The Big Differences A charge card works as a type of credit card that requires you to pay your balance in full at the end of each billing cycle rather than make monthly minimum payments on the balance over several months. Charge cards force you to be responsible with your spending because you have to pay your balance off each and every month. A credit card, on the other hand, allows you to have a revolving balance that you can pay off over a period of time....

The Effect of the 2018 Tax Law This deduction was originally part of the American Jobs Creation Act of 2004. It was covered under Internal Revenue Code Section 199 and Internal Revenue Service (IRS) Proposed Regulations 1.199. Then, in 2017, Congress began negotiating and finalizing new tax legislation. The result was the TCJA, which made sweeping changes to U.S. tax law. Rules were changed, and a handful of tax breaks were added, but many were repealed as well....

History of the Fair Credit Reporting Act Originally, the law was primarily of interest to banks and consumer reporting agencies (CRA), and businesses which sent information to them. Today, this law applies to a wide variety of organizations that collect personal information from you directly, as well as from public records. The law was amended in 2003 by the Fair and Accurate Credit Transactions Act (FACTA) to allow consumers to obtain a free report from consumer reporting agencies that are covered by FCRA....

What is a Trade Name? A trade name is a name a business uses to identify itself to the public. Other terms used in place of trade name are “fictitious name” and “DBA” or “D/B/A.” A trade name is usually registered with the county where the business is located, as a fictitious name or d/b/a (doing business as) name. For example, if a company is organized as an LLC with the name “Ask Enterprises LLC” and the company runs a chain of grocery stores called “Super S Stores,” the stores are run under a fictitious name....

Another possibility is that this family member or friend defaults on the payments. Worse, you may not find out that the loan has gone into default until the account is severely delinquent and a lump sum is needed to get caught up again. Such a delinquency will show up on your credit report and affect your credit. You are held just as liable for the loan as the person you co-signed for....

President Joe Biden on Tuesday announced a ban on imports of all Russian oil, natural gas, and energy to the U.S., a move he acknowledged was likely to lead to even higher gasoline prices. Prices have already spiked amid fears that formal and informal sanctions against Russia—the world’s third-largest oil producer—will leave us without enough oil and the gasoline made from it. “I think we should all be in it together,” said Jennifer Bond, a nursing home employee who was filling up at a Wawa gas station in Marlton, New Jersey, on Tuesday....

We’d never have creditors hounding us for payment or be worried about late payment fees and credit score damage. We’d never know the frustration of not being able to afford what we want because every extra cent has to go towards keeping up with the minimum payments on our credit cards. Unfortunately, these distressing situations are the norm for many people. The good news is there are things you can do to put a more positive spin on your finances....

You must gift money thoughtfully, keeping in mind everything from etiquette to tax implications. Whether you are gifting money to children for the holidays, birthdays, or graduation, there are some steps you can take to help them understand your intent, their options, and the value of the gift. What Do You Want To Accomplish? Before giving a monetary gift, understand why you’re doing it. You might be looking to fund a future goal like college or retirement or teach a child how to invest in stocks or mutual funds....

State and local taxes can sometimes be significant, so it’s an obvious advantage to be able to deduct the full amount you pay, but that’s not always possible. The SALT deduction lets you deduct up to $10,000 total in combined property taxes and state and local income taxes or sales taxes, but not both. Rules for the SALT Deduction All income taxes imposed by a state or local jurisdiction can be deducted, subject to a few rules....

If you go to work in this field, you will likely find yourself managing social media accounts across multiple platforms, planning publicity campaigns that will be marketed through social media platforms, or producing online content that has an interactive component. Social Media Career Options As social media evolves, so do professional standards, technical certifications, and licensing requirements. If you’re new to this area, it might be difficult to find out what the job really consists of or what will be expected of you....

Total Stock Market Index vs. S&P 500 Index The difference between a total stock market index fund and an S&P 500 index fund is that the S&P 500 Index includes only large-cap stocks. The total stock index includes small-, mid-, and large-cap stocks. However, both indexes represent only U.S. stocks. Total Stock Market Index Fund Holdings Funds that claim to be “total stock market” index funds typically track an index that includes between 3,000 and 5,000 small-, mid-, and large-cap U....

Causes A trade deficit occurs when a country does not produce everything it needs and borrows from foreign states to pay for the imports. That’s called the current account deficit. A trade deficit also occurs when companies manufacture goods in other countries. The raw materials for manufacturing that are shipped overseas for factory production count as an export. The finished manufactured goods are counted as imports when they’re shipped back to the country....

There are three main types of travel rewards cards: General travel credit cardsAirline credit cardsHotel credit cards Each type has its own benefits and drawbacks, and understanding what you want can help you determine which is the best fit for your needs. General Travel Credit Cards vs. Airline and Hotel Credit Cards If you’re looking for a new travel card, it’s important to avoid taking the first offer you see, even if it’s a lucrative one....

The Social Security Administration has one of these tools on its website. But it doesn’t go through all the options you have or show you which claiming choices will result in you having more money to use after you retire. Others do all that and more. Some are free and others charge a modest fee. Learn which one is right for you. One major downside is that, while you can access the summary, you can’t dig into the data behind it....

As inflation continues to drive grocery bills higher, holiday staples turkey and potatoes are up to 17% more expensive than last year, according to The Balance’s analysis of the latest inflation data from October’s Consumer Price Index (CPI). Get ready to pay more for your mashed potatoes—the latest data from the USDA shows that average prices for yellow, russet, and round white and red potatoes are up 15.2% from 2021....

Most banks and credit unions offer the following account types: Savings Accounts Consumers use this type of bank account to set aside money for future use. Since your deposits collect interest, your money grows over time. Savings accounts are typically the first official bank account anyone opens. Children may open an account with a parent to establish a pattern of saving. Teenagers can also open accounts to stash cash earned from a first job or household chores and manage money while in college....

Contingencies reduce risks for buyers, and what is allowable varies from state to state. Your state might make a big deal out of a septic inspection, for example, because it could cost many thousands of dollars to replace a faulty septic system. However, many contingencies are common to every state. Monetary Contingencies Buying a house is a multistep process. Many of the steps do not take place until after an offer has been accepted....

Evolution of Facebook Facebook started as all the rage with young people, but it has evolved over time to become surprisingly popular with older people. According to Pew Research, as of Feb. 2021, 69% of U.S. adults reported using Facebook at some point. The study also revealed that Facebook is more popular among those aged 30 years-65 years than people younger than 30 years of age. Therefore, using it for professional networking is a more natural process....

How Limit Orders Work Limit orders can be set for either a buying or selling transaction. They essentially serve the same purpose either way, but on opposite sides of a transaction. A limit order gets its name because using one effectively sets a limit on the price you are willing to pay or accept for a given stock. You tell the market that you’ll buy or sell, but only at the price set in your order or terms even more favorable to you....

VioletaStoimenova/ Getty Images The Employment Cost Index (ECI), a broad measure of labor costs, jumped 0.9% on a seasonally adjusted basis last quarter after gaining 0.7% in the final three months of 2020, the Bureau of Labor Statistics said Friday. That was the fastest growth since the second quarter of 2007 and topped consensus estimates for a 0.7% rise, according to Moody’s Analytics. For the 12 months ended March 31, ECI rose 2....