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Money Talk
By Liz Pulliam Weston
Mother Of Four Is Financially Stretched To The Limit
I am 40, the mother of four children and recently separated from an abusive husband. The children and I live in a $700-a-month rental home. My income after taxes and deductions is $738 biweekly. My husband earns too little to contribute to child supoort... I seriously wonder whether I can make it...
Checking ID For Credit Card Use: Is It Legal?
I recently read that merchants aren't allowed to ask for customers' identification when processing credit card transactions. But this has become incredibly common. In fact, I can't remember the last time that I wasn't asked for ID when using a credit card. Is it really illegal?
Don’t Blow Your Budget On Rent
Sky-high rent has become a sad reality for many people living in large cities. Even in the smaller city where I live, a one-bedroom apartment costs upward of $800 a month, not including utilities. The 30 percent rule is no longer true for many of us. I know my rent eats 45 percent of my monthly income...
Short Sale Of Home Hurts Credit Scores
I sold my house for less than what I owed on the mortgage, not realizing that this short sale would affect my credit scores. Because of this drop in scores, I recently received a letter from my credit card company closing one of my unused accounts. I have two other cards with the same company... What can I do?
Build Good Credit, Then Go House Hunting
How can I build credit so that I can buy a house?
Getting Life Insurance Not Easy For Those With Health Problems
I am having difficulty getting a life insurance policy for my husband. He is 39 but takes medication for his heart and kidneys. Can you suggest any companies that would be willing to extend coverage?
Pay Off Loan On Your Car Before Trade-In
I owe $7,000 on my 2002 Nissan Altima. I am looking for a used eight-cylinder truck. I was wondering if I should try to sell outright or go to a dealership... I have a credit score of 568, so I am not in too much of a haggling position. Please steer me where I should go.
Couples Preparing For Marriage Should Study Credit Situation
When my boyfriend and I get married, will our credit reports mingle? Will his debt become my debt and vice-versa? Are we better off keeping debt and credit separate? When filing taxes, is it better to keep things separate?
Best Time To Buy Is When You're Financially And Psychologically Prepared
As a first-time buyer, is this the right time to buy a new home? Based on current economic indicators, house prices may go down further. When do you think is the best time to buy?
Keep Unused Credit Cards Current
Citibank just sent us a letter saying that they have closed one of our credit card accounts due to non-use. This is one of our oldest cards and it has a high limit... Our FICO scores are excellent, above 750. Will Citibank's action affect our FICO score adversely?
Retired Parents' Lack Of A Will Worries Only Child
My problem is my parents. They are in their 60s, retired and live off Social Security and my dad's military disability. Neither has a will... Even though I have no assets, I worry about what will happen to my financial situation upon the death of my parents.
How The Housing Slump Can Affect Reverse Mortgages
What does the housing slump mean for all of those seniors who took out reverse mortgages? And what does it mean for their heirs? My mother is 78 and fortunately has not had to go down that path (yet). But many of her friends have. I just haven't seen anything on any adverse effects...
Not All Lenders Report To Credit Bureaus
When I pull my credit reports, I don't see either of the two remaining installment loans I took from payday lenders to pay my debt… I was hoping that despite the nature of these loans, the fact that I was a good payer would help rebuild my credit…
Keeping Secrets About Your Financial Hole Adds To Stress
I'm a 25-year-old mom of a five-year-old, living with his father in a one-bedroom apartment... I'm about $4,000 in debt, which isn't a lot, but on my salary, I can't afford the payments the credit card companies want. The constant collection calls are really stressful. No one knows that I'm in money trouble...
As Credit Crunch Pinches Profits, Card Issuers Raise Rates
Our credit card issuer has notified us that the rates on our accounts are about to skyrocket from 1.99 percent and 3.99 percent to the prime rate plus 23.99 percent... We will be closing the accounts and asking that the former terms be upheld until the account is paid. But what else can be done?
Illness Doesn't Excuse Credit Card Spree
In the fall of 2002, I was diagnosed with HIV. After the initial shock wore off, I quit my job and went on a wild spending spree... When that money ran out, I got started on my credit cards. Now, almost six years later, I am still completely healthy, still unemployed and have $75,000 in credit card debt...
How To 'Restart' Social Security Benefits
I read that people who took Social Security payments early – before their full retirement age – could later opt to pay back their benefits and qualify for a higher payment based on their current age... Can you really start over with Social Security?
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