Highlights for September 2 Your Safe Money Show

For the September 2 Your Safe Money Show we’ll warn you about charity scams, that are taking advantage of your giving nature, with the Hurricane Harvey disaster. What do you need to watch out for?
And were hearing about gas prices rising, how high and for how long can we expect that trend?
On a lighter note, we’ll have items that seem to always go on sale in September, just in case you’ve been waiting for a “good deal”.
And if you’re thinking about retiring soon I have questions for you to consider before jumping into retirement. 
Tune in at 7:30 a.m. at KBEK 95.5FM. They stream live at kbek.com. To hear recent shows go to yoursafemoneyshow.com at the podcast page.

Overdraft fees

Canceling a credit card

You’d think canceling a credit card would be no big deal, right? However, when you close an account in good standing, you’ll not only reduce your overall credit limit, which could wind up hurting your credit score, but you’ll eventually lose the history associated with that account. That’s because your payment history and the age of your credit are two of the most important factors that make up your overall credit score. And we all know the higher your credit score the better your rates will be on various insurance, rent and mortgage payments.
But there are times you need to cancel a credit card like when you get a divorce. Begin by making sure that you don’t have any outstanding debt on the account; if you do, then you’ll need to pay that off.
You can cancel your card over the phone or online.
Keep an eye on your credit reports so you can confirm the account has been closed. You’ll also want to check your credit scores to see how canceling the account has affected your credit. Make sure everything looks accurate, and don’t be afraid to file a dispute if anything appears incorrect.

Your Safe Money Show Driving for dollars

Highlights for August 26 Your Safe Money Show

Here's what you will learn by tuning into Your Safe Money Show this Saturday August 26 at KBEK 95.5 FM at 7:30 a.m. Retirees are in demand to drive vehicles for people who need them moved cross country. It’s a great way to make extra cash and see the country.
When you’re married there are certain financial benefits you get with your investments that singles don’t get. We’ll go over those today.
And Social Security has made some changes for 2017 that you need to know. Hear recent shows at the podcast page at yoursafemoneyshow.com.

Medical Debt

Signing up for Medicare

I don’t think everyone is aware of the importance of signing up for Medicare when you’re supposed to. 
You are first eligible to sign up for Medicare during a seven-month window that begins three months before the month you turn 65.
You need to be aware that Medicare parts B and D both have late enrollment penalties, that are permanently added to your premiums, if you delay signing up. Yes, you’ll pay those penalties for the rest of your life. 
Now if you continue to work at a job with a group health insurance plan after age 65, you will need to sign up for Medicare within eight months of leaving the job, or the coverage ending, to avoid the late enrollment penalty.
Also, while most retirees have their Medicare Part B premiums withheld from their Social Security checks, seniors who delay claiming Social Security past age 65 will be billed for their Medicare premiums. If you have questions please call for an appointment, 855-22money, or go to the website yoursafemoneyshow.com.

Your Safe Money Show Travel Insurance 8 19 17

Finding your retirement age

Medical Debt changes

Did you know that just over half of all the debt that appears on credit reports is related to medical expenses? The most recent data is from a 2014 report by the Federal Consumer Protection Bureau, and it says that 43 million people have medical debt in collections and it’s hurting their credit score.
Lenders use credit reports and credit scores to evaluate the risk that someone won't repay a loan. The credit reporting agencies are now going to differentiate between medical and non-medical debt. Medical debt will receive a smaller penalty, than non-medical debt.
Starting September 15, the three major credit reporting agencies will set 180-day waiting period before including medical debt on a consumer's credit report. The six-month period is intended to ensure there's enough time to resolve disputes with insurers and delays in payment. In addition,
the credit bureaus will remove medical debt from consumers' credit reports once it's paid by an insurer. Hopefully this move will help those dealing with medical debt. 

Your Safe Money Show Sibling Money Issues 8 12 17

Highlights for August 12th Your Safe Money Show

For Saturday August 12th Your Safe Money Show, we are covering several topics in the news right now. First, since it’s a “sellers” market for homes many are making home improvements and spending a fair amount of money, we’ll see how much and if that’s a good idea. 
Overdraft fees paid in 2016 were off the charts, what can we do to stop overdrafts?
Identity theft is always a concern, but with college students, they have specific ways to keep their identity safe.
And, what is the number one money argument siblings have? A hint, it has to do with their parents. 
Tune in at 7:30 a.m. at 95.5 FM KBEK. They stream live at kbek.com. To hear recent shows go to the podcast page at yoursafemoneyshow.com

MyRa is done 8 5 17

Signing up for Medicare

Credit Limits

How are credit limits determined on credit cards? 

How much credit you are extended on a card corresponds to your income level, credit history, and your FICO score. There are lenders that offer a preset limit, and that limit will apply to anyone who’s approved for the card. Whether or not you get approved, however, will depend on your credit score as well as your income.  Other credit card issuers don’t set a limit they do a more involved analysis of each customer’s finances to determine a max

amount. 

One thing to keep in mind about credit card limits is that having

a higher one isn't necessarily better. Remember, credit card companies

make money by collecting interest on unpaid balances, so if you max out

your card's limit and spend months paying it off, you'll end up paying

out more money than necessary for whatever you used your card to buy.

Like most things in life there’s pro’s and con’s and a higher credit limit

can be good or bad.