Most monthly mortgage payments are divided into four components, often abbreviated as PITI: principal, interest, taxes, and insurance. On a fixed-rate loan, the principal and interest portion is locked in at closing and never changes. But taxes and ins…
Author: Lorraine Roberte
Even after you file your taxes, the IRS may determine that you owe additional money. However, it only has a limited window of time to assess or collect what you owe. This time limit is known as the IRS statute of limitations. So how far back can the IR…
A credit card is a tool. In the right hands, it can make life easier and even pay you back a little. Used without a plan, though, it can turn into expensive debt. The difference often comes down to habits. The habits that matter most are simple: pay on…
Getting a credit card usually doesn’t cost anything upfront. In fact, most credit cards don’t charge an application or account-opening fee. The real costs come from how you use the card. If you pay your statement balance in full each month,…
Whether you need a financial cushion after a job loss or are planning a home renovation, you might be eyeing your retirement account. It’s natural to wonder if you can use a 401(k) as collateral for a loan. The short answer is usually no, at leas…
Yes, you can get cash with a credit card, but it’s usually a cash advance, not a regular purchase. That distinction matters. Cash advances often include added fees, a separate (and lower) limit, and interest that may start building right away.…
In nearly all cases, you can’t close a bank account with a negative balance until you’ve paid back what you owe. If you ignore the account, hoping it’ll just go away, the bank may eventually close it on its own, but that doesn’t erase the debt, and it …
Not much happens to your 401(k) at first. If you get fired, you don’t lose your 401(k). The money you contributed is yours. The employer match depends on vesting. What happens next depends on how much is in the account, what you do with it, and whether…
Paying off credit card debt is easier when you have a clear plan. Start by listing each card and its important details, such as the: From there, choose a payoff method, look for ways to reduce interest and decide whether seeking expert help might make …
Tax season comes with a lot of paperwork and stress. For many people, it also comes with a welcome payday. When deciding between a bigger paycheck or tax refund, the basic trade-off is timing: more money in each paycheck or a larger payout at tax time….