Baking soda mixed with hydrogen peroxide is a great cleaner for lots of household objects, and it’s also a safe and effective cleaner when it comes to cleaning gold, silver, and costume jewelry. For best results, make a by adding drops of hydrogen peroxide to the baking soda, then rub gently on your jewelry. Rinse off and wipe dry. It gets rid of dirt, grime, and body oils, and leaves your gold and silver sparkling.
Quick and easy way to clean silver jewelry
If your silver jewelry is starting to look a little dull or needs polishing, stick it in a bowl with a few tablespoons of baking soda and a square of aluminum foil. Let it sit for about 30 minutes, then wipe clean. The aluminum acts as a catalyst for ion exchange, a process that will make the tarnish transfer from your silver to the baking soda. This is the magic of science, folks!
Wondering how to keep your beautiful jewelry looking like the first day you wore it? Gentle dishwashing detergent and water plus a soft cloth can clean rubies, amethysts, citrines, emeralds, sapphires, and garnets. Diamonds can be washed similarly: Fill a small pot with a cup of water, plus a teaspoon of dishwasher detergent. Add your diamonds, bring the water to a boil, then turn off the heat and let the pot sit until it cools. Once it’s cool (but not before), carefully remove your jewelry and rinse.
Just make sure to wash each piece separately to avoid chipping.
See also: 12 Surprising Personal Uses for Baking Soda
Classic jewelry cleaning recipe
Here’s the recipe that we received from reader Madelyn Jessup, which her mother always used to wash her gold jewelry: Mix 1 teaspoon dishwashing liquid with ½ teaspoon ammonia and 1 cup warm water. Dip the jewelry into the solution for 10 seconds, and use an old toothbrush to brush off any marks. Your gold will look sparkling new!
… And other household items
Another easy clean for gems
The easiest way to clean emeralds, diamonds, rubies, and sapphires may be with club soda. Place your jewelry in a glass of it overnight and they will shine like new in the morning.
Related: 6 Clever Hacks to Solve Jewelry Mishaps
Get sparkling pearls with vegetable oil
Because they’re so fragile, pearls shouldn’t get wet—and can’t be cleaned with normal jewelry cleaners. Instead, use vegetable oil. Dab some oil on a soft cloth, then gently rub on each pearl. Let the vegetable oil dry overnight, then buff with a soft cloth to remove dust and oils that can make pearls look dull over time. The best way to care for a pearl (or coral) necklace is to wear it regularly—oils from your skin add a gentle luster.
Quick clean for costume jewelry
Clean costume or inexpensive jewelry by dropping two Alka Seltzer tablets into a glass of water. Immerse jewelry for about five minutes and pat dry with a clean towel.
These stones should never get wet: Since turquoise, opals, amber, and marcasite are porous stones, never immerse them in water. Instead, polish them with a soft, dry chamois (clean claws with a soft bristle brush). Wipe with sweet almond oil to remove any grease marks, if desired.
Just for fun: How to Insure Jewelry and Expensive Gifts
For more cleaning tips from all around the internet, check out our Cleaning Tips board on Pinterest. And don’t forget to sign up for our newsletter and follow us on Facebook and Instagram!
The financial camps are divided between paying off your smallest first vs. your highest interest student loan. So whoâs right? Finance people can agree on a few things. Some debts like payday loans and IRS back taxes are worse than…
The post Which Student Loan Should You Pay First? appeared first on Modern Frugality.
This page may include affiliate links. Please see theÂ disclosure pageÂ for more information. When the calendar says it’s the first of the month, do you get excited about the opportunities that may arrive with the new month, or do you have panic attacks on how you are going to survive another month living in debt?Â If…
The post Personal Finances: Prioritizing and Paying off Debt appeared first on Debt Discipline.
Under the FDCPA, you have the right to âdebt validationâ. This means a consumer can demand that a creditor reporting information to the credit bureaus prove the account is really your responsibility and that the…
The post How to Request Debt Validation from Debt Collectors appeared first on Crediful.
The average couple has a number of topics to discuss on their to-do list before heading to the altar. The least romantic topics, if they even make the list at all, are probably concerning debt and the possibility of divorce. If you foresee a divorce in your future or are currently going through one, itâs safe to say that you have some burning questions about your finances. Perhaps you and your spouse acquired some debt during the course of your marriage and youâre now wondering who is going to be responsible for what. While itâs important to note that each situation is unique, there are some ground rules in the Divorced with Debt arena. In the below sections, weâll address the usual ways in which debt is divided up between each spouse.
Community Property vs. Common Law Property Rules
If youâre trying to figure out what debts you will be responsible post-divorce, you will first need to know if you live in an equitable distribution state that follows common law or if you live in a community property state. When it comes to debt and the divorce process, most states follow common law for property, meaning that following a divorce, each ex-spouse will be held responsible for the debt that they took on. In a community property state, both spouses, considered to be the âcommunity,â may both end up equally responsible for debt that incurred throughout the marriage, known as âcommunity debt.â The following states are Community Property States:
Most of the time, the banks arenât interested in how the courts decide to split up your debt. Even after a divorce, the original contract or credit card agreement will typically overrule a divorce decree. This means that if the original agreement was set up under your spouseâs name, the banks are going to expect the payments to be as such. As you can imagine, this could potentially cause problems with an ex-spouse who is being asked to pay off debt that is not under their name, or at least under a joint account.
To put it into perspective, letâs imagine that the court orders your ex-spouse to make payments on credit card debt under your name. If your ex neglects to make the payments on time, itâs going to have an effect on your credit report. The good news is that if this happens, you have a right to pursue legal action against your former spouse for not following court orders. However, itâs possible that by the time legal action is taken, your credit score may already be damaged.
Prenuptial agreements will affect these outcomes as well. Depending on yours and your spouseâs marital assets, the debt in question will vary. Here are the typical categories of debt that are affected during divorce proceedings:
Credit Card Debt
Auto Loan Debt
Credit Card Debt
Itâs possible that you could be responsible for your former spouseâs credit card debt, but itâs not likely. If you have a joint account, then the outcomes may vary. Usually, marital debt is considered to be any debt that was created during the time of the marriage. So if you racked up credit card debt under a joint account, expect that both of you will be equally responsible for paying it off.
If both spouses have their names on the mortgage, the easiest way of solving the mortgage debt is to sell the house and divide the earnings between both parties. It might be tempting to keep the home for a multitude of reasons, but at the end of the day, selling the property and splitting the money is usually the least complicated solution for everyone involved.
Once the house is on the market, itâs time to start communicating with your former spouse about who is going to be responsible for what amount. Come up with an agreement on who will pay which portion of the mortgage, so that neither partiesâ credit score is negatively affected.
If selling the home and dividing the earnings isnât a viable option for you and your ex, then one of you will end up fully responsible for the debt. In most cases, mortgage debt following a divorce is assigned to:
The spouse with the higher annual income.
The spouse who gains full custody of the children.
When this happens, one spouse will have to buy out the other spouseâs equity in the property.
Car Loan Debt
When it comes to car loans, things become more complicated. If the car loan has both names on it, here are the two best options:
Refinance the car without your ex.
Propose automatic payments to come directly from your former spouseâs account.
Letâs say one person ends up with the car loan debt, but the other person was also on the loan as a cosigner. Unfortunately, if one spouse is held responsible for picking up the tab on a debt, and they neglect their payments, both parties can suffer those consequences.
Each state has different laws surrounding medical debt and divorce agreements. If you live in a Community Property state, you might have to pay for your former spouseâs medical debt. However, if you live in a state that follows common law, the court will ultimately make the decision about who is responsible for what debt.
Pay off your debt before the divorce is finalized
Â If you and your spouse can find a way to work out the kinks of your debt issues before the divorce is finalized, itâll make things a lot easier in the long run. Work together to figure out who should be responsible for which debt, so that you can lower your chances of having to pay off a debt that isnât yours.
If youâre working with credit card debt, one of you may need to transfer your credit card balance to a separate card. Consolidating your credit card balances is another common option when dividing debts.
Generally, credit card debt is going to be easier to deal with than the big things, like home loans and car loans. In many cases, couples who are going through a divorce will have to consider refinancing their loans under one partyâs name.
Keep in mind that the original loan agreement supercedes the divorce agreement, so if you wait until your divorce is finalized, you might have a harder time moving things around. You can ask your lender to take your name off of an account and have it replaced with your former spouseâs name, but be prepared to provide the divorce decree as evidence. If it doesnât work out this way, then seek legal advice from your divorce attorney about your options. Another common solution is to sell the asset in question and use the earnings to pay off the debt.
How your former spouseâs bankruptcy can affect you
If your ex-spouse isnât able to keep up with the payments on their share of the debt, they might decide to file bankruptcy. This could cause problems for you if you didnât choose to file as well.
Filing for bankruptcy does not erase the debts, instead it erases your ex-spouseâs liability for the debt. In this instance, you could find yourself in a situation where the creditor is now pursuing you for the debt. Itâs also important that you check your credit report. Even if you werenât the one who filed bankruptcy, it could still end up on your credit report.
Be cautious about any joint accounts you may still have open post-divorce. If you leave joint accounts open and your former spouse has access to them, he or she could potentially transfer balances from other accounts onto those ones. Safeguard your credit by paying off any debts you can manage to pay off ahead of time, so that you donât have to worry about it later.
Marital Debt After Divorce: Who is Responsible? is a post from Pocket Your Dollars.
The best student loans can help you earn a college degree that will lead to higher earnings later in life. They also come with low interest rates and reasonable fees (or no fees), which will make it easier to keep costs down while youâre in school and once youâre in repayment mode.
For most people, federal student loans are the best deal. With federal student loans, you can qualify for low fixed interest rates and federal protections like deferment, forbearance, and income-driven repayment plans. To find out how much you can borrow with federal student loans, you should fill out a FAFSA form. Doing so can also help you determine if you qualify for any additional student aid, and if so, how much.
While federal student loans are usually the best deal for borrowers, many students need to turn to private student loans at some point during their college careers. This is often the case when federal student loan limits have been exhausted, or when federal student loans are no longer an option due to other circumstances. We’re providing the top 8 options, at least according to us, as well as a guide to help you get the best rate.
Apply now with our top pick: College Ave
Most Important Factors When Applying for Student Loans
Start with a federal loan. Fill out a FAFSA form prior to applying for a private loan to make sure youâre getting all the benefits you can.
Compare loans across multiple lenders. Consider using a comparison company like Credible to do so.
Always read the fine print. Fees arenât always boasted on the front of a lenderâs website, so take time to learn about what youâre getting into.
Start paying as soon as you can to avoid getting crushed by compound interest.
Best Private Student Loans of 2021
Fortunately, there are many private student loan options that come with low interest rates and fair terms. The best student loans of 2021 come from the following private lenders and loan comparison companies:
Best for Flexibility
Best Loan Comparison
Best for Low Rates and Fees
Best for No Fees
Best Student Loans from a Major Bank
Best Student Loans with No Cosigner Required
Best for Fair Credit
Best for Comprehensive Comparisons
#1: College Ave â Best for Flexibility
College Ave offers private student loans for undergraduate and graduate students as well as parents who want to take out loans to help their kids get through college. Variable APRs as low as 3.70% are available for undergraduate students, but you can also opt for a fixed rate as low as 4.72% if you have excellent credit. College Ave offers some of the most flexible repayment options available today, letting you choose from interest-only payments, flat payments, and deferred payments depending on your needs. College Ave even lets you fill out your entire student loan application online, and they offer an array of helpful tools that can help you figure out how much you can afford to borrow, what your monthly payment will be, and more.
Qualify in Just 3 Minutes with College Ave
#2: Credible â Best Loan Comparison
Credible doesnât offer its own student loans; instead, it serves as a loan aggregator and comparison site. This means that, when you check out student loans on Credible, you have the benefit of comparing multiple loan options in one place. Not only is this convenient, but comparing rates and terms is the best way to ensure you get a good deal. Credible even lets you get prequalified without a hard inquiry on your credit report, and you can see loan offers from up to nine student lenders at a time. Fixed interest rates start as low as 4.40% for borrowers with excellent credit, and variable rates start at 3.17% APR with autopay.
Compare Dozens of Rates at Once with Credible
#3: Sallie Mae â Best for Low Rates and Fees
Sallie Mae offers its own selection of private student loans for undergraduate students, graduate students, and parents. Interest rates offered can be surprisingly low, starting at 2.87% APR for variable rate loans and 4.74% for fixed-rate loans. Sallie Mae student loans also come without an origination fee or prepayment fees, as well as rate reductions for students who set up autopay. You can choose to start repaying your student loans while youâre in school or wait until you graduate as well. Overall, Sallie Mae offers some of the best âdealsâ for private student loans, and you can even complete the entire loan process online.
Get Access to Chegg Study FREE with Sallie Mae
#4: Discover â Best for No Fees
While Discover is well known for their excellent rewards credit cards and personal loan offerings, they also offer high-quality student loans with low rates and fees. Not only do Discover student loans come with low variable rates that start at 3.75%, but you wonât pay an application fee, an origination fee, or late fees. Discover student loans are available for undergraduate students, graduate students, professional students, and other lifelong learners. You can even earn rewards for having a 3.0 GPA or better when you apply for your loan, and Discover offers access to U.S. based student loan specialists who can answer all your questions before you apply.
Apply for a Loan with Discover
#5: Citizens Bank â Best Student Loans from a Major Bank
Citizens Bank offers their own flexible student loans for undergraduate students, graduate students, and parent borrowers. Students can borrow with or without a cosigner and multi-year approval is available. With multi-year approval you can apply for student funding one time and secure several years of college funding at once. This saves you from additional paperwork and subsequent hard inquiries on your credit report. Citizens Bank student loans come with variable rates as low as 2.83% APR for students with excellent credit, and you can make full payments or interest-only payments while youâre in school or wait until you graduate to begin repaying your loan. Also keep in mind that, like others on this list, Citizens Bank lets you apply for their student loans online and from the comfort of your home.
#6: Ascent â Best Student Loans with No Cosigner Required
Ascent is another popular lender that offers private student loans to undergraduate and graduate students. Variable interest rates start at 3.31% whether you have a cosigner or not, and there are no application fees required to apply for a student loan either way. Terms are available for 5 to 15 years, and Ascent even offers cash rewards for student borrowers who graduate and meet certain terms. Also note that Ascent lets you earn money for each friend you refer who takes out a new student loan or refinances an existing loan.
Get a Loan in Minutes with Ascent
#7: Earnest â Best for Fair Credit
Earnest is another online lender that offers reasonable student loans for undergraduate and graduate students who need to borrow money for school. They also offer a free application process, a 9-month grace period after graduation, no origination fees or prepayment fees, and a .25% rate discount when you set up autopay. Earnest even lets you skip a payment once per year without a penalty, and there are no late payment fees. Variable rates start as low as 3.35%, and you may be able to qualify for a loan from Earnest with only âfairâ credit. For their student loan refinancing products, for example, you need a minimum credit score of 650 to apply.
Learn Your Rate in Minutes with Earnest
#8: LendKey â Best for Comprehensive Comparisons
LendKey is an online lending marketplace that lets you compare student loan options across a broad range of loan providers, including credit unions. LendKey loans come with no application fees and variable APRs as low as 4.05%. They also have excellent reviews on Trustpilot and an easy application process that makes applying for a student loan online a breeze. You can apply for a loan from LendKey as an individual, but itâs possible youâll get better rates with a cosigner on board. Either way, LendKey lets you see and compare a wide range of loan offers in one place and with only one application submitted.
Pay Zero Application Fees with LendKey!
How to Get the Best Student Loans
The lenders above offer some of the best student loans available today, but thereâs more to getting a good loan than just choosing the right student loan company. The following tips can ensure you save money on your education and escape college with the smallest student loan burden possible.
Consider Federal Student Loans First
Like we mentioned already, federal student loans are almost always the best deal for borrowers who can qualify. Not only do federal loans come with low fixed interest rates, but they come with borrower protections like deferment and forbearance. Federal student loans also let you qualify for income-driven repayment plans like Pay As You Earn (PAYE) and Income Based Repayment (IBR) as well as Public Service Loan Forgiveness (PSLF).
Compare Multiple Lenders
If you have exhausted federal student loans and need to take out a private student loan, the best step you can take is comparing loans across multiple lenders. Some may be able to offer you a lower interest rate based on your credit score or available cosigner, and some lenders may offer payment plans that meet your needs better. If you only want to fill out a loan application once, it can make sense to compare multiple loan offers with a service like Credible.
Improve Your Credit Score
Private student loans are notoriously difficult to qualify for when your credit score is less than stellar or you donât have a cosigner. With that in mind, you may want to spend some time improving your credit score before you apply. Since your payment history and the amounts you owe in relation to your credit limits are the two most important factors that make up your FICO score, make sure youâre paying all your bills early or on time and try to pay down debt to improve your credit utilization. Most experts say a utilization rate of 30% or less will help you achieve the highest credit score possible with other factors considered.
Check Your Credit Score for Free with Experian
Get a Quality Cosigner
If your credit score isnât at least âvery good,â or 740 or higher, you may want to see about getting a cosigner for your private student loan. A parent, family member, or close family friend who has excellent credit can help you qualify for a student loan with the best rates and terms available today. Just remember that your cosigner will be liable for your loan just as you are, meaning they will have to repay your loan if you default. With that in mind, you should only lean on a cosignerâs help if you plan to repay your loan amount in full.
Consider Variable and Fixed Interest Rates
While private student loans offer insanely low rates for borrowers with good credit, their variable rates tend to be lower. This is why you should always take the time to compare variable and fixed rates across multiple lenders to find the best deal. If you believe you can pay your student loans off in a few short years, a variable interest rate may help you save money. If you need a decade or longer to pay your student loans off, on the other hand, a low fixed interest rate may provide you with more peace of mind.
Check for Discounts
As you compare student loan providers, make sure to check for discounts that might apply to your situation. Many private student loan companies offer discounts if you set your loan up on automatic payments, for example. Some also offer discounts or rewards for good grades or for referring friends. It’s possible you could qualify for other discounts as well depending on the provider, but you’ll never know unless you check.
Beware of Fees
While the interest rate on your student loan plays a huge role in your long-term loan costs, donât forget to check for additional fees. Some student loan companies charge application fees or prepayment penalties if you pay your loan off early, for example. Others charge origination fees that tack on a few additional percentage points to your loan amount right off the bat. If you can find a student loan with a low interest rate and no additional fees, youâll be much better off. Since loan fees may not be prominently advertised on student loan provider websites, however, keep in mind that you may need to dig into their fine print to find them.
Make Payments While Youâre in School
Finally, no matter which loan you end up with, it makes a lot of sense to make payments while youâre still in school if you’re earning any kind of income. Even if you make interest-only payments while you attend college part-time or full-time, you can save yourself from paying thousands of dollars in additional interest payments later in life. Remember that compound interest can be a blessing or a curse. If you can keep interest at bay by making payments while youâre in school, you can squash compound interest and keep your loan balances from growing. If you let compound interest run its course, on the other hand, you may wind up owing more than you borrowed in the first place by the time you graduate school and start repayment.
What to Watch Out For
A private student loan may be exactly what you need in order to finish your degree and move up to the working world, but there are plenty of âgotchasâ to be aware of. Consider all these factors as you apply for a new private student loan or refinance existing loans you have with a private lender.
Interest that accrues while youâre in school: Remember that subsidized loans may not accrue interest until you graduate from college and enter repayment mode, but that unsubsidized loans typically start accruing interest right away. Since private student loans are unsubsidized, youâll need to be especially careful about ballooning interest and long-term loan costs.
Getting a cosigner: Make sure you only apply for a private student loan with a cosigner if youâre entirely sure you can repay your loan over the long haul. If you fail to keep up with your end of the bargain, you could destroy trust with that person and their credit score in one fell swoop.
Youâll lose out on some protections: Also remember that private student loans come with fewer protections than federal student loans. You wonât have the option for income-driven repayment plans with private loans, nor will you be able to qualify for federal deferment or forbearance. For this reason, private student loans are best for students who are confident in their ability to repay their loans on their chosen timeline.
In Summary: The Best Student Loans
Best for Flexibility
Best for Loan Comparison
Best for Low Rates and Fees
Best for No Fees
Best Student Loans from a Major Bank
Best Student Loans with No Cosigner Required
Best for Fair Credit
Best for Comprehensive Comparisons
The post Here Are The Best Student Loans of 2021 appeared first on Good Financial CentsÂ®.
The post The No-Cash Envelope System That Works appeared first on Penny Pinchin' Mom.
I am a strong believer in the cash envelope system. It works great for our family. But I also know that is not the case for everyone.Â You may not want to use cash but love the envelope system concept.Â Fortunately, there is a program you can use that marries your desire to use plastic with the discipline of a cash envelope budget.
When it comes to managing your money, spending and trying to get out of debt, there are many programs and apps out there. But, not all of them can do everything.Â That means one app for your budget, another for trying to get out of debt and then yet another for managing your spending.
ProActive does it all.Â You can manage your money, spending, budgeting, and debt payoff – all from one simple to manage app! But, before you jump in and download it, make sure you read this honest review.Â That way, you’ll know what to expect!
What is ProActive?
ProActive combines the beauty of shopping with plastic and the discipline of cash envelopes.Â The system ensures that you never overspend – ever!Â Just like with cash, when the envelope is empty, you are done shopping!
What is the cash envelope budget?
A cash envelope budget is what it sounds like. Rather than using plastic to shop you get cash and place the budgeted amounts into envelopes.Â For example, if your budget for food is $200 a paycheck, then you get cash and place $200 in an envelope earmarked for groceries.
When you grocery shop, you use only the cash in the envelope. That is all you have available to spend. It is impossible to overspend.Â If there is only $20 left then that means you can’t spend $22.Â There is not enough money there.
It is a system that works very well for people who want to better manage and control spending.
How does it work?
Once you sign up and create your account, you will get a ProActive branded debit card.Â When you are ready to spend, you use the ProActive card.Â But, before you can swipe, you have to let the app know which envelope the money needs to come from.Â That way, you always stay on budget and don’t spend more than you should.
Add funds to your account
When you get paid, review your budget.Â Pay the bills that are due.Â What you have left over is what you have left to spend on everything else on your budget.Â It will include items such as clothing, household items, personal care and beauty, groceries, entertainment, dues, etc.
You will go into the app and click the “+” icon.Â That starts the transfer from your bank account to your ProActive debit card.
Allocate the money to your virtual envelopes
Once the funds are deposited, you have to assign an amount to each category (a.k.a. envelope).Â Review the budget to see what you have available to spend.
Shop as usual (but pay with the ProActive card)
You can’t swipe your card until you have told the card which category (or envelope) the money should come from.Â Simply open the app and click the spend category.Â Then you can swipe.
If there is not enough money left in the category to cover your purchase, it will be declined.Â That makes it impossible to overspend.
The smart way to use ProActive
As parents, we teach our kids.Â They need to know how to take care of themselves, cook, clean and do other things around the house.Â But, it seems that financial responsibility is one that gets overlooked.
One thing that ProActive allows is for you to add your kids and teach them how to manage their own money.Â You can put funds on their account and they too can set up categories.Â And, just like mom and dad, they have to select the category before they spend so they are not spending more than they should either.
ProActive not only teaches your kids how to use a debit card, but also the financial responsibilities that go along with it.Â And, it is in an environment that both mom and dad can see (and control).
Who is ProActive a fit for?
Just like with every other app or budget system there is never a one-size-fits-all system. That means this may not work for you.Â If you love your credit card for the rewards then this will not work for you.Â You can’t attach a credit card and use this program.
But, if you struggle to try to manage your money and spending then you really need to get this app. It makes it impossible to overspend and helps you learn how to think about every purchase you make.Â You may not need to use it forever as you will become disciplined.
What does it cost?
When you sign up, ProActive will give you a 15-day trial.Â They want to make sure it is a fit for you before they make you pay.Â Then, if you love it, you continue at $5.75 a month (paid annually, so $69).Â You can add a second user for $29 a year and even add your kids for just $24 each.
What happens if I forget my phone?
It happens.Â We leave our phones behind. In that case, it is important that you always have an alternative payment method handy, such as your bank debit card, credit card or cash.
If your goal is to get out of debt, you have to first start with your budget and spending. If you don’t do that, you will never achieve your goals.Â ProActive is one tool that helps you every step of the way.
The post The No-Cash Envelope System That Works appeared first on Penny Pinchin' Mom.
Dealing with debt collectors can be a real drag, especially if theyâre constantly hounding you to pay up. The Fair Debt Collection Practices Act (FDCPA) protects consumers against harassment from debt collectors but the industry still generates millions of complaints each year. Fortunately, the Consumer Financial Protection Bureau (CFPB) has proposed new guidelines that shield debtors from abusive debt collection efforts.
Check out our personal loan calculator.
The Proposed Rules
In July, the CFPB proposed a new set of rules aiming to completely revamp the debt collection market. The proposal is focused primarily on doing two things: limiting contact between debt collectors and consumers and making sure that collection agencies have accurate information before they try to collect on a debt.
The proposed rules are meant to alleviate some of the problems associated with the debt collection industry, which affects about 70 million Americans. Essentially, the CFPB wants to increase transparency and cut down on errors and inaccuracies. The agencyâs proposed rules would require debt collectors to do the following:
Verify that theyâre collecting the right debt. Debt collectors would need to make sure that theyâre targeting the right person before trying to collect a debt. Specifically, theyâd have to verify the debtorâs name, address, phone number, account number, date of default and the amount of debt thatâs owed.
Limit how often they contact consumers. Instead of calling debtors repeatedly or flooding their mailboxes with letters, debt collectors would be limited to contacting them six times per week.
Simplify the dispute process. Consumers have the right to dispute a debt but the CFPB wants to take things one step further. Debt collectors would have to give as much information as possible about debts when sending out written collection notices. Theyâd have to include a form that consumers could mail in to dispute their debt.
Provide written verification. If a consumer mails in the form to dispute a debt, the debt collector would have to mail them a written debt report. The collection agency would be barred from pursuing the debt without sending out a report.
Review documentation of debts before trying to collect. Debt collectors wouldnât be able to collect anything until theyâve reviewed the documents related to the debt. If a collector wanted to sue someone, theyâd need sufficient evidence and documentation of the debt.
Notify other debt collectors of disputes. If a debt collector sells your debt to another collection agency after youâve disputed it, the new collector wouldnât be able to come after you before resolving the dispute.
Related Article: The Worst Ways to Deal With a Bill Collector
When Would the New Rules Go Into Effect?
The proposed rules need to be reviewed by small business leaders and industry experts before they can be implemented. But if the CFPB successfully pushes them through, they could go into effect in 2017. In the meantime, youâre still covered by the FDCPA.
In case youâre not sure what your rights are, hereâs a quick rundown of what debt collectors canât do:
They canât make false statements. A debt collector canât give out false information about the amount of debt you owe or say that youâve broken the law by falling behind on debt payments.
They canât use unfair practices to collect. Debt collectors canât try to garnish certain assets in order to cover your debts. For example, they canât take a portion of your Social Security benefits, your workersâ compensation benefits or your Supplemental Security Income.
They canât harass you. Debt collectors canât threaten you or be verbally abusive. They canât use profane or obscene language or call you repeatedly just to annoy you.
Get your free credit score now.
There is some opposition to the CFPBâs proposals. So weâll have to wait and see what happens. In the meantime, if a debt collector has been hounding you or your feel that your rights have been violated, you can file a complaint with the Consumer Financial Protection Bureau.
Vinegar isnât the only super performer in your kitchen.
Windex â that simple $3 spray you keep under your sink â can be used to clean the interior of your car, to detail jewelry and even to unstick zippers.
Your store shelves probably carry several varieties of Windex, so if youâre cleaning fabric, stick with the clear version, and if youâre using it for a car, use the Windex Ammonia-free Glass Cleaner.
Aside from those suggestions, any of the Windex variations will do the job.
Here are 9 surprisingly effective uses for that familiar blue (or sometimes clear) bottle.
1. Moving Large Pieces of Furniture
Los Angeles-based interior designer John Linden uses Windex to slide large items that are stuck or too heavy to move.
âAll we need to do is to spritz some in front of the objects we want to move before pushing the item,â Linden says. Heâs then able to easily move that piece of furniture to its place.
As long as you use the ammonia-free version of Windex, you can use it on any type of flooring, including hardwood.
2. Cleaning Carpets and Upholstered Furniture
You thought Windex only worked on glass? Linden says heâll often spray Windex onto small stains, leaving it for 20 minutes to soak. Then he wipes right off the furniture.
Make sure to use the clear formula for this, as the blue formula may leave its own stains.
3. Insect Repellant
The smell of ammonia is strongly disliked by many insects, says Andrew Barker, founder of Homeowner Costs. As a result, Barker suggests spraying Windex by open windows and doors to keep bugs at bay.
4. Clean Your Car
Windex is also a great cleanser for cars, says Deidre Fisher, owner of Simply Bliss Cleaning in Salt Lake City, Utah. Use it on window and mirror smudges, on dashboards, the steering wheel and any plastic and leather surface.
Itâs also great for cleaning the screens and dials. âI just recommend spraying the cloth first and not the electronics directly,â Fisher says.
5. Washing Makeup Brushes
Makeup artist and lifestyle blogger Kerrin Jackson has been using Windex to clean her brushes and airbrush parts for more than a decade.
âThey make light work of breaking down the alcohol-based makeups and heavy-duty body makeup products that can sometimes be stubborn and difficult to clean from the inner workings of the airbrush parts,â Jackson says.
6. De-greasing Your Kitchen
Use Windex on your exhaust fans and range hoods in your kitchen, suggests Diana Rodriguez-Zaba, president of ServiceMaster Restoration by Zaba, a cleaning company in Chicago.
Rodriguez-Zaba suggests spraying Windex on the surfaces and letting it stand for 5-10 minutes, then wiping it clean and rinsing with water to remove any remaining chemical residue.
7. Cleaning Your TV Screen
Got a dusty TV? Dust is usually very prevalent on televisions because everyone is scared to clean them. But spray some Windex on a soft cloth and youâre good to go, says Abe Navas, general manager of Emilyâs Maids, a house cleaning service in Dallas.
8. Removing Stains From Clothing
It works well for red wine, tomato sauce, ketchup and more, says Jen Stark, founder of Happy DIY Home, a gardening and home improvement blog.
âYou can lightly spray the stain with Windex and let it sit for 15 minutes, as long as the clothing item isnât a delicate silk,â Stark said. âGet a clean cloth and blot at the stain before rinsing it in cold water.â
Follow this by washing the clothing as recommended. Make sure you use clear Windex for this task.
9. Cleaning Patio Furniture and Outdoor Surfaces
Benjamin Nguyen, owner of Full Color Cleaners, says he uses Windex to clean his patio furniture, making it look as good as new. It will clean everything from the furniture to outdoor surfaces, including brick.
For this task, go the extra mile and snag the Windex Outdoor Concentrated Cleaner, which is a 32 oz. spray bottle that attaches onto a hose ($27.66). Spray onto your aluminum siding, your brick, your windows â and with this tool, you wonât even need a ladder to do it.
Danielle Braff is a contributor to The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
The major difference between Fingerhut and credit cards that cater to low credit scores is that Fingerhut credit is exclusively available for use with its own companyâs products and authorized partners. Youâll also find that the companyâs products are pricier than they would be through most other retailers, while also bearing the weight of higher interest rates. While it might seem like a good idea if you donât have good credit, itâs best to familiarize yourself with the ins and outs of the company beforehand so that you know what youâre signing up for.Â
How Fingerhut credit works
When you apply for a Fingerhut credit account, you can get approved by one of two accounts:
WebBank/Fingerhut Advantage Credit Account.
Fingerhut FreshStart Installment Loan issued by WebBank.
As it happens, by submitting your application, you are applying for both credit accounts. Applicants will be considered for the Fingerhut FreshStart Installment Loan issued by WebBank as a direct result of being denied for the WebBank/Fingerhut Advantage Credit Account. In other words, you wonât have a way of knowing which one you will be approved for prior to applying. Both credit accounts are issued by WebBank and are set up so that customers can purchase merchandise by paying for them on an installment plan with a 29.99% Annual Percentage Rate (APR). These are the only things that the different Fingerhut credit accounts have in common.
The WebBank/Fingerhut Advantage Credit Account
The WebBank/Fingerhut Advantage Credit Account works very much like an unsecured credit card, except that itâs an account that you can only use it to shop on Fingerhut or through its authorized partners.Â
This credit account features:
Â No annual fee.
A 29.99% interest rate.
A $38 fee on late or returned payments.
A possible down payment; it may or may not be required. You wonât know prior to applying.Â
If you get denied for this line of credit, your application will automatically be reviewed for the Fingerhut FreshStart Credit Account issued by WebBank, which is both structured and conditioned differently.
Fingerhut FreshStart Installment Loan issued by WebBank
If you get approved for the Fingerhut FreshStart Installment Loan, you must follow these three steps to activate it:
Make a one-time purchase of no less than $50.
Put a minimum payment of $30 down on your purchase, and your order will be shipped to you upon receipt of your payment. You may not use a credit card to make down payments, but you can use a debit card, check, or a money order.Â
Make monthly payments on your balance within a span of six to eight months.
You can become eligible to upgrade to the Fingerhut Advantage Credit Account so long as you are able to pay off your balance during that time frame or sooner without having made any late payments. Keep in mind that paying for the entire balance in full at the time you make your down payment will result in you not qualifying for the loan as well as being ineligible for upgrade.Â
How a Fingerhut credit account helps raise your credit score
The fact that it can help you improve your credit is one of the biggest advantages of using a Fingerhut credit account.Â
When you make your payments to Fingerhut in full and on-time, the company will report that activity to the three major credit bureaus. This means that your good credit utilization wonât go unnoticed nor unrewarded. If you use Fingerhut to improve your credit score, you will eventually be able to apply for a credit card through a traditional credit card companyâone where you can make purchases anywhere, not just at Fingerhut.Â
Additional benefits of a Fingerhut credit account
Besides using it as a tool to repair your bad credit, there are a few other benefits to using a WebBank Fingerhut Advantage Credit Account such as:
No annual fee.
Fingerhut has partnerships with a handful of other retailers, which means you can use your Fingerhut credit line to make purchases through a variety of companies. Fingerhut is partnered with companies that specialize in everything from floral arrangements to insurance plans.
There are no penalties on the WebBank Fingerhut Advantage Credit Account when you pay off your balance early.
How to build credit with Fingerhut
Fingerhut credit works the same way as the loans from credit card companies work: in the form of a revolving loan.Â
A revolving loan is when you are designated a maximum credit limit by your lender, in which you are allowed to spend. Whatever you spend, you are expected to pay back in full and on-time through a series of monthly payments. This act of borrowing money and paying off bills using your Fingerhut account causes your balances to revolve and fluctuate, hence, its name.Â
Your credit activity, good or bad, gets reported to the three major credit bureaus and in turn, will have an effect on your credit report. Revolving loans play a large role in your credit score, affecting approximately 30% of your score through your credit utilization ratio. If your credit utilization ratio, the amount of available revolving credit divided by your amount owed, is too high then your credit score will plummet.Â
When using a Fingerhut account, the goal is to try to keep your amounts owed as low as you possibly can so that you can maintain a low utilization ratio, and as a result, have a higher credit score.
Alternatives to Fingerhut
If youâve done all your research and decided that Fingerhut isnât the right choice for you, there are other options that might serve you better, even if you have bad credit. There are a variety of secured credit cards that you can apply for such as:
The OpenSky Secured Visa Credit Card: You will need a $200 security deposit to qualify for this secured credit card, but you can most likely get approved without a credit check or even a bank account. It can also be used to improve your credit, as this card does report to the three major credit bureaus. While this card does come with an annual $35 fee, you can use it to shop anywhere that will accept a Visa.Â
Discover it Secured:Â For all those opposed to paying an annual fee of any sort, this card might just be the one for you. With a $0 annual fee and the ability to earn rewards through purchases, thereâs not much to frown about with this secured credit card. One of the best perks, is that it allows you the chance to upgrade to an unsecured card after only eight months.Â
Deserve Pro Mastercard: This card is a desirable option for those with a short credit history. There is no annual fee and no security deposit required and, if your credit history isnât very long-winded, thatâs okay. The issuers for this card may use their own process to decide whether or not you qualify for credit, by evaluating other factors such as income and employment. This card is especially nifty because you can get cash-back rewards such as 3% back on every dollar that you spend on travel and entertainment, 2% back on every dollar spent at restaurants, and 1% cash back on every dollar spent on anything else.Â
Fingerhut is an option worth looking into for those with bad credit or a short credit history. If you want to use a Fingerhunt credit account to improve your credit score, be sure to use it wisely and make all of your payments on time, just as you would with any other credit card.
Even though it might be easy to get approved, the prices and interest rates on items sold through Fingerhut are set higher than they would be at most other retailers, so itâs important to consider this before applying.Â
There are a ton of options available, regardless of what your credit report looks like, if you are trying to improve your credit. If the prices of Fingerhutâs merchandise are enough to scare you away, you might want to consider applying for a secured credit card.Â
How to Build Credit with Fingerhut is a post from Pocket Your Dollars.