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When you need medical care, medical credit cards can help - - they can also hurt you financially in the future.  Medical credit cards usually offer interest free payments; however, at the end of that period (anywhere from three months to a year), if the balance is not paid in full then ALL past interest is added to the balance.  That interest can be as high as 27% or higher.  This creates a heavy burden on the consumer. For more information about medical credit cards and what to consider … [Read more...]

The US Supreme Court has agreed to hear arguments in the case of Clark v. Rameker - - a case which could have a huge impact on how IRAs are treated in bankruptcy cases.  The case involves a couple who filed for bankruptcy relief in 2010.  At the time the case was filed, they had $300,000 in an IRA that would normally be protected under current bankruptcy laws.  However, the trustee in the case argued that the funds in the IRA were inherited and not protected by bankruptcy exemptions.  The case … [Read more...]

If you received a newspaper on Thanksgiving Day, you saw firsthand how far some stores would go to get consumers to spend money with them.  However, what happens when businesses go too far with their ads?  What happens when a business promises something but fails to deliver?  What rights do consumers have to sue stores for deceptive holiday deals?  Generally, in order to sue of deceptive holiday deals the advertisement must contain false promises, the store made artificially high markups to make … [Read more...]

If you are like the thousands of consumers looking for Cyber Monday or Mobile Tuesday holiday deals, be careful when shopping online this year.  According to a survey by FindLaw, only 19% of buyers say they read every world of legal contracts even though the agreements in the contracts may be legally binding.  If you are shopping online be careful about shopping at websites without checking their reputations or at websites that are not secure.  Using public and shared computers to shop online … [Read more...]

Your credit score is probably the last thing that you are thinking about during the holidays.  However, this is the time of year when people do things that damage their credit score in the New Year.  For example, think twice before applying for several store credit cards just to save a few dollars because the inquiries and the new accounts could lower your credit score next year.  Need extra money - - skipping payments is not the answer to that problem. For more tips about keeping your credit … [Read more...]

Creating and living by a budget is essential to your financial security in the future.  Without a budget, you have no clear picture of your spending habits and no idea where to cut expenses should you experience a loss of income.  Budgets make it possible for us to save money and survive tough economic times.  However, creating a budget is just the first step, you must also commit to living within that budget. For tips on creating and budget and living within your budget read, “Creating and … [Read more...]

When you get divorced, you hope to put your relationship and everything to do with it behind you.  However, this may not be true if you filed joint tax returns.  If your spouse cheated on his tax returns and owes money, the IRS will hold you equally liable for the debt and pursue you for payment.  You may try several things such as Innocent Spouse Relief, Separation of Liability Relief and Equitable Relief. For more information on how to deal with an ex’s tax problem read, “How Divorcees Can … [Read more...]

Knowing how much home you can afford can be tricky.  Most experts advise that your home should cost no more than three to five times your annual household income.  However, you should consider other factors such as your future career and life plans.  A 30-year mortgage is a long commitment in light of the unemployment rate.  Furthermore, what are your current and future debt obligations - - will you have student loan payments that will begin in the near future. For more help deciding how much … [Read more...]

After listening to testimony during a nine-day trial that ended earlier this month, Bankruptcy Judge Stephen Rhodes has finally set a date for his decision on Detroit’s eligibility to file a bankruptcy.  Detroit, and the rest of the country, will know on December 3 whether or not Detroit will be allowed to continue under bankruptcy protection or if creditors can resume attacking the city demanding payment of past due bills.  Regardless of the decision, appeals are likely to be filed by those who … [Read more...]

If you are considering moving in with a roommate to split costs and save money, you need to iron out the details before packing your belongings and moving in.  For example, will the rent be split evenly even though one roommate has a much larger bedroom?  Likewise, unless you are renting a fully furnished apartment or house, how will you deal with splitting any household items that are purchased together if one roommate moves out?  Figuring out the rules and nailing down all of the money matters … [Read more...]