But 2010 was a bitterly contested mid-term election. Tea party Republicans adopted the federal budget deficit and debt as their cause. Even though the 2008 recession was still battering the economy, they argued the debt was too high. It was nearing 100 percent of gross domestic product. Democrats and moderate Republicans who faced strong competition from them were afraid they would lose their seats if they approved the budget. To address Republican budget concerns, Obama appointed the Simpson-Bowles Commission in February 2010....

If you need to resolve a problem with your insurance company, there are many ways to do so. Here we’ll cover your options, as well as how to go about filing a complaint at the highest level. What Should I Do if I Have a Problem With My Insurance? Although the state insurance commissioner can help you, there are many other people you may also be able to get help from first....

Federal Student Aid This is financial aid from the federal government that is designed to help families and students pay for education expenses at an eligible college or career school. It consists of grants, loans and work-study programs. You may want to maximize the amount of federal student aid before moving on to other college financing options. FAFSA: Free Application For Federal Student Aid This document is a summary of your current financial situation....

The average 65-year-old couple retiring will spend almost $315,000 on health care retirement—if not more. That figure doesn’t include the cost of long-term care, which can add thousands of dollars to the total. Medicare can pick up the tab for some of your health care costs in retirement, but it doesn’t cover everything, including long-term care. That’s where an HSA can be invaluable. You can withdraw funds from your HSA tax-free for qualified medical expenses....

The budget bill signed by President Joe Biden in December included a sweeping provision dubbed the SECURE 2.0 Act—a wide-ranging series of changes to how retirement plans work, affecting retirees, people nearing the end of their careers, and young workers just starting out. Broadly speaking, the changes are intended to make it easier and less risky for people to save for when they can’t work anymore. More retirement savings could help deal with a looming financial crisis facing many U....

Indeed, large segments of the housing market may be overvalued and headed for price crashes soon, Moody’s Analytics said in a recent commentary. The overall market is valued 25% higher than it should be, economists at Moody’s said, but the housing bubble isn’t spread evenly: Large metro areas and large swathes of the southeast and the mountain west are especially overpriced, as the map below shows. For example, homes in Myrtle Beach, South Carolina, were 70% overvalued, and ones in Boise, Idaho, were 77% overvalued, according to the analysis....

It all depends on what the cause of the damage is. Home insurance will cover many forms of damage caused by trees, but it might not cover all issues. Tree Damage Covered by Insurance Your homeowner’s insurance covers certain risks and perils. For example, lightning and windstorms are two common perils. The first step in knowing whether your home plan will cover tree damage is to determine whether the damage was sudden and accidental....

Be Prepared to Research Like anything in life, you will get out of the car rental process what you put into it. If you’re in a rush and only check one or two websites, you are not going to find the best deals. Before you book, check out the major travel discount sites—such as Expedia, Kayak, Hotwire, CarRentals.com, RentalCars.com etc. –as well as the websites of different car rental companies. Enterprise, Hertz, National, Avis, Budget, Dollar, and Thrifty are notable national rental companies and a good place to get started....

Subchapter S Corporations An S corporation is a corporation that elects “small business” status, under Subchapter S of the Internal Revenue Code. S corp status allows the corporation the limited liability benefits of a corporation, but the tax rate of the individual shareholders.  Qualifications to Elect S Corporation Status The IRS qualifications for S Corporation status are: Shareholders of corporations receive dividends as approved by the corporate board of directors....

What Is Blockchain? Blockchain is a complicated concept. Let’s make it simpler by comparing it to Google Sheets vs. Traditional Spreadsheets. Traditionally, spreadsheets—much like transactional ledgers—exist in one place at a time. They might be on a person’s computer, or even stored on the web in an application like Dropbox, but they never exist in more than one place at once. Changes must be distributed efficiently to all relevant parties. Google Sheets, on the other hand, are accessible in multiple places at the same time....

To help people understand how financial actions affect credit scores, FICO created a comparison involving several hypothetical borrowers. For our discussion, we’ll look at two of those, with a focus on the effects of mistakes: one with a good credit history (and score) and one with a poor credit file and score. What Is a FICO Credit Score? A FICO credit score is a brand of credit score (a three-digit number that measures credit risk) used by 90% of the top lenders....

What Is a Deficiency Judgment? A deficiency judgment is a legal order to pay off a loan balance after foreclosure or repossession. When a lender takes your property and sells it, the sales proceeds pay off your debt and any additional fees related to collections. But if the property doesn’t sell at a high enough price to satisfy the debt, you may still owe money. The remaining amount is called a deficiency, and a deficiency judgment from a court makes you personally liable for any deficiency balance....

We’ll look at common deductibles in health insurance policies, what they mean, and how to apply them. With this information, you can get an idea of how much you might spend (in addition to the premium) on your health insurance coverage. What Is a Health Insurance Deductible? A health insurance deductible is the amount of money you agree to pay for covered services before your health insurance company begins to pay....

In March 2020, the COVID-19 pandemic launched an economic crisis unprecedented in speed and ferocity. To stop the spread of the disease, most countries ordered nonessential businesses to shut down. As a result, workers were laid off and demand plummeted. The U.S. economy contracted a record 31.4% in the second quarter. Gross domestic product (GDP) had never fallen more than 10% in any quarter since the government began tracking it in 1947....

Different credit cards calculate finance charges in different ways. To find out how your creditor calculates your charge, look on the back of a recent billing statement. You should find an explanation there. If you know how your credit card issuer calculates your finance charge, you can estimate your own finance charge and even find ways to minimize the finance charge you pay. Regardless of how your credit card issuer calculates your finance charges, you can avoid paying interest on your balance by paying in full each month....

Below, we’ll examine what key performance indicators are, how they are utilized by businesses, and how you as a business owner can determine which KPIs are best for your enterprise. What Are KPIs? A key performance indicator, such as gross profit or revenue, provides a way to measure a company’s progress toward the goals it has established. Each KPI is geared toward a specific business activity. While KPIs can vary from industry to industry, they help managers identify opportunities or potential issues ahead....

Though it’s not a mortgage lender itself, LendingTree can help you find a loan to finance your home purchase. With the tagline “May the best loan win,” it’s an online marketplace that allows you to comparison-shop for various types of loans. These include mortgage loans, car loans, home improvement loans, and others. The marketplace launched in 1998 and has served more than 100 million borrowers since. Still, despite its history, LendingTree’s service isn’t right for everyone—nor is it always the most economical choice....

When we refer to credit scores here, we’re talking about the most commonly used scores. Your FICO score is often used for home and auto loans. VantageScores are also popular with lenders. Other credit scoring models may use your income as part of your score, so it’s critical to understand who wants your score and what type of credit scores they use. What Are Credit Scores? Traditional credit scores try to predict how likely you are to repay a loan, and they use historical data about your borrowing behavior to do so....

But do you know how mortgages work behind the scenes? What’s actually going on from a lender’s standpoint? People have a lot of misconceptions about how mortgages work, and if you know what’s happening and why, it can help you make better decisions about your home. Applying for a Mortgage A mortgage is the largest loan most people will take out in their lifetimes, so there’s a lot that goes into applying for a mortgage....

While annual percentage rate (APR) is a major factor in choosing a home equity loan lender, it’s also important to consider closing costs. While these fees may be lower than those for most primary mortgage loans and some refinances, they can still add up. Are There Closing Costs on a Home Equity Loan? Home equity loans are subject to closing costs, often including: Application or underwriting fees Document prep fees Appraisal fees Other fees...