NEW YORK — At some point, you'll buy your last car and refinance your last mortgage. Surely then you can stop worrying about your credit scores. Well, not really, although there are situations when credit scores shouldn't be anyone's main concern. Let's start with some reasons why credit scores still matter, even when you don't plan to borrow money. LENDERS AREN'T THE ONLY ONES CHECKING YOUR CREDIT Most insurers use credit-based insurance scores, which use information from credit reports to help set premiums for auto, homeowners and renters policies. A drop from excellent to poor credit can more than triple homeowners' premiums in some states. Credit can have a bigger impact on auto insurance premiums than any other factor, including someone's driving record, according to an investigation by Consumer Reports. That's not all. Cellphone companies often reserve their best deals for those with the best credit. Many employers check credit reports, which could be an issue should you … [Read more...] about Liz Weston: At What Age Can You Ignore Your Credit Score?
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Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Susan Moeller June 05, 2018 IF YOU’RE A BABY BOOMER entering the tunnel of possible retirement, there’s one hard truth to acknowledge: Bad stuff happens. No matter how prepared you think you might be — and experts say boomers are, generally speaking, quite unprepared — unforeseen events can derail finances. Take just a few that hit me starting in my 50s: divorce, serious health issues, and family crises. And that’s just the big stuff. Even if you downsize, the car will still need new tires. The old dog will tear his ACL. And the condo association will raise its fees.You’d think boomers would be OK. We hold 60 percent of the wealth in the United States, according to a report by the management firm McKinsey and Co. But we have also accumulated unprecedented levels of debt and will actually need the Social … [Read more...] about Stop giving so much money to your kids and 8 more ways to afford retirement
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Michelle Singletary Washington Post April 21, 2018 WASHINGTON — I met the woman after speaking at a recent Bible study at my church.My pastor, John K. Jenkins Sr., has been doing a series of study sessions on personal finances. On this night, we were teaching together about getting out of debt.“You don’t have a money problem, you have a management problem,” Jenkins told the congregation at First Baptist Church of Glenarden. Advertisement There usually aren’t as many “amens” when he tries to get folks to focus on their finances. He’s a hater of debt like me, but it’s a hard message to get across. Having a lot of debt robs you of the ability to save more. Get Talking Points in your inbox: An afternoon recap of the day’s most important business news, delivered weekdays. Thank you for signing up! … [Read more...] about This is how it feels to be a millionaire and still feel broke