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Tips That Make You Feel Like a Genius
Secretly, I feel like a genius when I discover a secondary use for this or that — in case I run out of this, but have plenty of that! Like using a paper coffee filter to wash a glass top or mirror when I'm in a pinch for paper towels. Or using …Read more.
Supermarket Tricks That Makes Us Spend More
I've always thought of myself as pretty sharp when it comes to spotting supermarket trickery. I'm not even fazed by an end-cap display announcing, "Special." I know their ways. They hope we'll just assume that "special" means …Read more.
The Struggle to Actually Use up Gift Cards
My love-hate relationship with gift cards has intensified. What a pain, really. I'm one who just forgets to use them, and when I remember, I try to figure out how to use each one to the last cent. I was reminded of my situation recently when I …Read more.
Commingle Personal and Business Finances? Never!
Dear Mary: I am reading your book, "Debt-Proof Living," and have begun tracking my expenses. I have a home-based business. Should I include business expenses or just personal expenses in the tracking? — Lucy, Vermont
Dear Lucy: You …Read more.
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Sorry, Buster, You've Got the Wrong NumberDear Mary: Someone who has the same name as my husband apparently has been running up his credit cards and not paying his bills. The credit collection companies mistakenly call our home with threatening messages for this man and his wife. We explain to the callers that they have the wrong person. My husband's credit reports contain no errors, and his credit is fine. We even have signed up with LifeLock, but still, we get calls. How do we get these calls to stop, and how does our number get tapped for someone else's bad credit? — Brenda M., Illinois Dear Brenda: This happened to me. I was able to convince the collection companies that they were reaching the wrong person, but it took some fast-talking. I got them to pull the original applications. It turned out that their deadbeat had given my phone number (randomly, I'm sure) on the credit applications. The situation is annoying, but you probably don't have anything serious to worry about. You are monitoring your credit file, and you have the protection of LifeLock. (So do I.) I'm guessing that your number was forged on the credit application, as mine was. In your case, the debtor took the time to find someone with the same name. I would tell third-party bill collectors never to call again. That is anyone's right under the provisions of the Fair Debt Collection Practices Act. Otherwise, phone features such as "call blocking" and "voice mail" can come in mighty handy.
Dear Mary: I am 66 years old and employed full time. Statistically, men die before women, and I want to make sure that my wife is secure in the event of my death. The only debt that we have is our mortgage, with a balance of $126,000. If I were to retire in three years, I would lose about $66,000 in life insurance coverage, which is an employee benefit. I want my wife to be able to pay the mortgage debt with life insurance benefits. I am considering taking my Social Security payments in January and applying them to our mortgage to pay it down before I retire. My accountant indicated that if I were to do that, for every 12-month period of receiving Social Security, I would pay an amount in taxes equal to a one-month mortgage payment. What do you think I should do? — Bill W., Kentucky Dear Bill: I would start taking that Social Security and follow through with your plan. If you were to wait until age 70 to begin drawing benefits, you would receive more each month, but drawing now would give you a four-year head start. Investing the money in your debt would give you a guaranteed return on your investment equal to the interest rate on your mortgage. These days, that's a pretty good deal! Do you have a question for Mary? E-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. Mary Hunt is the founder of www.DebtProofLiving.com and author of 18 books, including "Can I Pay My Credit Card Bill With a Credit Card?" To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com. COPYRIGHT 2009 CREATORS.COM
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