The Latest Breaking News from CFPB

Can a Bank Take Money From Your Checking Account to Pay Your Credit Card?

A bank generally cannot simply reach into your checking account and grab money to cover an unpaid credit card balance, even if the bank issued both accounts. Federal law specifically limits a credit card issuer’s ability to offset credit card debt against money sitting in a consumer’s deposit account.

The Free Financial Advisor · Sep 16

Should Retirees Pay Property Taxes Monthly or Save for the Annual Bill?

Paying off a mortgage can create a wonderful feeling of financial freedom, but it can also produce an unpleasant surprise when the next property tax...

Saving Advice · Sep 15

You’re Maxing Out Your 401(k) but Have No Emergency Fund. Is That Backwards?

Putting every available dollar into a 401(k) can feel like the ultimate financial gold star. The problem starts when retirement savings look fantastic but a broken furnace, surprise car repair, or sudden income interruption would send the household scrambling for a credit card. In that situation, the question is not…

The Free Financial Advisor · Sep 14

You Have $30,000 in Savings and $15,000 in Debt. What Should You Do With the Money?

Finding yourself with $30,000 in savings and $15,000 in debt creates a strangely luxurious money problem: there is enough cash to make a serious dent in the debt, but wiping out the balance could leave the savings cushion looking awfully skinny.

The Free Financial Advisor · Sep 11

The Inspection Found $20,000 in Repairs. Should You Walk Away or Ask the Seller to Pay?

A $20,000 repair estimate can turn the excitement of buying a house into a very expensive headache in about five minutes. But that number alone does not tell a buyer whether to walk away, demand that the seller fix everything, or negotiate a credit and keep moving toward closing.

Everybody Loves Your Money · Sep 10

You Have $20,000 in Credit Card Debt. Would a 0% Balance Transfer Actually Save You Money?

A $20,000 credit card balance can make every monthly statement feel like an unwelcome sequel. A 0% balance transfer can look like the escape hatch, because moving that debt to a card with no interest during a promotional period can stop interest from chewing through payments. But a shiny “0%”…

The Free Financial Advisor · Sep 10

How Much Car Can You Actually Afford on a $75,000 Salary?

A $75,000 salary can put a surprisingly nice car within reach, but it does not mean a $50,000 car suddenly becomes a smart purchase. The real question involves more than whether a lender will approve the loan. It comes down to how much room the car leaves for housing, groceries,…

Clever Dude · Sep 10

A $20K Price Cut Usually Signals A Failed Inspection — What To Ask Before You Lowball

A $20,000 price cut can make a house look like the deal of the century. It can also be the financial equivalent of finding a suspiciously cheap steak at the grocery store and wondering what happened to it before it reached the clearance bin. When a seller suddenly drops the…

Clever Dude · Sep 10

The Seller Cut The Price 20K, Should You Offer Even Less?

A seller just cut $20,000 from the asking price, and suddenly the temptation appears: Why stop there? If the seller has already moved $20,000, maybe another $10,000 or $20,000 could disappear with the right offer.

Everybody Loves Your Money · Sep 9

A 30-Point Credit Score Increase Took 10 Months — Here’s What Actually Changed

A 30-point credit score increase sounds impressive until the calendar enters the picture. In this case, the improvement took 10 months, and that slow pace reveals something important about credit scores: meaningful progress usually comes from a string of small, repeatable decisions rather than one dramatic financial makeover.

The Free Financial Advisor · Sep 9