Got debt? I could be wrong, but if you’re revolving a big credit card balance, I’m guessing at least some of it is holiday related. Sadly, holiday debt can hang on long after the gifts are forgotten. So, what’s the problem here? Procrastination. When it comes to Christmas, the longer you wait to shop, the…
The US Has Approved $42 Billion in Loan Forgiveness for Public Service Workers. Here’s What to Know
The United States has approved more than $42 billion in federal student loan debt forgiveness for more than 615,000 borrowers in the past 18 months as part of a program aimed at getting more people to work in public service jobs, the U.S. Department of Education said this week. The Public Service Loan Forgiveness program…
How to Bolster Your Financial Confidence
April 25, 2023
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Melinda Perez, a financial educator, still remembers the first time she felt financially confident. She had recently started investing money outside of her employer-sponsored retirement account because she was finally earning more than she spent. “It was exciting because for once, I had what felt like extra money,” recalls Perez, who lives in San Antonio,…
Young Adults Traveling on Fiscal Thin Ice
Prices for travel remain stubbornly high. The cost of airfare in February was 27 percent higher than the same month a year earlier, according to U.S. Bureau of Labor Statistics data. And rental car prices—having shot up during the pandemic—remain high today, as they’re 37 percent pricier in February than they were in the same…
Dear Cheapskate: Drowning in Debt, Bouquet Garni How-To, Quilt Rescue
It’s mailbag day, when I reach into my virtual mailbag and pull out a few questions from my dear readers, attempting to respond with specific help and resources. Dear Cheapskate: How can I find a good financial counselor? We are not covering our monthly obligations and falling further and further behind. I am a nervous…
When the Ship is Sinking, Get Everybody In the Lifeboat
Dear Mary: My wife and I made a terrible mistake and bought a house that I don’t think we can afford. We dumped all of our money from the sale of our last home into it and now we have run out of money. It is not even close to being done. My wife is…
Should You Tap Your 401(k) When Urgent Financial Needs Arise?
March 29, 2023
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Shortly after COVID-19 started and many people lost their jobs, the government permitted penalty-free 401(k) withdrawals for people short on cash. There was a limit to the withdrawal of $100,000, which had to be paid back within three years—if it was to remain penalty-free. Many people took advantage of the opportunity, but hindsight asks whether…
Beware Debt-Settlement Schemes and Scam Artists
The ads are compelling. “If you have at least $10,000 of credit card debt, you are eligible to have half of it forgiven!” “Debt-settlement solutions!” I see these ads nailed to telephone poles, plastered all over the internet and broadcast over radio and television. Even though I know what’s going on, they grab my attention…
Without Trust You’ve Got Nothing
Of all the things I’ve ever dreamed of being, advice columnist was never on the list. But here I am playing one every day. That’s because while my inbox loads up with tips, hints and questions related to frugal living and getting out of debt, many questions spill over into dilemmas—family, life, and love. Dear…
Bounce Back From Bankruptcy and Advice to Readers
Dear Mary: Please give me some pointers on bouncing back from bankruptcy. Will this have any effect on future employment opportunities?—Henry, email Dear Henry: Live on cash. Have only one credit card, and if you use it, pay it in full every month. Refuse all other offers of credit, and take on no unsecured debt….
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