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Nice offers if targeted.
Source: doctorofcredit.com
Depreciation and amortization are methods for deducting the cost of business assets over a number of years, as opposed to writing off the entire cost the year you make the purchase. The concept behind both is to match the expense of acquiring an asset with the revenue it generates.
The key difference between depreciation and amortization is the type of asset being expensed: Depreciation is used for tangible (physical) assets, while amortization is used for intangible (non-physical) assets.
Read on to learn exactly how depreciation and amortization work, how these two accounting methods are similar and different, and when to choose one or the other.
Key Points
• Depreciation and amortization deduct the cost of an asset over its useful life.
• Depreciation applies to tangible assets (e.g., buildings, machinery), while amortization is for intangible assets (e.g., patents, trademarks).
• Both depreciation and amortization provide tax benefits by allowing businesses to deduct asset costs over time.
• Depreciation often uses straight-line or accelerated methods; amortization typically follows a straight-line schedule.
• Depreciation reflects wear and tear on physical assets, whereas amortization accounts for non-physical assets’ value decline.
| Similarities Between Amortization and Depreciation | Differences Between Amortization and Depreciation |
|---|---|
| Both are used to deduct the cost of a business asset over time | Amortization is for intangible assets; depreciation is for tangible assets |
| Both are non-cash expenses | Depreciation has salvage value; amortization does not |
| Depreciation use straight-line or accelerated method; amortization uses only straight-line method |
Both depreciation and amortization are accounting methods used to spread the cost of an asset over a specified period of time. With both, you are able to deduct a certain portion of the asset’s cost — and reduce your tax burden — each year for the number of years that asset is of value to your business.
In addition, both depreciation and amortization are non-cash expenses, which means they are reported on the income statement of the company, but no cash is spent.
The key difference between amortization and depreciation is that amortization is used for intangible property (meaning property you can’t pick up and hold), such as a patent or computer software program.
Depreciation, on the other hand, is used for fixed assets or tangible property (meaning assets that are physical in nature), such as computers, manufacturing equipment, and cars.
Another distinction: With depreciation, you cannot deduct the full cost of the asset. You must account for its resale value at the end of its useful life. For example, if you pay $20,000 for a piece of farming equipment and at the end of its useful life (10 years) you think you’ll be able to sell it for $5,000, then you would only deduct $15,000 over the course of 10 years.
In addition, amortization is almost always implemented using the straight-line method, whereas depreciation can be implemented using either the straight-line or an accelerated method.
Recommended: How to Read Financial Statements
Amortization is a method of spreading the cost of an intangible asset over a specific period of time, typically the course of its useful life. Intangible assets are non-physical in nature, but are nonetheless considered valuable assets to a business.
Types of intangible assets a business may have include:
• Patents
• Trademarks
• Copyrights
• Software
• Franchise agreement
• Licenses
• Organizational costs
• Costs of issuing bonds to raise capital
Amortization is typically expensed on a straight-line basis, which means that you would divide the total cost of the asset by the number of years it will provide use to the business, then deduct that amount each year.
To determine an intangible asset’s useful life, you need to consider the length of time that the asset is expected to produce benefits for the business. An intangible asset’s useful life can also be the length of the contract that allows for the use of the asset.
(Something to note: The term “amortization” is also used in a different way in relation to loans, such as the amortization of a car loan or mortgage. The loan amortization process involves making fixed payments each pay period with varying interest, depending on the balance.)
How amortization works is relatively simple. Let’s say you purchase a license for $10,000 and the license will expire in 10 years. Since the license is an intangible asset, it would have no salvage value and the full cost would be amortized over that 10-year period.
Using the straight-line method of amortization, your annual amortization expense for the license will be $1,000 ($10,000/10 years), meaning the asset will decline in value by $1,000 every year and you would be able to deduct $1,000 each year on your taxes.
Recommended: Guide to Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
Depreciation is the process of spreading the cost of a tangible or fixed asset over a specific period of time, typically the asset’s useful life. Tangible business assets (which the IRS refers to as “property”) are high-cost physical items that are owned by a business and are expected to last more than a year. They include:
• Buildings
• Equipment
• Computers
• Office furniture
• Vehicles
• Machinery
Unlike intangible assets, tangible assets typically still have some value even after they are no longer of use to a business. This value is known as resale or “salvage” value. Because the IRS assumes you will sell off the asset at some point, this amount must be accounted for in the beginning.
What is the useful life of a tangible asset? You can refer to IRS Publication 946 PDF File for guidance, which provides useful life by asset type. For office furniture, for example, it’s seven years. For computers, it’s five years.
To calculate depreciation, you need to first subtract the asset’s estimated salvage value from its original cost. Using the straight-line deduction method, you would then take that number and divide it by the number of years the asset will be of use to your business. There are other methods of depreciation that accelerate the process, meaning that a larger portion of the asset’s value is expensed in the early years of the asset’s life.
Recommended: Business Cash Management, Explained
Depreciation works in a very similar way to amortization, except that you must account for salvage value. Let’s say you purchase a $3,000 computer for your company. Per the IRS, a computer has a useful life of 60 months (or five years). After five years, you determine you’ll likely be able to sell it for $500. Here are the calculations you would make:
$3,000 – $500 = $2,500
$2,500 / 5 = $500
That means that each year for five years, you would be able to deduct $500 on your taxes.
Keep in mind that after the end of the computer’s designated useful life, you can (but are not obligated to) sell that computer. Either way, you would stop deducting the item’s depreciation as a business expense.
Depreciation and amortization are both methods of calculating the value of business assets over time. Amortization vs. depreciation just depends on the type of asset you have acquired for your business.
Amortization is used for intangible (non-physical) assets, while depreciation is used for tangible (physical) assets. As a business owner, you will want to calculate these expense amounts in order to use them as a tax deduction and reduce your business’s tax liability.
If you’re in the market to purchase an asset (tangible or intangible) for your company but don’t want to deplete your cash reserves, you may want to explore funding options, such as a small business loan, equipment financing, or inventory financing.
If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.
Get personalized small business financing quotes with SoFi’s marketplace.
Buildings are fixed assets, so they depreciate. Depreciation is used for physical assets like buildings to account for their wear and tear over time.
No, an asset cannot amortize and depreciate at the same time. Amortization is used to spread out the cost of an intangible asset over time, while depreciation is used to spread out the cost of a tangible asset over time. An asset is either tangible or intangible — it can’t be both.
No, paying rent is an operating expense for your business. If you own a rental property, however, you can use depreciation to spread the cost of buying or improving the property across the useful life of the property.
Photo credit: iStock/Pinkypills
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Source: sofi.com
Thinking about moving to California? From the stunning Pacific coastline to its lively cities and iconic cultural hotspots, California provides a lifestyle as diverse as its geography. Whether it’s the endless sunny weather in Los Angeles, the innovation buzz of Silicon Valley, or the natural splendor of the Sierra Nevada mountains, California has plenty to offer. But if you’re asking yourself, “Is California a good place to live?”, this guide will walk you through the pros and cons of living in California.
Living in California means immersing yourself in a state known for its innovation, cultural diversity, and striking landscapes. Whether you’re attracted to the energy of Los Angeles, the tech-centric pulse of San Francisco, or the peaceful charm of smaller cities like Santa Barbara or Napa, you’ll likely find somewhere you’ll love.
California also comes with its challenges, from a high cost of living to heavy traffic, particularly in metropolitan areas. But with a booming economy, top-notch education, and outdoor opportunities, it’s easy to see why so many choose to call California home.
| Population | 331,449,281 |
| Biggest cities in California | Los Angeles, San Diego, San Jose |
| Average rent in Los Angeles | $2,789 |
| Average rent in San Diego | $2,830 |
| Average rent in San Jose | $2,931 |
One of the biggest perks of living in California is access to diverse and thriving industries. Whether you’re in tech, entertainment, agriculture, or tourism, California offers unparalleled job opportunities. Silicon Valley remains the global hub for tech innovation, Hollywood leads in media and entertainment, and the Central Valley is a key player in the nation’s agricultural production.
While California boasts many benefits, it’s also one of the most expensive states to live in, especially when it comes to housing. Cities like San Francisco and Los Angeles consistently rank among the most costly places in the country. For example, in San Francisco, the average rent for a one-bedroom apartment is around $3,540 per month, while in Los Angeles, it’s approximately $2,789. In San Diego, rental prices hover around $2,830 for a one-bedroom, and even in smaller cities like Sacramento, the average rent is close to $2,107. Despite higher salaries in these regions, you’ll still need to budget carefully to cover housing, utilities, and groceries.
Insider scoop: For more affordable living in California, consider renting in less central areas such as Sacramento, Fresno, or Riverside, where prices are more reasonable but amenities are still close by.
California is a paradise for outdoor adventure. From the beaches of Southern California to the snowy peaks of the Sierra Nevada, and the breathtaking landscapes of Yosemite and Redwood National Parks, the state is home to some of the most iconic natural wonders in the world. Year-round sunshine makes outdoor activities like hiking, surfing, skiing, and wine-tasting accessible no matter where you live.
Local insight: For spectacular views and fewer crowds, check out Lake Tahoe in the fall for stunning foliage or Big Sur for some of the most scenic coastal drives in the nation.
Anyone who has lived in California can tell you that traffic is one of the state’s major drawbacks. Whether it’s the constant jams on LA’s freeways or the gridlock in the Bay Area, getting around can be a serious challenge. Public transportation in cities like San Francisco and Los Angeles exists but isn’t always the most reliable or efficient, leaving many Californians stuck in their cars for hours each day.
California has plenty of world-class dining, offering a mix of global cuisines. In Los Angeles, you’ll find authentic Mexican street tacos in the historic Olvera Street district, while San Francisco is renowned for its fresh seafood and Asian fusion dishes like dim sum in Chinatown or the trendy Korean barbecue spots in K-Town.
Insider scoop: Head to the lesser-known Cassia in Santa Monica, where Southeast Asian flavors meet California’s farm-to-table ethos in dishes like their spicy lamb curry.
California’s high cost of living is compounded by steep taxes. The state has one of the highest income tax rates in the country, with a top bracket that affects high-income earners the most. Additionally, sales taxes in many areas are above the national average, which can further increase the cost of living.
The state’s climate is one of its biggest pros of living in California. Most of California enjoys a Mediterranean climate, with mild, wet winters and hot, dry summers. This makes California perfect for those who enjoy warm weather year-round, particularly in Southern California, where temperatures rarely dip below the 60 degrees Fahrenheit, even in winter. Northern California sees more seasonal variation, with cooler temperatures and rainfall in the winter months.
Insider scoop: If you’re looking for cooler weather but still want to enjoy the California lifestyle, check out the coastal cities like Santa Cruz or Monterey for milder temperatures year-round.
California’s sunny reputation comes with a downside: the state is prone to natural disasters. Earthquakes, wildfires, and drought are serious concerns. Earthquake preparedness is a must for anyone living along the coast, while residents in more rural or mountainous areas should be prepared for potential wildfire evacuations, especially during the summer and fall seasons.
California is a hub of endless entertainment opportunities, with something for everyone. You can catch world-class concerts and shows at venues like the Hollywood Bowl or the Greek Theatre in Los Angeles, or spend the day at theme parks like Disneyland or Universal Studios. San Diego offers everything from beach towns to the renowned San Diego Zoo, while the Bay Area is a cultural hotspot with its museums, art galleries, and tech-driven attractions.
Travel tip: Check out The Magic Castle in Hollywood—a private club that offers an unforgettable night of magic, mystery, and exclusive performances.
One downside to living in California is the crowded nature of its major cities. Places like Los Angeles, San Francisco, and San Diego are often bustling with people, leading to heavy traffic, long wait times, and packed public spaces. Navigating these cities can feel overwhelming, especially during peak hours or popular events.
| Pros | Cons |
| Abundance of job opportunities | Sky-high cost of living |
| Incredible natural beauty | Traffic congestion and long commutes |
| World class dining | High taxes |
| Mediterranean climate | Risk of natural disasters |
| Entertainment options are endless | Crowded cities |
Source: rent.com
Mortgage interest rates are in a pretty good place this week, rising so minimally that the incline could be easily mistaken for a flat surface. The 30-year fixed-rate mortgage rate rose three basis points, averaging 6.19%. A basis point is one one-hundredth of a percentage point.
Mortgage rates are one piece of the puzzle when it comes to the housing market. Other big variables, like the number of homes for sale and home prices, also influence how friendly the market feels to home buyers. As we kick off the last quarter of 2024, let’s look at where things stand.
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Even though we’ve seen a couple weeks’ of rate increases, mortgage interest rates remain the lowest we’ve seen them in just over two years. The last time we had average 30-year rates in the sixes was September 2022. Current rates are also well off the highs we saw last year. Rates are nearly two percentage points below the high of almost 8% hit back in October 2023.
Lower interest rates allow home buyers’ budgets to stretch further. At last year’s peak of 7.79%, a buyer who could swing $2,200 in monthly principal and interest could afford a roughly $278,000 home. But at today’s 6.19%, that same buyer can afford a $318,000 home — an additional $40,000 in buying power.
You might think okay, if I can afford that much more in the 6% range, imagine what I could get if interest rates were even lower. But given current economic conditions, forecasters are predicting rates will only edge down slightly through the end of this year and into 2025. We’re talking going from the very low sixes to the very high fives, which for most will not make a huge difference.
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A dearth of homes for sale has been an issue for years, but inventory is finally starting to pick up. In August 2024, there were 1.35 million existing homes — a number that doesn’t include new construction — on the market, according to the National Association of Realtors. (August is the most recent data available.) It’s the largest inventory the U.S. has seen since fall 2020, which was, by comparison, a boom time for home sales.
Last time inventory was this high, the number of homes sold per month was more than 40% higher than it is today. At the same time that inventory’s coming back, home sales are relatively slow. One way the NAR measures inventory is months’ supply, which feels sort of like a word problem. This number basically says if no new homes were put on the market and every home currently on the market was sold at the current sales pace, how long would it take for the current inventory to be cleared out?
In August 2024, that came to 4.2 months. Last time inventory was this robust, it would have sold in just 2.6 months. A larger number of homes for sale selling at a slower pace could give buyers more leverage than they’ve had in quite some time.
More homes being listed, and more listings languishing on the market, should translate to lower home prices. It’s supply and demand, right? If there’s more supply, we should see the price go down. We haven’t really seen that happen though, because as more supply enters the market, there’s plenty of demand to meet it. According to NerdWallet’s annual Home Buyer Report, only 23% of Americans who began 2023 with the intention of buying a home succeeded.
Median existing home prices hit record highs this summer, and though we’ve seen slight month-over-month decreases, prices remain stubbornly high. In August, the median price of an existing home was $416,700, according to NAR data. That complicates affordability. If mortgage interest rates are going down but home prices are going up, how much are lower rates helping?
It’s vital to remember that national-level numbers like the ones we’ve been using here don’t necessarily capture what you’ll see on the ground in any given market. Take median list prices, for example. Realtor.com data from September 2024 looking at the 50 largest U.S. metro areas shows substantial variation. Last month, the median list price in Rochester, New York, was up 13% year over year. Baltimore and Houston saw no change. And in Miami, the median list price dropped more than 12%.
Similarly, what’s going on with the broader housing market — or even your local one — probably doesn’t make as much difference to your individual homebuying choices as what’s going with you. If you’re at a point where you can afford a home that meets your needs in a place where you want to put down roots, you’re in a housing market that works for you.
Source: nerdwallet.com
“It’s great news that starter homes are becoming a little more affordable, but there’s a catch,” said Redfin senior economist Elijah de la Campa. “Starter homes aren’t what they used to be. A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo … [Read more…]
When Halloween rolls around, Nashville comes alive with exciting places to trick-or-treat. Whether you’re looking for classic neighborhoods, spooky events, or a mix of both, there’s no shortage of great locations to collect candy and enjoy the festive spirit. From well-known areas to Nashville hidden gems, here are the top spots to explore this Halloween in Music City.
Interested in moving to Nashville, TN? Check out: Apartments for rent in Nashville, TN | Houses for rent in Nashville, TN | Homes for sale in Nashville, TN
“As a local resident and founder of Southern Standard Nannies, I appreciate the diverse range of trick-or-treating spots Nashville has to offer. Attractions like Boo at the Zoo at the Nashville Zoo and Halloweekend at the Adventure Science Center provide safe, exciting experiences for all ages, while Trunk-N-Treat at Tee Line Nashville is a fun community gathering.
Neighborhoods such as 12 South, Belmont Blvd, Eastland Street, and Richland Avenue offer traditional door-to-door trick-or-treating in metro Nashville. Just south of town, areas like Foxboro Estates in Brentwood, Westhaven, West Main Street in Franklin, and East Main Street in Murfreesboro are also excellent options for a memorable Halloween experience. These locations foster a safe, festive atmosphere, allowing everyone to enjoy the magic of Halloween.” – Laura Frank, Founder – Southern Standard Nannies
Head over to Tee Line Nashville at 106 Duluth Ave. for a laid-back, free Halloween event that’s perfect for trick-or-treaters of all ages. “This year’s Annual Trunk-or-Treat is happening on Saturday, October 26, from 3 to 7 p.m., and no reservations are needed — just show up and join in the fun!
You can expect plenty of candy, games, snacks, and beer tents for adults. After collecting treats, stick around to enjoy Tee Line’s offerings, from dinner to bowling or even trying curling on the ice. It’s a great way to make trick-or-treating in Nashville a fun, memorable experience.
Want to decorate your trunk and pass out candy? Reach out to our Manager Ashli by Oct. 19th to reserve your parking spot by emailing me at [email protected].” – Alexis Shadler, Marketing and Events Manager – Tee Line
As many longtime residents can attest, Nashville offers a fantastic environment for Halloween celebrations, even if you go door-to-door around apartment communities instead of neighborhoods.
“Moving from New York City to Nashville twelve years ago, when my children were still young enough to delight in Halloween, was one of the most wonderful parts of putting down roots here! Can you imagine trick or treating in an apartment building? Nichol Lane is still our go-to spot, but I also love the Richland-Central neighborhood for the over-the-top directions and festive-spooky vibe.” – Reed Smythe & Co
For those seeking a unique Halloween experience, Full Moon Cineplex in Nashville stands out as a top choice.Whether you’re a fan of classic horror films or just looking for something different, this spot offers an ideal way to celebrate the season.
According to Paul Whitten of Nashville Adventures, “The best place to enjoy Halloween festivities in Nashville is at Full Moon Cineplex in Nashville. Old and timeless horror movies and a great dinner in an old movie theater. Perfect for Halloween in Music City!”
Lockeland Springs in East Nashville has built a strong reputation as one of the top trick-or-treating spots in the city. “Residents go all out on Halloween decorations and Eastland Ave is always swamped with other trick-or-treaters, which makes for a great environment for the young ones. Additionally, the street is often closed off and well-lit, making it easy and safe for families to navigate. Just make sure to park a few streets over.” – Cody Slingerland – Wandrly
For those looking for a fun trick-or-treating experience, Lenox Village provides a safe and welcoming atmosphere. Stop by the local coffee shops or restaurants to add to the festive fun.
“Lenox Village, located in South Nashville, offers a lively Halloween celebration full of thrills and chills. As the leaves turn and the air grows crisp, the community transforms into a festive village adorned with creative costumes and spooky decorations. Stroll through the charming, sidewalk-lined streets where neighbors embrace the full spirit of Halloween. Whether you’re dressed as a ghost, goblin, or something in between, Lenox Village promises an unforgettable Halloween celebration!” – Kristen Sperry – Lenox Village HOA
Nashville offers a variety of fun and safe places to enjoy Halloween and trick-or-treating, movies, and much more. Whether you prefer bustling neighborhoods, organized events, or local hotspots, there’s something for everyone to experience the magic of Halloween night. Get your costume ready and explore these top destinations for an unforgettable Halloween adventure.
No direct link to offer, showing via referrals only currently. Find and share referrals in this linked offer.
Reader Michael reports this in branch offer. An extra 10,000 points for an extra $2,000 in spend is a good deal for most people, although if you have P2 refer you you’ll be better off with the other offer. We will still add this to the best credit card bonus page and mention it in the other posts.
Source: doctorofcredit.com
Medical debt can be a heavy burden for individuals and families. And knowing unpaid medical bills could impact your credit can make the worry even worse.
In an effort designed to relieve some of the stress on U.S. consumers, the way medical debt is treated by credit bureaus has changed in recent years. The timeline for unpaid health-care bills appearing on your credit reports is longer than it used to be. And some of those debts may not end up affecting your credit at all.
But make no mistake: There still can be consequences if a medical bill goes unpaid for too long.
Read on for a look at when unpaid medical debt can go on your credit reports and some steps you can take to protect and improve your financial health.
Key Points
• Unpaid medical bills can appear on credit reports, but there is a 365-day grace period before they do.
• Medical debts under $500 don’t show up on credit reports.
• Medical collections can stay on credit reports for seven years if unpaid.
• Medical debts paid after they appear on credit reports are removed from the reports, improving credit scores.
• Disputing errors on credit reports can help remove incorrect medical debt information.
Your medical bills shouldn’t have any effect on your credit, as long as they don’t go unpaid for too long. Most health-care providers don’t report payment activity to the credit bureaus. So unless your account goes unpaid for so long that your provider gives up and sells the debt to a debt collector, it’s unlikely your delinquent account will appear on your credit reports.
Even if the account goes to collections, it can take a year or longer to impact your credit. That’s because the three major credit bureaus (Equifax, Experian, and TransUnion) now give consumers a full 365 days to clear up a medical debt that’s gone to collections before it goes on their credit reports. This year-long grace period allows more time for medical bills to make their way through the insurance approval and payment process, and it gives consumers more time to report billing issues to their provider or the debt collector, negotiate a smaller payment, or set up a payment plan.
More good news: If the initial balance that’s gone to collections is less than $500, the debt won’t ever become part of your credit report, so it won’t affect your credit score.
Medical bills that you’ve paid shouldn’t appear on your credit reports at all or affect your credit scores — even if you paid the bill after it went to collections. Existing paid medical collections were erased from credit reports in 2022, and the credit bureaus no longer include this information on their reports.
If your bill in collections goes unpaid past the 365-day grace period, however, it could turn up on your credit reports, and possibly have a negative effect on your credit scores. The amount of damage can vary, depending on what scoring model you — or a potential lender — is looking at. But it’s important to note that failing to pay a bill can affect the most significant factor in determining your credit scores — your payment history. So if a medical bill with a starting balance of $500 or more lands on your credit report, you could see a serious dip in your credit scores.
A typical collections account can stay on your credit reports for about seven years, whether or not you eventually pay the debt. But medical accounts are treated differently than other types of debt.
When the credit bureaus are notified that you’ve paid off a medical debt in collections, they’ll remove the account from your credit reports, and you can expect your credit scores to improve.
If you don’t pay the medical debt, however, the collections account could remain on your credit reports for a full seven years after it becomes delinquent.
If you believe a medical bill in collections is showing up on your credit report by mistake, you can dispute the error with the credit bureau and the debt collector who reported it. After all, it takes time to build credit, and you want to make sure your record represents you accurately.
If your debt has been in collections for less than a year, if the starting balance was less than $500, if the debt has been paid by you or your insurance company, or if you can show that the information is incorrect in some other way, you can take the necessary steps to have it removed from your credit reports.
To dispute a medical bill on your credit report, the Consumer Financial Protection Bureau (CFPB) recommends starting with the credit bureau that included the account. Explain in writing what you think is wrong and why — and be sure to include documentation that supports your claim. The credit bureaus can then begin an investigation. (The CFPB provides sample letters and addresses for the credit bureaus.)
You should also reach out in writing to the debt collector that furnished the information and ask that it be corrected.
Finally, if your dispute continues to go unresolved, you can submit a complaint to the CFPB.
Recommended: Why Did My Credit Score Drop After a Dispute?
There are a couple of ways you can check your credit report to see if a medical debt is showing up there.
• If you’re paying for credit monitoring, or if your financial institution or credit card company provides a free credit score and summary each month, the information you’re looking for may be available as part of this service. You may even receive an alert if your credit score updates and there’s a significant drop.
• You’re also entitled by federal law to receive free copies of your credit reports from the major credit bureaus at AnnualCreditReport.com.
Don’t panic if a debt collector tells you that your unpaid account will soon affect your credit scores. Remember that you have a year-long grace period to pay the debt or clear up any errors before the account will show up on your credit reports.
The best way to keep medical debt from dragging down your credit scores is to make sure your bills are paid on time (by you or your health insurance company). Even if your account goes to collections, paying is still an option — and it can help push your credit scores back up.
Though the negative impact of having a collections account on your credit report diminishes with time, if the bill goes unpaid, it could sit on your record — where lenders can see it — for seven years.
Recommended: How to Build Credit
Even though it may be tempting, the worst thing you can do if you have medical debt is ignore it. Here are some options to consider if you’re wondering how to pay medical bills you can’t afford.
Many hospitals and health-care providers will let you set up a payment schedule that allows you to pay over time. Best-case scenario, the option provided is fee- and interest-free. If you’re asked to sign up for a financing plan that will cost extra, make sure the terms work for you and that it’s still manageable within your budget.
Sometimes, a health-care provider may be willing to accept a lower amount to avoid writing off the bill and selling the account to a debt buyer. (Even if the account has gone to collections, you may be able to settle for a lower payment. At that point, though, you’ll likely be negotiating with the debt collector, not the original creditor.)
Grants and other types of financial assistance are sometimes available for patients who are eligible based on their income, age, or other factors. A Google search may turn up some options, or your health-care provider or a support group may be able to pass along information.
If you can get manageable monthly payments and other terms that fit your needs, you may want to consider taking out a low-interest personal loan. Try to stay away from a loan that’s secured by your home or other assets, which could end up putting your financial well-being at greater risk if you default.
Small fluctuations in your credit scores are normal, but if you’re worried that an unpaid medical bill could cause a drastic drop, it’s important to keep your financial guard up. Here are some steps you can take to protect your scores:
Your payment history is a big factor in determining your credit score, so do your best to stay on top of all your bills. If making timely payments is a struggle for you, you may find a spending app can help with budgeting, keeping track of billing due dates, and prioritizing payments.
Lowering your credit card utilization ratio — the percentage of available credit that you’re using on your credit cards and other lines of credit — can help you get and keep your credit scores where you want them. If you’re relying heavily on credit to get by, and you’re close to maxing out your credit cards, you may need to reevaluate your spending and change up your budget. A money tracker app could help you stick to healthy financial habits.
Even if you’re on your best behavior, if an unpaid medical bill ends up on your credit report, it may take months before you see some improvement to your damaged credit scores. Credit score monitoring can help you better understand how certain actions can affect your creditworthiness.
Watching your medical expenses pile up can be stressful — especially if you’re worried that your unpaid medical bills can go on your credit reports and lower your credit scores. Fortunately, the credit bureaus and credit score models have begun treating medical debt with a little more patience and consideration than other types of debt.
But an unpaid medical account still can be a problem if you let it go for too long. So it’s important to stay on top of your medical bills, along with all your other financial obligations.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
A medical bill will likely only affect your credit if it’s been unpaid for so long that it ends up going to collections. Even then, consumers have a full year to clear up a medical collections account before it goes on their credit reports. But if the bill goes unpaid after that grace period is up, it could affect your credit scores.
To have a medical collection removed from your credit report, you can either pay the amount you owe or — if you think it’s in error — you can try disputing the bill with the credit bureau and the debt collector that reported it.
Not necessarily. The Health Insurance Portability and Accountability Act (HIPAA) has strict standards for how health-care providers and their business associates, including third-party debt collectors, handle sensitive personal health information. Debt collectors can receive and disclose information but only to the extent that it is absolutely necessary to perform their job.
Photo credit: iStock/Pekic
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Source: sofi.com
With their home in the heart of the charming fictional town of Stars Hollow, CT, the Gilmore Girls—Lorelai and Rory—have captivated audiences young and old with their quick wit, strong bond, and a lifestyle brimming with cozy charm. From their iconic coffee runs to their love for literature and all things quirky, the Gilmore Girls’ aesthetic embodies a unique blend of comfort and style that many aspire to recreate in their own homes.
Whether you’re buying a home in Hartford, CT, renting an apartment in Baltimore, MD, or even exploring a rental home in Provo, UT, get ready to transform your space into a haven reminiscent of this beloved duo, where every corner tells a story and every detail invites conversation.
Adding a personal touch to your home can capture the charming essence of Gilmore Girls decor. Incorporating this not only reflects your personality but also adds to the cozy, intimate aesthetic, creating an inviting and relatable ambiance.
Carlin van Noppen, founder of home goods store Fig Linens and Home, shares her viewpoint on the warm style, “In an attempt to recreate the homey maximalism found in Stars Hollow, focus on using only decor, textiles and pieces you love. Feature special items like photos with your beloved friends and family or special trinkets collected over years of traveling.”
Worried about going against the grain of the current minimalism trend? “It’s all about curating a home you love regardless of current trends,” van Noppen states.
The kitchen is the heart of the home, so it’s essential to add a personal touch to this space, as well.
“To achieve that cozy, comfortable vibe as seen in the Gilmore Girls home, fill your space with family photos and souvenirs on display to add a personal touch,” recommends Dana Scammon of Living With Dana, a lifestyle blog. “Nostalgic kitchen canisters in a bright color along with a display of quirky coffee mugs adds character and charm.”
Make your space feel like a reflection of your life—like the character-filled home in Stars Hollow.
Incorporating colorful and mismatched patterns brings delightful energy to your space, enhancing the Gilmore Girls aesthetic. The vibrant hues and varied textures create a layered, inviting environment that makes you feel instantly at home.
“I often draw inspiration from the cozy, lived-in feel of the Gilmore Girls’ homes,” states Meri Wick, owner of the Westbrook Inn Bed and Breakfast in Westbrook, CT. “To recreate that warm, eclectic charm, focus on layering vintage furniture with colorful, mismatched patterns—think floral cushions, soft quilts, and worn wooden tables.”
The playful mix of prints—from flowery pillows to striped throws—creates visual interest and a sense of whimsy, inviting you to relax and enjoy your surroundings. This quirky approach not only showcases your personality but also evokes the warmth of lived-in spaces, where every piece tells a story.
To create the perfect reading nook that channels the Gilmore Girls, start by selecting a plush chair or loveseat that invites you to sink in and relax. Add soft, textured blankets in warm colors to wrap yourself in comfort as you dive into your favorite book.
Don’t forget to incorporate good lighting—a unique floor lamp or a warm table lamp can provide the perfect glow for late-night reading sessions. This inviting nook will become your go-to retreat, much like Rory’s beloved spots around Stars Hollow.
Thrifted furniture infuses your home with character and history, instantly creating a warm atmosphere. Each piece, with its unique story and charm, adds charm and encourages conversation, making your space feel more personal.
New-York based Interior Designer Dominique Michelle Vidal suggests, “To recreate the cozy, collected feel of Gilmore Girls, focus on incorporating a mix of thrifted or hand-me-down furniture that looks like it’s been lovingly gathered over time. This approach creates a space that feels inviting, nostalgic, and reminiscent of Lorelai and Rory’s home in Stars Hollow.”
Mixing thrifted treasures with your home decor not only showcases your style but also fosters a sense of comfort and nostalgia, perfect for curling up with a good book or hosting friends.
Adding knick knacks to your home is a nod to the whimsical charm of the Gilmore Girls aesthetic. Just like their cozy abode, these little treasures can tell a story and showcase your personality.
“The eclectic look of Lorelai and Rory’s classic New England Victorian cottage is an easy mix of mismatched florals, throw rugs, and odd-but-appealing lamps and knick knacks,” states Rachel Shields Ebersole of Living in Southern Vermont blog.
Where to find these necessary knick knacks? Ebersole continues, “Head off to an estate sale or your grandma’s attic to find some quirky baskets and decorative plates to complete the vibe.”
A home coffee bar that pays homage to Luke’s Diner is a necessity when it comes to finding your personal Gilmore Girls aesthetic. Display a collection of cute, mismatched mugs that add a personal touch and invite guests to choose their favorite. Consider adding a small pastry stand to showcase fresh baked goods or treats, creating an inviting space that encourages relaxation.
With the aroma of freshly brewed coffee wafting through the air, this charming corner will be the perfect spot to savor quiet mornings or catch up with friends, just like Lorelai and Rory would.
“Gilmore Girls has always been synonymous with autumn. It’s a cozy, heartwarming show and your decor needs to reflect that,” says Eleanor Jones, blogger at Not So Modern Girl.
But how do you transform your home accordingly? Jones goes on to recommend packing your living space with plenty of books and utilizing warm lamps to enhance a cozy glow in the room. “The Gilmore girls aren’t very tidy, so don’t worry if your space looks a little cluttered,” she reassures.
Including vintage pieces, like items you would find at Kim’s Antiques, into your home evokes the charming style of the Gilmore Girls aesthetic. Just as Lorelai and Rory surrounded themselves with unique finds that reflected their personalities, adding vintage items can create a sense of warmth and allure.
“To style your home like Gilmore Girls, start by repurposing the vintage furniture pieces you already own, especially those that hold sentimental value and reflect your interior aesthetic. These items add depth and character, much like the charm of Stars Hollow itself,” shares Maripi Aspillaga, creative director and founder of Nima Design.
This thoughtful mix of old and new not only captures the essence of small-town charisma but also fosters a cozy atmosphere perfect for heartfelt conversations and quiet moments.
“After all, as Lorelai says, ‘Everything’s magical when it snows’—and your home should feel just as magical year-round with the right mix of nostalgia and modern touches,” Aspillaga concludes.
A comfortable, warm environment fosters connection and relaxation, making it easier to enjoy conversations over coffee or movie nights. It sets the stage for cherished moments, allowing friends and family to feel at ease and truly present, enhancing the joy of being together.
Melissa Perley, blogger at A Life in Vermont states, “The Gilmore girls’ home was a nest stuffed full of things that helped make them feel safe and cozy. Creating this kind of warm space begs for overstuffed chairs with a soft blanket over the back tucked into a corner softly lit by a standing lamp for reading.”
Perley continues with things to make your home warm, “A contrasting print love seat big enough to bury your toes and to cuddle on, or a small conversation corner with an antique table that just fits two large coffee cups.”
To keep your home quirky like the Gilmore Girls, embrace pieces that tell your story, much like the charming, layered spaces of Stars Hollow.
“Lorelai and Rory’s quirky home style can be yours by infusing your space with eclectic pieces and warm colors that you love. No need to be matchy-matchy,” recommends Stacy Moher, founder and interior designer at Living Interiors of Connecticut. “Bring in timeworn wood furnishings as well as florals in the form of lampshades, quilts, pillows, and even wallpaper. Add a thousand (okay, a dozen will do) yellow daisies as a final touch, and then curl up in your oversized armchair with a good book.”
These unique touches add personality and warmth, inviting friends and family to relax and share in the charm of your wonderfully individual home.
A lived-in vibe is key to capturing the essence of the warm, inviting atmosphere of the Gilmore Girls aesthetic. It’s all about creating a space that feels personal and homey.
“Focus on creating a lived-in vibe with well-worn armchairs, soft throw blankets, and rustic wood accents,” shares blogger Ali Sturges of Inspired Lifestyle.
“Fill your kitchen with mismatched dishware and vintage coffee mugs to give your space that welcoming Stars Hollow feel, where comfort and charm are always at the forefront,” Sturges continues. This approach also encourages spontaneity—whether it’s a last-minute movie night or an impromptu dinner with friends—and makes your home a welcoming haven.
The motto “If you like it, buy it” perfectly captures the spirit of homes in Stars Hollow, encouraging a fun, unapologetic approach to decorating. Tricia Tobey, founder of Tobey Design Group, proposes, “I would describe Rory and Lorelai’s home as comfortable, fun, whimsical, and Yard Sale Chic—a montage of collected items that throw out all the stuffy rules of matching.”
The interior designer proceeds to share, “This ‘If you like it, buy it’ vibe somehow all comes together in the end. A perfect example of recycling design to prove you don’t have to spend a lot of money to create a space that is truly you.”
This philosophy invites you to curate a space that reflects your tastes and passions. Whether it’s an unusual piece of art or a vintage chair that catches your eye, indulging in what you love adds character and charm to your home, making it a true reflection of who you are.
Playing with texture is a delightful way to infuse your space with the inviting vibe of Lorelai and Rory’s home.
“Mixing textures helps achieve that cozy, lived-in feel. Layer plush throws, velvet cushions, and knitted blankets over vintage-style furniture to create warmth and depth,” advises Yinka Oni-Orisan, founder and lifestyle blogger at Yours Truly Yinka.
“Focus on adding natural textures like woven baskets, wooden accents, and soft rugs, creating an inviting space that feels like it’s always ready for a movie night with the girls,” she concludes.
Incorporating a mix of materials adds depth and interest to your space, much like the eclectic feel of the Gilmore Girls aesthetic. This thoughtful approach makes every corner of your house feel lived-in and uniquely yours.
Creating an inviting and warm living space for friends and family that embodies the Gilmore spirit of connection involves prioritizing comfortable seating arrangements that encourage conversation and togetherness.
Set up a central gathering area—whether it’s a coffee table for snacks during movie nights or a dining table for casual dinners—where everyone can come together. Warm lighting, personal touches like photos of loved ones, and a selection of games or movies will enhance the atmosphere, making it the perfect backdrop for memorable moments with loved ones, just like in Stars Hollow.
Incorporating the charming style of the Gilmore Girls into your home is all about embracing warmth, individuality, and a touch of whimsy. By mixing vintage finds with personal mementos and adding elements that celebrate your passions, you can craft a space that feels both inviting and uniquely yours. Remember, the heart of Stars Hollow lies not just in its aesthetics, but in the connections and memories created within those walls. So grab your favorite book, brew a cup of coffee, and let your home tell its own story—just like Lorelai and Rory would.
Source: rent.com
For a limited time, the Chase Sapphire Preferred® Card has increased its sign-up bonus, its biggest offer since June 2021. If the card has been on your wish list, now may be an opportune time to apply.
Starting Oct. 3, 2024, new Chase Sapphire Preferred® Card holders can earn the following two-part welcome offer:
A one-time $300 credit that can be used to book travel through Chase’s travel portal. The credit expires 12 months after account opening.
60,000 bonus points worth $750 in travel after spending $4,000 within the first three months of account opening.
If you hit the $4,000 spending requirement for the bonus, the total value of the welcome offer is $1,050 in travel. That’s because one Chase Ultimate Rewards® point is worth 1.25 cents when redeemed through Chase’s travel portal.
Note that you’re ineligible for this offer if you already have a Sapphire credit card or have received a sign-up bonus on a Sapphire credit card within the past 48 months.
Full list of Chase transfer partners
Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
British Airways (1:1 ratio).
Emirates (1:1 ratio).
Iberia (1:1 ratio).
JetBlue (1:1 ratio).
Singapore (1:1 ratio).
Southwest (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).
Hyatt (1:1 ratio).
InterContinental Hotels Group (1:1 ratio).
Marriott (1:1 ratio).
Chase is also offering a temporary promotion through January 2025 that can add even more points to your Ultimate Rewards® stash. You can get:
20,000 points for hotel bookings of at least $500 made in Chase’s travel portal, or 10,000 points for non-hotel bookings of at least $500. This promotion is only available to cardholders who haven’t used the travel portal since Aug. 15, 2022.
10,000 points or a $100 statement credit for hotel bookings of at least $400 made in Chase’s travel portal. This promotion is only available to cardholders who are repeat bookers in the portal.
Cardholders must activate this offer online or in the Chase app to receive the bonus points. Points will be credited to the account after the travel has been completed.
Source: nerdwallet.com