debt

Your Most Embarrassing Number, and It’s Not Weight

Posted on 04/23/2014 by | Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsWhich number is your most embarrassing –  age, weight or credit-card debt? Surprise, it’s debt, according to a poll by the National Foundation for Credit Counseling. Thirty-seven percent of nearly 2,200 respondents say they would be the most red-faced to admit their credit-card balances. Credit scores came in second on the shame scale, with 30 percent saying they would not be comfortable disclosing their number. Consumers have fewer qualms about divulging weight and bank balances, according to the foundation. (Twelve …

Social Security Halts Refund Grab to Recover Old Debts

Posted on 04/11/2014 by | Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsUpdate: The Social Security Administration says it will immediately stop collecting old debts by grabbing taxpayers’ refunds. In a statement, Carolyn W. Colvin, the acting commissioner of the agency, says: “I have directed an immediate halt to further referrals under the Treasury Offset Program to recover debts owed to the agency that are 10 years old and older pending a thorough review of our responsibility and discretion under the current law to refer debt to the Treasury Department. “If any Social Security …

Payday Loan Fees Often Exceed the Amount Borrowed

Posted on 03/25/2014 by | Senior Editor, Money Team | Comments

Money & SavingsIf you need more evidence that payday loans can be a debt trap, look no further than today’s report by the Consumer Financial Protection Bureau. The agency found that 4 out of 5 payday loans are renewed or rolled over within two weeks after the end of their term. In half of these cases, the borrower renews the loan at least 10 times in a row. And repeat borrowing may be more expensive than many borrowers may realize. Fees in …

Tools to Shore Up Retirement Savings

Posted on 01/23/2014 by | Money and Work | Comments

Money & SavingsThe road to retirement may seem uncomfortably short, particularly if you’re in your 50s and haven’t saved much. The latest Federal Reserve data shows that households with people ages 55 to 64 have accumulated a median $120,000 in retirement savings. That amounts to about $400 to $500 a month in income, according to a CNBC report, on top of the average monthly Social Security benefit of $1,294. If you’re 10 to 15 years out from your projected retirement date, it’s …

Give Today’s Retirees a ‘D’ — for Debt

Posted on 01/22/2014 by | Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsWhat’s quickly eating up a growing share of retirees’ money these days? Not health care, as you might expect, according to a new report by the National Center for Policy Analysis. Over the past 20 years, a greater percentage of older Americans’ dollars has gone to servicing debt, particularly mortgage and home equity loans, the “free market” think tank says. It used government data to compare the spending habits of today’s retirees with those of their predecessors, finding, for instance, that 20 …

What’s the Nation’s No. 1 Problem?

Posted on 01/16/2014 by | Washington Watch | Comments

Bulletin Today | PoliticsIt’s the government, stupid. Bill Clinton won a presidential campaign with the motto, “It’s the economy, stupid.” But these days the top issue to most Americans is the government, according to a new Gallup poll.   Some 21 percent of Americans polled in the Jan. 5-8 survey said that the most important problem facing the country today is the government itself — including poor leadership, corruption, abuse of power and general dissatisfaction with Congress and politicians in general. The second most important …