Written by Tim Peak on May 10, 2012.
Dear Eva,
My parents are trying to convince me to buy a house because mortgage interest rates are so low now. Plus, they are noticing that homes in my area have become more affordable than they were just a couple years ago. Ive got a decent job and no debt (besides student loans), but my credit isnt fantastic. Its 630. My parents keep reminding me that they were dirt poor when they got their first house and that if I wait until I have perfect credit, Ill miss the boat. I guess Id just like to know if waiting (and working on improving my credit) is the best choice. What do you think is the ideal credit score I should have before getting a mortgage?
Hi Aaron,
Great question!
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Written by Tim Peak on May 3, 2012.
Is there such a thing as a good emergency credit card? Credit cards should be a last resort when it comes to needing money. Having an emergency fund is a better way of handling those situations for when you need cash right away. However, credit cards can be a good resource for those times when you just do not have the cash on hand.
For those who want to protect themselves without having money in the bank, consider the option of getting an emergency credit card. This card is one you keep on hand but dont use unless theres an emergency. It is a good way to have money to cover unexpected expenses. And, if you choose a low interest rate credit card without an annual fee, youll have no problem managing the credit line long term.
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Written by Tim Peak on April 17, 2012.
There are different types of bankruptcy available under the bankruptcy code for both consumer and businesses. Here is the list:
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtors nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. In addition, the Bankruptcy Code will allow the debtor to keep certain exempt property.
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a reorganization bankruptcy.
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Written by Tim Peak on April 7, 2012.
Dear Erica,
My wife had a brain aneurysm, which caused a serious memory impairment. She was found disabled and approved for Social Security income. I am her SSI representative and must manage all her financial affairs. We have had a clear understanding that she is not to apply for credit cards, but shes secretly gotten several cards with high limits even though she has only about $500 in SSI per month and no checking account of her own. She hides the credit card bills and doesnt pay them. I dont know whats happening until she has charged thousands of dollars.
When I was employed, I would call the card company, explain the situation and pay off her cards. Now that I am retired and on a fixed income, I cannot continue to pay. The companies that are giving her cards have been notified about her medical condition and are aware of her no-payment history.
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Written by Tim Peak on March 30, 2012.
Macy’s is one of those legendary New York City establishments with a history that puts it into a league of its own. After all, the Macy’s flagship store was where the blockbuster Jimmy Stewart Christmas movie “Miracle on 34th Street” was filmed. Plus what’s not to like about a store that originated the concept of super-sized helium balloon cartoon characters floating along 5th Avenue during Thanksgiving?
More than a monument to nostalgia, Macy’s also carries a full line of excellent quality clothes and other items. So whether you walk into one of their stores or visit them online, Macy’s is a great store with a longstanding reputation for good products and services. But does the Macys credit card offer something unique to cardholders?
If you shop at Macy’s then you basically have two big choices of cards. One is just a Ma
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