Here’s How Much Teachers Are Paid in Every State

Teacher in a classroom
Monkey Business Images / Shutterstock.com

The coronavirus pandemic rages on, but one way or another, teachers returned to work last fall and have continued doing their jobs throughout this school year.

Elementary school teachers in the U.S. earned an average annual wage of $63,930 as of 2019, according to the U.S. Bureau of Labor Statistics. Middle school teachers earned an average of $63,550 at that same time. High school teachers averaged $65,930 per year.

But teacher pay varies considerably by state. States also vary as to which level pays best. Often, elementary school teachers make less than their middle school and high school counterparts, but not always.

Following are the average annual wages for elementary, middle and high school teachers in each state. The states are ranked based on elementary-school pay.

50. Mississippi

Mississippi road sign
Peek Creative Collective / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $44,060
  • Employment: 12,340

Middle school teachers:

  • Average annual wage: $48,170
  • Employment: 6,180

High school teachers:

  • Average annual wage: $46,580
  • Employment: 8,850

49. South Dakota

Teacher in a face mask explaining math
Deliris / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $44,110
  • Employment: 4,070

Middle school teachers:

  • Average annual wage: $44,990
  • Employment: 1,920

High school teachers:

  • Average annual wage: $44,610
  • Employment: 3,500

48. West Virginia

Monkey Business Images / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $45,390
  • Employment: 5,330

Middle school teachers:

  • Average annual wage: $47,570
  • Employment: 5,160

High school teachers:

  • Average annual wage: $47,610
  • Employment: 4,460

47. Arizona

Asia Images Group / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $45,600
  • Employment: 23,290

Middle school teachers:

  • Average annual wage: $45,120
  • Employment: 12,330

High school teachers:

  • Average annual wage: $50,320
  • Employment: 16,990

46. Oklahoma

sevenMaps / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $45,970
  • Employment: 17,980

Middle school teachers:

  • Average annual wage: $46,360
  • Employment: 8,320

High school teachers:

  • Average annual wage: $47,320
  • Employment: 11,680

45. North Carolina (tie)

wavebreakmedia / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $48,560
  • Employment: 42,520

Middle school teachers:

  • Average annual wage: $49,620
  • Employment: 18,770

High school teachers:

  • Average annual wage: $49,930
  • Employment: 24,030

44. Louisiana

stockfour / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $48,630
  • Employment: 23,670

Middle school teachers:

  • Average annual wage: $49,790
  • Employment: 7,600

High school teachers:

  • Average annual wage: $52,090
  • Employment: 14,810

43. Arkansas

Monkey Business Images / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $48,800
  • Employment: 13,010

Middle school teachers:

  • Average annual wage: $50,720
  • Employment: 6,450

High school teachers:

  • Average annual wage: $51,870
  • Employment: 11,940

42. Idaho

Teach online
Agenturfotografin / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $48,880
  • Employment: 8,380

Middle school teachers:

  • Average annual wage: $53,970
  • Employment: 1,820

High school teachers:

  • Average annual wage: $50,640
  • Employment: 6,210

41. Alabama

Young teacher using internet to remotely teach during the coronavirus crisis
Timothy Kuiper / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $50,270
  • Employment: 23,650

Middle school teachers:

  • Average annual wage: $51,600
  • Employment: 10,310

High school teachers:

  • Average annual wage: $51,950
  • Employment: 15,230

40. Kansas

wavebreakmedia / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $50,650
  • Employment: 16,340

Middle school teachers:

  • Average annual wage: $53,500
  • Employment: 6,630

High school teachers:

  • Average annual wage: $52,050
  • Employment: 12,310

39. Missouri

wavebreakmedia / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $50,920
  • Employment: 22,850

Middle school teachers:

  • Average annual wage: $51,930
  • Employment: 11,080

High school teachers:

  • Average annual wage: $50,980
  • Employment: 30,640

38. Montana

DGLImages / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $52,160
  • Employment: 4,920

Middle school teachers:

  • Average annual wage: $58,710
  • Employment: 2,070

High school teachers:

  • Average annual wage: $52,360
  • Employment: 3,670

37. Indiana

wavebreakmedia / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $52,570
  • Employment: 25,530

Middle school teachers:

  • Average annual wage: $52,450
  • Employment: 11,320

High school teachers:

  • Average annual wage: $53,150
  • Employment: 21,180

36. Kentucky

wavebreakmedia / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $52,660
  • Employment: 19,270

Middle school teachers:

  • Average annual wage: $53,830
  • Employment: 8,160

High school teachers:

  • Average annual wage: $55,100
  • Employment: 12,280

35. Maine

Young girl in online class with geometry teacher on her laptop
Aleksandra Suzi / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $52,860
  • Employment: 5,780

Middle school teachers:

  • Average annual wage: $56,740
  • Employment: 3,230

High school teachers:

  • Average annual wage: $55,260
  • Employment: 5,400

34. South Carolina

DGLImages / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $53,450
  • Employment: 22,550

Middle school teachers:

  • Average annual wage: $55,180
  • Employment: 9,790

High school teachers:

  • Average annual wage: $56,730
  • Employment: 14,050

33. Tennessee

Undrey / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $53,540
  • Employment: 30,620

Middle school teachers:

  • Average annual wage: $53,880
  • Employment: 13,240

High school teachers:

  • Average annual wage: $55,060
  • Employment: 20,690

32. Iowa

iofoto / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $53,950
  • Employment: 18,720

Middle school teachers:

  • Average annual wage: $55,250
  • Employment: 7,920

High school teachers:

  • Average annual wage: $56,570
  • Employment: 11,950

31. Colorado

Asian woman teacher checking homework at her desk.
Monkey Business Images / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $54,670
  • Employment: 25,740

Middle school teachers:

  • Average annual wage: $54,940
  • Employment: 12,980

High school teachers:

  • Average annual wage: $56,370
  • Employment: 17,580

30. Florida

child reading
KK Tan / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $55,210
  • Employment: 77,170

Middle school teachers:

  • Average annual wage: $56,640
  • Employment: 33,600

High school teachers:

  • Average annual wage: $57,880
  • Employment: 50,640

29. North Dakota

Older teach wearing a face mask in an empty classroom
vladaphotowiz / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $55,630
  • Employment: 4,450

Middle school teachers:

  • Average annual wage: $59,700
  • Employment: 1,380

High school teachers:

  • Average annual wage: $56,250
  • Employment: 2,800

28. Texas

Monkey Business Images / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $56,280
  • Employment: 131,880

Middle school teachers:

  • Average annual wage: $56,290
  • Employment: 64,340

High school teachers:

  • Average annual wage: $58,000
  • Employment: 107,190

27. Nevada

A female teacher in an empty classroom during the pandemic
POP-THAILAND / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $56,980
  • Employment: 10,480

Middle school teachers:

  • Average annual wage: $59,150
  • Employment: 4,000

High school teachers:

  • Average annual wage: $58,090
  • Employment: 5,760

26. New Mexico

ESB Professional / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $57,330
  • Employment: 7,650

Middle school teachers:

  • Average annual wage: $49,570
  • Employment: 3,250

High school teachers:

  • Average annual wage: $57,410
  • Employment: 6,880

25. Wisconsin

GagliardiImages / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $57,980
  • Employment: 28,240

Middle school teachers:

  • Average annual wage: $58,940
  • Employment: 13,800

High school teachers:

  • Average annual wage: $59,180
  • Employment: 17,880

24. Georgia

Oksana Kuzmina / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $58,190
  • Employment: 50,250

Middle school teachers:

  • Average annual wage: $58,830
  • Employment: 28,440

High school teachers:

  • Average annual wage: $59,860
  • Employment: 26,500

23. Wyoming

ESB Professional / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $58,940
  • Employment: 2,550

Middle school teachers:

  • Average annual wage: $61,340
  • Employment: 1,090

High school teachers:

  • Average annual wage: $61,400
  • Employment: 1,690

22. New Hampshire

Monkey Business Images / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $59,930
  • Employment: 6,070

Middle school teachers:

  • Average annual wage: $60,290
  • Employment: 3,100

High school teachers:

  • Average annual wage: $60,720
  • Employment: 5,000

21. Nebraska

Pressmaster / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $60,390
  • Employment: 9,810

Middle school teachers:

  • Average annual wage: $62,130
  • Employment: 4,310

High school teachers:

  • Average annual wage: $60,500
  • Employment: 6,890

20. Utah

Students in a classroom during the pandemic
saravutpics / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $60,660
  • Employment: 13,110

Middle school teachers:

  • Average annual wage: $63,720
  • Employment: 6,540

High school teachers:

  • Average annual wage: $61,050
  • Employment: 8,920

19. Minnesota

Monkey Business Images / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $63,250
  • Employment: 22,420

Middle school teachers:

  • Average annual wage: $64,790
  • Employment: 9,730

High school teachers:

  • Average annual wage: $64,960
  • Employment: 20,130

18. Illinois

ESB Professional / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $63,280
  • Employment: 64,270

Middle school teachers:

  • Average annual wage: $63,630
  • Employment: 21,700

High school teachers:

  • Average annual wage: $74,340
  • Employment: 44,810

17. Hawaii

Poznyakov / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $63,360
  • Employment: 5,780

Middle school teachers:

  • Average annual wage: $63,520
  • Employment: 2,090

High school teachers:

  • Average annual wage: $62,580
  • Employment: 4,320

16. Vermont

Student in face mask raising hand
Halfpoint / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $63,480
  • Employment: 3,770

Middle school teachers:

  • Average annual wage: $61,470
  • Employment: 1,030

High school teachers:

  • Average annual wage: $66,660
  • Employment: 2,770

15. Delaware

ESB Professional / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $63,970
  • Employment: 3,800

Middle school teachers:

  • Average annual wage: $64,800
  • Employment: 2,200

High school teachers:

  • Average annual wage: $66,920
  • Employment: 3,330

14. Ohio

Ohio roadway sign
Joseph Sohm / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $64,090
  • Employment: 57,220

Middle school teachers:

  • Average annual wage: $63,510
  • Employment: 30,880

High school teachers:

  • Average annual wage: $64,410
  • Employment: 47,510

13. Michigan

Teacher writing on blackboard
l i g h t p o e t / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $69,050
  • Employment: 37,130

Middle school teachers:

  • Average annual wage: $64,920
  • Employment: 13,910

High school teachers:

  • Average annual wage: $63,000
  • Employment: 22,820

12. Washington

Kids working with robotics.
Syda Productions / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $69,390
  • Employment: 30,440

Middle school teachers:

  • Average annual wage: $70,970
  • Employment: 9,430

High school teachers:

  • Average annual wage: $71,690
  • Employment: 14,810

11. Pennsylvania

Hurst Photo / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $69,630
  • Employment: 57,100

Middle school teachers:

  • Average annual wage: $69,330
  • Employment: 26,460

High school teachers:

  • Average annual wage: $66,920
  • Employment: 46,130

10. Virginia

Parent and child use hand sanitizer and face masks at school
1641857584 / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $69,690
  • Employment: 38,700

Middle school teachers:

  • Average annual wage: $71,920
  • Employment: 18,300

High school teachers:

  • Average annual wage: $69,070
  • Employment: 25,620

9. Oregon

Hurst Photo / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $69,980
  • Employment: 15,950

Middle school teachers:

  • Average annual wage: $70,660
  • Employment: 6,250

High school teachers:

  • Average annual wage: $71,780
  • Employment: 8,840

8. New Jersey

ESB Professional / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $71,880
  • Employment: 40,640

Middle school teachers:

  • Average annual wage: $73,380
  • Employment: 26,590

High school teachers:

  • Average annual wage: $78,090
  • Employment: 30,230

7. Rhode Island

wavebreakmedia / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $72,310
  • Employment: 4,100

Middle school teachers:

  • Average annual wage: $75,130
  • Employment: 1,670

High school teachers:

  • Average annual wage: $75,950
  • Employment: 4,840

6. Maryland

Rawpixel.com / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $75,380
  • Employment: 28,610

Middle school teachers:

  • Average annual wage: $74,400
  • Employment: 14,890

High school teachers:

  • Average annual wage: $77,050
  • Employment: 17,150

5. Alaska

Schoolboy with backpack in snow.
Romrodphoto / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $75,860
  • Employment: 3,820

Middle school teachers:

  • Average annual wage: $80,730
  • Employment: 1,160

High school teachers:

  • Average annual wage: $75,820
  • Employment: 2,790

4. Connecticut

Teacher on camera during the pandemic
Hananeko_Studio / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $78,070
  • Employment: 15,930

Middle school teachers:

  • Average annual wage: $79,510
  • Employment: 8,320

High school teachers:

  • Average annual wage: $78,540
  • Employment: 15,820

3. Massachusetts

racorn / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $82,450
  • Employment: 31,430

Middle school teachers:

  • Average annual wage: $80,520
  • Employment: 15,910

High school teachers:

  • Average annual wage: $81,070
  • Employment: 27,120

2. California

African American woman with grade school students wearing red caps.
Rawpixel.com / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $82,560
  • Employment: 164,910

Middle school teachers:

  • Average annual wage: $80,160
  • Employment: 39,780

High school teachers:

  • Average annual wage: $85,080
  • Employment: 109,840

1. New York

iofoto / Shutterstock.com

Elementary school teachers:

  • Average annual wage: $82,830
  • Employment: 92,560

Middle school teachers:

  • Average annual wage: $87,050
  • Employment: 42,010

High school teachers:

  • Average annual wage: $87,240
  • Employment: 75,360

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Top Neighborhoods to Live in Chicago | ApartmentSearch

Chicago Cloud Gate

By: Photo Spirit

The Windy City has much to offer to new residents: unbelievable food, Major League sports teams, world-class art, beautiful parks, and more! If you’ve been thinking about moving to Chicago, find the perfect neighborhood for you with this detailed city guide.

Best Chicago Neighborhoods for Singles

Wrigleyville (On the Red Line; on the Metra Line)

Right in the center of Chicago’s North Side baseball culture, Wrigleyville is a hub of bars, young residents, and some of the region’s most passionate baseball fans. While exploring this fantastic neighborhood, meet fellow singles and attend record-breaking games at one of America’s most beloved fields.

Avondale (Near the Blue Line; near the Metra Line)

With original architecture throughout the neighborhood and gargantuan trees lining the streets, this lesser-known pocket of the city feels like a quiet escape. Even so, this hidden gem is filled with breweries, bars, fantastic takeout options, and nightlife attractions for singles new to the area.

Wicker Park (On the Blue Line; on the Metra Line)

Wicker Park is one of Chicago’s trendier neighborhoods. It’s home to coffee shops, bars, tattoo parlors, and a creative culture that has segued into a comfortable home for young urban singles. Enjoy cultured crowds and vibrant art scenes while living in what’s now known as the new Lincoln Park.

West Loop (Near the Blue Line; on the Metra Line)

This neighborhood is a quick trip to the Chicago Loop and the Magnificent Mile by public transit — or by foot if the weather permits. The West Loop not only provides its own entertainment of restaurants, parks, and bars, but it is the prime neighbor to The Art Institute of Chicago, Millennium Park, and the Museum Campus.

Best Chicago Neighborhoods for Families

Ukrainian Village (Near the Blue and Green Lines; near the Metra Line)

With original architecture, statuesque trees, kid-friendly parks, one-way streets, and ample speed bumps, Ukrainian Village offers families large apartments on safe and picturesque streets. The neighborhood is nestled between eight others, making it an accessible location for takeout, groceries, or date night.

Lakeview (On the Red Line; on the Metra Line)

Lakeview boasts easy parking, boutique shopping, and equal-distance walks to Wrigley Field and Lincoln Park Zoo. Savor this walkable restaurant district as you find plenty of delicious options for date night or a family outing.

Ravenswood (Near the Red Line; on the Metra Line)

Ravenswood, a beautiful, family-friendly neighborhood, is home to Lincoln Square, multiple parks, a Chicago Public library branch, and easy access grocery stores. This unique area is in close proximity to Little India and Little Pakistan for delicious nights on the town.

Best Chicago Neighborhoods for Young Professionals

Gold Coast (Near the Red Line; near the Metra Line)

The Gold Coast is one of Chicago’s most groomed and gorgeous neighborhoods. It offers Lake Michigan views, restaurants, salons, and spas galore. Enjoy short walks or transit rides to the Museum of Contemporary Art, Chicago History Museum, and Oak Street Beach at your leisure while in this exceptional neighborhood.

Old Town (Near the Red Line; on the Metra Line)

Adjacent to the Gold Coast, Old Town is full of young urban professionals and boasts restaurants, Lincoln Park, beach access, and essential shopping locations. In a city where shopping access typically means a transit ride, Old Town will have you ready for any night on the town or weekend excursion.

Pilsen (On the Pink Line; on the Metra Line)

One of the best art neighborhoods in the city, Pilsen is home to a monthly art crawl as well as rich Mexican heritage and food. Mayan and Aztec-inspired murals line the streets, and artist studios inhabit spaces above taquerias overlooking the southern city skyline.

Make Your Chicago Move with Apartment Search

Has the idea of Chicago’s diverse and rich offerings tempted you to pack up and move? Are you suddenly craving a fresh start? If you’re looking for a sign to move, you’ve found it! But before you pack up your belongings, make sure you have an apartment picked out! With ApartmentSearch, you can find an apartment in your ideal Chicago neighborhood in no time. Explore Chicago apartments for rent today!

Source: blog.apartmentsearch.com

Do I need a consumer statement on my credit report? – Lexington Law

If you’ve experienced financial distress or want to highlight errors on your report, a consumer statement may be used to explain derogatory credit information to credit bureaus and/or potential lenders. While these statements won’t hide negative credit histories, they may help answer some questions on your report to eliminate concern and give a lender the clarity they need to extend you a line of credit or loan. 

If you’re wondering if adding a consumer statement to your credit report is right for you, read on as we outline exactly what a consumer statement is and a few instances where you may need one.

What Is a Consumer Statement? 

A consumer statement is a 100-word statement (200 words for residents of Maine) that can be added to your credit report to address any negative information shown in your credit history. Once placed, potential lenders may review this statement to help clear up any concern they have about your creditworthiness or ability to pay back a loan. 

A consumer statement should clearly explain any negative history or discrepancies on your credit report. See an example of a consumer statement below: 

“On March 30, 2020, I was laid off from work as a result of the coronavirus pandemic and related shutdowns. Due to this unexpected job loss, I fell behind on my monthly debt payments. I found employment on May 12, 2020, and I am working to catch up on all missed payments. While my credit rating was in good standing before losing my job, I believe these late payments associated with [name of creditor] account are not a true reflection of my creditworthiness.” 

Once a consumer statement has been added to your credit report, it will be visible to a lender or creditor each time they view your credit report. Once the financial situation on your consumer report has been straightened out, you can elect to remove the consumer statement so it no longer shows up on your report. 

Where does a consumer statement go? A consumer statement can be found on your credit report under your personal information.

When to Add a Consumer Statement to Your Credit Report

There are a few reasons why you may consider adding a consumer statement to your report: to provide context for derogatory information on your credit report or to dispute any errors that may be negatively impacting your credit. There are two basic types of consumer statements that can be added to an individual’s credit report: 

General Consumer Statements

These are used to provide background information on your entire credit report, and they can stay on your report for up to two years. An example of when to add a general consumer statement on your report might be after an instance of identity theft or financial hardship as a result of an illness. 

Account-Specific Statements

These statements apply to individual accounts and can be used to explain items that may be negatively impacting your credit report. Account-specific statements can remain on your credit report until the accounts they’re associated with are removed. An instance where someone might include an account-specific statement on their report might be to address a late payment that was made due to a mailing or shipping delay. 

When should I include a consumer statement on my credit report? General consumer statements include identity theft, delinquency on multiple accounts as a result of extended unemployment, delinquency due to natural or declared disaster or financial hardship due to illness or injury. Account specific statements could include response to fraud, a problem with a lender or a dispute on your credit report that was denied.

Frequently Asked Questions About Consumer Statements 

How Do I Add a Statement to My Report? 

If you’d like to add a consumer statement to your report, you can do so free of charge. You’ll need to write a 100-word statement (200 words in Maine) and submit it to your preferred credit bureau. You can do this by sending a letter along with your statement to their address or submit your consumer statement online. You’ll need to look online or call your credit bureau of choice for instructions on how to add a consumer statement to your report, as each bureau may have its own guidelines.

Does a Consumer Statement Hurt My Credit Score? 

A consumer statement will not change any accurately reported information on your credit report and is unlikely to impact your scores. However, providing an explanation for your financial distress or poor credit history may help a creditor or lender better evaluate your creditworthiness or ability to make payments on time. 

Can I Remove a Consumer Statement? 

If your credit history or financial situation has improved, you can elect to remove a consumer statement so that lenders and creditors can’t see it on your credit report anymore. It’s best to remove a consumer statement as soon as it is no longer necessary, as it may notify potential lenders that you had a negative credit history in the past and could be a cause for concern when evaluating your creditworthiness. Typically, you can request a removal in the same way you submitted your consumer statement to the bureau. If you have any questions, contact the credit bureau directly. 

For more insight on ways to improve your creditworthiness, contact us today for a free personalized credit consultation.


Reviewed by Kenton Arbon, an Associate Attorney at Lexington Law Firm. Written by Lexington Law.

Kenton Arbon is an Associate Attorney in the Arizona office. Mr. Arbon was born in Bakersfield, California, and grew up in the Northwest. He earned his B.A. in Business Administration, Human Resources Management, while working as an Oregon State Trooper. His interest in the law lead him to relocate to Arizona, attend law school, and graduate from Arizona State College of Law in 2017. Since graduating from law school, Mr. Arbon has worked in multiple compliance domains including anti-money laundering, Medicare Part D, contracts, and debt negotiation. Mr. Arbon is licensed to practice law in Arizona. He is located in the Phoenix office.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

How does a loan default affect my credit?

loan default

Nobody takes out a loan expecting to default on it. Despite their best intentions, people sometimes find themselves struggling to pay off their loans. These types of struggles happen for many reasons, including job loss, significant debt, or a medical or personal crisis.

Making late payments or having a loan fall into default can add pressure to other personal struggles. Before finding yourself in a desperate situation, understanding how a loan default can impact your credit is necessary to avoid negative consequences.

30 days late

Missing one payment can further lower your credit score. If you can pay the past due amount plus applicable late fees, you may be able to mitigate the damage to your credit, if you make all other payments as expected.

The trouble starts when you (1) miss a payment, (2) do not pay it at all, and (3) continue to miss subsequent payments. If those actions happen, the loan falls into default.

More than 30 days late

Payments that are more than 30 days past due can trigger increasingly serious consequences:

  • The loan default may appear on your credit reports. It will likely lower your credit score, which most creditors and lenders use to review credit applications.
  • You may receive phone calls and letters from creditors demanding payment.
  • If you still do not pay, the account could be sent to collections. The debt collector seeks payment from you, sometimes using aggressive measures.

Then, the collection account can remain on your credit report for up to seven years. This action can damage your creditworthiness for future loan or credit card applications. Also, it may be a deciding factor when obtaining basic necessities, such as utilities or a mobile phone.

Other ways a default can hurt you

Hurting your credit score is reason enough to avoid a loan default. Some of the other actions creditors can take to collect payment or claim collateral are also quite serious:

  • If you default on a car loan, the creditor can repossess your car.
  • If you default on a mortgage, you could be forced to foreclose on your home.
  • In some cases, you could be sued for payment and have a court judgment entered against you.
  • You could face bankruptcy.

Any of these additional consequences can plague your credit score for years and hinder your efforts to secure your financial future.

How to avoid a loan default

Your options to avoid a loan default depend upon the type of loan you have and the nature of your personal circumstances. For example:

  • For student loans, research deferment or forbearance options. Both options permit you to temporarily stop making payments or pay a lesser amount per month.
  • For a mortgage, ask the lender if a loan modification is available. Changing the loan from an adjustable rate to a fixed rate, or extend the life of the loan so your monthly payments are smaller.

Generally, you can avoid a loan default by exercising common sense: buy only what you need and can afford, keep a steady job that earns enough income to cover your expenses, and keep the rest of your debts low.

Clean up your credit

The hard reality is that defaulting on a loan is unpleasant. It can negatively affect your credit profile for years. Through patience and perseverance, you can repair the damage to your credit and improve your standing over time.

Consulting with a credit repair law firm can help you address these issues and get your credit back on track. At Lexington Law, we offer a free credit report summary and consultation. Call us today at 1-855-255-0139.

You can also carry on the conversation on our social media platforms. Like and follow us on Facebook and leave us a tweet on Twitter.

Source: lexingtonlaw.com

Helpful Guide to Reading Your Credit Report

Reading your credit reportReading your credit report

Your credit report contains information about your financial history including lines of credit and how you are settling them. It’s advisable to review your credit report at least once a year. This allows you to tell how you fair in the eyes of creditors. It also helps you to come up with ways to fix your report for the better.

That said, understanding the information contained in this report can be difficult, especially for first-timers. To ensure that you don’t miss a thing, here is a guide to reading your credit report.

Credit Report Breakdown

The format of these reports varies depending on the reporting bureau that you get the report from. The information is however similar and is broken down into several fields.

Subscriber or Personal Information- Consumer Demographics

Personal information includes any information that identifies you. Here, you will find your name, address, residence type, geographical code, social security number, current or former employers, date of birth, and telephone numbers.

This field is used to identify you and does not in any way factor in your credit scoring. There could be variations in your name or addresses from different bureau which should not be a cause for concern. You should, however, make sure that each variation (if any) identifies to you and is not a case of identity fraud.

Credit Summary

This section contains your accounts and their balances. It’s a summary of bank accounts including current and delinquent accounts as they have been reported by creditors. This snapshot of your finances includes;

  • Mortgage accounts
  • Credit cards
  • Personal loans; car, student, and other loans apart from mortgages
  • Collection accounts
  • Any other accounts; lines of credit or trades

The accounts’ information captured in this section also touches on the total number of open and closed accounts. Inquiries made on your report for the last two years will also feature as part of the summary.

The credit summary also gives you a quick overview of monthly payments, balances, and past due amounts. The summary will also contain any delinquencies which can be current or previous depending on what your creditor reported.

Account History

This forms the biggest chunk of your credit report. Each account is analyzed in the finest detail. This is where you need to concentrate on weeding out any inconsistencies. Each account is broken down into several fields;

  • Name of creditor
  • Account particulars (number, type, and ownership or responsibility)
  • The highest amount ever owed
  • Maximum credit approved
  • Balance owed
  • Past due amount
  • Monthly payment
  • Available revolving credit
  • Dates opened and date reported
  • Payment status

Account history also contains remarks to explain special conditions pertaining to the account. Remarks can also be from your creditors indicating delinquencies or simply the standing of the account- Open, Negative, or Closed.

You may find some of the information contained in this section not to be up-to-date. This might include balances on credit cards or loans which you expect to be much lower. The reason behind this is that creditors might have reported the balances long before you had made your monthly installments.

Public Records

This is one section that should worry you if it’s highly populated. It contains information from public records pertaining to:

  • Bankruptcies
  • State and court judgments
  • Tax liens
  • Overdue spousal or child support- depends on specific state

Why should this worry you?

This information stays on your credit reports for 7-10 years. If your credit report is clear on this section then it’s advisable to ensure it stays that way!   

Credit Score

Some bureaus will also include your FICO credit scores on the report. This is a 3-figure scoring system that ranges from the lowest, 300 to the highest possible score of 850 points. It determines your creditworthiness in the eyes of creditors. It may also affect your chances of employment or even your rent terms.

Learn how Credit Absolute can help you increase your credit score.

Inquiries

This is a list of parties including institutions that have requested your credit report. Your report will include hard and soft inquiries: Hard inquiries are requests made by creditors after you have authorized them when applying for loans or credit cards. Soft inquiries are the ones made by creditors (without your knowledge) for promotional purposes.

The Take-Away

Credit reports can be difficult to read, leave alone understanding the entries. The above breakdown should guide you in identifying the important details contained in each section. Pro Tip: Be on the lookout for any inconsistencies that may point to errors originating from your creditors, the reporting bureau, or as a result of fraud. Such errors could be lowering your credit score and should be disputed immediately.  

Source: creditabsolute.com

Last call: Increased Marriott Bonvoy offers expiring tomorrow – The Points Guy


Last call: Increased Marriott Bonvoy offers expiring tomorrow – The Points Guy


Advertiser Disclosure


Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Please view our advertising policy page for more information.

Editorial Note: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Source: thepointsguy.com

You can now redeem points for crypto – but you may not want to – The Points Guy


Brex launches ability to redeem points for crypto — but is it worth it?


Advertiser Disclosure


Many of the credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Please view our advertising policy page for more information.

Editorial Note: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Source: thepointsguy.com

Taxhub Review 2021 – Online Tax Prep by a CPA

Taxhub is a relatively new online tax filing service that blends the user-friendly interface of online DIY services like TurboTax with the expertise of professional (often in-person) preparation services. It clearly aims to disrupt the tax prep industry.

This mobile-friendly cloud software platform offers CPA-prepared tax returns for individuals and businesses. Taxhub requires a fraction of the time commitment of DIY online options and may be cheaper than some full-service independent CPAs.

Taxhub isn’t the only online, hands-off, CPA-run tax prep platform out there. Imitators come and go, and big-name providers like H&R Block now offer hands-off or hybrid filing options of their own. But it does have a lot going for it.

Taxhub Plans, Pricing, and Features

Taxhub is more expensive than most DIY-friendly online tax software and at or above the cost of many independent CPAs. Whether its in-house expertise and hands-on service justify the high price is open to interpretation.

But the company’s approach to tax preparation is easy and convenient. No matter how simple or complicated your tax situation, a licensed CPA prepares your return, and the preparation experience is uniform for all filers. It consists of three steps:

  1. Upload Your Documents. After finalizing your plan, you upload your tax documents, including any relevant income and expense statements. You can upload files directly to Taxhub’s secure server or take a picture of each document and text (SMS) it to a particular phone number.
  2. Conduct a Phone Interview. The next step is a brief phone interview with a licensed CPA (usually the person who prepares your taxes) to go over the particulars of your tax situation. You can schedule the consultation from your account dashboard. There’s no questionnaire.
  3. Approve Your Return and Pay. After the interview, Taxhub prepares your return. After they finish — typically within 48 hours — you must review and approve your return. If you approve, you pay. The price may be higher than the estimate if your situation is complicated and requires a plan upgrade. In rare instances involving a very complicated return, your final price may be higher than the highest advertised price.

Tax preparation fees vary based on your needs. Individual Taxhub clients have access to a fully customizable prep and filing plan. Small-business clients have a fully customizable business prep and filing plan as well. Both businesses and individuals can schedule one-on-one CPA consultations for $29 per 15-minute interval, with fees credited back to the client if they later prepare and file with Taxhub.

Taxhub also offers a range of business services, such as S-corporation conversions and business incorporation, for independent professionals and small-business owners.

Individual Plan

Taxhub has one off-the-shelf plan for individual income tax filers. Starting at $159 per federal return, it includes:

  • One free state return
  • Wage income
  • Single or married filing
  • Common credits for filers with dependents
  • Common scenarios related to homeownership
  • Itemized deductions
  • Interest and dividend income

If Taxhub’s individual plan isn’t adequate for your needs, you can customize it by adding services on an a la carte basis, including rental property income, stock and crypto sales, and business income. Your estimated price updates automatically as you go, and at no point do you have to walk through a lengthy online questionnaire.

But adding a la carte services increases your return’s cost quickly. For example, you can expect to pay $100 to add business income or self-employment income and $100 to add equities sales, though pricing is subject to change. The first state return is included, but additional state returns cost $75 each.

Business Plan

Taxhub’s customizable business plan is appropriate for C-corporations, S-corporations, partnerships, and trusts. Pricing starts at $459 per business but can quickly rise for larger enterprises. As part of the customization process, you must answer basic questions about your business, including:

  • Number of fixed assets
  • Number of partners or shareholders
  • Annual revenues

For an additional fee, Taxhub can provide basic ongoing bookkeeping services as well.


Additional Features

Overall, Taxhub’s hands-off filing process is its most significant draw. But it has some additional features worth noting.

Maximum Refund Guarantee

Like most competitors, Taxhub has a maximum refund guarantee for state and federal returns. If you find another tax prep service that earns you a larger tax refund or lower tax liability, Taxhub promises to refund your preparation fees.

Pay With Your Refund

Taxhub allows you to pay your preparation fees with your IRS tax refund. Taxhub doesn’t directly charge for this option, but you do have to accept a bank charge the company can’t control.

Prior Year Returns

You can use Taxhub to file a previous year’s return, even if you didn’t previously prepare with Taxhub.

Tax Return Copies

You can obtain copies of your current year and prior-year tax returns by contacting Taxhub directly.

Audit Defense

All Taxhub customers are automatically enrolled in the company’s Audit Defense service at no additional charge. Under this plan, Taxhub corresponds and negotiates with the IRS on your behalf during the audit process while providing clear explanations and interpretations along the way.

Free LifeLock Trial Membership

Every Taxhub user gets a free trial membership with LifeLock, an identity theft protection provider. The trial runs for 30 days after you create your account, after which you can opt into a paid membership of your choice.

Messaging System

If you have any questions before or during the tax preparation process, you can use Taxhub’s internal messaging system (accessible through your account) to ask them. This system functions like email and usually takes a few hours to a business day to produce a response. Whenever possible, you’re connected with the CPA tasked with preparing your return.


Advantages

Taxhub has many filer-friendly features that justify paying CPA prices.

1. Incredibly Simple Process

Taxhub’s tax preparation process is incredibly simple: You provide some basic information about your life situation, sign up for the plan that suits your needs, upload your tax documents, conduct a brief consultation with a Taxhub CPA, and approve your completed return.

You don’t have to pore over your documents, interpret IRS jargon, or sit through tedious questionnaires. That’s a massive advantage over DIY tax prep services, which either hold your hand through every step of the process or require you to take ownership of the involved risks.

2. May Be Cheaper Than Some Other Full-Service Options

Although Taxhub is unquestionably more expensive than cut-rate DIY options like FreeTaxUSA and TaxAct, it might be a better deal than full-service, in-office tax prep options like Jackson Hewitt and Liberty Tax Service.

For example, depending on the complexity of your tax situation, it can cost you anywhere from $300 to $500 to file with Liberty Tax Service. Compare that with $200 to $400 for similar returns prepared by Taxhub.

Taxhub also has no hidden fees, a significant advantage over some office-based preparers. And it may be cheaper than independent CPAs and smaller firms that specialize in complex situations, though the gap has all but disappeared in recent years.

3. Can Upload Documents by Text Message

Taxhub lets you upload your tax documents via text message (SMS) rather than email attachment or fax. That’s a handy little perk that’s virtually unique among American tax prep companies — and one that’s hugely advantageous to customers who dislike breaking out their laptop or desktop computers.

4. Low Time Investment Relative to DIY Options

With no questionnaires or self-filled forms, Taxhub is a breeze compared to DIY competitors. Though the amount of time filers need to devote to the initial consultation and document upload processes lengthens as their situations grow more complex, the same applies to DIY returns. The more information your return contains, the longer it takes to answer all those interview questions and fill in all those form fields.

Once you finish your initial consultation with your Taxhub preparer, you’re pretty much done with your end of the bargain. Unless there’s an unexpected snag, Taxhub will file your return within 48 hours, and you’ll get your tax refund (if eligible) within a couple of weeks.

Accordingly, the amount of time required to complete a Taxhub return is almost always less than the amount of time needed to complete a comparable DIY return with TurboTax, TaxAct, or H&R Block.

5. Mobile-First Website

Unlike competitors like TurboTax and H&R Block that began as desktop software programs, the much newer Taxhub started as a mobile-friendly, cloud-based service. Every part of its website is a pleasure to use on small-screened devices. There aren’t any sections that feel like they haven’t been updated since the first iPhone’s release, as is the case with Jackson Hewitt Online and some other online tax prep services.

6. Audit Defense Included at No Extra Charge

All Taxhub customers get Taxhub’s Audit Defense product, which provides guidance and representation throughout IRS audits, at no extra charge. Many competing tax prep services charge for such services. TurboTax and TaxAct both charge up to $50 for comparable products, for instance.

7. Personalized Service

As a boutique shop, Taxhub offers a degree of personalized service larger competitors can’t match. Don’t let the all-online filing process fool you: When you do your taxes with Taxhub, you’re keenly aware of your value as a customer.

This differentiator is crucial now that H&R Block and TurboTax offer CPA-assisted packages clearly designed with competitors like Taxhub in mind.


Disadvantages

As convenient and easy as Taxhub is, it’s not without its drawbacks.

1. Not a Good Value for Simple Tax Situations

Taxhub’s off-the-shelf plan costs more than $150 per return but accommodates only relatively simple situations. By contrast, the lowest-priced plans offered by competitors like TurboTax and H&R Block also have limited functionality.

But they cost far less. Many offer federal returns for free, and some (including TurboTax) provide state returns for free as well, for a total cost of $0. If you have a straightforward tax situation one of those discount plans can accommodate, there’s absolutely no reason to spend so much money with Taxhub.

2. Limited Staff

Taxhub is a young company that has grown considerably since its founding but remains very much in startup mode. In the past, I’ve interacted professionally with Taxhub’s founder, something that would never happen at major incumbents like TaxSlayer or H&R Block (and probably wouldn’t happen at Taxhub these days, given the company’s growth).

Lean staffing cuts both ways. Compared with clock-punchers at major tax prep companies, Taxhub’s staff is more likely to be fully invested in making the product the best it can be and providing top-notch customer service.

That said, its small team is likely unable to provide the same breadth of service or overall responsiveness its larger competitors can, particularly during crunch times. It’s easy to imagine a scenario in which Taxhub’s small team becomes overwhelmed with customer questions or problems in the week or two before the filing deadline.

3. No Military Discount

Taxhub doesn’t advertise any discounts or deals for military filers. That’s a significant disadvantage relative to other options, which may offer deals for active-duty military.

4. Questionable Security Practices

Taxhub is a secure website with a lengthy privacy and security policy. I never felt like my information was at risk here, nor do I have any reason to believe that Taxhub is any more likely to experience a hack or breach than any of its better-known competitors.

That said, Taxhub has a laid-back approach to front-door security that could give some users pause. For instance, it doesn’t require you to set up any security questions, and its password requirements are pretty lax — they just need to be eight characters.

Taxhub’s timeout fuse is pretty long too. The website takes longer to time out than TaxAct and TurboTax. Though you should never do your taxes on a public Wi-Fi network, this long fuse can be a problem even in semiprivate situations, such as an apartment with nosy roommates or a shared Wi-Fi network.

At a minimum, use a virtual private network (VPN) and make sure your computer’s anti-malware software is operational and up to date.

5. Higher Prices Than DIY Competitors and Many Human CPAs

Taxhub was once cheaper than most mom-and-pop CPAs. That’s no longer the case for individual filers and businesses with complex situations. It’s now possible to spend well over $400 at Taxhub for a return that would cost $250 with an independent mom-and-pop CPA or less than $200 with TurboTax or H&R Block.


Final Word

For a scrappy tax prep startup, Taxhub is pretty impressive. It’s among the most hands-off tax services I’ve encountered, requiring far less time from its customers than DIY competitors.

It’s cheaper than most in-person tax prep services and other CPA-run online services, though recent price increases have blunted this advantage somewhat. And it offers some inclusions, such as text message document uploading and no-charge audit defense, that aren’t common elsewhere.

On the other hand, Taxhub doesn’t have instant name recognition or an established reputation. It’s not at all clear Taxhub has what it takes to grow into a company that could challenge the tax prep industry’s status quo. But disruption doesn’t happen without early adopters who buy into the cause.

For more options, check out our full list of top-rated free online tax preparation services.

Source: moneycrashers.com

Contract Contingencies Worth Keeping

177 Shares

Even in a Tight Housing Market, You Need to Protect Yourself

Practically every home sales transaction includes a negotiation phase where the seller and the buyer negotiate the contract. Part of this process involves the buyer making certain demands that need to be met before they will agree to buy the home. These demands are called contingencies.

In every negotiation procedure, some contingencies are kept, and some are forfeited. Rarely does a buyer get to have all their contingencies met. A negotiation is, after all, a give-and-take process. That said, there are some contingencies that you don’t want to give up because if you do, you will be exposed to certain risks. Here are some contingencies worth walking away from the table over.

contract contingenciescontract contingencies

1. Home Inspection Contingency

Some sellers will reduce their asking price if the buyer agrees to bypass the home inspection. Accepting this contingency is a big mistake.

A home inspection should be performed by a licensed home inspector within seven days after you sign the purchase agreement. Once you have a copy of the inspection, you can then request the seller to make any repairs you deem necessary for you to purchase the home.

The seller will either have the repairs made or come back with another offer, but if an agreement isn’t reached, you can still back out of the deal and withdraw the earnest money that was previously deposited.

contract contingenciescontract contingencies

Appraisal Contingency

Having an appraisal contingency is one of the most important things you can do to protect yourself when buying a home. If you don’t have an appraisal contingency and the seller already accepted your offer, then you could stand to lose a lot of money should the lender’s appraisal of the home’s worth be much lower than the amount you’re paying.

The appraisal contingency requires that the appraisal be within 5% to 10% (more or less) of the asking price. If the home is worth more than 10% below its asking price, then you can walk away from the table or continue negotiating with the seller to drive the price down.

Financing Contingency

Ideally, you should get pre-approved for a mortgage before you buy, but in the event that you didn’t, then having a financing contingency is a must. With this contingency in place, you can still reclaim your earnest money deposit if you can’t get approved for financing by your lender. It also provides you with 14 additional days to secure financing.

contract contingenciescontract contingencies

House-Sale Contingency

If you need the equity from your current home to purchase your next home, then you will want a house-sale contingency included in your contract. This contingency will protect you if the sale of your current home falls through because it requires for your home to be sold by a certain date before you can close on the new home.

If your sale falls through, then you can withdraw your offer. Just keep in mind that although this contingency does protect you, it can also make some sellers trepidatious to accept your offer because there’s a risk that you might back out if your home doesn’t sell first.

Forfeiting any of the above four contingencies can wind up costing you thousands of dollars, so before you accept a contract, you should fight for these to be included. Any other contingencies you might win are just icing on the cake.


Carson is a real estate agent based out of Phoenix, Arizona. Carson loves data and market research, and how readily available it is in today’s world. He is passionate about interpreting these insights to help his clients find and buy their perfect home. Carson got into the real estate industry because he loves the feeling of handing over the keys to a new home to happy clients. In his free time, he works on his backyard bonsai garden and spends time with his wife, Julia.

177 Shares

Source: homes.com