Credit Checks And Jobs

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Finding a job can be a stressful and difficult task – and if you have poor credit, you may have an even harder time finding a job. A 2016 CareerBuilder study found that almost one-third of employers run credit checks on their potential hires, on the assumption that people with good credit are more likely to be productive employees.

That assumption may or may not be true – but, in most states, an employer is able to use your credit as part of the hiring evaluation process. The District of Columbia and eleven states currently limit the gathering or use of credit history in making employment decisions: California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont, and Washington. Aside from these states and a few cities in other states, including New York City, NY, and Philadelphia, PA, your credit history is fair game.

When credit is considered in the hiring process, the unemployed with low credit scores can fall into a “poverty t…

Video: Seniors, Don’t Worry About Timeshares You Can’t Afford

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By Eric Olsen, Executive Director, HELPS
Nonprofit Law Firm

I just got off the phone with a senior couple who have a timeshare they can’t afford and don’t use any longer. They had called a company who advertised that they help people get out of timeshares. (I hear such advertisements on the radio and television regularly.) The senior couple had paid this company nearly $3,000. The next payment of $1,000 was scheduled to come out of their account in a few days. I took a deep breath and explained that they didn’t actually need to keep paying for their timeshare, let alone pay someone to help get out of it. The timeshare company couldn’t take anything from them if they simply stopped paying. The law protects their retirement income from collection – including wage garnishments and bank levies from the timeshare company. That includes Social Security, pensions, VA benefits …

We Prefer Using Cash Over Credit For Small Purchases

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Do you use your credit card for most purchases? Are there times you prefer paying with your debit card? Perhaps you still use those funny green paper rectangles with numbers on them?

Cash hasn’t been forgotten, especially for smaller payments. A new study by CreditCards.com shows that 45% of consumers who have rewards credit cards still prefer to use cash for payments below $10. Even debit cards are more popular than credit cards on small payments, by a 30% to 23% margin.

This finding is consistent with previous data from the Federal Reserve’s Diary of Consumer Payment Choice (DCPC). In 2016, the DCPC found that 55% of all payments of $9.99 or less used cash, while cash prevailed for 35% of purchases between $10 and $24.99 but only 19% of purchases from $25 to $49.99. The CreditCards.com study agrees, showing that $25 is the median tipping point for using credit for purchases.

Why wouldn’t you use a credit card for all purchases when you get rewards fro…

Video: Can You Get A Scholarship With A Low GPA?

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Is your GPA all that counts when you apply for college financing? Watch the Scholarship System Founder Jocelyn Paonita Pearson explain how to get a scholarship with a less-than-perfect GPA in our exclusive video above.

Your credit score could affect your student loan interest rate. You can check your credit score and read your credit report for free within minutes by joining MoneyTips.

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Would You Share Your Driving Data To Save Money?

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By Stephanie Braun, Director of Auto Product Management at Esurance

Companies have collected data on their customers for decades. It allows them to offer more tailored services and products, and provide more relevant messaging. The reason data collection has gotten so much press lately is because it’s reached unprecedented levels. Already, we create 2.5 quintillion bytes of data each day. In fact, 90 percent of the world’s entire data reservoir was only created in the last two years. Automated technology like the self-driving car is expected to accelerate the quantity and quality of data that’s collected — perhaps exponentially.

Autonomous vehicles rely on real-time data collection to avoid accidents on the road and ensure engine performance. The suite of sensors and s…

6 Simple Steps To A Solid Financial Foundation (Infographic)

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There’s a lot of financial advice out there, from the Wall Street Journal to podcasts to your brother-in-law’s stock tips to “A penny saved is a penny earned.” The infographic above, developed in collaboration with the Common Cents Lab at Duke University, shows six simple steps to get your finances on sound footing.
The Common Cents Lab is a financial research lab that creates and tests interventions to help low- to moderate-income households increase their financial well-being. The lab is part of the Center for Advanced Hindsight at Duke University in Durham, North Carolina.

After you have finished with the first 2 steps, tackle step 3. When that’s accomplished, try Step 4, and so on. With only six steps, it’s a lot easier than trying to read the 3000+ articles on MoneyTips!

You can check your credit score and read your credit report for free within minutes by

Video: How To Raise Your Credit Score If You Mostly Use Cash

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Do you have limited credit because you usually use cash? There will come a time when you need a solid credit score to get a mortgage or auto loan, or even to rent an apartment! Watch National Financial Educators Founder Adam Carroll explain how to increase your credit score by getting a credit-builder loan in our video above.

You can check your credit score and read your credit report for free within minutes by joining MoneyTips.

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Bankruptcies Dropping Among Young, But Growing For Seniors

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Bankruptcy is a painful process at any point in life, but it’s especially excruciating when you are at or near retirement age. There’s no time to recover and build retirement income.

Unfortunately, seniors are declaring bankruptcy at an increasing rate. A recent study from the Consumer Bankruptcy Project found that the rate of Americans at or above age 65 declaring bankruptcy had increased by over 200% from 1991 to 2016. Because of the higher percentage of older Americans in the population, that translates to a nearly five-fold increase in seniors in the bankruptcy system.

The contrast is sharp among age groups over the same timeframe. The bankruptcy rate fell by 78% among Americans ages 18 to 24, by 64% in the 25 to 34 age group, and by 40% in the 35 to 44 age group. Meanwhile, bankruptcies rose by 66% in the pre-retirement group (ages 55 to 64).

4 Out Of 5 Americans Lie For Money

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Have you ever lied for financial gain? The odds are strong that you’ve done it at least once. According to a new study from finder.com, almost 4 out of 5 Americans have admitted to lying for some type of financial gain – and many don’t feel guilty about their lies.

Over 2,000 U.S. adults were asked if they had committed any of the financial lies presented in a list, from the illegal to the merely unethical. A surprising 78% of respondents admitted to at least one of the transgressions. Assuming a random sample, the study implies that almost 193 million American adults have lied for financial gain at some point in their lives.

Over half of respondents had lied in two specific areas – pocketing found money that wasn’t theirs (56%) and accepting an undercharge or excess change without bringing it to a seller’s attention (52%).

Close to one-third of respondents lied about