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Senior Editor, Money Team

Eileen Ambrose

Biography:

Eileen Ambrose is a senior editor and writer for the Money Team. She previously was a personal finance columnist with the Baltimore Sun.

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Eileen Ambrose'sPosts

Don’t Become a Credit ‘Mule’

Posted on 06/11/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsCash-desperate consumers are being lured into becoming unwitting “credit mules” via a cellphone scam, the Federal Trade Commission warns. Con artists pay targets a couple hundred dollars to sign up for wireless contracts for iPhones and other mobile devices, the FTC says. The consumers then turn over the smartphones to the scammers, who “unlock” the phones so they can be used by others. The phones then are often sold overseas, where they can fetch from $500 to $1,000 apiece, says Nat …

Free Resources For Managing Your 401(k)

Posted on 06/10/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsNeed help with retirement? The do-it-yourself investor can find plenty of online resources to help with retirement and other types of financial planning. Fidelity Investments in Boston offers a variety of tools, including some to help you devise a plan to pay off debt or decide whether to convert to a Roth IRA. Baltimore-based T. Rowe Price’s Retirement Income Calculator can project how much you will need in retirement vs. how much you will have, while Valley Forge, Pa.-based Vanguard’s Retirement …

President Makes It Easier to Repay Student Loans

Posted on 06/9/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & Savings | Your LifeJust as the Federal Reserve Bank of New York is raising concern about growing student loan debt and defaults, President Barack Obama is moving to expand a repayment program aimed at helping lower-income borrowers. The president today signed an executive order that the administration says will allow nearly 5 million more borrowers to qualify for a program that keeps monthly payments on federal loans to no more than 10 percent of discretionary income. This plan has been available only to more …

Skipping Out on Student Loans? Check Your Wallet

Posted on 06/9/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsSo what can Uncle Sam do if you don’t repay your federal student loans?   Report you to credit reporting companies. Garnish your wages. Keep your tax refunds and Social Security payments until the debt is paid off.   That’s right, all of the above.  Only most people aren’t aware of it. Economists and researchers at the Federal Reserve Bank of New York asked this of more than 1,000 consumers — only to discover that less than one-third of them correctly answered that the …

Paying It Forward: Banks Donate Homes to Wounded Vets

Posted on 06/3/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsJulie Barcheers is on her way to becoming a first-time homeowner without having to buy a house. The 55-year-old Army veteran participates in a program by the Military Warriors Support Foundation that matches those wounded in service with houses donated by major banks. Barcheers recently received the keys to a three-bedroom house in Carriere, Miss. If she pays the annual property taxes and meets other criteria, the house will be hers in three years — free of any mortgage. “For …

Is Medical Debt Highly Unhealthy for Your Credit Score?

Posted on 05/21/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsAre consumers’ credit scores unfairly dinged by medical debt? The Consumer Financial Protection Bureau thinks so. The agency released a new report that says unpaid medical debt sent to collections – and appearing on credit reports – can overly penalize consumers. Credit scores, generated by information in credit reports, are three-digit numbers that try to predict a consumer’s likelihood of paying bills. The higher the number, the better. Businesses use scores to decide whether to extend credit and at what interest …