Author: Debra Watkins

Some Debt Has a Statute of Limitations

Did you know that most consumer debt has a statute of limitations? The amount of time varies state to state but as mentioned in the article, in California, it is four years. After that time has passed, a creditor cannot sue for that debt to be paid. Beware of companies making offers to help you with older debts because they may be seeking to “revive” the debt which is a legal practice and gives them another set time limit to collect or take legal action. As the author states, “Pay your bills,” but if you cannot and have older debts, be aware of your rights and that debt collections agencies may use unscrupulous tactics while trying to collect on outdated accounts.

Column: Not all debt is collectable. Be mindful of the statute of limitations

Child Tax Credit Details

Have you been getting Child Tax Credit checks from the IRS? As exciting as “free” money may be, it’s important to understand that this is only an advance and will be claimed later on your 2022 taxes. Did you know that you can opt out of these payments? It’s a simple process on the IRS website. If you are a married couple, each person will have to complete their own opt out form.

https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021

Public Service Loan Forgiveness Overhaul

The U.S. Department of Education announced on Friday that it would use its authority to relax the regulations originally imposed on public servants who were hoping to have their education debts expunged through the Public Service Loan Forgiveness program. This means that the department will be using its power to suspend former requirements for individuals to receive debt forgiveness. “Now, the department says, it will use its authority to give borrowers a time-limited waiver — essentially relaxing several of these rules retroactively, so that previously disqualified loan payments can now be counted toward forgiveness.” Want to know if you qualify? Read more here.

What borrowers need to know about the Public Service Loan Forgiveness overhaul

The Products Are There, They Need a Ride

With the on-set of the Delta variant many industries have felt the pressure. Inability to get needed supplies that are integral to their businesses has slowed delivery times and created a backlog in many areas. As we approach the holiday season, the current forecast is bleak. Many of the toys, games, sneakers, and even clothing brand products coveted by children and teens are stuck in China. Dolls, dresses, jeans, and video games all sit in warehouses awaiting shipment to the U.S. Larger retailers have even begun chartering their own vessels or aircraft to speed up the process. Analysts point out that this surge is pushing the supply chain to new levels and is likely to cause a larger cascade in logistics services over the next few months.

How the delta variant stole Christmas: Empty shelves, long waits — and yes, higher prices

Point, Click, Order!

QR codes have been with us since the early 2000s. In the beginning, they appeared on products and signs often in the grocery store and phones required an Ap to read them. Enter the global pandemic and QR codes found a re-birth in the restaurant business. Needing to supply menus to patrons and trying to reduce contact, the QR code was the perfect way to solve this problem. Now that you simply point your phone’s camera at the code, click the link, and peruse the menu, restaurant owners and clients both feel they are here to stay. “Touchpoint reduction is now the key in many industries for health reasons. I imagine that something else will come along to further QR technology in the future, but for now its usage is increasing, including in the restaurant industry,” Nyheim says. “You know when you last wiped down your own phone.”

Restaurants and Diners Agree: QR Codes Are Here to Stay

Money Management Questions

Have questions about special needs trusts, Roth IRAs for children, or the proper age for you to start collecting social security? This article is for you! Liz Weston for the LA Times answers these questions and more about the best ways to preserve your income and leave the most lucrative inheritances for your family.

What is a special needs trust and how does it work?

Make the Most of Your Money

Want some creative ways to save money, preserve your savings, and even earn extra cash?
Try these tips:
Use a debit card that pays you for every purchase.
Be sure you’re not overspending on items.
Comparison shop for car insurance twice a year.
Invest in the stock market. It doesn’t take as much money as you might think.
Earn extra money with InboxDollars.com.
Purchase life insurance.
Add points to your credit score.
Try the real estate business.

Read more here. 8 Strange Money Moves to Make Before Tomorrow Ends

PPP Loan Forgiveness

In the midst of Covid, many small businesses turned to Paycheck Protection Program (PPP) loans. These loans were meant to be forgiven and many will not have to be repaid. In order to qualify for loan forgiveness, companies must follow certain guidelines. Employee numbers as well as their compensation levels must have been maintained and at least 60% of the PPP money should have gone toward payroll costs. Keeping good records while distributing the money is very important as this will help when completing the paperwork required to apply for loan forgiveness. For more details, read, How to get your PPP loan forgiven from the Los Angeles Times.

Education Loan Relief

The federal government has extended its pause for education loans to those held by private companies. This is a big step in helping individuals with debts who have been adversely affected by the Covid pandemic, but advocacy groups want more and are calling for participants in the Federal Family Education Loan Program to be included as well. Qualifying education loans that went into default as of March 13, 2020 have been returned to good standing.

Relief extended to more than 1 million borrowers with privately-held student loans