1 In 5 Hiding Financial Account From Partner


You don’t have any financial issues to hide from your partner … do you? According to a new survey from CreditCards.com, almost 1 in 5 of us does.

The survey found that 19% of Americans have at least one financial account that they hide from their spouse or live-in partner – either banking or credit card accounts. That translates to around 29 million Americans who aren’t fully open with their loved one about finances.

The true number of cheaters is likely higher. Why expect 100% of people who would lie to their partner to be completely truthful with a survey that asks about cheating habits, confidential or not?

Cheaters may rationalize their behavior by saying that their cheating is only financial, not physical in nature. That doesn’t fly with most Americans. Approximately 35% of respondents believe that financial cheating is just as bad as physical cheating…

Young Seniors Have High Non-Mortgage Debt


By Sandra Parsons

Debt is a major barrier to financial well-being among Americans. While we tend to think of debt as an issue affecting young and middle-aged people, the truth is that senior citizens carry debt, too. Among seniors approaching retirement, debt can be an obstacle to maximizing savings. Retirees living on a reduced income may find debt especially crippling in an economy of rising costs.

Using an anonymized sample, LendingTree analyzed 2018 second quarter credit report data for 75,000 My LendingTree users aged 65-70 across the fifty largest metropolitan centers in the US. They calculated three main metrics: median non-mortgage debt balances; distribution of debt by type (auto loans, credit cards, personal loans, student loans); and average credit score. The results might surprise you.

The Average Median Non-Mortgage Debt Among Retirement-Aged…

Nearly 3 Of 4 Won’t Date People In Significant Debt


Are you having trouble getting a date? Could be your rap, your looks, or your excessive debt.

According to a recent survey by Finder.com, 72% of respondents say they would re-think a relationship with a partner in significant debt. (That’s similar to the percentage in last year’s Finder.com survey, so don’t expect debt to become a desirable trend.)

“With 72% of Americans saying they’d reconsider a romantic relationship if the other person was in debt, singles with unsettled loans might want to sort out their balance sheets before hitting the dating scene,” says finder’s Consumer Advocate Jennifer McDermott.

According to the survey, “While debt is undoubtedly a turn off, not all debts are viewed as equally unappealing. For example, credit card debt is the number one …

More of Us Focused On Losing Debt Than Losing Weight


Which would you rather do in 2019 – lose the spare tire around your waist or the excess debt dragging down your finances?

Americans clearly struggle with both debt and obesity. In late 2018, NerdWallet estimated the average American credit card debt at $6,929 for households with any credit card debt – part of a staggering $135,768 average including all debts (led by mortgages). Meanwhile, the Centers for Disease Control’s most recent statistics from 2015-2016 lists America’s obesity rate at just below 40% – and if you think more recent data will show improvement, fat chance (pun intended).

A new survey by CompareCards.com finds that we’d rather have excess weight than excess debt. While 34% of Americans said losing weight was a 2019 priority, 41% said reducing debt was a higher priority. Perhaps the remaining one-quarter of Americans aren’t overweight or in debt – and if they are, they don’t mind being that way.

They’re also more likely to b…

Super Bowl Numbers


Are you ready for Super Bowl LIII (or 53, if you prefer)? On Sunday, February 3, at Mercedes-Benz Stadium in Atlanta, GA, the Los Angeles Rams and the New England Patriots will meet to determine who hoists the Vince Lombardi Trophy as the champion of the National Football League – thanks to two thrilling overtime conference championship games, the first time that’s ever happened in the same season.

You could pronounce “Super Bowl LIII” or last year’s exciting “Super Bowl LII” as “Super Bowl Lies”, but MoneyTips has Super Bowl truths for your pre-game prep.

Quarterbacks – We could have been treated to the oldest quarterback matchup in Super Bowl history (41-year-old Tom Brady vs. 40-year-old Drew Brees) – or the youngest (24-year-old Jared Goff vs. 23-year-old Patrick Mahomes). Instead, we have a matchup of the young gun (Goff) versus the wily veteran (Brady).

Brady Again? – Will Brady ever retire… or stop winnin…

How To Prevent The Shutdown From Hurting Your Credit Score


If you’re a furloughed government employee or other worker sidelined by the shutdown – or worse, working without a paycheck – you’re probably at risk of missing payments or racking up large credit card bills. How do you keep your credit score from dropping as a result?

On-time payments are one of the most influential factors in your credit score, so let’s start there.

Hopefully, you have an emergency fund to cover short-term payments. If not, your shutdown goal is to minimize negative reports to the three major credit reporting agencies (Experian, Equifax and TransUnion). Credit scoring systems don’t have any mechanism to make exceptions with missed payments, but lenders have some leeway in how missed payments related to the shutdown are reported.

Avoid all delinquencies, even if you have to run larger credit balances to do so. If delinquency a…

Credit Card Income Updates 101


By Sandra Parsons

When you apply for a credit card, the card issuer collects personal information, including your income. It’s one of the factors they consider when deciding whether to approve or decline your application. If they do approve you, your income, along with your current debt load and credit score, helps them decide how high of a limit to assign you. Most people know this and expect to divulge their income when applying for a new card. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.

But has your credit card issuer ever asked about your income after your card is approved and active? For many cardholders, this is murkier territory. Here’s what you need to know about updating your income with your cre…

2 Out Of 5 Balance Transfer Cardholders Don’t Pay Off Their Balance In Time


A balance transfer card with a 0% introductory interest rate can be an excellent way to consolidate high-interest debt and efficiently pay it down. It can also be a way to avoid reality and rack up even greater interest payments in the end.

A new study by CompareCards.com finds that too many Americans are taking the latter path. The CompareCards 2018 Balance Transfer Credit Card Report shows that 2 in 5 Americans that have had a balance transfer card failed to pay off the full transferred balance before the introductory period expired.

“That was disappointing to learn,” said Matt Schulz, Chief Industry Analyst with CompareCards.com. “That means that lots of people aren’t getting as much savings from balance transfer cards as they could, and that’s a shame.”

Balance transfer cards carry a high annual percentage rate (APR) after the 0% period. Any remaining balance from the tran…

To Stop Paying Interest Charges, Overpay Your Credit Card Bill


Can you pay off your credit card bill in full and still be charged interest? Yes – depending on the timing of your payment.

As National Financial Educators Founder and Chief Education Officer Adam Carroll points out, “One of the greatest expenses we have in our life is the interest expense on debt.” Interest charges accrue according to the terms and conditions legalese of your particular credit card, which people rarely read until it’s too late. Generally, when the billing cycle ends, you will have a grace period to pay off that balance in full and avoid interest charges.

Your credit card statement will show the statement closing date, the amount due at that time, and the payment due date on that amount. Assuming your card has a