareCards suggests that the odds are close to a coin flip. The survey found that approximately three-quarters of Americans have had a store credit card, and almost half of those Americans regretted getting one. Younger Americans (millennials and Generation Xers) and parents of children under eighteen were more likely to regret their decision. The more money you make, the more likely you are to regret getting a store card. In households with incomes of $100,000 or more, 88% have had at least one store card and 58% regretted their decision. Why all the regrets? Store cards may come with deals and promotions, but they also t... from M

MoneyTips You're never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees. To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them to stay financially healthy. The Money Smart for Adults program is expanding to include more topics. According to the FDIC website , the updated Money Smart for Adults program is set to begin in fall 2018. The updated program contains eleven separate modules that take one to two hours of time per module. Topics include how banking services work, the basics of credit and credit histories, how to use credit cards... from MoneyTips https://www.moneytips.com/free-government-program-can-help-you-master-your-finances/161

MoneyTips You've accumulated a decent amount of equity in your home. Why not put your equity to use with a home equity loan or a home equity line of credit (HELOC)? Both allow you to borrow against the equity in your home. A home equity loan is a lump sum option with a fixed interest rate and payment schedule, while a HELOC allows you to draw funds as needed (similar to a credit card). If you did tap your home equity, what would you do with the funds? Probably make home improvements or repairs, according to a recent Bankrate.com survey. Almost three-quarters of homeowners considered those good reasons to borrow from your home equity. Other popular reasons included debt consolidation (44%), covering educational costs (31%), paying regular household bills (15%), and making investments (12%). It's a sign of trouble when you're using a loan to pay regular expenses. According ... from MoneyTips https://ift.tt/2PdeVt4

MoneyTips You're never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees. To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them to stay financially healthy. The Money Smart for Adults program is expanding to include more topics. According to the FDIC website , the updated Money Smart for Adults program is set to begin in fall 2018. The updated program contains eleven separate modules that take one to two hours of time per module. Topics include how banking services work, the basics of credit and credit histories, how to use credit cards... from MoneyTips https://www.moneytips.com/free-government-program-can-help-you-master-your-finances/161

MoneyTips You're never too old to learn new things – including better money management practices. The Federal Deposit Insurance Corporation (FDIC) agrees. To address financial literacy concerns, the FDIC created the Money Smart teaching program in 2001 to help educators and financial institutions increase consumer understanding of basic financial systems work and how to use them to stay financially healthy. The Money Smart for Adults program is expanding to include more topics. According to the FDIC website , the updated Money Smart for Adults program is set to begin in fall 2018. The updated program contains eleven separate modules that take one to two hours of time per module. Topics include how banking services work, the basics of credit and credit histories, how to use credit cards... from MoneyTips https://www.moneytips.com/free-government-program-can-help-you-master-your-finances/161

MoneyTips Home sellers and their agents may be limiting their potential base of buyers by ignoring a growing pool of them. Mortgage industry software company Ellie Mae reports that loans acquired through the Veterans Affairs (VA) Department account for 10% of all primary insured home loans. It is easy to see why VA backing is preferable from a buyer's point of view. If you qualify, you can purchase a house with no money down (up to a particular loan limit that varies by market) and no Private Mortgage Insurance (PMI) requirement. Yet, sellers shy away from buyers with VA loans, and seller's agents may serve as a screen to exclude VA-backed offers from ever reaching the seller. Why is this so? It makes little sense, since the risk of default is borne by the lending institution and not the buyer. In addition, ... from MoneyTips https://ift.tt/2yFXMQq

MoneyTips Nearing the Limit The housing market has suffered from excess demand and limited supply for years, causing a sharp increase in home prices. Add continually increasing interest rates to the mix, and eventually something has to give. The turning point may have arrived. The S&P CoreLogic Case-Shiller report shows that home prices are still rising, but at the slowest pace in almost two years. For almost a year, the National Case-Shiller Price index has risen by an annualized rate over 6% – well outpacing wages as well as inflation. Meanwhile, existing home sales were down 3.4% in September and down 4.1% from the previous year, according to the National Association of Realtors (NAR) – the lowest mark since November 2015. An out-of-balance market may be adjusting toward normalcy. That's potentially good news for you, if you keep your finances in decent shape. ... from MoneyTips https://ift.tt/2DqKDwP

MoneyTips Identity thieves love to steal children's identities. Nobody thinks to check their child's credit report because there's no reason to expect them to have one. Criminals can exploit the stolen identity undetected for years, until the child grows up to find his or her credit ruined. How bad is the problem? The 2018 Child Identity Fraud Study from Javelin Strategy & Research found that over one million children were victims of identity theft in 2017 alone, with cumulative losses of $2.67 billion. Criminals find children's identities anywhere they're stored in quantities, such as schools – and some of your child's personal information may be handed out there, just for the asking. Thanks to the Family Educational Rights and Privacy Act (FERPA), public schools may release directory information on request. Directory information varies by school district, but it may contain your child's name, address, phone number, birthday and birthplace, and em

MoneyTips Do you monitor your Social Security number for any signs of fraudulent use? A new survey suggests you think that you should, but you probably don't. According to the 2018 Capital One Credit Protection and Security Survey, only one in seven Americans uses a service to monitor activity on their Social Security number – but just over half of Americans who don't use a monitoring service think they should use one. Why is Social Security monitoring so important? Your Social Security number is your most important and most often-used identifier. Criminals can use your Social Security number to apply for credit in your name. Without monitoring services, you may not realize your Social Security number has been abused until you're confronted with major unpaid bills and ruined credit. Because of their versatility in identity theft scams, Social Security numbers are highly prized pieces of information. Depending on what other information criminals have on you, your ...

MoneyTips You probably know that you can place a fraud alert on your credit reports – but did you know there are three different types of fraud alerts that you can apply? A fraud alert obligates potential creditors to verify the identity of anyone asking for credit in your name. Any fraud alert that is placed with one of the three main credit reporting agencies (Equifax, Experian, and TransUnion) will be forwarded and applied to the other two credit reporting agencies. Fraud alerts are easily applied online, by phone, or by mail – but which type of fraud alert should you apply? If you think your information may be exposed and you're vulnerable to fraud, but you haven't suffered any losses yet, apply an initial fraud alert as a pre-emptive measure. A recent amendment of the Fair Credit Reporting Act extended the initial fraud time period from ninety days to one year. You'll receive one free credit report from each of the agencies as part of your a... from MoneyTip

MoneyTips Veterans Affairs (VA) loans are invaluable for homebuyers. Their advantages include little or no money down, qualifying with a lower credit score, competitive interest rates, potentially lower closing and auxiliary costs, and no private mortgage insurance requirements. VA loans are administered through approved lending institutions, and backed through an entitlement of up to $36,000. This entitlement can guarantee a home loan of up to 453,100 without a down payment and possibly higher in some high-cost counties. You may qualify for a VA loan if you're an active duty service member, a veteran in good standing, a current or discharged National Guard or Selected Reserve member, a spouse of a service member who died on active duty, or a spouse of a veteran who died as a result of military service. Your lender will require a Certificate of Eligibility, which requires different ev... from MoneyTips https://ift.tt/2iG6bsf

Good news retirement savers: The Internal Revenue Service announced cost of living increases to the contribution limits for retirement-related plans in 2019. from Latest financial news - CNNMoney.com https://ift.tt/2CV9est

MoneyTips Since 2009, the Home Affordable Refinance Program (HARP) has helped qualified homeowners with limited equity in their homes find affordable refinancing. After seven program extensions, HARP is scheduled to end December 31, 2018, when new assistance programs from the mortgage-loan-backing agencies Fannie Mae and Freddie Mac will take its place. In the wake of the housing crisis and plunging home values, too many Americans were left owing more on their homes than the homes were worth – leaving them "underwater" with loan-to-value (LTV) ratios greater than 100%. HARP stepped in to help homeowners with LTV ratios greater than 80% refinance loans and find manageable monthly payment terms. To be eligible for a HARP loan, your mortgage must have originated no later than May 31, 2009. You must be current on your payments – no payments late by thirty days or more in the last six m... from MoneyTips https://ift.tt/2QaTIwt