Consumer

Donald Trump’s Five Points for Replacing Obamacare

February 28, 2017 Leave a Comment

President Donald Trump just delivered a nationally-televised speech to a joint session of Congress. Trump said the Affordable Care Act passed under President Obama “is collapsing –- and we must act decisively to protect all Americans.” He has presented five points for replacing Obamacare:

“First, we should ensure that Americans with pre-existing conditions have access to coverage, and that we have a stable transition for Americans currently enrolled in the healthcare exchanges.”
“Secondly, we should help Americans purchase their own coverage, through the use of tax credits and expanded Health Savings Accounts –- but it must be the plan they want, not the plan forced on them by the Government.”
“Thirdly, we should give our great State Governors the resources and flexibility they need with Medicaid to make sure no one is left out.”
“Fourth, we should implement legal reforms that protect patients and doctors from unnecessary costs that drive up the price of insurance – and work to bring down the artificially high price of drugs and bring them down immediately.”
“Finally, the time has come to give Americans the freedom to purchase health insurance across State lines –- creating a truly competitive national marketplace that will bring cost way down and provide far better care.”

Americans Are Taking On a Lot More Debt

February 24, 2017 Leave a Comment

CNN reported: “Total household debt climbed to $12.58 trillion at the end of 2016, an increase of $266 billion from the third quarter, according to a report from the Federal Reserve Bank of New York. For the year, household debt ballooned by $460 billion — the largest increase in almost a decade. That means the debt loads of Americans are flirting with 2008 levels, when total consumer debt reached a record high of $12.68 trillion. Credit card debts rose by $32 billion to hit $779 billion.”(cnn.com)

Pickings are Slim for Millennials Ready to Buy a Home

February 24, 2017 Leave a Comment

Just as Americans buy homes at fastest pace in a decade, millennials are having a hard time trying to acquire their first homes. The Washington Post reported: “For years, millennials looked at owning a home as a distant fantasy. Student debt and a weak job market seemed to conspire to keep this generation stuck in their parents’ basements, if not permanently locked out of the housing market. But as millennials find better-paying jobs, start families and begin searching for their first homes, they’re encountering an unfortunate reality: Just as they’re finally ready to buy, the housing market has the fewest homes available for sale on record. And those that are for sale are increasingly priced at values inaccessible to first-time buyers. As a result, the housing market is booming for those with cash to spare — but not for millennials looking to own their first home.”

Teenager Won The Lottery at 17 and Now It’s Ruining Her Life

February 24, 2017 Leave a Comment

Many lottery winners squander their fortunes and eventually wind up unhappy and broke. Jane Park, who won the EuroMillions lottery in 2013 when she was 17 years old, is now blaming the lottery officials for ruining her life. The Washington Post reported: “Buying things for the sake of buying things got old. Instead of finding happiness via conspicuous consumption, Park uncovered an age-old maxim preached by holy men for thousands of years and ignored by enthusiastic lottery winners for almost as long: Money can’t buy happiness, and large amounts of it have a way of, well, complicating things.” Park blames the lotto bosses for “ruining her life.” “I thought it would make it 10 times better but it’s made it 10 times worse,” Park told the Sunday People. “I wish I had no money most days. I say to myself, ‘My life would be so much easier if I hadn’t won.’” After Park won the lottery, shopping became a huge problem for her. She went out and bought more than 50 designer handbags including a Louis Vuitton, a lot of shoes, and a purple Range Rover. Now she’s contemplating about suing lottery company for negligence. “People look at me and think, ‘I wish I had her lifestyle, I wish I had her money,’ she added. “But they don’t realize the extent of my stress. I have material things, but apart from that my life is empty. What is my purpose in life?” [Read more…]

Americans Buy Homes at Fastest Pace In Decade

February 22, 2017 Leave a Comment

After the homeownership rate fell to the lowest in more than half a century, Americans came out with strong sentiments as the economy improves to buy existing homes in January at the fastest pace since 2007. The supply of available homes has now dwindled to record lows. Christopher Rugaber reported: “Steady job gains, modest pay raises and rising consumer confidence are spurring healthy home buying even as borrowing costs have risen since last fall. Some potential buyers may be accelerating their home purchases to get ahead of any further increases in mortgage rates. With few homes available for sale, buyers are pressured to rapidly close a deal as they find a suitable property. The typical house for sale was on the market for just 50 days last month, compared with 64 days a year ago. Strong demand is pushing up median home prices, which jumped 7.1 percent from a year earlier to $228,900.” (usnews.com)

Don’t Waste Your Money on Fitness and Health Apps

February 22, 2017 Leave a Comment

Fitness apps are getting more popular lately. So should you consider getting one of these apps? Don’t waste your money on fitness and health apps as scientists warn that these apps might be doing more harm than good because they don’t work but force people to focus on ambitious goals that they will never reach.

The Guardian reported: Greg Hager, professor of computer science at Johns Hopkins University, said that in the absence of trials or scientific grounding it was impossible to say whether apps were having the intended effect. Hager cited the one-size-fits-all targets provided by some fitness trackers, such as the Fitbit, which sets users a goal of taking 10,000 steps a day. Hager claimed the 10,000 steps target dated back to a 1960s Japanese study that showed there were health benefits for men who burned at least 2,000 calories per week through exercise — roughly equivalent to 10,000 steps each day. An early pedometer was known as the manpo-kei, which means ‘10,000-step meter’ in Japanese. “But is that the right number for any of you in this room?” Hager asked. “Who knows. It’s just a number that’s now built into the apps.” “We have an incredible number of apps in the wild basically being downloaded by people who may or may not understand what they are actually telling them or what the context for that is,” he said. “Until we have evidence-based apps you could amplify issues. I mean, imagine everyone thinks they have to do 10,000 steps but you are not actually physically capable of doing that, you could actually cause harm or damage by doing so.” (theguardian.com)

Yes! Free Meals Are Back on Delta Flights

February 17, 2017 Leave a Comment

In an effort to cut costs, many airline carriers eliminated free meals and increased baggage fees. However, soon Delta will bring back free in-flight meals to passengers in the main cabin on long flights. The free in-flight meals for economy class will start on March 1 on flights between New York City’s JFK airport and Los Angeles and San Francisco. More routes with free meals will be started on April 24 including Orlando, Seattle and others. Delta claims to be the only U.S. carrier to offer free meals on some transcontinental flights. The meals vary depending on flight times, and passengers will be able to choose from different offerings. For instance, morning fliers can choose from a breakfast sandwich, a breakfast medley or a fruit and cheese plate. Passengers flying during the day will be offered a mesquite-smoked turkey combo, a Mediterranean whole grain veggie wrap or fruit and cheese plate. “We are all about making our Main Cabin experience the best it can be for our customers and offering free, high quality meals is a big part of that experience,” said Allison Ausband, Delta’s senior vice president of in-flight service. (CNN Money)

12 Million Americans Have Hidden a Credit Card or Bank Account from Their Partners

February 15, 2017 Leave a Comment

An estimated 12 million Americans have hidden a credit card or bank account from their romantic partners or spouse, according to a new CreditCards.com survey. Relationship experts warn, though, that keeping a hidden bank account or credit card is a risky move with potentially explosive consequences. Electronic snooping can reveal the truth and lead to a lack of trust that imperils the relationship. “Any time you get into these kinds of things where you are operating behind the scenes, it usually comes out at some point,” says Corey Allan, a marriage and family therapist in the Dallas area. “We can’t keep things hidden, especially in today’s technological world. Any spouse who has any kind of suspicion can become a detective and find it.” The survey also found that older folks are more likely than younger ones to have maintained a secret account. (creditcards.com)

How to Achieve High Credit Score

February 14, 2017 Leave a Comment

How good your credit score determines what loans you will qualify for and the interest rate you will pay. A high credit score means that you will pay a much lower interest rate over a lifetime. Hence, with a high credit score you will save more money by keeping more cash in your wallet. Here are 7 steps to achieve high credit score by Bankrate:

Watch those credit card balances. One major factor in your credit score is how much revolving credit you have versus how much you’re actually using. The smaller that percentage is, the better it is for your credit rating.
Eliminate credit card balances. “A good way to improve your credit score is to eliminate nuisance balances,” says John Ulzheimer, a nationally recognized credit expert formerly of FICO and Equifax. Those are the small balances you have on a number of credit cards.
Leave old debt on your report. One of the ways to improve your credit score: Leave old debt and good accounts on as long as possible, says Ulzheimer. This is also a good reason not to close old accounts where you’ve had a solid repayment record.
Use your calendar. If you’re shopping for a home, car or student loan, it pays to do your rate shopping within a short time period.
Pay bills on time. One of the biggest ingredients in a good credit score is simply month after month of plain-vanilla, on-time payments.
Don’t hint at risk. Sometimes, one of the best ways to improve your credit score is to not do something that could sink it. Two of the biggies are missing payments and suddenly paying less (or charging more) than you normally do, says Dave Jones, retired president of the Association of Independent Consumer Credit Counseling Agencies.
Don’t obsess. You should be laser-focused on your credit score when you know you’ll soon need credit. In the interim, pay your bills and use credit responsibly. Your score will reflect these smart spending behaviors.

(bankrate.com)

The Debts That You Can’t Discharge in Bankruptcy

February 13, 2017 Leave a Comment

Many people think that once discharge is granted by the Bankruptcy Court, the debtors are released from the liability of paying all debts. Think again! Not all your debts can be discharged in bankruptcy. Super Saving Tips lists several types of debts you can’t kick out in bankruptcy.

Debts you owe the government: “Have you been penalized or fined by the government? If so, I’m afraid bankruptcy can’t give you any relief. No one can give you any relief. You have to pay the fines and penalties or they will stay with you till your last breath. If you have more questions regarding government debt and how it will be treated in bankruptcy, then consult an attorney.”
Child support and alimony: “Child support payments and alimony aren’t dischargeable in bankruptcy. These two basically comprise the amount your child or ex-spouse needs for covering basic living expenses. Debts you owe due to marital property division don’t come under this kind of support. In a few states, these debts are dischargeable in bankruptcy.”
Student loans: “Millions of students and parents would have given a sigh of relief if student loan debts could be eliminated through bankruptcy. Unfortunately, in most cases, they can’t be discharged in bankruptcy proceedings. Private student loans, federal student loans, loans taken out from a school or university all can’t be kicked out by filing bankruptcy.”
Income tax: “Most people think about bankruptcy to discharge unpaid income tax. It isn’t impossible to discharge income tax in bankruptcy.”

(supersavingtips.com)

Disney Raises Single-Day Ticket Price to Magic Kingdom to $107

February 13, 2017 Leave a Comment

Disney Magic Kingdom is the most visited theme park in the world. And it is getting more expensive for visitors to experience the so-called happiest place on earth. “Walt Disney World is increasing single-day tickets at certain times of the year and setting expiration dates on tickets in hopes of preventing overcrowding during its parks’ busiest times. Company officials said Saturday that single-day ticket prices are either staying the same, or are increasing no more than $5 under the new price structure for its Florida theme parks. Starting Sunday, ‘value’ days for Magic Kingdom will cost $107 for adults and $101 for children.” Disney spokeswoman Jacquee Wahler confirmed the changes in Disney’s ticket prices. “Our pricing provides guests a range of options that allow us to better manage demand to maximize the guest experience and is reflective of the distinctly Disney offerings at all of our parks,” Wahler said. (clickorlando.com)

Here Are More Ways to File Your Tax for Free. Yes, Absolutely Free!

February 10, 2017 Leave a Comment

Ann Carrns writes on The New York Times: “This year, there are numerous ways to prepare and file income tax returns free of charge — but the variety of features and qualifying criteria is dizzying. So it is important for filers to slow down and make sure the programs they choose are really the ones they want. The Internal Revenue Service continues to offer the Free File program — online, do-it-yourself tax preparation software from a dozen commercial vendors — to low- and moderate-income filers. (Generally, this refers to people who earn less than $64,000, although some companies set lower limits.) The online software is made available free to eligible tax filers under an agreement between the I.R.S. and the Free File Alliance, a group of major tax preparation providers that includes Intuit, the maker of TurboTax; H&R Block; and TaxAct. About 100 million people are eligible to use Free File, but only about three million do each year, said Tim Hugo, the alliance’s executive director. The disparity, he said, may be a result of the I.R.S.’s lack of an advertising budget.” (nytimes.com)

The U.S. Mint to Release New $100 Gold Coin

February 3, 2017 Leave a Comment

The U.S. Mint will release a $100 gold coin on April 6th, 2017 depicting an allegorical liberty as an African-American woman to commemorate the agency’s 225th anniversary. The coin was unveiled during a ceremony earlier this year involving the U.S. Mint and Department of Treasury. The new $100 gold coin is the first in a series of coins that will be released biennially. Later coins will portray Liberty as Asian-American, Hispanic-American, Indian-American, and more. “We are very proud of the fact that the United States Mint is rooted in the Constitution,” said Principal Deputy Director Jeppson. “Our founding fathers realized the critical need for our fledgling nation to have a respected monetary system, and over the last 225 years, the Mint has never failed in its mission.” (usmint.gov)

Stop Wasting Money! Here’s How to Do Your Taxes for Free

February 2, 2017 Leave a Comment

Every year complying with tax regulations cost Americans at least $107 billion, according an estimate by the General Accountability Office. As many as 57% of all people used a brick-and-mortar tax business to file their taxes with an average of $176 for a federal return with just the standard deduction plus a state return. Unless your tax situations are complex, The Finance Buff elaborates 6 ways to do your taxes for free:

(thefinancebuff.com)

Killer Debt: Too Much Debt Could Kill You

February 1, 2017 Leave a Comment

Exercise regularly, be mindful of your diet, and pay off your credit card bills? That very well may be the new mantra for a long life, as a new study finds high debt could lead to an early death. Conversely, those who owe very little are less likely to die at a younger age. Researchers looked at approximately 170,000 credit reports from the Federal Reserve’s Consumer Credit Panel, a nationally representative sample of U.S. consumers and their household members with information in the consumer credit data system. “It seems clear that debt resulting from a financial crisis has lasting effects on health that are substantial enough to increase mortality rates,” the authors write. The authors found a negative association between delinquent debt and health, when measured by mortality, and a positive association between credit-worthiness and health. (studyfinds.org)