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How to Retire the Cheapskate Way

Posted on 06/12/2014 by |AARP Blog Author | Comments

Money & Savings | WorkJeff Yeager — aka “the Ultimate Cheapskate” — is AARP’s savings expert and host of the weekly Web show The Cheap Life, produced by AARP and airing on YouTube. He’s also the author of four popular books about frugal living, including his most recent, How to Retire the Cheapskate Way. Jeff will be a guest on AARP Live on Thursday, June 19, so we sat down with him in advance to chat about retirement planning and living, cheapskate-style. What does it mean …

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 …

Debt Collectors Fined, Told to Back Off

Posted on 05/9/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsHere’s some good news for people hounded by relentless debt collectors and hauled into court. Two of the nation’s biggest debt collection companies have agreed to stop lawsuits against borrowers and drop collections on some $16 million in judgments. In a settlement with New York authorities, Portfolio Recovery Associates, based in Norfolk, Va., and Sherman Financial Group, based in New York, also agreed to pay fines to settle allegations that they violated state law by pursuing borrowers for debts that …

Is Rising Mortgage Debt Threatening Retirements?

Posted on 05/8/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsOlder Americans are carrying more mortgage debt and have accumulated less home equity than their peers a decade earlier, according to a report by the Consumer Financial Protection Bureau. The median mortgage debt for those age 65 and older rose 82 percent to $79,000 from 2001 to 2011, according to the agency. And though delinquencies and foreclosures have decreased since 2012, they had increased fivefold between 2007 and 2011 among older homeowners, the CFPB reports. “A home can be a place of …

Do You Worry About Money? Join the Club

Posted on 04/24/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsWhether you’re nearing the end of your working life or still several decades away, Americans all share the same financial fear: Will I have enough money to retire? More than two in three Americans ages 30 to 64 say their top financial worry is whether they’ll be able to save enough to live reasonably well in retirement, according to a Gallup poll released this week. Not being able to pay for medical costs was the top money fear for people …