Jill Russo Foster

Can You Spend Ripped, Burned or Damaged Cash?

What is damaged or mutilated currency? What can you do with it?

Damaged and/or mutilated currency is paper money that has been damaged in a major way. I’m not talking about money that’s faded and a little soft from being washed along with your jeans. This is paper money that has been ripped, burned, or even partially digested.

Let’s say you have a piece of a $100 dollar bill. You can’t spend it at the store, so what can you do with it?

If you have more than 50% of the $100 bill, you can exchange it for a replacement. Why? Because that means you probably have at least one full serial number and a portion of the second. Don’t bring it to your local bank branch – they won’t accept it. You have to either mail it, or bring it, to the Bureau of Engraving and Printing in Washington, DC. If you mail it, take precautions. Ask about insurance at your post office or other delivery service. If you go in person, bring ID.

If you have less than half of the $100 bill, you may still be able to exchange it. The treasury will consider your claim if you have other documentation to support your loss.

45 Days Notice for Retroactive Interest Rates

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Nine

You credit card company will have to give you 45 days notice before they increase your balance with a retroactive credit card interest rate. This gives you time to transfer the balance or pay it off.

Beware: They don’t have to give you notice if you agreed to pay the balance within a set time period on a promotional offer. It also doesn’t apply if your account is past due.

Home Sellers, What’s Hiding In Your Home?

If you’re thinking about selling your home in the upcoming spring market, there are many things to think about ahead of time. The first to come to mind are…

Cleanup and spruce up
Selecting a realtor
Determining market value
Picking the best time to list

All these will make your home more visible. But what happens when you scratch the service? Is something hiding in your home that could make or break the sale?

Most people think of an inspection when it comes to purchasing a home. But, you might be surprised to learn that more and more sellers are having their own homes inspected before they sell.

Knowing about property issues allows you to decide whether you want to make repairs or upgrades up front or offer a financial incentive to the buyers. That way, needed repairs won’t jeopardize a potential sale down the road.

What is a home inspection? A home inspection is a visual inspection of the physical structure of your home and it’s systems from the very top (roof) to the very bottom (the foundation).

It should include…

The heating and cooling system
Plumbing
Electrical
The roof
Insulation and ventilation (if visible)
Walls
Floors
Windows
Ceilings
Doors
Basement

An inspection is not to be confused with an appraisal. Appraisals determine your home’s market value based on recent sales of similar homes in your area. Inspections make you aware of problems in your home that could reduce its sales value. Those problems could be cosmetic or structural.

Once your inspection is completed, you’ll receive a report on the physical condition of the home. Repairs suggested could range from relatively small (like peeling paint or loose tiles) to major (like heating system upgrades, roof replacement, or insect damage). While that might sound terrible, the advantage is actually yours.

As the homeowner, you’ll know about issues that could affect the sales price, and what steps you can take to help your bottom line.

If you’re lucky, you might have fairly simple issues to resolve. If you can fix them yourself, you can ask for a better purchase price for your home. If the issues are costly, requiring a professional, you can decide whether to pay to have it done yourself, or sell the home as-is at a reduced selling price (meaning that known issues will be the responsibility of the buyer). Either way, knowing the structural issues up front can help prevent delays in the sale.

A word of caution: If you find problems but elect not to repair them, be sure to tell your realtor! You realtor will want to disclose this information to all potential buyers. In some states, you can be liable for damages if you, or your realtor, knew about problems but didn’t disclosed them to the buyer.

A home inspection isn’t free, but it will more than pay for itself when it helps you achieve a successful sale.

21 Days to Pay your Credit Card Bill

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Eight

Does it ever feel like your credit card bill is due the same day it arrives in the mail? That’s changing with the Credit Card Act of 2009. Creditors will now have to mail your bill 21 days before the due date.

With Multiple Rates, the Highest Gets Paid First

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Seven

Do you ever wonder why it takes so long to pay off your credit card balance? It’s partly because creditors apply your credit card payment to the lowest interest rate balance first.

Here’s an example: Let’s say you took a zero percent balance transfer offer. Then, you made some new purchases on that card. In the past, your payment would go to the balance transfer amount first until that’s paid off, while you’re interest rates pile up on those clothes you bought 6 months ago. That allowed the credit card company to make the most interest it possibly could possible off your purchase.

Well, no more. The Credit Card Act of 2009 will require creditors to apply your payment to the highest interest rate balance first.

How Long Will It Take for Me to Pay Off My Credit Card

The New Credit Card Act of 2009 takes effect on February 22, 2010 To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Six

How do you handle your credit card payments? Do you pay the balance very month, or do you only pay the minimum?

Your bill will now include a section that tells you how many months it will take to pay off your credit card balance if you make only minimum payments. That will be an eye opener for some of us.

Finances: Choose the Right Relationship for Your Money Type

When people are looking to get into a relationship, they usually look for someone with similar interests and values. But, their shared interests rarely go as far their wallets.

People tend to attract opposites when it comes to money. Spenders attract savers and savers attract spenders.

With Valentine’s Day this weekend, let’s look at what you should be asking yourself so you can attract someone with similar money values.

First, you need to know what money type of person you are.

Are you someone who…

Has a budget or spending plan?
Maps out what your financial goals are and how to get there?
Carefully considers whether you need an item before buying?

Are you a spender or a saver? An impulse buyer or comparison shopper? Are you somewhere between the two extremes? You need to figure this out before you get into a relationship with someone. Then, you need to find out the other person’s money type.

If you don’t, you’ve doomed your relationship to endless arguments about money. If one of you has come into the relationship with great credit, no debt and their finances well thought out, and the other person has substantial debt with past due accounts and no savings, then that is a sign that you have very different philosophies about money.

Money arguments can destroy a relationship no matter how many similar interests you share. You need to add “money philosophy” to the list of qualities you’re looking for in a relationship. Money and credit will often be the determining factor in whether you can reach your dreams and survive unexpected emergencies.

Weekend Credit Card Due Dates Don’t Count

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Five

Have you ever received a credit card bill with a Sunday due date? Were you charged a late fee if they didn’t process the payment until Monday? That’s changing with the new Credit card Act of 2009. Your payment won’t be marked as late if it’s due on a weekend or holiday, but posted by the next business day.

Stricter Credit Card Applications

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Four

If you had trouble getting a new credit card before, it may be harder now. With the new Credit Card Act of 2009, you will have to disclose your income and your ability to repay the balance up to your credit limit.

Over Your Credit Limit? Purchase not approved

The New Credit Card Act of 2009 takes effect on February 22, 2010. To help you prepare, my blog will feature Nine Tips over the next three weeks.

Tip Number Three

In the past, you wouldn’t know if a purchase put you over your credit limit until you received a big fee on credit card statement.

But that’s changed. Now, if a purchase will put you over your climit, your purchase will be declined. With the new Credit Card Act of 2009, only pre-authorized purchases will be approved.

(Remember, this doesn’t apply to your debit card. You’ll receive no warnings if a purchase will overdraw your checking account. )