Latest news with #financialstruggles
The Independent
4 hours ago
- Business
- The Independent
Martin Lewis shares important council tax payment update on live TV
Martin Lewis announced that the government is launching a consultation into council tax payments, which will affect over three million people. The Money Saving Expert founder criticised the current council tax debt collection process as "so rapid and aggressive it would make banks blush". Mr Lewis said that forcing individuals to pay for a year when they cannot afford a month is "destroying lives". The consultation will consider slowing down the debt collection process to allow people more time to pay before further action is taken. Watch the video in full above.
Yahoo
3 days ago
- Entertainment
- Yahoo
Tori Spelling sued by bank over alleged unpaid loan
Tori Spelling has been sued by her former bank over an allegedly unpaid loan. The 90210 alumnus and her estranged husband, Dean McDermott, were named in a new lawsuit that claims they never paid a loan given to them in 2012. The legal filing stated Tori, 52, and Dean, 58, took out a loan for $400,000 (£298,000), but by 2016 had stopped making repayments, with the bank submitting paperwork to the courts at that time declaring they owed more than $188,000 (£140,000). In 2017, a judge ordered Tori and Dean to repay $220,088.37 (£163,740) to the bank. However, after they again failed to make the required repayments, a further judgment was issued in 2019 that awarded the bank more than $400,000 - accrued interest had blown the debt back up to the cost of the original loan. The estranged spouses, who formally split in 2023, share children Liam Aaron, 18, Stella Doreen, 17, Hattie Margaret, 13, Finn Davey, 12, and Beau Dean, eight. Dean also shares son Jack, 26, with his ex-wife Mary Jo Eustace, 63. Tori has made no secret over the years of her financial struggles and last year joked she may launch an OnlyFans account to cover her children's upcoming university expenses. "I'm gonna have to go on OnlyFans in order to get them into college," Tori told William Shatner when she interviewed him on her Misspelling podcast. "OnlyFans is a site I guess, originally, it was more women in the field - not sex workers - but along those lines, but now actresses do it."
CBS News
3 days ago
- Business
- CBS News
Behind on credit card payments? Here's what to do at 30, 60 and 90 days
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Taking these steps can help you mitigate the damage caused by being late on your credit card payments. Getty Images Credit card debt has been ballooning in recent years, and when you look at today's rate and economic environment, there's really no question as to why. With the average credit card interest rate hovering above 21% and inflation quietly stretching budgets even further, things have gotten pretty tough in terms of finances for a lot of Americans. As a result, more people are struggling to fit both their debt payments and their essentials into their budgets, resulting in an uptick in delinquent credit card payments. But missing even one payment can trigger late fees and a rising balance, making your card debt a lot more expensive — and that's just the beginning. Once you're 30, 60 or even 90 days late, the stakes are much higher. Your credit score can take a hit, your debt could be sold to a collection agency and you might even be facing legal action at some point down the line. But despite the possible consequences, you still have options, and the earlier you act, the easier it is to fix the situation. And, knowing what to do at each stage of delinquency can make all the difference, whether your payment slipped through the cracks or you're struggling to keep up due to a job loss, illness or another financial setback. Take steps to get rid of your high-rate credit card debt now. Behind on credit card payments? Here's what to do If you've fallen behind on your credit card debt, here's how you can start to fix the issue before the damage spirals out of control. If you're 30 days late: Act fast to minimize the impact At 30 days past due, your credit card issuer will likely charge a late fee — usually around $30 to $40 — and increase your balance with accrued interest. That, in turn, can add to the already high costs of your credit card debt. But here's the upside: Most issuers won't report the late payment to the credit bureaus until you're more than 30 days past the due date. That means if you act quickly, you might still protect your credit score. Here's what to do: Make the minimum payment as soon as possible. Sending in at least the minimum Sending in Call your credit card company. If you're facing a temporary hardship, simply forgot to make your payment or experienced another type of issue, it may help to call your card issuer, explain your situation and ask if they'll waive the late fee. Many will, especially if it's your first offense or you've had a good payment history. If you're facing a temporary hardship, simply forgot to make your payment or experienced another type of issue, it may help to call your card issuer, explain your situation and ask if they'll waive the late fee. Many will, especially if it's your first offense or you've had a good payment history. Set up reminders or autopay. Sometimes being late isn't about being unable to pay; it was simply just a mistake. If that's what you're facing, use this opportunity to lock in systems that keep you on track going forward. Discuss your credit card debt relief options with an expert today. If you're 60 days late: Credit score damage starts here If you're 60 days late on your credit card payment, the delinquency will almost certainly be reported to the credit bureaus and your credit score could drop sharply, especially if you had a solid score before. You'll also likely face a penalty credit card APR, which can be 29.99% or higher, applied to your balance going forward. At this point, you should: Reach out to your creditor again. Ask if they offer a credit card hardship program Ask if they offer Consider a balance transfer or personal loan. Consolidating your debt a balance transfer credit card Start aggressively tracking your budget. Cut out nonessentials from your budget and reroute every dollar you can toward the payment. When you're 60 days late on your credit card payment, every delay gets more expensive. If you're 90 days late: The collections clock starts ticking Once you're 90 days late on your card payment, the situation becomes critical. At this point, most credit card issuers will typically escalate your account to a collections department or sell it to a third-party debt collector. Your credit score could fall even further, and depending on the creditor's policies, they may start moving toward legal action. That doesn't mean you're out of options, though. Here's what to do at this point: The bottom line Falling behind on credit card payments is a more common issue than many people realize, especially in this current financial environment. But if you're delinquent on your card payments, the longer you wait to act, the more damage you'll face to your credit, peace of mind and financial future. So, whether you're 30 days behind or are heading rapidly toward collections, don't ignore the problem. Start with a call to your creditor, explore your relief options and take small steps toward a sustainable solution.
Al Jazeera
3 days ago
- Entertainment
- Al Jazeera
Are Gen Z lazy or just unlucky when it comes to money?
Gen Z are facing serious financial headwinds. Caught between soaring living costs and stagnant wages, many young adults find themselves moving back in with their parents just to stay afloat. Covering basic expenses – rent, bills, groceries – has become a growing challenge. So what does this mean for their financial future? How did it come to this? And is it fair for older generations to label them as lazy? Presenter: Stefanie Dekker Guests: Jamie Lynch – Content creator Rumi Robinson – Content creator
SBS Australia
3 days ago
- Business
- SBS Australia
Almost 1 million Australians work multiple jobs under cost-of-living pressure
Almost 1 million Australians work multiple jobs under cost-of-living pressure Published 17 June 2025, 10:57 am Record numbers of Australians are supplementing their income with side hustles and multiple jobs according to the Australian Tax Office, who is now reminding people to include any extra income in their tax return. The side hustle – a passion project, or an additional job to earn extra cash – has become a vital income stream for some, but means some Australians are sacrificing rest, health and family time to survive financially.
