Latest news with #financialhardship
CBS News
a day ago
- Business
- CBS News
5 ways to pause your debt payments during a financial hardship
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. If you're facing hardship and funds are tied up on necessities, pausing your debt payments could help get things back on track. Getty Images Life has a way of surprising us — and not always in a good way. For example, a sudden job loss, a medical emergency or an unexpected expense can derail even the most carefully planned budget. When that happens, staying on top of debt payments can quickly go from manageable to impossible, especially if you're already stretched thin by today's high interest rates and rising living costs. In times like these, many people decide to skip their monthly debt payments to ensure they can cover their basic necessities. But while letting your debt payments lapse temporarily might seem like the only option while you try to get your finances back on track, doing that can lead to late fees, damaged credit and collection calls — adding more stress to an already difficult situation. You don't have to face these types of repercussions if you need a temporary break from your debt payments, though. There are ways to formally pause or reduce your payments during a financial hardship without damaging your credit or putting yourself in a worse position financially. Below, we'll detail where to start if you need some breathing room. Get help with your high-rate debt today. 5 ways to pause your debt payments during a financial hardship It may be worth considering these strategies if you're facing a temporary hardship and need to pause your debt payments: Request a hardship program for credit cards or personal loans Many banks and credit card issuers offer temporary hardship programs that you can enroll in, especially if you've been a long-time customer in good standing and are facing a qualifying hardship. These programs can reduce or pause your minimum monthly payments, lower your interest rate or waive late fees for a few months. To take advantage of these programs, you'll need to call your lender and explain your situation. Be ready to share documents if asked (like proof of job loss or medical bills). Note, though, that the program terms vary by lender, and not every request gets approved. Still, it's worth asking if you need a reprieve to get back on track. Explore your debt relief options and start tackling your debt now. Tap into payment assistance from nonprofit credit counselors If you're juggling multiple unsecured debts, like credit cards or personal loans, a credit counseling agency can help you enroll in a debt management program and create a repayment plan that works with your income. As part of the program, the credit counselor can also try to negotiate reduced interest rates and set up a single, more manageable monthly payment. While most debt management programs won't formally pause your payments, they can lower your monthly obligations significantly and stop fees from stacking up. The key benefit of that is that you stay current on your debt obligations without needing to file for bankruptcy or enter default. Enroll in a debt settlement program If you've fallen behind on your credit card or personal loan payments and can't afford to catch up, a debt settlement program may offer a way to pause payments while working toward a resolution. These programs are typically offered through third-party companies that negotiate with your creditors to accept a reduced payoff, often far less than what you owe. Instead of continuing to make payments to your creditors, you'll typically stop paying them and start making more manageable monthly deposits into a dedicated account managed by the debt relief company instead. The money that accrues in that account will eventually be used to offer lump-sum settlements to your creditors. Refinance or consolidate your debt If you're not in full crisis mode but can see financial hardship on the horizon, refinancing your debts or consolidating them into a lower-rate loan could give you more flexibility. This won't really pause your payments, but it could make them easier to manage, especially if you can lower your interest rates substantially. For example, consolidating high-rate credit card balances into a personal loan with a lower monthly payment can ease the pressure without needing to skip payments entirely. Be aware, though, that approval often depends on your credit score and income. So, this route may not be an option if you've already experienced a job loss or other major financial disruptions. Contact your lenders and request forbearance If you're dealing with temporary financial hardship, be sure to also call your lenders, especially if you have federal student loans, a mortgage or even a personal loan. Many creditors offer hardship forbearance programs that can pause or reduce your payments for a set period (often three to six months). Forbearance doesn't erase what you owe, and interest may still accrue, but it can give you some much-needed breathing room. Just be sure to get the agreement in writing, understand when payments will resume and know whether a lump-sum catch-up will be required before taking this route. The bottom line If you're struggling to keep up with your debt payments during a financial hardship, you have options, whether it's a temporary hardship program, settling your debt for less or temporarily deferring your payments, but the clock is ticking. The longer you wait, the fewer choices you may have, especially if you start missing payments. So, if you're facing financial hardship, make sure you take steps to hit pause on your debt payments as soon as possible, as doing so can help you stay afloat while you work toward getting back on solid financial ground.
Associated Press
02-06-2025
- Business
- Associated Press
Money Management International Wins 2025 Communicator Award, Honorable Mention in PRWeek Purpose Awards
STAFFORD, Texas, June 02, 2025 (GLOBE NEWSWIRE) -- Money Management International (MMI) is proud to announce that its MMI Peer Advocate Program has won an Award of Distinction as a public relations campaign in the 2025 Communicator Awards. It has also received an honorable mention for Best Public Awareness in the 2025 PRWeek Purpose Awards. These recognitions highlight the program's powerful impact in raising awareness about the real-life challenges and triumphs of individuals navigating financial hardship and recovery. Launched in 2021 to highlight debt stigma and nonprofit debt relief solutions, the program leverages the lived experience of Americans who have overcome seemingly insurmountable debt. The program enables MMI clients to share their stories through local and national media platforms. In 2024 alone, the program helped MMI earn more than 130 million broadcast media impressions, shining a spotlight on the realities of financial stress and the hope that comes from nonprofit debt management support and empowerment. These latest recognitions follow a growing list of honors for the MMI Peer Advocate Program. In 2024, the program earned silver in The Anthem Awards, celebrating purpose-driven work around the world. It was also recognized with an honorable mention in the 2023 PRNEWS Digital Awards, highlighting its innovative approach as a brand ambassador program. 'We're incredibly proud of our team, including nearly 500 MMI Peer Advocates across the country who make this program so powerful,' said Thomas Nitzsche, Vice President of Public Relations at MMI. 'Our advocates' courage and authenticity have helped millions better understand the human side of financial instability. The recognition from the Communicator Awards and Purpose Awards reaffirms the importance of this work in driving real change.' For more information about the MMI Peer Advocate Program and to hear stories of financial transformation, visit MMI's YouTube channel and 2024 Annual Report. About MMI For over 65 years, Money Management International (MMI) has been at the forefront of financial health solutions, helping individuals and families break free from debt and build a secure financial future. As a trusted nonprofit leader, MMI is dedicated to transforming how Americans navigate financial challenges by providing expert guidance, innovative programs, and culturally relevant financial education. Recognized by major financial institutions and media outlets, MMI's award-winning services support long-term financial stability and success. Learn more at Media Contact: Thomas Nitzsche 404.490.2227 [email protected] Jackie Callaway Media Relations 813.610.8241 [email protected] Thomas Nitzsche Money Management International 404.490.2227 [email protected] Jackie Callaway Money Management International 813.610.8241 [email protected]
CBS News
29-05-2025
- Business
- CBS News
Tax questions to ask if you still haven't filed your 2024 return
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. There are a few important questions you should ask before filing your late tax return. Getty Images/iStockphoto The 2024 tax filing deadline may have come and gone, but that doesn't mean your chance to file has disappeared with it. A significant number of Americans miss the tax deadline every year, some unintentionally and some for reasons tied to financial hardship, personal emergencies or confusion around what they owe. And while missing the tax deadline can feel like a major issue, the worst thing you can do once that April 15 deadline has passed is nothing. Failing to file your taxes could lead to a cascade of problems, including penalties, interest and in some cases, collection actions, like wage garnishment, tax levies and other serious consequences, by the Internal Revenue Service (IRS). But those hefty consequences aren't necessarily set in stone. There are still ways to reduce the damage, and potentially avoid some of it altogether, especially if you act quickly and get the right help. That starts with asking the right questions, whether you're preparing to file your 2024 taxes after the deadline, either on your own or while working with a tax relief expert. Explore your tax relief options and chat with an expert now. Tax questions to ask if you still haven't filed your 2024 return If you haven't filed your 2024 tax return yet, here are the most important things to ask now: Did I file an extension, and what does that extension cover? Many people assume that filing a tax extension gives them more time to do everything, but that's not exactly true. If you filed for a tax extension by the April 15 deadline, that gave you until October 15 to submit your return. But there's a big catch: the extension applies only to the paperwork, not the payment. If you owe money and didn't pay anything by April, the IRS has already started charging interest and may have added late payment penalties. If you're unsure whether you filed an extension, now's the time to find out. Check with your tax preparer or log in to your IRS account at If you didn't file an extension at all, then you're likely facing a failure-to-file penalty, which is 5% of your unpaid taxes per month, up to a maximum of 25%. Filing your return as soon as possible, even if you can't pay yet, will stop that more serious penalty from increasing further. Chat with a tax relief specialist about the strategies available to you today. How much do I owe, and what happens if I can't afford to pay it right now? If the fear of a tax bill is what's kept you from filing, that's understandable. But the IRS is often more flexible than people expect, as long as you file. Once your return is in, you can apply for a payment plan, which can break your balance into smaller monthly amounts. If you're facing financial hardship, you may qualify for Currently Not Collectible status (a temporary pause on collections) or even an Offer in Compromise, which allows you to settle your tax debt for less than you owe. That said, you must file first. The IRS won't negotiate with you until they have a return on file and a clear picture of your tax liability. Have I received all the documents I need to file accurately? A common reason people delay filing is that they're missing forms, like a W-2 from an old employer or a 1099 from a side gig. But by late spring, you've likely exhausted the waiting game. Fortunately, there's a fix. You can log in to your IRS online account and pull a wage and income transcript. This will show most of the tax forms the IRS has on file for you. That makes it easier to file accurately and avoid underreporting income, which is a common mistake that can trigger audits and penalties down the line. It's also a good reminder that even if you don't have the form, the IRS probably does. Am I at risk of IRS penalties or enforcement action? The longer you wait to file and pay, the more you'll owe thanks to late penalties and daily compounding interest. The failure-to-file penalty is one of the harshest: 5% of your unpaid tax bill per month. That adds up quickly. The failure-to-pay penalty is less severe (0.5% per month), but it still increases the amount you owe over time. It's not necessarily too late to request penalty relief, though. The IRS offers first-time penalty abatement if you've been compliant in past years. You may also be eligible for reasonable cause relief if you've experienced illness, financial hardship or other extenuating circumstances. Would working with a tax professional make this easier or cheaper in the long run? Late filings can be tricky. If you're unsure about how to handle the penalties, tax debt or just need help navigating the process, it might be worth hiring a tax relief expert to help. They can assess your eligibility for penalty abatement, installment agreements or other IRS programs designed for people in exactly your position. Plus, if your taxes are more complex — for example, if you're self-employed or have multiple income streams — getting professional help could reduce the chance of errors that cost you even more later. The bottom line If you still haven't filed your 2024 taxes, now is the time to stop avoiding it and start asking questions. Whether you're missing forms, worried about what you owe or are just unsure how to fix it, you have more options than you think, as long as you act now. Filing, even late, opens the door to payment plans, penalty relief and a clean slate moving forward.
CBC
28-05-2025
- Business
- CBC
Stephenville airport could soon lose power, as N.L. fires up air ambulance contingency plans
Social Sharing It could be lights out at the Stephenville Dymond International Airport later this week, if the beleaguered operation doesn't pay its utility bill. Newfoundland Power has confirmed it issued the airport a seven-day "notice of disconnection" due to "outstanding account issues." In an emailed statement, the utility wrote that it "remains available to work with the airport to resolve outstanding account issues required for continuation of service." It marks the latest financial hardship the airport has seen since it was purchased by Ottawa entrepreneur Carl Dymond in August 2023. Dymond bought the facility for $6.90 and a payment of more than $1 million in existing liabilities. Since the sale, Dymond has been hit with a $2.4-million lawsuit by Tristar Electric, which alleges it hasn't been paid for its work to install a new runway lighting system. Earlier this year, lawyers for the airport got permission to withdraw from the case because they say they haven't been paid either. That news came on the heels of the airport being downgraded to a "registered aerodrome," meaning it is not subject to ongoing inspection by Transport Canada, but is inspected periodically to verify compliance with regulations. There are eight registered aerodromes on the island portion of the province, including those in Bell Island, Clarenville and Port aux Choix. Health minister says air ambulance plan in place In March, the province said it would continue to use Stephenville for its air ambulance service. According to statistics collected for the Health Accord and published in 2023, there were 290 air ambulance flights to Stephenville over a previous 3 1/2-year period. That amounts to about seven flights a month. Health Minister Krista Lynn Howell told CBC News the province has been working on a contingency plan in the event Stephenville's airport can't be used. "The medical professionals do this type of work, day in, day out, and there could be reasons why an airport isn't available," Howell said, citing issues like runway maintenance. "This is just another one of those examples where we had to build a contingency plan," Howell said. "And we're confident that NLHS has taken all the appropriate steps to mitigate, as much as possible, the risk factors that we can control." In a broad sense, the contingency plan could include a mix of resources and assets. That includes two runways "in close proximity" to Stephenville — Deer Lake and St. Andrews in the Codroy Valley — "that may be able to be utilized," according to Howell. "There may be a combination of road transport, air transport, or even using a helicopter in instances where that's appropriate," she said. "The folks who are making these decisions, the medical professionals, will determine what is the most appropriate asset to deploy." Council has stressed importance of air ambulance service In January 2023, before the final sale to Dymond was approved, the Town of Stephenville gave the airport $50,000 to keep the operation running. Councillors who voted to approve the grant framed their support around the importance of the airport in providing an air ambulance service. "I have to say yes, because it's the taxpayer's life that comes into play," said Coun. Myra White at the time. "And I know it's $50,000, but I look at a life, and what is a life worth?" When the deal to sell the airport was initially announced in September 2021, Carl Dymond said he planned to spend hundreds of millions and create thousands of jobs. His vision included the construction of massive high-tech drones. Those plans have yet to materialize.
Yahoo
27-05-2025
- Yahoo
More than $10k stolen from Lancaster County MOD Pizza by former manager; police
LANCASTER COUNTY, Pa. (WHTM) — More than $10,000 was stolen by a former manager of a MOD Pizza spot in Lancaster County, police said. Bryan Cramer, 33, of Lancaster, allegedly admitted to stealing the money while he worked at the MOD Pizza along Fruitville Pike, Manheim Township Police said Friday. Cramer had a logbook he used for the money courier to sign, so it seemed like the deposits were being made accurately, but he never showed that one to his employer. Instead, police said he would then lie about the deposit in the company's logbook and forge the courier's signature. Police file DUI, homicide by vehicle charges in fatal pedestrian crash in Carlisle Police allege he stole $10,249.91 through 32 deposits from MOD Pizza. When confronted in April, police said Cramer admitted to stealing money because of financial hardships. Cramer faces felony charges of theft by unlawful taking and forgery. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Cramer was arraigned in front of Magisterial District Judge Courtney Monson, who set his unsecured bail at $10,000. A preliminary hearing is scheduled for June 9. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
