Here are strategies to manage, pay off your credit card debt in America
Inflation continues eating away at our take-home pay, and now a trip to the grocery store is becoming increasingly painful. Sadly, many of us are using credit cards to cope with the higher prices, and that's turning into a real economic problem.
Detroit woman hopes to break cycle of living paycheck to paycheck, looks toward next chapter
Local 4โฒs money expert Rod Meloni sat down with LaTonya Edwards, a 53-year-old single working mother of three young men hear more about her financial situation, and to see if any improvements could be made.
New app offers real-time financial advice for times youโre in โmoney pickleโ
You might be scared or embarrassed to work with a financial advisor. Some people feel awkward talking to someone about their personal finances or debt. Now itโs easier than ever to get professional help without the embarrassment.
Money Minute: What you need to know about gambling on unregulated gaming websites
Michigan residents who place wagers on unregulated gaming sites may gamble on more than they expected and become identity theft or deposit theft victims, said Michigan Gaming Control Board Executive Director Henry Williams.
Here are some of the biggest money mistakes for couples
Is your significant other making money mistakes that are affecting you? If your significant other is making a money mistake thatโs affecting you, then youโll want to take a look at these tips. โCouples fight over money more than other things like chores, whatโs for dinner and togetherness,โ said money savings expert Andrea Woroch. Money can be a big source of strife with your significant other, especially if you donโt do this:โThe first common mistake I see a lot of couples make when it comes to money is postponing the โmoney talk,โโ said Woroch. And set aside free money in your budget so each of you have a spending account.
New year new you: How to plan a game-winning strategy for your finances
The views expressed in this article are those of the advertiser and do not necessarily reflect those of this site or affiliated companies. As we begin a new year, itโs a great time to start planning your financial goals for 2021. As you set your sights on an end goal, Cornerstone Community Financial Credit Union can help you build your winning game strategy for your finances. The first recommendation the credit union has: Your savings is something to which you must commit, because it will set you up for short- and long-term success. To get your head in the game and win big in your finances, click or tap here.
Study: 4 in 10 Michigan families donโt make enough money to make ends meet
A new study on the Michigan economy shows that while jobs are available, they do not pay enough to make ends meet, and the coronavirus pandemic is making it worse. Michigan Future Founder Lou Glazer puts a good paying job at $20 an hour and he cites research claiming 60% of Michigan jobs pay less than that. โAt the point where construction companies donโt have enough carpenters, you would think the wages for carpenters would go up,โ he said. โTheyโre more likely to lose their jobs and then if they lose the job, theyโre less likely that job will come back anytime soon,โ he said. At the Detroit Economic Club, University of Michigan economist Gabriel Erlich believes people are going to see a two-tiered COVID recession and recovery.
How to track your $600 stimulus check
You need a Social Security number to qualify for a relief check. Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Track your paymentGet My Payment will let you confirm:That we sent your second Economic Impact payment, also known as a stimulus payment. Congress passed a COVID-19 relief package that extends the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation federal unemployment programs. โPlease continue to check the UIA website as we will provide more information as it becomes available.
IRS relaunches โGet My Paymentโ tool to track $600 stimulus checks
A second, smaller round of stimulus checks are due to most Americans after President Trump signed off on a $900 billion coronavirus relief bill in December. You need a Social Security number to qualify for a relief check. Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Track your paymentGet My Payment will let you confirm:That we sent your second Economic Impact payment, also known as a stimulus payment. Congress passed a COVID-19 relief package that extends the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation federal unemployment programs.
Why you need to be familiar with your own credit score before making any big purchases
โPeople donโt realize how big of a proportion of their credit score that is. Payment history and credit utilization compared to total credit available are the two biggest factors in determining your credit score. The next factors that affect your credit score are length of credit history, new credit inquiries and diversifying your credit with a mix of credit cards and loans. Too much new credit at one time can affect your credit score negatively by adding hard inquiries to your credit report. You can check your credit score through Credit Karma, Credit Sesame, and Credit.com or other sites.
Treasury timeline on $600 stimulus checks, who is eligible for more
If it were to pass, it would be added on top of the $600 payment, as a separate payment. Hereโs what we know about the coming payments:Who is eligible for the $600 checks? You need a Social Security number to qualify for a relief check. Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Unemployment payments delayedThe additional $300 weekly unemployment payments for residents who qualify for COVID-19 relief will be delayed in Michigan, officials said.
Treasury offers timetable on $600 stimulus payments for direct deposit, checks
If it were to pass, it would be added on top of the $600 payment, as a separate payment. You need a Social Security number to qualify for a relief check. Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Unemployment payments delayedThe additional $300 weekly unemployment payments for residents who qualify for COVID-19 relief will be delayed in Michigan, officials said. Congress passed a COVID-19 relief package that extends the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation federal unemployment programs.
Treasury on when you could see $600 stimulus check, who is eligible for more
If it were to pass, it would be added on top of the $600 payment, as a separate payment. Hereโs what we know about the coming payments:Who is eligible for the $600 checks? You need a Social Security number to qualify for a relief check. Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Unemployment payments delayedThe additional $300 weekly unemployment payments for residents who qualify for COVID-19 relief will be delayed in Michigan, officials said.
Hereโs how a Roth IRA conversion could help after a tough year
DETROIT โ The COVID pandemic has impacted nearly everyoneโs finances, but outside of that misfortune may be a silver lining. With many experiencing loss of jobs and/or businesses and lower income this year, the pandemic has forced us to take a closer look at our finances and consider new options to save money -- and a Roth IRA conversion might just be what the doctor ordered. You might be able to help yourself by taking invested assets in a pre-tax traditional individual retirement account and move that money to a Roth IRA. โYou have to pay taxes when that conversion gets made, but once its in the Roth, itโs in an income tax-free investment, which is a significant benefit,โ said Planning Alternatives Certified Financial Planner Nathan Mersereau. Individuals should not attempt to set up a Roth conversion on their own and are encouraged to speak with a certified financial planner or financial advisor before pulling the trigger.
When will you receive your $600 stimulus check? Who is eligible?
If it were to pass, it would be added on top of the $600 payment, as a separate payment. Hereโs what we know about the coming payments:Who is eligible for the $600 checks? Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Unemployment payments delayedThe additional $300 weekly unemployment payments for residents who qualify for COVID-19 relief will be delayed in Michigan, officials said. Congress passed a COVID-19 relief package that extends the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation federal unemployment programs.
Year End Money: Making better investments in 2021
DETROIT โ 2020 has been a unique year with the pandemic, and yet the stock market has done well. So what are the investment prospects for 2021 and what should you do to protect the money you have already saved? Itโs been more than a decade since the great downturn and auto company bankruptcies, and investors have become used to rising markets again. A focus on diversity is more important than ever as the economy recovers, but financial markets always look further down the road. โWe could see some serious inflation in upcoming years, but we could also see or see some serious deflation,โ Foreman said.
Second stimulus check: When will you receive $600 payment?
A second, smaller round of stimulus checks are due to most Americans after President Trump signed off on a $900 billion coronavirus relief bill last weekend. If it were to pass, it would be added on top of the $600 payment, as a separate payment. Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. If you received a direct deposit payment the first time around, itโll be quicker -- and youโll be first in line to get the check. Unemployment payments delayedThe additional $300 weekly unemployment payments for residents who qualify for COVID-19 relief will be delayed in Michigan, officials said.
Who qualifies and when to expect $600 stimulus check
If it were to pass, it would be added on top of the $600 payment, as a separate payment. Hereโs what we know about the coming payments:Who is eligible for the $600 checks? Dependents under age 17 are also eligible for $600 checks, and thereโs no cap on the number a household can receive. Unemployment payments delayedThe additional $300 weekly unemployment payments for residents who qualify for COVID-19 relief will be delayed in Michigan, officials said. Congress passed a COVID-19 relief package that extends the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation federal unemployment programs.
Have you written a will? Why itโs important to have your personal financial paperwork in order
DETROIT โ As 2020 comes to an end, itโs important to have your personal financial paperwork in order. Certified financial planner and Planning Alternatives CEO Nathan Mersereau agrees the consequences get very expensive. โIf you donโt have it in writing, the state has a plan for you already. You donโt need an attorney to draw up a will, but it is a good idea. Then there is the financial power of attorney.
Year End Money: Why calculating your net worth is important
Planning Alternatives Certified Financial Planner Nathan Mersereau believes knowing what you have is the stepping off point. Look at your liabilities, what you owe and start to set goals for 2021,โ Mersereau said. A beneficial thing you can do for your financial psychology is a net worth statement. Other people set some money aside. Iโve heard of even an envelope system to set money aside for cash needs that occur during the month.
Money Monday: Understanding Roth IRA conversion
Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Plannerโข Professional. Copyright 2020 by WDIV ClickOnDetroit - All rights reserved. For more:Hereโs what you need to know. If you need help with the Public File, call (313) 222-0566.
New program aims to teach Dearborn Public School students how to manage their own money
DEARBORN, Mich. โ Learning how to manage money is a real-life skill thatโs all too often overlooked in school. Henry Ford College and Dearborn Public Schools have launched the stateโs first Financial Empowerment Curriculum. Financial literacy is an important skill set that our students will need throughout their lives. Russ Kavalhuna, President of Henry Ford CollegeREAD: Continuous education coverageThe first ever MI Financial Literacy Summit was held at Henry Ford College last year. State Treasurer Rachael Eubanks facilitated a discussion with experts from across the state about financial literacy and the role it has in shaping Michiganโs future.
Detroit Public Schools Community District released from state oversight
DETROIT โ The Detroit Public Schools Community District has regained control of its finances. The Detroit Financial Review Commission (FRC) voted unanimously on Monday to immediately grant a waiver that releases both Detroit Public Schools (DPS) and Detroit Public Schools Community District (DPSCD) from active state oversight. READ: Detroit Public Schools Community District expected to be released from state oversightThe elected DPSCD School Board and its appointed superintendent manage the district along with DPS, which solely functions to manage the districtโs legacy debt. โThis is a monumental day for the state of Michigan,โ said State Treasurer Rachael Eubanks, chairperson of the Detroit FRC. โOur largest school district has shown leadership in having three consecutive balanced budgets with minimal oversight of day-to-day operations.
Help kids learn to save with crafts
The advertiser paid a fee to promote this sponsored article and may have influenced or authored the content. This article is sponsored by AllyHost Jason Carr chatted with Jacqueline Howard, Ally Senior Director of Corporate Citizenship about helping families save money. Ally has a book called Plan Z and the Money Tree to help kids learn more about saving and spending. Their big purple truck will roll around your neighborhood teaching kids ages 6 - 12 how to spend, save, and give. To ensure your kids safety, the truck allows no more than 20 students and they require face masks while socially distancing.
Financial expert weighs in on second stimulus, federal benefits debates
DETROIT โ The debate has been underway in Washington over another possible stimulus and federal benefits. How could it affect your bottom line if you rely on unemployment assistance? Local 4โฒs Hank Winchester spoke with financial expert Kirk Cassidy to find out. READ: Stimulus uncertainty and the money conversations you should be havingWatch the video above for the full report