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What Bank Branch Closures Mean for Consumers
Tweet Share on Facebook April 23, 2013 CommentThe traditional notion of banking, in which customers visit their local branch to deposit money, check their balance or take out a loan, may no longer be the reality. In the past year, American banks shuttered more than 2,000 branch locations—and news of additional closings appears on a regular basis. Banks cite rising operation costs and shifts in consumer-banking behaviors as primary causes for reducing the number of branches.
For banks, these decisions are a matter of improving their bottom line, but for customers, these closings may force them to develop new habits. In one way or another, most people are likely to notice a change in how they interact with their bank.
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5 Reasons to Shop at a Credit Union for Car Loans
Tweet Share on Facebook April 22, 2013 CommentWhen you’re in the market for a new or used car, you’re probably thinking about financing the vehicle. While dealerships make their own financing programs sound especially attractive, it’s always a good idea to shop around for the best auto loan rates—starting with local credit unions.
Mike Schenk, vice president of economics and statistics of the Credit Union National Association, says there are several reasons why you’ll be better off choosing a credit union over a commercial bank. Here are five of them:
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Credit Report vs. Credit Score: Do You Know the Difference?
Tweet Share on Facebook April 22, 2013 CommentCredit reports and scores remind me a lot of the Abbott and Costello act, “Who’s on First?” They can be rather confusing. But while “Who’s on First” is funny, confusing your credit report and credit scores is not. In fact, mistaking the two could end up costing you.
Not only are credit reports and credit scores different, they are often used for different purposes. However, because the two are directly related, it can be easy to confuse the two, their purpose and potential effects on your finances.
So let’s sort out Who’s on first and What’s on second when it comes to credit reports and scores.
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10 Ways to Make Store Brands Work for You
Tweet Share on Facebook April 18, 2013 CommentWhat can you do when your grocery bill explodes? You could try extreme couponing, but that takes dedication. Cooking from scratch saves money. But who wants to spend that much time in the kitchen?
Using a simple tool that's easy and can save big bucks every time you push a grocery cart through the store? That sounds like a good option. We're talking about replacing some nationally advertised brands with generic or store brands.
In the 1970s, stores started offering their own brands as a low-cost alternative. By the 90s, grocers were developing products that were as good as—or even better than—name brand products.
Recent Consumer Reports tests show many shoppers prefer the taste of store brands. Plus, the savings can be significant; many times as much as 25 percent. Here are ways to save money with store brands:
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8 Smart Ways to Spend Your Tax Refund
Tweet Share on Facebook April 17, 2013 CommentSo you’ve crossed your T’s, dotted your I’s and successfully filed your taxes by the April 15th deadline. If you’re expecting a tax refund, you’ve probably already asked yourself, “What should I do with it?”
A federal tax refund is one of the largest lump sums of money the average American household receives all year, according to a research report from the American Tax & Financial Center at TurboTax.
In 2012, the IRS estimated the average federal tax refund to be about $2,700. That’s equal to more than one month’s worth of income for 66 percent of taxpayers—or more than three months of groceries for an average family of four. Of course, you could adjust your W-4 so you have fewer taxes withheld. However, struggling taxpayers often have a difficult time holding on to that extra money when it’s included in their paycheck instead of receiving it in a lump sum.
Here are eight tips to help you decide—and plan ahead—for what to do with your tax refund:
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How Much Life Insurance Do You Need?
Tweet Share on Facebook April 15, 2013 CommentIf you’ve opted to create to a life insurance plan and have already selected a life insurance agent to work with, you’ll have to determine how much coverage you actually need. While some agents use a formula to recommend a certain amount of coverage for each client, the amount may not be enough. Here are guidelines on how to review your income, calculate annual expenses and assess the needs of your family:
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Do You Owe Taxes on a Credit Card Sign-Up Bonus?
Tweet Share on Facebook April 12, 2013 CommentBanks are always promoting their credit card offers and sometimes they entice potential customers through the use of sign-up bonuses, which may include cash, points, airline miles, gifts or other financial services. Only some of these bonuses must be reported to the IRS because you have to pay taxes on them,.
“How can I tell which sign-up bonuses must be reported on my tax return?” It’s a common question among consumers who take advantage of such promotional bank offers.
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4 Debt Consolidation Traps to Avoid
Tweet Share on Facebook April 12, 2013 CommentDebt consolidation loans are like a politician during an election year—they make a lot of promises, but don’t always deliver. They promise lower monthly payments, lower interest rates and the convenience of a single payment. For many, however, the reality is high fees, greater debt and potentially more interest payments.
If you’re drowning in a world of high-interest credit card debt, a debt consolidation loan could help you reduce your monthly payments and pay down debt more quickly. But when debt consolidation becomes something that masks the underlying issue instead of fixing it, you could make things worse.
Here are four signs that a debt consolidation loan may drown your finances:
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Easy Ways to Make Your Yard Sale a Huge Success
Tweet Share on Facebook April 11, 2013 CommentYard sales are part of the summer landscape—an opportunity to turn unwanted household items into quick cash. Use these tips to attract shoppers and boost sales.
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5 Financial Precautions to Take Before Moving in With Your Partner
Tweet Share on Facebook April 11, 2013 CommentLiving with your significant other is harder than most people think; just ask the 38 percent of renters in a recent Rent.com survey who ended a personal relationship with someone while still living together. When you’re going through a breakup, things can get messy, and sharing a living space only complicates the matter. Before taking the big step of cohabitation, here are some important financial precautions that will save you from headaches down the road if things don’t work out:
