Money Management

Can’t pay a medical bill on time? Read on to see what impact it might have on your credit. 

Medical debt is a huge problem in the U.S. A recent report from the Kaiser Family Foundation found that roughly 23 million Americans have medical debt, including 3 million consumers with a balance of over $10,000.

Paying a medical bill late has the potential to cause damage to your credit score, the same way being late with a loan payment or credit card bill could do the same. But recent changes to credit reporting have made it so you get a little more leeway when it comes to a late medical bill.

A positive development

Normally, any time a bill of yours is more than 30 days late, the entity you owe money to can report that tardiness to the credit bureaus. From there, your credit score has the potential to take a dive.

But things work a little differently when it comes to medical bills. Changes to credit reporting that were implemented earlier this year have made it so that medical debts under $500 are not included on credit reports. So if you’re late paying a medical bill worth $300, it won’t land on your credit report and won’t cause a drop in your score.

Even if you have a medical bill that’s higher, being late won’t necessarily hurt your credit score right away. The three primary credit bureaus — Experian, TransUnion, and Equifax — give consumers a 365-day period to resolve medical debt from the time it’s incurred before any delinquencies appear on credit reports.

So, let’s say you owe $1,000 for a medical bill and it goes to collections after you fail to pay it for a period of time. If you manage to settle that debt eight months later, your credit score won’t be impacted.

Now, you should know that larger medical debts that remain unresolved after a year can land on your credit report and cause damage to your credit score. But once they’re paid off, they’re removed from your credit report. So while you might have temporary damage if you’re very late paying a medical bill, you won’t necessarily have long-term damage.

Do what you can to keep your credit score in good shape

The higher your credit score, the easier it becomes to borrow money when you need to, and at an affordable rate. So it’s best to do what you can to keep your credit score in solid shape, and that generally means making a point to pay all of your bills on time.

If you fall behind on a medical bill and are late paying, you may not face damage to your credit score right away, if at all. But the same leeway doesn’t exist for other late payments. So make sure to always pay your credit card bill on time (even if you can only swing the minimum monthly payment), and keep up with personal loan payments as necessary.

And if you ever have a situation where you can’t make an on-time payment due to a lack of funds, reach out to the entity you owe money to and see if there’s a way to work something out so your credit score won’t be at risk.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Having a neutral third-party look at your finances can be scary, but also incredibly helpful. Read on to learn why. 

If you’re not rich (and hey, how many of us are?), it’s easy to think that you don’t need help managing your personal finances. But if you’re struggling with managing debt payoff, learning to invest, or even just plain old budgeting, a financial advisor can offer helpful advice and reduce your stress levels. Let’s take a look at what to expect when you meet with one.

You can learn how to budget

I don’t know of many people who actually enjoy budgeting, but it’s a pretty important cornerstone of personal finance. You need to know how much money you have coming in every month alongside how much your bills cost you, and taking a closer look at your discretionary spending can show you where you’re missing chances to save money for other goals.

A financial advisor is a neutral third-party, and should be able to give your current budget a look without judging you — or even help you create one for the first time. They can make recommendations for areas to cut your spending, and might even have some insight into ways you can save on your necessary bills, like utilities and auto insurance.

You can find encouragement to pay off debt

I started working with a financial advisor last year, and at the time, my biggest problems were a lack of income and too much debt. While it was a bit scary to lay all my financial cards out on the table, so to speak, I was grateful for the reassurance that my situation wasn’t the end of the world and there were steps I could take to improve it. For me, those steps included getting a side hustle and snowballing my debt payoff, which was a major success for me — and my financial advisor was cheering me on the whole time.

If you’re struggling with debt and unsure how to proceed with getting out of it, a financial advisor can help you. You may already know you have options for debt payoff, but a professional can help you decide which is right for you, and help you calculate how long it’ll take you to reach your goal.

You can get investing advice

Some financial advisors specialize in investment advice, and if you need help investing for retirement or any other purpose, you can likely find one who’ll meet your needs. The best ones will even be able to help you figure out your goals for the future, and decide how to focus your savings so you can achieve them. Want to send your kids to college, plan a rich retirement, or perhaps buy a second home someday? A financial advisor can help you make that happen.

How do you find a financial advisor?

If you’re ready to find a financial advisor of your very own, you can start by asking family and friends for a recommendation. Another nice thing about financial advisors is that they have their own professional networks, so if you meet with one and they aren’t a fit, they might be able to give you the name of another to try.

The National Association of Personal Financial Planners (NAPFA) is a great place to find an advisor. You can search its website for the perfect person for you. The U.S. Securities and Exchange Commission (SEC) also maintains a database of investment advisers, so you can check the bona fides for anyone you’re considering working with. The Financial Industry Regulatory Authority (FINRA) maintains a similar database, too.

Meeting with a financial advisor can be an excellent way to get a better handle on your finances. Money is a fraught and difficult topic for a lot of people, and just as you might talk to a therapist for help processing your emotions, it can be a good idea to talk to a financial advisor if you need help with managing money.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

When it comes to shopping at Sam’s Club, you don’t have to go it alone. Check out three sites and social media accounts to help you land the best deals. 

Not everyone loves a warehouse club store, but for those who do, the savings can be significant. The only problem is, it’s not always easy to determine whether Sam’s Club offers the best deal on a particular item or whether you’d be better off shopping elsewhere. If you’re a serious warehouse shopper, these three accounts make it simple to comparison shop.

1. The Grocery Lady: YouTube

I suspect that The Grocery Lady knows Sam’s Club inside and out because she offers some pretty great insights. For example, prior to making a video centered around back-to-school shopping, she’d already scoped out school supplies and knew where the bargains were. If you’re not someone who shops with any frequency, it’s good to know someone who does. That way, you have a better sense of whether you’re getting a good deal.

I know that we’re all different, but I’m typically turned off by “influencer” types, people who post videos and articles solely to garner new followers. If I’m going to invest my time in what someone has to say, I want there to be value in their advice. The Grocery Lady — who strikes me as less of an influencer and more of a really cool mom — is eminently likable and highly relatable. Her advice comes across in a friendly, non-pushy way that makes her easy to follow.

If you’re looking for ways to spend less and keep more money in your checking account each month, The Grocery Lady’s video collection includes tons of shopping, food preservation, and food preparation tips.

2. The Krazy Coupon Lady

The Krazy Coupon Lady (KCL) is one of the more established names among those that share money-saving tricks and tips. In fact, KCL says its mission is about more than saving money. It’s a lifestyle that enables followers to do more.

Like other apps designed to save you money, KCL’s mobile app is chock-full of amazing deals. For example, today’s postings include Crest toothpaste for under $1 at Walgreens, Revlon cosmetic products as low as $0.32 at Target, and a Franklin Sports Pickleball Paddle Set for less than $14 on Amazon.

In other words, KCP tells you where the best deals of the day are to be found, including Sam’s Club bargains.

3. The original source

Of course, your best option before heading out (or logging onto) your local Sam’s Club is to check out the Sam’s Club website. There, you’ll find a drop-down menu that allows you to skip directly to what you’re interested in. For example, if you’re shopping for electronics, you can go right into that department without skimming through groceries or beauty items.

If you’re a Sam’s Club member already or simply curious, here are some of the other ways to ensure you’ll never miss out on a good deal or promo code.

Sign up for the Sam’s Club email newsletter: Signing up for the newsletter means discounts and promo codes are sent directly to your email as soon as they become available. Emails also include some offers reserved exclusively for subscribers.Leave it in your shopping cart: If there’s an item you’ve had your eye on but the discount is not deep enough to give you a thrill, try leaving it in your shopping cart. Often, Sam’s Club will send a promo code to customers in an effort to convince them to complete their purchase.Check social media pages: Sam’s Club has a Twitter, Instagram, and Facebook page. On occasion, you’ll find a coupon or special offer on one of those pages.

As long as the store is not too crowded, strolling through a Sam’s Club can be a lot of fun, like mining for low prices. Whether you’re looking to pay off debt or to tuck a little more money away, smart shopping at Sam’s Club can help. And following these three sources can make you a savvier shopper.

Alert: highest cash back card we’ve seen now has 0% intro APR until nearly 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Dana George has positions in Amazon.com and Target. The Motley Fool has positions in and recommends Amazon.com and Target. The Motley Fool has a disclosure policy.

 Read More 

The U.K. says social media users can’t promote cryptocurrencies without proper disclosures. Read on to find out how the U.S. is ramping up crypto regulations. 

Countries around the world are still trying to figure out their rules and regulations for cryptocurrencies. While some have taken a hands-off approach, others are beginning to implement strict oversight of digital tokens.

One good example of increasing crypto scrutiny comes from the United Kingdom, where regulators are proposing tightening restrictions on how cryptocurrencies are promoted online, especially on social media.

Here’s what the U.K. is doing to curb crypto promotions and why the U.S. isn’t likely to follow suit.

How the U.K. is going after crypto memes

The U.K.’s Financial Conduct Authority (FCA) recently announced that a revamp of its social media regulations is coming. The agency says the goal is to combat illegal and non-compliant financial promotions, and it honed in on cryptocurrency memes in its recent guidance.

The regulator said in a recent statement that crypto memes that have been circulated and shared online are subject to the FCA’s rules. The firm gave an example of a seemingly innocuous meme that showed how easy it is to invest in crypto and said that these posts are subject to the FCA’s rules on promoting investments.

Specifically, the FCA wants online financial influencers, sometimes called “finfluencers,” to mention the risks of crypto investing and disclose that they’re receiving compensation for the promotion.

Even for a meme post, not doing so could come with a fine or land an influencer in jail for up to two years.

Beginning this fall, the FCA will also ban incentives to invest in cryptocurrencies, implement rules for influencers about issuing warnings for risky investments, and enact a 24-hour “cooling” period that gives first-time investors a chance to consider their investment decision before acting on it.

The FCA also noted that even posting cryptocurrency memes on Reddit to hype a specific investment is subject to regulation. When all of these rules are added together, it could effectively eliminate some posting of crypto memes.

The U.S. doesn’t have any plans for a crypto meme ban right now

Right now, the U.S. federal government doesn’t have anything in the works that compares to the level of crypto meme regulations the U.K. is pursuing.

But that doesn’t mean more crypto regulations aren’t on the way. Last year, President Joe Biden signed an executive order saying that the government would look more closely at the benefits and drawbacks of cryptocurrencies.

Among other things, the order directs the Treasury Department and other federal agencies to consider policy recommendations for cryptocurrencies that could be used to protect consumers and mitigate risks to the financial sector.

One way the U.S. federal government is taking steps to control cryptocurrency investment is through the Securities and Exchange Commission (SEC). The SEC oversees rules and regulations for securities (stocks, bonds, etc.) and has moved closer to overseeing cryptocurrency exchanges, where people buy and sell crypto assets.

The SEC has also said that major cryptocurrencies are unregistered securities and has cautioned consumers about investing in them.

There’s likely more oversight ahead

While there hasn’t been much talk of banning crypto memes, cryptocurrency exchanges, crypto companies, and investors will likely see increased U.S. regulation in the coming years.

The recent collapse of the FTX crypto exchange proved to many in the government that strict oversight of digital currencies is needed. Since then, the SEC has also filed charges against other crypto platforms.

The U.S. may not be on the path towards tracking your latest crypto meme posts on Reddit, but it’s undoubtedly making inroads towards broader oversight of the crypto market. This means that investors who own crypto, influencers who promote it, or companies that create digital coins or exchanges should keep a close watch on any new rules.

Buy and sell cryptocurrencies on an expert picked exchange

There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. Our experts have done the research to pick out the select few top crypto exchanges today.

To help you get started, we’re sharing one of our expert’s top picks for free — simply click here to start your crypto journey today.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More 

Most renters don’t want to jump into this housing market as a buyer. If you do, read on to learn how to prepare your finances to take on a mortgage loan. 

You’ll sometimes hear renting a home referred to as “throwing money away,” but I assure you, this is not the case. Renting just means paying for a roof over your head, and it comes with a lot of benefits, including lower costs and greater flexibility. Homeownership is more popular with Americans, however — about two-thirds own a home, and buying one is a dream for many people.

As it stands, the current market might be deterring some prospective buyers. The company Avail (which creates software for landlords) found recently that just 30% of renters out of those surveyed are currently aspiring to become homeowners in the next year.

This sure isn’t an easy housing market to break into. The National Association of Realtors reports that in June 2023, there was just a three-month supply of homes for sale (and it takes at least a four- to six-month supply to equalize the market between buyers and sellers). Couple this with higher mortgage rates (the average rate on a 30-year fixed-rate mortgage is 6.78% as of this writing, per Freddie Mac), and the market looks downright impossible for a lot of people. If you think you’re ready and have the financial bona fides to make buying a possibility, here’s a few ways you can get ready to buy in the near term.

1. Save money for a down payment and other buying costs

While a down payment will not be your only cost to buy a home, it is likely to be your biggest. You don’t have to put 20% down (although doing so means you won’t have to pay for private mortgage insurance), but it’s wise to make some kind of down payment. Having money to put down will reassure mortgage lenders that you have some “skin in the game,” which might lead to a lower interest rate. Plus, it’ll lessen the odds you end up underwater on your mortgage (meaning you owe more than the home is worth). In addition to a down payment, you’ll also need money for closing costs, a home inspection, and more.

2. Get your credit in shape

Your credit score is a major factor in whether you can qualify for a mortgage loan. The bare minimum for a mortgage is generally regarded as 620. Individual lenders can and do set their own requirements, and the higher your credit score, the better selection of lenders you’ll have to choose from when it comes time to apply for pre-approvals.

You can improve your credit score by paying down existing debt and making all debt payments on time, every month (your payment history makes up 35% of your FICO® Score). Get a copy of your credit report from all three major credit bureaus (free every week until the end of 2023) and look for anything that looks hinky. If you spot an error (like an account that was closed in good standing, but shows as delinquent on your report), you can dispute it. Fixing credit report errors can improve your credit score.

3. Decide what you can afford

It helps to go into the home-buying process with some idea of what you can actually afford to spend for housing. The costs of homeownership go beyond just your mortgage payment, of course, but it’s best to keep your monthly housing costs to 28% of your income or less. A mortgage calculator can help you run the numbers and see how much you can afford to spend every month.

4. Consider relocating

Finally, if you’re renting in an area where the home prices are too high to let you get on the property ladder, you might want to consider moving, if you can. This is often easier for people who rent, as we don’t already have a home to sell and may not have created such deep roots in our current city. If leaving the area entirely isn’t feasible, is there a nearby community that is less expensive than where you are now? You might want to check home prices in surrounding areas to find neighborhoods to target in your search.

If you’re renting, it might feel like a particularly steep climb to reach homeownership. Making the above moves can put you in the best possible position to land a mortgage loan and a new home, though.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

 Read More