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MoneyTips To paraphrase the old adage, there are only three absolutes in life: death, taxes, and the rise of scams during tax season. A major tax scam since 2013 involves phone calls by fictional IRS agents that demand immediate payment for alleged tax debts, threatening lawsuits or even jail time to those who refused to comply. The more sophisticated version of this includes spoofing a legitimate IRS phone number to fool caller-ID systems. The callers also have Social Security numbers and enough personal information to convince the taxpayer that the call is legitimate. From October 2013 to March 2018, the Treasury Inspector General's office identified 12,716 confirmed victims, who were swindled out of $63 million through this particular scam. Other scammers use a carrot instead of a stick. Another significant scam claimed that consumers had been awarded a government grant for h... from MoneyTips http://bit.ly/2G1DpAs

MoneyTips Which would you rather do in 2019 – lose the spare tire around your waist or the excess debt dragging down your finances? Americans clearly struggle with both debt and obesity. In late 2018, NerdWallet estimated the average American credit card debt at $6,929 for households with any credit card debt – part of a staggering $135,768 average including all debts (led by mortgages). Meanwhile, the Centers for Disease Control's most recent statistics from 2015-2016 lists America's obesity rate at just below 40% – and if you think more recent data will show improvement, fat chance (pun intended). A new survey by CompareCards.com finds that we'd rather have excess weight than excess debt. While 34% of Americans said losing weight was a 2019 priority, 41% said reducing debt was a higher priority. Perhaps the remaining one-quarter of Americans aren't overweight or in debt – and if they are, they don't mind being that way. They're also more likely to b...

MoneyTips Which would you rather do in 2019 – lose the spare tire around your waist or the excess debt dragging down your finances? Americans clearly struggle with both debt and obesity. In late 2018, NerdWallet estimated the average American credit card debt at $6,929 for households with any credit card debt – part of a staggering $135,768 average including all debts (led by mortgages). Meanwhile, the Centers for Disease Control's most recent statistics from 2015-2016 lists America's obesity rate at just below 40% – and if you think more recent data will show improvement, fat chance (pun intended). A new survey by CompareCards.com finds that we'd rather have excess weight than excess debt. While 34% of Americans said losing weight was a 2019 priority, 41% said reducing debt was a higher priority. Perhaps the remaining one-quarter of Americans aren't overweight or in debt – and if they are, they don't mind being that way. They're also more likely to b...

MoneyTips When your identity is stolen, you have so many potential issues to deal with — changing passwords, closing accounts, dealing with fraudulent charges, and placing fraud alerts with the credit reporting agencies — that you may forget about potential tax fraud. Armed with your personal information, identity thieves can file a fraudulent tax return in your name and receive a refund before you realize your information has been compromised. Sometimes taxpayers are unaware of the breach until they have problems filing their taxes. What do you do if you fall victim to tax-related identity theft ? Start by responding to any IRS notice as instructed. Your first hint that there is an issue could be a notice from the IRS asking you to verify your identity because of a suspicious tax return with your Social Security number. Remember that almost all legitimate IRS contact will be through a letter in the ... from MoneyTips http://bit.ly/2DEVEtp

MoneyTips Tax filing season is upon us. Soon you will be filing your paperwork and perhaps receiving a nice check — unless thieves file a return in your name first and falsely claim your refund. Unfortunately, if a thief has your Social Security number and other relevant information, tax identity theft is very hard to prevent. Greg McBride, Chief Financial Analyst for Bankrate.com, notes that "somebody could have your Social Security number and they could have been sitting on it for a while... you would have no idea until they go and file a bogus tax return under your Social Security number. You only find out at the point where your legitimate return gets rejected." While recent IRS efforts have resulted in a 57% drop in confirmed fraudulent identity theft tax returns from 2015 to 2017 and a 65% ... from MoneyTips http://bit.ly/2AZac5h

MoneyTips Are you ready for Super Bowl LIII (or 53, if you prefer)? On Sunday, February 3, at Mercedes-Benz Stadium in Atlanta, GA, the Los Angeles Rams and the New England Patriots will meet to determine who hoists the Vince Lombardi Trophy as the champion of the National Football League – thanks to two thrilling overtime conference championship games, the first time that's ever happened in the same season. You could pronounce "Super Bowl LIII" or last year's exciting "Super Bowl LII" as "Super Bowl Lies", but MoneyTips has Super Bowl truths for your pre-game prep. Quarterbacks – We could have been treated to the oldest quarterback matchup in Super Bowl history (41-year-old Tom Brady vs. 40-year-old Drew Brees) – or the youngest (24-year-old Jared Goff vs. 23-year-old Patrick Mahomes). Instead, we have a matchup of the young gun (Goff) versus the wily veteran (Brady). Brady Again? – Will Brady ever retire… or stop winnin... from MoneyT

MoneyTips Thanks to large-scale hacks such as the Equifax and Yahoo breaches, identity thieves have no shortage of information to use in their criminal pursuits. Is your information among them? "Identity theft can trash your credit score because there's the risk that somebody takes your name, your Social Security number, and your solid credit rating, goes out, applies for a bunch of credit, and then doesn't repay any of it," cautions Bankrate.com Senior Vice President and Chief Financial Analyst Greg McBride. "That can really just destroy what otherwise had been years of hard work on your part to build a solid credit rating." You may not be able to stop all identity theft methods, but you can take common-sense steps to protect your information and limit the likelihood of damage. In honor of Data Privacy Day (January 28), we present 15 preventative actions that you should take. 1. Check Your Accounts Regularly – Frequently review all credit and de...

MoneyTips If you're a furloughed government employee or other worker sidelined by the shutdown – or worse, working without a paycheck – you're probably at risk of missing payments or racking up large credit card bills. How do you keep your credit score from dropping as a result? On-time payments are one of the most influential factors in your credit score, so let's start there. Hopefully, you have an emergency fund to cover short-term payments. If not, your shutdown goal is to minimize negative reports to the three major credit reporting agencies (Experian, Equifax and TransUnion). Credit scoring systems don't have any mechanism to make exceptions with missed payments, but lenders have some leeway in how missed payments related to the shutdown are reported. Avoid all delinquencies, even if you have to run larger credit balances to do so. If delinquency a... from MoneyTips http://bit.ly/2Dtx2n1

MoneyTips If you're a furloughed government employee or other worker sidelined by the shutdown – or worse, working without a paycheck – you're probably at risk of missing payments or racking up large credit card bills. How do you keep your credit score from dropping as a result? On-time payments are one of the most influential factors in your credit score, so let's start there. Hopefully, you have an emergency fund to cover short-term payments. If not, your shutdown goal is to minimize negative reports to the three major credit reporting agencies (Experian, Equifax and TransUnion). Credit scoring systems don't have any mechanism to make exceptions with missed payments, but lenders have some leeway in how missed payments related to the shutdown are reported. Avoid all delinquencies, even if you have to run larger credit balances to do so. If delinquency a... from MoneyTips http://bit.ly/2Dtx2n1

MoneyTips If you're a furloughed government employee or other worker sidelined by the shutdown – or worse, working without a paycheck – you're probably at risk of missing payments or racking up large credit card bills. How do you keep your credit score from dropping as a result? On-time payments are one of the most influential factors in your credit score, so let's start there. Hopefully, you have an emergency fund to cover short-term payments. If not, your shutdown goal is to minimize negative reports to the three major credit reporting agencies (Experian, Equifax and TransUnion). Credit scoring systems don't have any mechanism to make exceptions with missed payments, but lenders have some leeway in how missed payments related to the shutdown are reported. Avoid all delinquencies, even if you have to run larger credit balances to do so. If delinquency a... from MoneyTips http://bit.ly/2Dtx2n1

MoneyTips By Sandra Parsons When you apply for a credit card, the card issuer collects personal information, including your income. It's one of the factors they consider when deciding whether to approve or decline your application. If they do approve you, your income, along with your current debt load and credit score, helps them decide how high of a limit to assign you. Most people know this and expect to divulge their income when applying for a new card. You can check your credit score and read your credit report for free within minutes by joining MoneyTips . But has your credit card issuer ever asked about your income after your card is approved and active? For many cardholders, this is murkier territory. Here's what you need to know about updating your income with your cre... from MoneyTips http://bit.ly/2FQUuwg

MoneyTips Computers and the Internet have become mainstays in virtually every area of 21 st -century American life. There are tremendous benefits and conveniences to this, of course, but there are also some downsides — such as the increased risk of identity theft that arises as we share more of our personal information online. In fact, identity theft has been called "the crime of the 21 st century," consistently ranking at the top of the Federal Trade Commission's list of complaints every year. While there are many ways for identity thieves to strike offline, the Internet has made it that much easier for them to steal sensitive personal information from unsuspecting and careless individuals online. A New Kind of Identity Theft With tax-filing season now upon us, there's another kind of identity theft you should be watching out for: tax identity theft. In this... from MoneyTips http://bit.ly/2DqwUF6

MoneyTips The Shutdown's Housing Market Woes It's a great time to buy a home, and you're ready. You've saved up a suitable down payment, found a home, and settled on a lender. As an added bonus, interest rates are at their lowest point in the last nine months – despite the Federal Reserve's interest rate hikes. There's only one problem. The government shutdown has created obstacles to your mortgage – maybe in ways you hadn't considered. Loan Roadblocks The shutdown effect is obvious if you're a government worker suddenly trying to buy a home with IOU's – but, otherwise, why would your mortgage application be affected? It may depend on the type of loan you're seeking. USDA loans, popular in rural areas, are backed by the U.S. Department of Agriculture. With the USDA shut down (at least as of this writing), no new applications are being accepted and scheduled loan closings have been put on hold. Homebuyers caught in the middle are be...

MoneyTips A balance transfer card with a 0% introductory interest rate can be an excellent way to consolidate high-interest debt and efficiently pay it down. It can also be a way to avoid reality and rack up even greater interest payments in the end. A new study by CompareCards.com finds that too many Americans are taking the latter path. The CompareCards 2018 Balance Transfer Credit Card Report shows that 2 in 5 Americans that have had a balance transfer card failed to pay off the full transferred balance before the introductory period expired. “That was disappointing to learn,” said Matt Schulz, Chief Industry Analyst with CompareCards.com. “That means that lots of people aren’t getting as much savings from balance transfer cards as they could, and that’s a shame.” Balance transfer cards carry a high annual percentage rate (APR) after the 0% period. Any remaining balance from the tran... from MoneyTips http://bit.ly/2D9NDw1

MoneyTips Can you pay off your credit card bill in full and still be charged interest? Yes – depending on the timing of your payment. As National Financial Educators Founder and Chief Education Officer Adam Carroll points out, "One of the greatest expenses we have in our life is the interest expense on debt." Interest charges accrue according to the terms and conditions legalese of your particular credit card, which people rarely read until it’s too late. Generally, when the billing cycle ends, you will have a grace period to pay off that balance in full and avoid interest charges. Your credit card statement will show the statement closing date, the amount due at that time, and the payment due date on that amount. Assuming your card has a

MoneyTips Identity thieves have many ways to steal your money – including fraudulent tax returns. They file a return in your name as early as possible to beat your legitimate return, with fake financial data designed to claim a large refund. You won't realize this until your tax return is denied because there's already been a return filed with your Social Security number. As Bankrate.com Chief Financial Analyst Greg McBride points out, "Tax ID fraud is one of those things where somebody can have your Social Security number and they could have been sitting on it for a while, and you would have no idea until they go and file a bogus tax return under your Social Security number. You only find out at the point where your legitimate return gets rejected." It's a lucrative but simple scheme – and, with more stolen identities available via large data breaches over the past few years, tax identity theft attempts have... from MoneyTips http://bit.ly/2H68CUD

MoneyTips How would you handle $4 trillion of debt? Hopefully, you'll never have to answer that question – but America's total outstanding non-mortgage consumer debt is nearing the $4 trillion mark. (Add mortgage debt, and our total consumer debt tops $13.5 trillion.) According to Federal Reserve data as of October 2018, non-mortgage consumer debt was just over $3.96 trillion and is on pace to break the $4 trillion mark before year's end. This debt includes revolving debt like credit cards ($1.037 trillion) and non-revolving debt including auto loans, student loans, and personal loans ($2.926 trillion). LendingTree highlights the rise in consumer debt in their November 2018 debt report. Using Federal Reserve data, the report finds that our consumer debt has quadrupled over the last 24 years. We passed the $3-trillion mark in 2013, and we've added $1 trillion to that in the subsequent five years. In contrast, it took us ten years to go from $2 trillion to $3 trill.

MoneyTips Holiday Debt On the Increase Are your credit cards still smoking from holiday overuse? Based on a recent MagnifyMoney survey , it wouldn't be surprising. Consumers who financed their holiday spending averaged $1,230 in holiday spending debt – a sharp increase from 2017's $1,054 average and 2016's $1,003 average. Increases in wages and consumer confidence are at least partly to blame. Did a personal increase in wages and confidence lead you into a mountain of holiday debt? We've given previous tips on dealing with excessive holiday debt . You've got more debt – so we've got five more tips, for a total of 10. 6. Slice Your Budget Further To pay off holiday debt, you can't settle for paying o... from MoneyTips http://bit.ly/2H2NBtR

MoneyTips Holiday Debt On the Increase Are your credit cards still smoking from holiday overuse? Based on a recent MagnifyMoney survey , it wouldn't be surprising. Consumers who financed their holiday spending averaged $1,230 in holiday spending debt – a sharp increase from 2017's $1,054 average and 2016's $1,003 average. Increases in wages and consumer confidence are at least partly to blame. Did a personal increase in wages and confidence lead you into a mountain of holiday debt? We've given previous tips on dealing with excessive holiday debt . You've got more debt – so we've got five more tips, for a total of 10. 6. Slice Your Budget Further To pay off holiday debt, you can't settle for paying o... from MoneyTips http://bit.ly/2H2NBtR

MoneyTips Santa was not so kind to your friends and relatives this year, so you felt the need to fill the gap. You overspent on holiday gifts, and now you are stuck with a significant amount of holiday debt. Gratitude from gift recipients is a great feeling, but gratitude is not going to pay off your MasterCard bill. If it's any comfort, you're not alone; according to one report, Americans racked up an average of $1,230 in debt last holiday season. What do you do? Start with the classic bit of advice – "if you are in a hole, stop digging." Recognize that you overspent, and freeze your spending until you can take the following steps. How to Reduce Holiday Debt Assess the Situation and Rebalance the Budget – Face up to your debt and total up the damage. Rebalance your budget to account for this new debt, and look for any budgeted spending that you can temporarily drop. You will need to eat out less often and delay other discretionary spendi... from MoneyTip

MoneyTips What do you do with debts that have unfavorable interest rates or difficult payment terms? If you can, consolidate them into one debt stream with more favorable terms. Balance transfer credit cards exist for this purpose, but personal loans may be an even better alternative. November 2018 data from LendingTree shows that over two-thirds of all personal loan inquiries are for debt consolidation (37%) or credit card refinancing (31%). Personal loans generally offer lower interest rates for equivalent credit profiles, and consumers are taking advantage of the difference. The lowest average annual percentage rate (APR) for all credit cards is 17.15% according to CreditCards.com, and balance transfer cards aren't much better at a 16.33% average lowest APR offer. According to LendingTree , borrowers with excellent credit averaged 9.62% APR on pers... from MoneyTips http://bit.ly/2Rfm1P2

MoneyTips What do you do with debts that have unfavorable interest rates or difficult payment terms? If you can, consolidate them into one debt stream with more favorable terms. Balance transfer credit cards exist for this purpose, but personal loans may be an even better alternative. November 2018 data from LendingTree shows that over two-thirds of all personal loan inquiries are for debt consolidation (37%) or credit card refinancing (31%). Personal loans generally offer lower interest rates for equivalent credit profiles, and consumers are taking advantage of the difference. The lowest average annual percentage rate (APR) for all credit cards is 17.15% according to CreditCards.com, and balance transfer cards aren't much better at a 16.33% average lowest APR offer. According to LendingTree , borrowers with excellent credit averaged 9.62% APR on pers... from MoneyTips http://bit.ly/2Rfm1P2

MoneyTips According to Federal Reserve data, serious credit card delinquencies rose sharply in late 2016 and continued to grow through 2018, nearing 5% of cardholders. Similarly, involuntary account closures rose from 4.2% in 2016 to 7.2% in 2018 – but why? If the economy is doing so well, why are people having trouble paying credit card bills and having accounts closed? Credit scores provide a clue. A low credit score is a solid indicator of risk for credit card companies. Involuntary account closures are approaching 20% for consumers with credit scores below 680, while transitions into serious delinquency are approaching 25% for those with scores below 620. In addition, overall revolving debt (mostly credit card debt) has grown from $969 million in 2016 to $1.037 trillion as of the third quarter of 2018. Given increases in debt and delinquency, card issuers believe they were too free with post-recession credit – and they are reacting accordingly. In t... from MoneyTips htt

MoneyTips According to Federal Reserve data, serious credit card delinquencies rose sharply in late 2016 and continued to grow through 2018, nearing 5% of cardholders. Similarly, involuntary account closures rose from 4.2% in 2016 to 7.2% in 2018 – but why? If the economy is doing so well, why are people having trouble paying credit card bills and having accounts closed? Credit scores provide a clue. A low credit score is a solid indicator of risk for credit card companies. Involuntary account closures are approaching 20% for consumers with credit scores below 680, while transitions into serious delinquency are approaching 25% for those with scores below 620. In addition, overall revolving debt (mostly credit card debt) has grown from $969 million in 2016 to $1.037 trillion as of the third quarter of 2018. Given increases in debt and delinquency, card issuers believe they were too free with post-recession credit – and they are reacting accordingly. In t... from MoneyTips htt

MoneyTips According to the latest Household Debt and Credit Report from the New York Federal Reserve, America's total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours? Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it's nearly impossible to climb out of significant debt once you acquire it. The sense of hopelessness can lead to bad decisions and a treadmill of running debt. In that harmful mindset, $13,000 might as well be $13 trillion – you'll never pay it off anyway. Don't let despair blind you from alternatives. According to LightStream senior vice president Todd Nelson, "People who are carrying debt often overlook cost-reducing solutions." Nelson adds that debt consolidation can be a smart strategy that can benefit Generation Xers (ages 36-51) with good credit. Why does Nelson highlight Generation Xers? LightStream found that while large majorities

MoneyTips According to the latest Household Debt and Credit Report from the New York Federal Reserve, America's total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours? Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it's nearly impossible to climb out of significant debt once you acquire it. The sense of hopelessness can lead to bad decisions and a treadmill of running debt. In that harmful mindset, $13,000 might as well be $13 trillion – you'll never pay it off anyway. Don't let despair blind you from alternatives. According to LightStream senior vice president Todd Nelson, "People who are carrying debt often overlook cost-reducing solutions." Nelson adds that debt consolidation can be a smart strategy that can benefit Generation Xers (ages 36-51) with good credit. Why does Nelson highlight Generation Xers? LightStream found that while large majorities

MoneyTips According to the latest Household Debt and Credit Report from the New York Federal Reserve, America's total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours? Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it's nearly impossible to climb out of significant debt once you acquire it. The sense of hopelessness can lead to bad decisions and a treadmill of running debt. In that harmful mindset, $13,000 might as well be $13 trillion – you'll never pay it off anyway. Don't let despair blind you from alternatives. According to LightStream senior vice president Todd Nelson, "People who are carrying debt often overlook cost-reducing solutions." Nelson adds that debt consolidation can be a smart strategy that can benefit Generation Xers (ages 36-51) with good credit. Why does Nelson highlight Generation Xers? LightStream found that while large majorities

MoneyTips Is 2019 the year you finally buy that starter home? Are you upgrading or downsizing to a new home? Are you interested in how your home value is likely to change over the next year? We offer these 2019 housing market predictions to consider as you review your housing plans for the year. Inventory Will Ease a Bit, but for the Wrong Reason ­– Inventory is expected to increase slightly but that increase will stay below 7%, according to Realtor.com. Unfortunately, that reflects people being priced out of the market as much as it reflects a supply of new homes. Growth in new home construction is expected to stay relatively flat, while overall demand is likely to decrease. Inventory gains are concentrated in higher-priced homes and markets, implying that there are plenty of homes available for people who can't afford them. Talk of a recession starting as early as late 2019 may also scare off potential homebuyers who fear buying at the crest of... from MoneyTips http:/

MoneyTips Your Christmas gift from the Federal Reserve is here. Surprise! It's another 0.25% hike in the Federal Funds rate. Sure, you've already gotten this same gift three other times in 2018, and nine times since late 2015 – but what else would you expect to receive from the Fed? Interest rate hikes from the Fed really can be a positive gift to you, but it's more likely to be a negative – depending on whether you're a saver or a spender. The Federal Funds rate is the benchmark rate used to transfer money between banks. This rate is generally passed on to consumers. Borrowers are charged higher interest rates on the money they borrow, while savers are eventually offered better interest rates on checking and savings accounts as well as certificates of deposit (CDs). In some cases, the changes are passed on directly to consumers. For example, credit cards and adjust... from MoneyTips http://bit.ly/2F6O2Rl

MoneyTips Your Christmas gift from the Federal Reserve is here. Surprise! It's another 0.25% hike in the Federal Funds rate. Sure, you've already gotten this same gift three other times in 2018, and nine times since late 2015 – but what else would you expect to receive from the Fed? Interest rate hikes from the Fed really can be a positive gift to you, but it's more likely to be a negative – depending on whether you're a saver or a spender. The Federal Funds rate is the benchmark rate used to transfer money between banks. This rate is generally passed on to consumers. Borrowers are charged higher interest rates on the money they borrow, while savers are eventually offered better interest rates on checking and savings accounts as well as certificates of deposit (CDs). In some cases, the changes are passed on directly to consumers. For example, credit cards and adjust... from MoneyTips http://bit.ly/2F6O2Rl

MoneyTips Your Christmas gift from the Federal Reserve is here. Surprise! It's another 0.25% hike in the Federal Funds rate. Sure, you've already gotten this same gift three other times in 2018, and nine times since late 2015 – but what else would you expect to receive from the Fed? Interest rate hikes from the Fed really can be a positive gift to you, but it's more likely to be a negative – depending on whether you're a saver or a spender. The Federal Funds rate is the benchmark rate used to transfer money between banks. This rate is generally passed on to consumers. Borrowers are charged higher interest rates on the money they borrow, while savers are eventually offered better interest rates on checking and savings accounts as well as certificates of deposit (CDs). In some cases, the changes are passed on directly to consumers. For example, credit cards and adjust... from MoneyTips http://bit.ly/2F6O2Rl

MoneyTips Do you take mobile device security as seriously as you should? You probably connect to the Internet more on mobile devices than you do on desktops – especially on smartphones, since you're likely never far away from yours. According to the 2018 Symantec Internet Security Threat Report, newly discovered malware for mobile devices increased by 54% in 2017 compared to 2016. According to the report, over 26,000 mobile malware variations exist for your security system to fend off – and surely more appeared during 2018. In 2017, malware was blocked from mobile devices nearly 24,000 times per day on average – and those are just known failed attempts. In addition, over 3,500 ransomware apps were blocked each month. Even if your system successfully fends off malware, you could be plagued with "grayware" – programs that aren't classified as malware but are annoying and potentially harmful. (Spyware and adware are prime examples.) In 2017, 63% of graywar...