How to Money Friday Flight - Debt Defaults, VIP Investments, & Regretful Retirees #975
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Apr 25, 2025 Get the latest scoop on personal finance with intriguing insights! Discover how student loan repayments are making a comeback and the alarming rise in debt defaults. Explore the allure of 84-month car notes and the perks of VIP investments. Learn about strategic Roth conversions, the concept of mini-retirements, and the pitfalls of timeshares. Plus, get tips on ensuring your ID compliance for air travel. It's an engaging take on how to navigate the turbulent financial waters!
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Resume Student Loan Payments Promptly
- If you have federal student loans, start making payments by May 5th or face credit impacts.
- Use the loan simulator online to check your status and prepare to avoid wage garnishment and tax refund seizures.
Credit Card Debt Hits Older Adults
- Credit card debt and defaults are rising significantly, including among older adults.
- Many aged 50-64 carry recurring balances and pay more interest than principal due to inflation and interest rates.
Avoid Long Car Loans
- Avoid car loans longer than 48 months as 84-month loans mask affordability issues.
- Prioritize buying cars you can truly afford, focusing on needs over wants to prevent prolonged debt.