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Do you wonder why your pay more for your health insurance than your brother or why your car insurance is higher than someone who has tickets and you have none?  There are factors that insurance companies use to determine your rates of insurance and some of those factors may surprise you.  For example, most of us understand that smokers pay more for health insurance than non-smokers do but did you also know that a poor credit score could raise your car insurance and life insurance rates … [Read more...]

As the federal government and state agencies try to “sell” the health care exchanges, one item is being left out of the advertising - - the penalty assessed to those who do not have insurance as of January 1.  Recent polls show that this is the least popular part of the program and the exchange operators and the President’s administration are downplaying it.  However, the penalty is a reality and individuals need to understand how the penalty works and how it will be assessed and … [Read more...]

In addition to the fact that you have more control over a home you purchase verses one that you rent (i.e. types of home improvements made, landscaping changes, etc.), there are several other reasons why it may be better to buy a house rather than rent.  For example, you can claim an income tax deduction for property taxes and mortgage insurance payments; however, if you rent, you are not even liable to pay these expenses.  Furthermore, owning your own home is an investment that should … [Read more...]

If you have heard of FlexScore, you may be wondering how it compares to your credit score.  A FlexScore is a new scoring system that is aimed at helping individuals improve their finances instead of simply revealing how potential creditors view them when applying for credit.  In addition to the standard question associated with credit scores (“How am I doing?”), the financial advisors who created FlexScores are also trying to answer, “How do I improve my current situation?”  The hope is to help … [Read more...]

When a disaster of any type occurs, the physical and psychological toll on individuals is devastating.  What few people understand is that a financial disaster often has many of the same devastating effects as other disasters.  The first step in recovering from a financial disaster, whatever the cause, is to acknowledge the pain caused by the situation. Once you accept the situation, you can begin to find ways to deal with your personal finances such as examining your balance sheet, finding ways … [Read more...]

Student loans are a huge problem for many people in America.  Student loans are non-dischargeable through bankruptcy making them almost impossible to get rid of short of paying off the loan in full.  Student loan companies are not willing to accept mere pennies on the dollar to settle a loan like some credit card companies and medical providers do.  If you do try to settle a student loan, you may have to offer up to 80% of the loan balance to settle in full. If you cannot settle your student … [Read more...]

With the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 set to go into effect on January 1, 2014, consumers may find it more difficult to get a mortgage next year.  According to the provisions of the Act, lenders may have to deny customers for a mortgage next year who would otherwise qualify for a mortgage this year.  An estimated 48% of individuals who would qualify for a mortgage today will not quality in 2014. For reasons why and tips you can use read, “Qualifying for a … [Read more...]

The Affordable Care Act has been in the news almost non-stop since it rolled out; however, few people understand all of the details of how this law affects them.  For example, the administration promised individuals could keep their current insurance plan under the Act.  In fact, only individuals that have policies dating back to March 2010, when the Act became a law, will be allowed to keep their current policy if the policy has not been changed by the insurance company. For more of the true … [Read more...]

There has been a lot of talk recently about income taxes.  This is probably because as the end of the year ends, there are only a few more weeks to take advantage of ways to lower the amount of taxes you will owe for 2013.  For example, if you are receiving a year-end bonus, defer the bonus to January so that you will not be taxed on it for 2013.  If you are self-employed or an independent contractor, you may want to mail your November and December invoices in January to avoid paying more taxes … [Read more...]

Some lenders allow customers to skip a payment once a year – and the offers roll in especially around the holidays.  If you are skipping a payment to spend money that you really cannot afford, this may be a poor choice on your part.  However, if you are in a bind it is better to take advantage of the skip payment rather than not make a payment at all.  The problem arises when you skip a payment on a very high interest, low monthly payment loan as that one skipped payment could add more than a … [Read more...]