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#startTODAY Spring Forward

Ever wondered how to get your credit in order, or which debt you should tackle first? This morning on TODAY, Jill Martin, Joy Bauer and I answered your Facebook questions about “spring cleaning” as far as organization, health and finances. Check it out.

 

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Are You Too Loyal When It Comes To Your Credit Card?

A new CreditCards.com report shows that 25 million credit cardholders haven’t changed their go-to cards in at least 10 years. Another 20 million have never changed a go-to card once. If this sounds familiar, then you’re not capitalizing on the variety of rewards out there. As for choosing your new card, check out this morning’s Today Show segment for my top picks:

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#StartTODAY Is Back!

Happy 2016! I hope everyone had a fantastic (and safe) time ringing in the New Year. If you’re one of the 45% of Americans who made a resolution this year, then here’s some good news.

Whether you want to lose weight, get organized or – my personal favorite – spend less and save more in 2016, “The J Team” has you covered. For the entire month of January, I’m joining my pals – nutritionist Joy Bauer, organizing guru Jill Martin and new mom (who is looking to stop making excuses and start working out) Jenna Bush Hager – on the Today Show for our second annual #StartTODAY series, in which we offer advice and tips for starting and sticking to the changes you’d like to make for yourself.

We had the initial kick-off on Friday, and every Thursday, I’ll be on with segments devoted to earning more, spending less, investing what you can and protecting your financial life. Then, on Fridays, we’ll be on air answering questions on Facebook and Twitter. I hope you’ll join us!

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4 Steps For Protecting Your Identity This Tax Season

itheftLast Thursday, as you may have heard, TurboTax put a halt to it’s filing of state tax returns after a spike in suspicious filings. By Friday at 6 p.m., it was back in business. But a number of states that stopped issuing state tax refunds amid similar worries – including Vermont and Massachusetts – have yet to turn the spigot back on.

What’s the deal? In the past couple of years, there has been an increase in fraudulent returns filed in the hope of gaining a tax refund that belongs to someone else. In 2013, 1.6 million taxpayers were affected – and the IRS paid out $5.2 billion in fraudulent refunds. This year, state tax refunds are being targeted in particular.

Why? Because they’re low-hanging fruit.

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Protect Your Personal Information This Holiday Season

Locked WalletJP Morgan. Home Depot. Goodwill. And, yes, the IRS. Those are just four of the 636 data breaches that occurred through the first 10 months of 2014, a 30% increase over the same time period last year, according to the Identity Theft Research Center. Is it any wonder consumers are experiencing breach fatigue?

That’s what a new study of more than 1,200 consumers conducted by Morpace on behalf of LifeLock reveals. Consumers are very worried about their personal information being pilfered and used for identity fraud – two-thirds describe data breach as a serious life disruption, and half think it would be one of the worst things that could happen to them. But data breach is now so common that the overall attitude of many seems to be one of helplessness, with about half of consumers agreeing that they don’t know how to prevent data breach or what to do if it happens to them.

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Mailbag Monday: Secured Credit Cards to Establish Credit

collegemoneyHi Jean,

I’m wondering — what is the best secured credit card I could open to reestablish my credit? Thank you.

-Karen
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Mailbag Monday: Using The Fair Credit Reporting Act

debitcardHave you ever heard of a person being denied obtaining a credit card with a FICO score of 811? I pay my credit cards in full every month. This credit card offered two plane tickets. I really didn’t need the card, but I travel a lot and thought it was a nice benefit. What are your thoughts?

-Cheryl
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Wednesday Welcome: Using Micropayments to Pay Down Credit Card Debt

This week we bring you a second guest post from Bill Hardekopf, the CEO of LowCards.com. Last time he was here, he shared some little-known credit card perks, and today he’s helping you pay down your debt with micropayments. What exactly are micropayments? Read on.

Bill_Hardekopf (color)Summer vacations are just around the corner, and consumers need to have their credit card balances as low as possible in order to avoid costly interest charges. One way to do this is to make micropayments on their credit card bill.

Most consumers pay their credit card bill once a month, but cardholders can actually make a number of smaller payments throughout the month. Some banks and issuers allow payments to be made as often as once a day.

If you carry any balance from one month to the next, micropayments can reduce the interest because most credit card companies charge interest based on your average daily balance during that particular month. If you pay more often, you reduce your average daily balance and, as a result, the interest you pay that month. (more…)

Mailbag Monday: Solving Credit Conundrums

debitcardI need a reputable resource to help me with credit card debt. My husband and I make over $200,000 annually, but are drowning in debt.  Is consumer credit counseling a good option?

-Mary Beth

I am interested in consolidating my credit cards into one monthly payment. Please advise on organizations that offer this and please note that I am not looking for debt reduction.  Thank you

-Katie

 

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Mailbag Monday: Using a Personal Loan to Pay off Credit Card Debt

debitcardI was able to get a personal loan from my bank (with a low interest rate) to pay off $40,000 worth of credit card debt.  I have a total of nine cards. Is it advisable to cancel the cards that I have paid off?  Should I cancel the ones with a higher or lower credit limit? I don’t see myself using these cards in the future so is it wise to even keep them?

— Kris

Hi Kris. I’m going to give you the answer you asked for – and some advice you didn’t.  And then I want you to print this out and tape it to your fridge so you look at it every day. Although I’m sure you’ve read that cancelling credit cards hurts your credit score because it’s a knock on your credit utilization (the percentage of credit you have available to you, compared to the amount that you’re actually using), in your case closing some is the right thing to do for two reasons.  First, you simply have too many.  And second, it seems as if they’ve been too tempting for you in the past.  Start by closing the ones with the lowest limits, the highest annual fees and the highest interest rates.  In other words, hang on to the ones that – once you get your act together – you might want to use as a tool to make purchases you pay off every single month.

Getting your act together is the thing that you didn’t ask about – but that I’m going to address anyway.

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