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    Personal Finance Coronavirus Megathread Update: Resources, discussion, and your questions

    August 12, 2020

    Personal Finance Coronavirus Megathread Update: Resources, discussion, and your questions

    Coronavirus Megathread Update: Resources, discussion, and your questions

    Posted: 12 Aug 2020 02:41 PM PDT

    Overview

    Several months ago, we posted a megathread with tons of information about Coronavirus related issues. Given the ongoing nature of the pandemic and recent U.S. governmental actions, we are posting a second installment of this megathread. Please keep in mind that politics and political discussions are still not allowed here.

    August 2020 Updates

    President Trump recently signed several executive orders and memorandum related to the Coronavirus pandemic. There are still many unknowns about the specific details of these actions, but here is a summary of what we think we know so far:

    Payroll Taxes Suspended or Deferred

    Summary

    TL;DR - Starting September 1st, some people might not have to pay Social Security and Medicare taxes. You might have to pay these back later, or you might never have to pay them back. It is complicated. If you get the benefit of this deferral, please save the money.

    • Payroll taxes consist of two related taxes - Social Security (6.2% of wages) and Medicare (1.45% of wages). Both employees and employers pay these taxes (i.e. for every $1 of social security taxes you pay, your employer also pays $1).

    • The Secretary of the Treasury has been directed to defer the collection of payroll taxes on those making a gross income of less than $104,000 / year ($4,000 or less per bi-weekly paycheck) starting September 1.

    • While there is some indication that this deferral of payroll taxes may become forgiveness, this has not yet occurred. It is unclear whether payroll taxes can actually be forgiven without Congressional action (i.e. passing a law).

    • Likewise, it is unclear whether the deferral of payroll taxes is legal. It is possible that we will see this action challenged through the court system and it is possible that injunctions, etc... might delay the implementation of this order.

    • Additionally, not all companies have a payroll system that can handle this change. It is possible that some companies might continue withholding payroll taxes and just not remit them until the deferral expires.

    FAQ

    • Q How much should I save from my check so that I can pay back the money if/when the deferral expires?

    • A You should save approximately 7.5% of your gross income. Look at your paycheck; it should tell you what your gross income is (before taxes, etc...). If you really can't figure out your gross income for some reason, try setting aside 10-15% of your take home pay. We had to make a lot of simplifying assumptions to get to this number, and basing it on your gross income is absolutely more accurate, but 10-15% of take home should be reasonably close for many people.

    • Q Can I opt out of this and continue to pay social security/medicare taxes as normal?

    • A No. There is no provision to opt in or out of this action. It is possible that your employer might give you a choice. You should ask them about how they plan to handle this with their payroll system.

    • Q I make close to the $104,000 limit. Can I increase 401(k) contributions, etc... to make myself qualify?

    • A Maybe. The limit is based on pre-tax income. It is unclear exactly how this calculation will work.

    • Q So if I make $104,001 am I out of luck?

    • A As currently written, yes. The literal text does not include a "phase out" range. We would certainly suggest waiting for more clarification before voluntarily taking a pay cut.

    • Q I was laid off for part of the year. My bi-weekly paycheck is over $4,000 but I will make under $104,000 for the full year. Do I qualify?

    • A Probably not. The language seems to suggest that this is based on your bi-weekly paycheck amount. But, stay tuned for clarifying guidance.

    • Q I'm not paid bi-weekly. What is the equivalent limit for me?

    • A For someone paid bi-monthly (twice a month, 24 checks a year), the equivalent limit is $4,333.33 / check. For someone paid weekly, the equivalent limit is $2,000 / check. For someone paid monthly, the equivalent limit is $8,666.67.

    • Q When will I have to pay the deferred taxes back?

    • A This is unknown. No timeline has been provided. Presumably, repayment would start after the end of the deferral period, which is currently December 31, 2020. It is unclear if this will be done as a lump sum or over time.

    • Q I'm self-employed/own a small business. Are both halves of payroll taxes deferred or only the employee half?

    • A It appears that only the employee half is deferred. If you are self-employed and pay your payroll taxes on your individual income tax return, this deferral doesn't impact you although possible forgiveness might.

    • Q I work multiple jobs. Collectively, I would be above the $4,000/week cap but on an individual job basis I am below it. Do I qualify?

    • A Probably so. As written, the memorandum appears to be based on your paycheck per employer.

    Student Loan Interest Waiver

    Summary

    TL;DR - federal student loan payments are now suspended until December 31.

    The previously announced suspension on student loan payments has been extended from September 30th until December 31. Of the four actions announced, this appears to be the most straightforward. Basically, the benefits for student loans currently in place now end December 31, not September 30.

    FAQ

    • Q Does this apply to private loans?

    • A No, this only applies to public loans. However, private student loan companies may have their own relief programs. If you need or want relief, contact them and ask them about what they offer."

    Relief for Homeowners and Renters

    Summary

    Tl;DR - This one doesn't include specific policies so not much is known about where this will head until federal agencies respond.

    The Executive Order requires certain federal agencies to take steps to limit foreclosures or evictions. It does not include a list of specific actions or policies.

    FAQ

    • Q So what does this mean? Can I be kicked out of my house/evicted from my apartment if I don't pay my mortgage/rent?

    • A We don't know yet. If you are facing financial hardship, you should contact your landlord or mortgage servicer to discuss your options. Unfortunately there are no details available for us to analyze.

    Unemployment Benefit Extension

    Summary

    TL;DR - Some people can get an extra $300/week from unemployment. But expect this to take time. The details on this one are beyond complicated.

    To start, here is a link to the text of the executive order. It establishes a $400/week benefit ($300/week from the federal government with $100/week match from the states, which can include existing payment) for unemployed individuals. Unlike the previous program, which had a fixed end date, this program is designed to run until its funding is exhausted or December 6, 2020, whichever occurs first. While this program could provide a maximum of $400/week in additional benefits, given that states can "offset" their $100/week with existing benefits, the practical answer for many people is that this will be an extra $300/week.

    FAQ

    • Q When will I start receiving these payments?

    • A We don't know yet, but we would anticipate that it will be at least several more weeks. This program is different from the previous program and requires a high level of coordination with states.

    • Q What if my state doesn't contribute an extra $100/week for its share of the payment?

    • A You should be fine as long as you get at least $100/week currently. States are encourage to contribute an extra $100/week; however, they are allowed to use existing benefits.

    • Q So is the benefit amount $400/week or $300/week?

    • A This will vary by state. The executive order basically encourages states to add an additional $100/week to the federal $300/week, but they don't have to do this. This is new, but anecdotal reports from states seem to indicate that this will be $300/week for most people.

    • Q Do I automatically qualify if I received the $600/week additional payment?

    • A No. This is a seperate program with some additional eligibility requirements. We are still working on understanding the details of these eligibility requirements.

    submitted by /u/PersonalFinanceMods
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    If you KNOW AT&T messed up and you’re now getting collections letters, don’t waste your time on the phone with customer service- go to the actual store.

    Posted: 12 Aug 2020 05:06 AM PDT

    I hope this helps at least one person. No one should get slapped with a bill or collections notice that is not their responsibility then get told to "just pay it."

    My loving husband came with a very nasty ex-wife. They were AT&T users and after they split, he did a transfer of billing responsibility(TBR) to split their account so she would be responsible for her line and phone and he for his. He got a new account for his line and phone payment. After we got together, we paid off his phone, closed his account ("Thank you, Mr. X for your service all these years. You have a zero balance. Have a nice life" or whatever they say when you leave them) and he was added to my Verizon account. All was well, right?

    A few months later, we got another collections letter. (We already paid off all his other collections and credit card balance from her.) Of course, I was pissed because this one was $800 and I thought we were done paying off his past. So he called AT&T to ask about the bill. "Mr.X, your account is showing a zero balance. Disregard the letter, we'll take care of it." Ok, cool. Keep in mind, I have no idea how collections work because I've never made a late payment in my life.

    I can't remember the exact timing, but we received another collections notice. Now we have a mortgage and a baby, I was on unpaid maternity leave, and what we don't have is an extra $800.00 laying around for this bill. Again, I'm pissed. My husband was/is working from home (Thank you, COVID) and when he came out for break I had him call AT&T again. The call lasted TWO hours. (His amazing boss put him on PTO to deal with it.) I won't go into the details but the just of it was that the TBR was not done properly so when Ex-Wife decided not to pay her bill, it got kicked back to my husband. They said it looked like someone just copied his old account and threw the bill onto there, so it would be classified as fraud because the account was open without his knowledge. Ok, cool. We're done.

    Nope. Two weeks later, the fraud department sends us a letter stating there was no fraud and he was responsible for the bill. WTF. Then I got on the phone. I had finally gotten someone on the phone who could see the failed TBR, how the line and phone was supposed to be transferred to Ex-Wife's mom, and that my husband was not responsible. Woo-hoo.

    Nope. And then I got transferred again and again and again. I end up on the phone (finally) with a manager. This B tells me "Mrs.X, I don't see any history of a TBR or your husband calling in during the time you're stating." WTF. I thought we were finally getting somewhere. She told me, " The same thing happened to me when I split with my ex and I had to pay his bill." She told me to just pay the bill. HELL NO.

    I spent FOUR hours on the phone with AT&T that day. So now the total hours wasted on the phone with AT&T totals around 6.5 hours. I was furious. I hung up the phone dumbfounded and questioned my husband again about everything. He assured me he did it on the phone in Sept the previous year. It just didn't make sense- how could that one person get it right and then everyone else give me the runaround?

    So my husband went to the actual AT&T store. Sat down with the manger who saw EVERYTHING on his account and it was taken care of in 30 minutes with two more 10-15 minute visits to the store to finish it up and verify. AT&T messed up the TBR and it was, in fact, NOT my husband's responsibility to take care of it. When he went back the final time to make sure everything was taken care of, his entire history with AT&T was wiped clean, like he never even had an account there. I had also really hoped the bill would get kicked back to Ex-Wife, unfortunately it didn't.

    Larissa, the manager over the phone at AT&T who told me to "just pay it," you're a crap employee.

    submitted by /u/lace8402
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    My financial consultant messed up and I've apparently been over contributing to my retirement accounts for years. What happens now and what are my options?

    Posted: 12 Aug 2020 02:22 AM PDT

    Hey everyone. I've been using a financial advisor for several years now because I don't know that much about finances and was hoping to just get someone to give me the broad strokes of what to do.

    In the beginning when I first met him, I had a 401k with the company I was working with. I contributed to it for about a year until I switched jobs to a company that doesn't offer a 401k. My financial advisor suggested i could switch the funds in the 401k to a IRA, so I could easily have more control over it and so I did. Then about 5 years ago, my income changed and he suggested I should get a Roth IRA. So I setup a roth IRA through them, and every year we would meet, and I would tell my intent to contribute the maximum amount to the Roth IRA and regular IRA because I'm a good saver and always saved a lot every year. I would hand them 2 checks to contribute to both accounts. Every year when I filed my taxes, (this is where I messed up), the person who did my taxes never got my documents regarding my retirement accounts.

    Until this year, and he immediately told me that I was over contributing to my retirement accounts. I told my financial advisor, who when he looked, confirmed that I was indeed over contributing. I asked him how they didn't manage to catch such an obvious mistake, and apparently he's still investigating how their system didn't flag or catch it. I read online there is a fee or fine for over contributing.

    It seems like such an amateur mistake, so I'm pretty angry at my advisor and myself for just assuming they knew better than me. Now I'm not sure what happens. Am I going to get hit with a massive penalty? Is there anyway for me to fix this?

    Edit - I did check, my FA is a registered investment adviser. The company he works for is a fairly large chain as well.

    submitted by /u/wtddd
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    I'm 26 and have $65K in savings; is it better to invest my savings in stocks or real estate?

    Posted: 12 Aug 2020 11:44 AM PDT

    Hi there. Obviously both of these options are two completely separate scenarios, and each option has its own pros and cons. I've been getting mixed advice from my family. Just trying to figure out what the smarter option would be given how uncertain both of these markets could be in the future (COVID).

    submitted by /u/rosesandcupcakes
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    Need advice, my wife and I are at odds with regard to where we'll move to when she graduates (BIG $$$ difference).

    Posted: 12 Aug 2020 06:32 PM PDT

    My wife and I moved to a small town in the midwest so she could attend a Nurse Anesthesia program. We're both city people and are very ready to move. She graduates in a few months and we have two job options for her (I work remotely so either location works for me). OPTION A: Move to a different small town for a job with an amazing salary and low cost of living, sign on bonus, retention bonus, etc. This town would be an improvement from where we are currently. OPTION B: Move back home to a larger city with an average salary, high cost of living, no bonuses.

    We're both city people but taking the job in the small town would absolutely change our lives. Considering the larger salary and lower cost of living, it essentially pays 40% higher than option B. We'd be able to pay off all of our debt (6 figures) in less than 3 years, not considering unforeseen events. We're both older millennial / young Gen X so mid-life is essentially here. Also, we just began the IVF process so my wife can have a successful first pregnancy. The first round alone costs $20k, which we took out a loan for.

    Option B is doable, but we'd be looking at paying off debt for 5-7 years, without unforeseen expenses. We would have about half of the monthly cash flow as Option A but day to day life would be better in terms of energy and activities available.

    I grew up poor so I'm used to sacrificing short term satisfaction for long term happiness, but my wife is so burned out on this town and her school program that, while she understands my argument for being debt free, she's afraid she'll hate the day to day in another small town. I feel buried under our debt and feel like paying it off would make life so much more enjoyable. We'd be able to maintain an amazing quality of life without stressing about money (within reason) which is something I haven't felt since I was a kid. I also spend more time learning about the current climate and what challenges we all face. I think getting out of debt is a huge win.

    What are your thoughts on moving to a small town with less to do so that we can shave years off the time it takes to become debt free?

    submitted by /u/joeybagofdonuts80
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    Feels impossible to save for retirement and purchase a house on a single income

    Posted: 12 Aug 2020 05:31 AM PDT

    My wife and I (30m) have been wanting to purchase a new home for a while. We currently don't have kids but plan on having kids at some point. I am currently the only one working and earning 75k/yr. We live in the midwest US.

    The following is the breakdown for each paycheck:

    • 6% 401k
    • $125 HSA
    • $400 Roth IRA
    • $110 for Medical, Vision, and Dental

    This nets us about $1,500/paycheck.

    Now the expenses:

    • Rent - $1256
    • Utilities - $120
    • Internet - $ 50
    • Cell Phone - $100
    • Life insurance - $64
    • Car payment - $344
    • EDIT: Groceries/Household things - $800
    • Gas - $150

    Net: A measly $130

    Savings:

    • Emergency: $ 10k
    • Savings Account: $ 18k
    • Retirement accounts: $ 60k

    My wife is currently studying for school (dentist in Australia) so she has to pass some exams here and then would have to 2 years of dental school in the US. She has missed the passing marks by a narrow margin in the past 2 attempts and we're thinking this might be her last attempt in December.

    If she passes it, then she will have to pass the second part and then apply. In this scenario, we are not in a hurry to purchase a home because we won't know where we go. However, if she doesn't pass, we're looking into doing an Associates's degree in Dental Hygiene so that she can start working soon. This would still be a 2-year program. In this scenario, we would like to purchase a house where we currently reside. This circle backs to the title and my dilemma right now where it feels impossible that we can ever purchase a house without having to break into our retirement accounts. Housing prices in our area have gone way up and even a decent 3 BR house is running from 250k upwards.

    We've thought about renting somewhere else however there is still nothing under the average of 950+. The only thing I can think of doing now is cutting out our IRA contributions so that we can at least start building up decent savings. We had worked hard to build up an emergency account of $10k with sacrificing a lot of things.

    submitted by /u/Professional_ADD
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    Charged for a hospital visit and asked for an itemized invoice repeatedly, but it never shows up. How can I escalate before it goes to collections?

    Posted: 12 Aug 2020 12:42 PM PDT

    I visited the hospital several months ago during the beginning of the pandemic to pick up a very small kit for a medical test. I have been charged separately for the test, for the doctor to interpret the test, and for everything else I can understand about the test.

    The hospital has charged me an $800 fee for services performed on the day I arrived to pick up the test. On their regular invoice it is labeled as simply "outpatient." As per advice on this sub, on three occasions I have asked for an itemized invoice and they've agreed to send it out. The problem is it never shows up. Their records show it as being sent every month. Each time they correctly verify my address.

    Their billing department doesn't have any advice for me and seems to think I'm lying. My insurance company isn't interested in helping. I received a final notice today asking for payment immediately before it's sent to collections. Who can I escalate this to?

    submitted by /u/lucasmo
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    Is it possible to set up this kind of trust?

    Posted: 12 Aug 2020 06:37 PM PDT

    Let's say a wealthy person wants to help out family, but not to give out large sums of money, but rather ration it. Could he set up some kind of account that pays individuals on a monthly basis. For example, his son gets 6k a month from the trust. Also, if this is possible, would those payments be taxed, or would they be exempt due to the money being a "gift" so to speak?

    submitted by /u/Diganleqmemori
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    Why UTMA accounts suck

    Posted: 12 Aug 2020 12:38 PM PDT

    I've noticed quite a few posts along the lines of "I have a baby! (Or baby niece/nephew/cousin/younger sibling.) Should I open a savings account/investment account for him/her?" A lot of times, an UTMA account is considered.

    It seems to me that this is almost always a bad idea. Several reasons come to mind:

    1. A newborn baby doesn't have financial obligations. The PARENT of a newborn baby has many financial obligations. An UTMA account gives the money to the party who won't have any financial obligations for the next 18 years.
    2. Once money is in an UTMA account, the gift is given and can't be revoked. And someone right now has NO FREAKING CLUE what their child/cousin/sibling/nephew/niece will be like in 21 years. What if your nephew is a heroin addict when he turns 21, and your gift gives him the resources to overdose? What if your daughter is in an abusive relationship when she turns 21, and your gift is quickly swindled away by her abuser?
    3. UTMA accounts reduce eligibility for financial aid.

    ​

    What should people use instead of an UTMA?

    For very financially secure families, problem #1 isn't really an issue. A 529 becomes quite appealing, since it solves problem #2 and is better when it comes to #3.

    For less financially secure families, the first step should just be to increase the family emergency fund. Having kids is expensive, and it makes far more sense to guarantee that their present needs will be met, no matter what. For relatives of the children, the solution is to build up their own emergency funds BEYOND what they would personally need, so they have the ability to offer financial assistance at a moment's notice. If you're not maxing out your Roth IRA every year, then at least max out your Roth IRA. Then, if you want to give a financial gift to your niece when she turns 18 or 21, you can withdraw the contributions from your Roth IRA, without taxes or penalties.

    For the rare children who have earned income at a young age (child actors or models, for example), a custodial Roth IRA might be a good option. It doesn't solve problem #2, but... 80 years of tax free growth is probably too good to give up.

    ​

    Now, I understand the EMOTIONAL appeal to UTMA accounts. Babies are adorable, and it's very gratifying to give them gifts while they're all cute and cuddly. It lets us feel selfless and self-sacrificing ("look at me, I'm putting away $50 every week for my son, even though I'm not saving for myself"). But giving a gift should really be about benefiting the recipient of the gift, rather than stroking our own emotions. And for the purpose of actually benefiting children, UTMA accounts suck.

    submitted by /u/Varathien
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    Suggesions on retirement and kids future

    Posted: 12 Aug 2020 07:45 PM PDT

    Hello, My family gross earnings is 206k (just salary), both me and my wife are in H1B in US from past 8 years, my priority date is 2018 and hers 2020. We have 2 boys.. 5 year old and 1 year old both born in US. we have no hopes of getting Green card in near future... all my earnings were sent to India and invested in real estate. Since we were both contractors we did not have any reitement plans and paid 30% tax for past years. This year I got full time and my employer is matching 5% for 401k, I am maxing out this year.

    We are saving 7.5k per month and Suggesions needed..

    1) have 80k in savings here, should I go for a new house around 600k or 2000 built decent home for 400k. 2) Any other options for retirement planning and kids future, elder kid has dev delays if that matters. 3) heard about Roth IRAs but not sure if I can ivest there as gross family income is 206k. 4) anything for kids education savings like 529.. 5) better ways to park savings, interest rates are all time low and I am scared to invest in Stocks as they are all time high now.

    let me know please

    submitted by /u/dchint
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    Help with first card due date

    Posted: 12 Aug 2020 05:59 PM PDT

    I've tried researching for similar situations as I am now but I can't seem to find one. Hoping you experts can shed some light on my uncertainty.

    I opened a new BofA card received it around late July. Made purchases and checked the app, ig was showing due date Aug 16 but closing date is August 28. I called earlier to change the due date to a later time than the 16th and they said it could take up to a few billing cycles to take effect, okay cool.

    I haven't received a statement as of yet, but I called BofA to check payment date, they said due date is on August 16, but no payment due. Next due date is Sept 25.

    Is it normal to have your dude date include like a month and few days from prior month purchase? I can pay it all off on the 16th but didn't want to pay it off too early or show my payment as late since app said due date is the 16th 😬

    Also, I'm using 53% of my CL which I can pay off in full. Should I pay to bring it down closer to 10% before Sept due date?

    I appreciate your input on this!

    submitted by /u/ASKMEWHAT_I_ATETODAY
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    Question About Earned Income for Roth IRA's

    Posted: 12 Aug 2020 07:29 PM PDT

    Hey,

    I'm going to be coming into some extra cash through a school refund soon and instead of investing into index funds and ETF's through a taxable brokerage account I would like to do so through a Roth IRA. My issue is that I have not worked since November 2019 so I technically have no earned income for 2020. Could I invest the money and "act" as if it is my earned income from 2019 or even 2018, when I worked for much longer, or can I only invest earned income I have made within the same year I am contributing.

    If it helps that earned income I still have as I have not spent much this past year so it would/could be like i'm investing that rather than my refund.

    Thanks in advance for any Help

    submitted by /u/Blazonet66
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    Medical bill claim denied

    Posted: 12 Aug 2020 07:09 PM PDT

    Hello, I am a 26 year old male who recently had to go to the hospital. I have medical insurance through my employer (anthem blue cross blue shield). I recently had to visit the ER due to a skin abrasion that got infected. The ER decided to admit to the nearest hospital. I am on PPO plan, and the claim said that the doctor was in network, but the hospital was out of network. I ended up with a 2 day stay, and my insurance denied the claim for the 2 nights, and stated that there was not enough information during the time of the claim to approve the stay. I am at a loss here. They say I can appeal the claim. Is it worth it to try? Why would the claim be denied anyways? Should I reach out to the hospital and try to have them file more info and appeal the claim? I have not received a bill yet, but there is no way I can afford to pay out of pocket. I have not met my deductible this year and would be straining to just pay the deductible. Any advice?

    submitted by /u/mr_grimmex
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    Exchanging US$ at the airport

    Posted: 12 Aug 2020 07:02 PM PDT

    So if I buy dollars in Colombia airport at the money changer, I always get it for a cheaper price than the spot price let's say 3700 per dollar, when I arrive back in the states I put the money in my schwab bank, then I go back to colombia and use my US schwab card to get money out of an atm in colombia, which gives me the money at the spot price, so I make almost 10% usually, in theory could I do this continuously? I know the limit to travel with is 10k 10% is 1k per trip, is this legal?

    submitted by /u/Juanjuandavid
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    Would it be beneficial to buy with credit and pay off as if you are using debit?

    Posted: 12 Aug 2020 11:12 AM PDT

    Scenario:
    I get a Credit Card
    I use it as I would my Debit Card for my bank account. If I have $2000 monthly to spend on living costs - instead of spending my Debit, I use all Credit.
    Each few nights or so, or on the next paycheck, I pay off the Credit card in it's entirety.

    This would give much more cash back benefits than usual, and the APR wouldn't get me if I pay it off often enough (right? I'm not sure on this)

    I don't like the idea of having a second credit card, but if it is beneficial enough, I would consider doing it.

    Thanks.

    Edit: Thanks all for the information and feedback. I was completely unaware of the protection benefits. I do handle my money fairly well, so I think I can keep myself from spending more than I have. I will definitely take use of CCs here on out.

    submitted by /u/bcomar93
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    Someone gained access to my debit card/credit card and made unauthorized transactions for firearms this morning

    Posted: 12 Aug 2020 03:28 PM PDT

    Sup ya'll

    So this morning when I woke up I did my normal check to see if my Tax Refund was in yet. I check every morning just because it's been a while and no one really knows when it'll come in. However, today I was met with a shock. All of my funds were gone! Someone made some transactions to a few businesses that specialize in handguns and handgun accessories. So immediately, I call my bank (Credit Union) and tell them what's going on, that I did not authorize these transactions, and all of my funds were gone. I went through the normal verification and they told me that I had to contact these merchants first and try to rectify it. If they were unwilling to, then we could issue a Fraud Dispute on the charges. So I called the first place, they were pretty friendly and told me they'd get in contact with their Fraud Dept and have it settled in 2 business days. It was a store that specializes in firearms, and said the purchases seemed to be to pick up handguns in store. The other business they bought things from had no working phone number. They had an online text chat but wouldn't really give me the time of day, they also specialized in firearms. So I called my bank back and told them what was happening, and they said I could come into a local branch and have them begin a Fraud Dispute and I could cancel my debit/credit card and receive a new one.

    Now here I am, near empty bank account, waiting for my funds to hopefully return. Never had this happen before.

    So my question is, what measures can I take to make sure this DOESN'T happen again? How would someone have gotten my CC? I'm very careful of skimmers, and I don't make odd purchases online, I just use Amazon and the other big sites.

    submitted by /u/WAxlRoseX
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    CC minimum payment says $0, I call them and they say it’s $209 with no explanation

    Posted: 12 Aug 2020 12:20 PM PDT

    First post here so bear with me please. My fiancé has an old credit card account with Wells Fargo that her ex maxed out, we have been making payments regularly and on-time. When we called to make the payment in May, they said we don't have to make a payment for three months because of their COVID-19 relief program, and only the interest will accrue. We took advantage of this because she is not working due to the pandemic. In the beginning of August, her emailed statement said the minimum payment for this month was $0 as was June and July, but we called to be sure (also did the same in June and July) since she has no other account with them and cannot check online, and they said her minimum payment for this month was $209. She asked why it told her on her email the payment was $0, they didn't have an answer. She asked why the payment rose from $109 to $209 when the interest should have only made it $169, also no answer for that question. Supervisor just said "interest" and handed the agent back the phone. I am extremely confused by this, and would like to know if anyone can answer they questions they couldn't and give suggestions for what to do. I have the money to pay it but it just seems off.

    submitted by /u/JorfAndBjorfLLC
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    Question on what to do with our small savings?

    Posted: 12 Aug 2020 07:27 PM PDT

    To make this short, I am receiving unemployment and my wife is working. Due to quarantine we have managed to save about $7k.

    We have a loan that is $300 a month ($9k total) And a $500 a month car payment ($18k 1.5% interest) and lastly my wife's graduate school loan that will end up being 30k when she finishes in May.

    Basically not sure if we should pay off our loans, or invest in something. We never managed to save this much money at once and just want to see what's a smart thing to do?

    Thank you for your time! :)

    submitted by /u/verycrunchy
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    Would it be possible to partially pay a car with credit and cash and still get the title to it?

    Posted: 12 Aug 2020 04:52 PM PDT

    Just like the title said i just recently got a new credit card and if i spend a certain amount i'll get 300 dollars, i have the money outright to buy the car in cash but i wanna benefit from this with the rewards aswell, i can pay off the balance in full like i always do.

    i was also wondering if this would affect anything because i want the car title in my name and not like i had a loan for it, so i could get liability insurance.

    submitted by /u/HouoinKyoumaa
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    Having a kid in October, lost my insurance this month.

    Posted: 12 Aug 2020 06:58 PM PDT

    We're going to my wife's insurance, there's the option of embedded vs non-embedded. Considering going non-embedded for for the remainder of the year on account of it is cheaper, 100% covers everything beyond deductible, and is only 2 months.

    Then going embedded for the next year (January) and ensuing time.

    Are there a BOAT LOAD of costs with a presumably healthy child that I'm missing that makes this a bad idea?

    submitted by /u/IA_Royalty
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    Don't forget to cancel your gym membership or you might get double charged(looking at you LA fitness)

    Posted: 12 Aug 2020 12:47 PM PDT

    Just talked to my local LA fitness and turns out they charged me a full month before they closed due to covid19 and now is charging again for partial month because re-opening, so don't forget to either call them or cancel(so last month will be paid for at least) so you don't get charged twice

    submitted by /u/oldDotredditisbetter
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    Paying a lease up front? Getting denied left and right desperately need to move

    Posted: 12 Aug 2020 04:29 PM PDT

    I have been getting denied for apartments even though I make 2000/$2400 a month and should easily be able to afford the 1 bedroom apartments I've been throwing my money away filling applications for. I chalk it up to the fact that I'm a self employed 20 year old and my bank statements show payments that are not consistent with the normal weekly/bi weekly pay schedule. The payments are also from a third-party service that advances Amazon funds, but I've been giving 3 months showing I do in fact make that amount of money I could go back 5-6 months where this income has been the norm, they seem not to want to touch it and it is frustrating because I have a horrible living situation in a home with my parents where my mental health is seriously deteriorating. I have enough money saved to pay any 12 month lease of 1000/month apartments up front. Could this help? I have recently been offering this because I am seriously desperate. My credit even is good I look for individual owners and have a hard time finding any but I'm seriously struggling to live where I do and the risk associated with up front payment is nothing to me, as long as I can get out. Any advice/insight would be appreciated, I'll add I try to put my desperation aside but it's not easy.

    submitted by /u/tycassid2
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    $1000 in debt at 19.

    Posted: 12 Aug 2020 10:55 AM PDT

    Edit, again.: checked my unemployment account, I was denied and now I owe the state $700 from one check they sent me months ago..I feel sick. Thank you everyone for your recommendations. I honestly don't know what to do at all now.

    **EDIT: After a phone call this morning with a lady from my states unemployment office: I actually JUST checked and the issue from my unemployment was cleared!! I may get my unemployment finally and be saved from all my debt. Thank you ALL so much for your help and recommendations. **

    Hey friends, I got my first credit card in November. I was doing VERY well making $700 a check every two weeks, keeping only 30% on my card, and paying it down as each statement hit.

    Due to COVID I was furloughed, and just got back to work with hours cut more than half.

    Due to some issues in my past, it doesn't look like I will be getting my unemployment- I'm only going to be able to make about $300-400 a check now, and after bills and living expenses that leaves only about $180 or so to take care of the rest.

    I got the Mint budgeting app, and need to start saving for a new apartment in the future, I'm also starting college at the end of the month.

    I was wondering if it would be a good or bad idea to take one of the loans meant for paying off debt that Mint advertises. My credit score went from about 700 to 640 or so, and it really needs some work.

    I tried to get another job, that being DoorDash, and was making good money! And then it got popular in my area as cases started to rise and now I can't even get scheduled at all. So my income is very limited.

    I feel really doomed here.

    submitted by /u/migrvne
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    Pay off Car/Student Loans or Start an IRA?

    Posted: 12 Aug 2020 08:42 AM PDT

    Currently, I have a about 3k of money sitting around. Already have more than enough in an emergency fund (and a very secure job) and a 401k where I contribute 8% and employer matches 5%. I also have 9k of a car loan which I've been throwing random $500 towards the principal when I get a chance as well as ~18k in student loans. Rates are 3.28% and ~4%, respectively.

    My question is whether I should put this extra money towards the principal of these loans and aggressively pay them off or start an IRA? It gives me a bit of anxiety knowing that the longer I wait the less compounding will happen on the IRA as well as the fact that the market will most likely outperform 4%. However, being debt free ASAP would feel liberating. I also have about $200 a paycheck I could allocate as well as lowering my 401k contribution to just my match. Let me know if you want more info. Thanks.

    submitted by /u/drj123
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    Im a young dude trying to fix my credit -- I plan to pay off a charged off account to get the balance off of my credit report. How should i properly go about this?

    Posted: 12 Aug 2020 04:03 PM PDT

    So on my credit report the original creditor ( bank of america credit card) is still reporting monthly to the credit bureaus as a charged off closed account with a balance.

    Theyve sold the debt to a collection agency months ago that doesnt report to the bureaus buy said once i pay them the oroginal creditor will be notified and then my charged off account will be updated as paid on my credit report

    How do a properly negotiate with this collection agency to assure they notify the original creditor that i paid and then assure the original creditor notifies the credit bureaus?

    Thanks in advance for any help!

    submitted by /u/nothing5630
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