If you have gotten married, divorced, added dependents, or can no longer claim previous dependents, you should speak with a human resource or payroll representative at your job to ensure withholdings are correct.

Consequences of Forgotten Withholdings Changes

You may only realize your withholdings are incorrect at tax time when it is too late. On one hand, you may end up with a rather large refund but on the other hand you may end up owing money to the IRS

While you may think getting a refund is a good thing, you need to reconsider the actually situation. When the IRS owes you money, you have essentially given the federal government an interest-free loan. That money could be put to better use by you. You should adjust your withholdings so you break even at tax time and keep the extra money in your paycheck.

More Life Changes

In addition to withholdings information during a change in life’s circumstances, there are likely many other things you need to change and update. It can be a wise move to create and keep a list of financial services, tax information, and other personal services on a spreadsheet which is stored in a safe location.

If you ever need to make an address change, a name change, a married status change, or the like, you will have one master list to refer to so you can ensure all of your relevant information is updated and accurate at one time. Often consumers will forget to update their personal information and basic contact information with creditors, relevant government agencies, former employers, and financial service providers.

Without current and updated information on file, you may not be able to access important tax documents, account alerts and changes, investment details, and other vital information you need for your personal and financial life.

Your master list should include the name of the company, the contact information, and relevant account numbers so you have all you need in one convenient place. Make sure you add and remove new service provider details on the master list as you open or close accounts. This list will make your life-changing duties a much easier and more organized process.

Change Your Life? Check Your Withholdings was created by and is property of American Consumer News.

There are millions of Americans that have struggled with financial hardships at one time or another. There are still many households that are enduring even longer instances of money problems. Unfortunately in many of these cases the debt problems were there long before people were willing to admit to it. Early prevention could have saved many from a long debt struggle but few were able to realize they had a problem until it was way out of control.

Here are 5 considerations you need to make about the state of your finances to help you decide if you need to focus on debt help:

Making Barely the Minimum

If you find you have trouble coming up with even the minimum amount due on your various months’ bills, you may need to rethink your money management strategies. Financial experts recommend your total debt each month be no more than 20% of the income you bring home. If your debt totals more than you make, your financial situation is not likely to get any better. It is time to increase your income to get a better handle on your debts. If you can’t make even the minimum payments, you will need to start cutting costs in other areas of your budget to focus on debt payoffs.

Reckless Credit Spending

Too often people consider their credit card limits as an extension of their income. They spend on credit without having the cash back up which will enable them to pay off credit card balances in full each month. Spending on plastic can easily get out of control and if you are using credit cards just to get by, you are heading down a path of debt problems, potentially for many years to come.

Ignore Budgeting Limitations

If you give up on your budget or fail to start one in the first place, it may be due to the fact you can face your money issues. A budget it supposed to be enacted to ensure you stay within your spending limits. If money is too tight, it can be easy to dispose of the budget with excuses that it doesn’t work. The reality is that in order to get a handle on your money affairs you need to construct a budget and stick with it, even if it cuts out all of your spending money for a few months.

Acquiring New Lines of Credit

If you find you have maxed out your lines of credit and start applying for new accounts, you are certainly in over your head. if your credit score has not yet suffered due to your financial problems, you may be able to get additional new accounts. However, too many applications for credit will start to sink your credit score. Your new accounts may come with lower credit limits and higher fees, meaning you’ll pay more than you can afford for the new accounts and start ruining your credit at the same time.

You Tell Fibs

If you find you have been telling white lies about your financial situation to people in your inner circle that express concern, you may need to sit down and confront yourself. Debt is not a problem that will go away if ignored. It will actually grow bigger and more problematic. Do not let pride or embarrassment get in the way of getting help when you need it. Admitting you have debt problems will be the hardest part but once you ask for help you can turn the situation around within a few months’ time if you put forth the effort and get a handle on your finances once and for the long-term.

Do I Have a Debt Problem? 5 Tips for Evaluating Your Situation was created by and is property of American Consumer News.

How can it work against you? Here are just some of the current trends in social networking sites:

Hiding From a Debt? They’ll Find You
Collection agents, not always known for their above-the-line practices, will often scour the internet in search of your contact information. Since many debtors will refuse phone calls or ignore written correspondence, they stand a good chance that active social media players will be online. If you are posting about the new outfit you bought or the great vacation you just took, you can bet they’ll step up their aggressive collection tactics since they know you have the money. While laws will not allow collection agents to contact you through your profile, some will still disguise themselves in order to secure good contact information for you. Some especially unethical agents will even sabotage you on your home page.

Need a Loan? Good Luck
Even creditors have been using social networking searches to find out what kind of risk you might be. Considering a personal loan or a mortgage? Banks and other lenders are getting very tight with their money and outside of your credit score they want to know what kind of person you are and what risk you might pose to defaulting on the loan. While there is no scientific formula for a lender to assess your Twitter account, they may be scared enough about what you say to refuse your loan.

Loose Lips? Lose Your Job
Potential employers can easily do searches on candidate names since social media profiles are often at the top of search engine results. Employers will be looking for negative comments about your current employer, coworkers, and other job-related activities. They can also look at the times you post to see how hard you are really working each day. If you have naughty pictures associated with your profile, they too can cost you a potential position in a company.

Gone Phishing – Took All Your Money
Since people often have no problem typing in a ton of personal information on their home page because they want everyone to know how well they are doing in life, scammers have made a happen of targeting social media users. It’s nice to let friends know who your grandma is but providing her last name will give scammers insight as to what your mother’s maiden name is. This is one of the top security questions people have to answers to gain access to their financial and personal accounts.

Ultimately it is up to consumers to use common sense when it comes to posting information that essentially the world can see. Protecting your information can sometimes be as easy as not providing any. Remember that while your friends can see and appreciate your updates, the whole world can be watching.

Social Networking Can Damage You Outside Your Social Circle was created by and is property of American Consumer News.

The New York Attorney General has just shut down a collection operation that has been using illegal tactics nationwide. While it is true that creditors have every right to try to collect money owed to them, there are certain lines that cannot be crossed to protect consumers from illegal tactics. The rules differ depending on who you are dealing with, an original creditor or a collection agency which has bought your debt from the original creditor or another debt collector. The company that was the recent target of Attorney General Cuomo’s investigation has been shut down after it was discovered they (collectors) were pretending to be police officers, threatening to throw consumers in jail and using scripted telephone calls designed to intimidate consumers into paying debts according to a Consumer Affairs report. The following tips can serve as a reminder of your rights if you are struggling with debt and dealing with collection agencies.

• Debt collectors cannot contact you whenever they choose. They are limited to contacting you between the hours of 8am and 9pm and shall not contact you at work if you have relayed to them you are unable to receive this type of call at your place of employment.
• They may not discuss your debt with third parties, such as a relative, neighbor or employer. They shall only relay information regarding the debt they are attempting to collect to your attorney or to you directly.
• Debt collectors cannot misrepresent themselves as anyone other than a debt collector. This makes it illegal for a debt collector to claim to be a police officer, an attorney or anyone else for that matter.
• Legal action can be taken against you in an attempt to recover money owed, however debt collectors cannot threaten legal or other repercussions without the express intent of following through. This means unless they are actually in the process of taking legal action they cannot threaten to do so. Remember your wages cannot be garnished until legal action has been taken and a judge has imposed a wage garnishment. In that event you will receive written notification well in advance of any garnishments. Do not fall for the oldest trick in the book, which is to threaten your very next paycheck.

More information is available by reviewing the Fair Debt Collection Practices Act. Remember that the law does not apply to your original creditor.

In an ideal world you would not have to worry about debt collectors because you would not be behind on any of your accounts. Unfortunately that is not the world we live in. If you are experiencing a financial hardship, you should seek immediate assistance to try and resolve your outstanding debt. While you are offered some protection through the law, in the end you still owe the debt. Paying it off is the only way to completely avoid problems that arise from debt collection efforts.

Know Your Rights If You Are In Debt was created by and is property of American Consumer News.