Search Results for: interest

Two weeks ago we wrote about the dangers of high-interest loans. ESPN ran a story on the same topic, but from a different angle. The ESPN article focused on current and former professional football players who invested in companies that provided high-interest loans to borrowers with low incomes and poor credit. It turned out to be a terrible investment for these athletes, as the companies defaulted on their payment Read More

A recent article caught my attention highlighting the dangers of long-term and high-interest loans. In New York State, the legal limit for interest rates before considered usury is 16%. However, there are loopholes that allow some lenders to charge what is seemingly an unethical rate of interest. Sub-prime loans typically carry a higher interest rate (although not to the level of usury), as do payday loans and title Read More

There have been a number of reports recently about the uptick in foreclosures. This is due to the end of the pandemic moratorium and the temporary forbearances that lenders have been offering to assist homeowners during the pandemic. At the same time, bankruptcy filings continue to decline. This can be confusing, and even misleading, for those facing financial hardship. Whether you are dealing with credit card debt, Read More

2021 is finally behind us. It's time to look ahead to 2022. You may have made some resolutions about smart spending and sticking to a budget. Follow this blog for strategies to address debt and check out our free resource for more tips and tricks. It's never too early to start thinking about taxes. In the coming weeks, we will all start receiving our tax forms. Those expecting refunds will try to file as quickly Read More

Happy November! The air is getting colder here in New York and holiday shopping is in full swing. Thanksgiving is coming, which means so is Black Friday. Just as we are thinking about our holiday shopping, we must also be smart about our holiday spending. November and December tend to be the most expensive months between gift shopping, holiday travel, and expenses related to hosting holiday Read More

In prior posts, I explained how the bankruptcy exemptions can be used to protect assets and how they periodically get updated. While New Yorkers can choose between state and federal exemptions to protect assets, sometimes people find themselves with assets that cannot be fully protected or can only be partially protected. This post will explain what that means and the practical implications. Bankruptcy is a tool Read More

As a New York Mets fan, I’ve had my share of disappointment. Today, and every July 1st until 2035, are reminders of that. For those who are confused, Bobby Bonilla Day started July 1, 2011, and is an annual celebration ending on July 1, 2035. Don’t be fooled, this is not a good kind of celebration. Bobby Bonilla was a six-time all-star who played for the Mets. He was traded away in 1995 but brought back in 1999. Read More

The Wall Street Journal recently ran an article highlighting a study on how shopping with credit cards affects our brains. Conducted by MIT, the study compared brain activity when shoppers planned to pay with a credit card versus paying with cash. The results indicated that people were more willing to purchase expensive items using credit cards compared to cash and were also willing to spend more if using credit Read More

While the deadline to file your 2020 tax returns has been extended to May 17, 2021, this will be my final tax season post so I can move on to other interesting topics. This tax filing extension is certainly a benefit to all filers. Tax filers benefit because they have more time to get everything in order and make payments (if they owe taxes). Accountants also benefit from the additional time. As I mentioned in a Read More