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Money Talks: Dealing with Holiday Debt

Today’s show will have two parts: since we’re in the middle of Hanukkah and Christmas is coming soon we’ll discuss “Holiday Spending Without Adding to Your Debt”. Then we’ll move on to “Tips for Paying Down Holiday Debt”. Money Talks welcomes back Bruce McClary, a Senior Vice President at National Foundation for Credit Counseling. Our resident experts are also on hand for personal finance questions. https://www.nfcc.org/

https://www.nfcc.org/blog/holiday-spending-without-adding-to-your-debt/

https://www.nfcc.org/blog/3-tips-for-paying-down-holiday-debt/


Bruce spoke with us about Pandemic Student Loans on March 9th of 2021 http://moneytalks.mpbonline.org/episodes/money-talks-pandemic-student-loans and Credit Counseling on May 12th of 2020 http://moneytalks.mpbonline.org/episodes/money-talks-credit-counseling


Holiday debt is a problem for many Mississippians. Money Talks has discussed this topic two other times: June 29th of 2021 http://moneytalks.mpbonline.org/episodes/money-talks-avoiding-holiday-debt and October 8th of 2019 http://moneytalks.mpbonline.org/episodes/money-talks-holiday-debt.


From a February survey by money geek dot com - More than one-quarter of Americans regret their level of holiday spending; most wished they’d spent less, but some regret not spending more.

Credit cards were the payment method of choice, with 65% of holiday spending paid for with credit cards. The more credit cards someone had, the more of their spending they financed with credit.

By February 11, 2022, 40% of Americans had not paid off their 2021 holiday debt.

https://www.moneygeek.com/credit-cards/analysis/2022-holiday-debt/


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1/10/2023

Money Talks: 2023 Number

Happy New Year! Welcome to 2023. We’ll talk today about information you might need for this new year. We learn about new tax amounts; ways to save money, ways to get back lost money, and ways to win money. Our experts take questions concerning personal finance.2023$66,000 - Defined contribution plan (401k, 403b) total limit per participant $66,000 - SEP IRA contribution limit $22,500 - 401k, 403b, 457 contribution limit (Salary deferrals)$7,500 - 401k, 403b, 457 catch up$6,500 - IRA contribution limit$1,000 - IRA catch up $15,500 - SIMPLE IRA contribution limit$3,500 - SIMPLE IRA catch up$27,700 - Standard deduction (MFJ)$20,800 - Standard deduction (Head of Household)$13,850 - Standard deduction (Single, MFS)$44,625 - Taxable income limit for 0% long-term capital gains (single)$89,250 - Taxable income limit for 0% long-term capital gains (MFJ)$17,000 - Gift tax exclusion $Unlimited - Brokerage account contribution limit$160,200 - Social security wage base (No longer pay social security tax after this)The amount of your taxable Social Security benefits depends on your combined income or the sum of:50% of all your Social Security benefits for the yearThe adjusted gross income (AGI), which is your total income minus adjustments to that income, such as deductions and exclusionsTax-exempt interest income, such as interest received on municipal bondsUnearned / Earned incomeStrategies for minimizing taxesRegistration is now open for the 10th Annual College Savings Mississippi Art Contest. The contest will run from January 1 through February 28. Students from across Mississippi will be competing for over $3,000 in Mississippi Affordable College Savings (MACS) scholarships by submitting an original piece of art based on the theme, “What do you want to be when you grow up?” https://treasury.ms.gov/artcontest/The weather and other operational delays and cancelations that occurred at the end of December and the beginning of January show the importance of knowing your rights and keeping receipts. Southwest airlines has a website where you can make claims due to flight cancellations. We’ll have a link to their website and also the US Department of Transportation’s website where you can learn more about your customer rights. https://www.southwest.com/traveldisruption/ https://www.transportation.gov/airconsumer/airline-customer-service-dashboard  The United States Postal Service filed notice of Mailing Services price changes to take effect January 22, 2023. The new rates include a three-cent increase in the price of a First-Class Mail® Forever stamp from 60 cents to 63 cents. https://faq.usps.com/s/article/2023-Postage-Price-Changes