Filed under: Personal Finance, Dr. Boyce Money, News, The Economy
Financial News You need to know:
What you need to know about credit scores: Get educated on what it takes to have the score you need. Your credit score can affect whether you get the job you want, as well as the cost of your insurance. Additionally, the formulas used by companies to calculate credit worthiness are changing as we speak.
What social security underfunding means for your retirement: Social security is financially sick. African Americans are going to be hit the hardest, since we have the least wealth to prepare for economic challenges. Find out what all this means for your retirement, as the retirement landscape in America is going to change dramatically in the future.
The federal government may continue to help first time home buyers: Many people don’t know about the $8,000 tax credit the Obama Administration is giving to first-time home buyers. Well, the government is considering extending the credit, which can add to your personal bottom line.Students are borrowing more money than ever to attend college: Along with the cost of healthcare, Americans are finding it more and more difficult to pay for their children to go to college. In fact, most young people under the age of 40 are going to die in debt. This does not have to be the case, since there are less expensive ways to pay for school if you seek out alternatives.
Factors that may increase your chances of personal bankruptcy: Bankruptcies are skyrocketing due to the recession. There are things you can do to avoid bankruptcy, like negotiating with creditors or keeping a budget. Also, things like carefully noting the quality of your health insurance can make a difference as well.
Dr. Boyce Watkins is a Finance Professor at Syracuse University, a prominent black speaker and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.