Happy weekend, everybody!
Aside from our glorious coffee-on-the-back-porch mornings we’ve had this week, there is plenty of consumer/money news to catch you up on.
First up, student loan debt. Millions of people can now begin filling out the application for debt forgiveness – as much as $20,000. It’s a fairly simple application- just go to studentaid.gov. If you qualify and apply before mid-November, word is that your eligible debt will be erased before Jan. 1. There are some legal wranglings going on, though, so we’ll have to see if anything changes down the road.
Folks getting Social Security benefits can expect a raise come January. It’s a cost of living adjustment – more than 8% this time to help folks afford the inflated prices of groceries and just about everything else.
Beware of scammers trying to take advantage of the student loan or the Social Security changes. If you get a call, email or text from anyone claiming to be from the government, be very skeptical. And, don’t trust the Caller ID. There are reports of criminals contacting people and offering to sign them up, get money faster and steering them to a fake website. Check out our story about this scam warning and what to do.
There is even welcome news from the IRS this week. Yes, the IRS. Tax brackets are being adjusted and the standard deductions are being increased significantly to deal with the I-word again. That should help most people keep more of their money.
There’s also big news when…
