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    How Consumers Can Protect Themselves With the CFPB on Pause

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    Rules on bank and credit card fees, medical debt and payment apps are in limbo. One thing you can do is carefully check your financial statements, one expert says.With the government seemingly stepping back from regulatory duties, consumers may have to act as their own financial watchdogs.The Consumer Financial Protection Bureau, the independent federal agency created after the 2008 financial crisis to shield people from fraud and abuse by lenders and financial firms, has been muzzled, at least temporarily.“Everything is on pause right now,” said Delicia Hand, senior director of digital marketplace with Consumer Reports. “So it’s back on consumers to be extra diligent.” Ms. Hand previously spent nearly a decade in a variety of roles at the Consumer Financial Protection Bureau, including overseeing complaints and consumer education, before departing in 2022.In early February, the Trump administration ordered the consumer bureau to mostly cease operations. It closed its Washington headquarters, fired some employees and put most of the rest of the staff on administrative leave, and opted not to seek funding for its activities. Several lawsuits are challenging the administration’s actions. On Feb. 14, a federal judge in Washington ordered the bureau to halt firing workers and not to delete data, pending a hearing scheduled for Monday.The administration, however, has already dialed back enforcement — dropping, for instance, a suit accusing an online lender of promoting free loans that actually carried high interest rates. On Thursday, the bureau dismissed a lawsuit that it had brought in January accusing Capital One of cheating customers out of some $2 billion in interest.It’s a stark change for an agency that had been energetic in adopting rules and filing lawsuits aimed at aiding consumers. Under the Biden administration, the bureau moved to reduce or eliminate various fees charged by banks and other financial firms and to remove unpaid medical debt from credit reports, and it fined a major credit reporting bureau for misleading consumers about credit freezes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Did You Sell Concert Tickets or Clothes? You May Owe Taxes

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      If you received more than $5,000 for online sales of “goods or services” in 2024, you might get a Form 1099-K. Don’t ignore it, an expert says.If you sold personal items like concert tickets or used clothing online last year or received money for services through payment apps, you may get an unfamiliar tax form this year.A tax law change means most online marketplaces and payment apps must send the Internal Revenue Service a form called a 1099-K, with a copy to you, if you received more than $5,000 in payments for “goods or services” in 2024. That’s down from a threshold of $20,000 in payments and more than 200 transactions. (Starting in 2024, the number of transactions no longer matters.)“As the threshold keeps going down, it catches more people,” said Melanie Lauridsen, vice president for tax policy and advocacy at the American Institute of Certified Public Accountants.Under the old cutoff, the forms mostly went to people running active businesses rather than to occasional or small-time sellers. “This substantial drop in the reporting thresholds could result in millions more taxpayers receiving Forms 1099 this filing season than in prior years,” according to a blog post by Erin M. Collins, the national taxpayer advocate, who leads a group within the I.R.S. that works on behalf of taxpayers.Here’s what to know about Form 1099-K:Who’s eligible to receive Form 1099-K?If you bought several concert tickets, for example, and resold them online at a markup, you could potentially meet the 2024 threshold for getting the form, Ms. Collins said in an interview. Tickets for big-name concerts, she said, such as performances by Taylor Swift, have reportedly sold for more than $1,000 per ticket. If the seller made money, the gain is taxable.The rule doesn’t apply to personal payments, like gifts or transfers of money to friends and family, the I.R.S. says. If you and a friend go to a concert, and your friend pays you for the ticket using a payment app, “you should not receive a Form 1099-K for the reimbursement and, generally, it would not be taxable,” according to “common situations” described on the agency’s website.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      I Found Pornography on My Husband’s Computer. I’m Furious!

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      A wife feels disgusted and betrayed after discovering a lurid image of another woman on her husband’s computer screen, and worries that he may have permanently damaged their relationship.When I went down to our basement yesterday, my husband’s computer was on. I went to turn it off and saw a naked woman with large breasts on the screen. It took me a moment to realize: This is porn. I feel so wronged! Why wasn’t he more discreet? I am usually receptive to sex with him, but I feel as if he has poked a hole in the bubble of our intimacy. I am tempted to find a picture of a well-endowed porn star to leave on his computer. He says he’s embarrassed. He should be! My cousin told me that all men look at porn, but I feel disgusted and diminished as insufficiently buxom. Why are men such self-indulgent pigs? Is watching porn a slippery slope to cheating?WIFELet’s acknowledge that you are really upset now — and that it’s healthy for you to express your anger. Be careful, though, not to let a rant become your reality: Your letter is brimming with unhelpful generalizations — that men are pigs, for instance — and logical inconsistencies. (If looking at porn is wrong, how would it have been better for your husband to have done so more discreetly?) I hope that you will feel less distraught soon and open to considering productive next steps.It is vitally important for couples to negotiate the ground rules of their relationship — even, and especially, for issues that are uncomfortable to discuss. Yet, it seems as if you and your husband have never talked about pornography. Our culture is drenched in it, and many happily married people I know look at it. Now that you know your husband does, too, it would be better to discuss the issue directly than to shame him or to upload images of porn stars onto his computer.Your sustained outrage will probably chill an important conversation about fantasy and monogamy — hello, romance novels! — and the possibility that looking at naked images of other people has no bearing on your husband’s fidelity or desire for you. It is not my place to dictate an agreement between you, but I recommend that you hash this out with him. If you need help facilitating that discussion, find a couples therapist soon.Miguel PorlanMy Glass, My BusinessI have decided to stop drinking for a while. My Dry January revealed that I’m not loving my relationship with alcohol these days. The problem: Since I stopped drinking, I’ve had to field uncomfortable questions when I socialize. When I say I’m not drinking, people ask me if I’m pregnant or an alcoholic, or wonder why I don’t want to drink. Any tips?We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How to Use an HSA to Save a Lot

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      A new analysis finds that a diligent saver who leaves the money untouched for decades can accumulate $1 million. But not everyone with an H.S.A. can afford to leave the money untapped.It’s possible to amass $1 million in special health savings accounts to use in retirement, a new analysis finds, with several big caveats.You have to start young, contribute the maximum each year and leave the money untouched for decades instead of spending it on medical needs.Health savings accounts, known as H.S.A.s, let people set aside pretax money for health and medical care.To open an H.S.A., you must have a specific type of health plan with a high deductible — an amount you must cover out of pocket before insurance pays. The money can be saved or invested to grow tax-free, and is tax-free when withdrawn and spent on eligible care or products. (The federal government does not tax the accounts, but some states assess state taxes.)Because of their robust tax advantages, H.S.A.s are seen as a valuable tool to save for health needs later in life, including costs that aren’t covered by Medicare, the federal health plan for older Americans. H.S.A. funds can also be spent on nonmedical costs after age 65 without penalty. The money is taxed as ordinary income.The new analysis by the Employee Benefit Research Institute, a nonprofit group, assumes that at age 25, a saver begins contributing the maximum allowable amount each year ($4,300 for an individual in 2025 — the amount is tweaked annually for inflation — and an additional $1,000 for people 55 and older) and continues those contributions through age 64 with no withdrawals, “regardless of whether the individual uses any health care services.” It also assumes the funds are invested and earn a 7.5 percent rate of return.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Which Interest Rate Should You Care About?

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      The Fed’s short-term rates matter, but the main action now is in the 10-year Treasury market, which influences mortgages, credit cards and much more, our columnist says.Watch out for interest rates.Not the short-term rates controlled by the Federal Reserve. Barring an unforeseen financial crisis, they’re not going anywhere, especially not after the jump in inflation reported by the government on Wednesday.Instead, pay attention to the 10-year Treasury yield, which has been bouncing around since the election from about 4.8 to 4.2 percent. That’s not an unreasonable level over the last century or so.But it’s much higher than the 2.9 percent average of the last 20 years, according to FactSet data. At its upper range, that 10-year yield may be high enough to dampen the enthusiasm of many entrepreneurs and stock investors and to restrain the stock market and the economy.That’s a problem for the Trump administration. So the new Treasury secretary, Scott Bessent, has stated outright what is becoming an increasingly evident reality. “The president wants lower rates,” Mr. Bessent said in an interview with Fox Business. “He and I are focused on the 10-year Treasury.”Treasuries are the safe and steady core of many investment portfolios. They influence mortgages, credit cards, corporate debt and the exchange rate for the dollar. They are also the standard by which commercial, municipal and sovereign bonds around the world are priced.What’s moving those Treasury rates now is bond traders’ assessments of the economy — including the Trump administration’s on-again, off-again policies on tariffs, as well as its actions on immigration, taxes, spending and much more.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Digital Estate Planning: How to Prepare Your Social Media Accounts

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      When planning your estate, leave instructions for handling your online accounts, data and other electronic affairs.How do you want your social media pages, smartphone photos and computer files handled after you die? While property and money distribution are usually at the top of the estate-planning list, don’t forget to leave instructions regarding your digital accounts and assets — so your survivors are left with more than just random bits and pixels from your online presence.Here’s a short guide to getting your digital material in order, as well as advice for dealing with the accounts of those who departed without leaving directions.Create a Digital DirectiveA law known as the Revised Uniform Fiduciary Access to Digital Assets Act, enacted by most states, gives a chosen representative (like your estate’s executor) the authority to manage your electronic affairs. For specific instructions, create a document stipulating how you want your online accounts and all digital content handled when you die or become incapacitated, and keep it with your other estate papers.Giving access to your account user names and passwords will greatly help your representative, but proceed carefully. You will need a safe place to list the credentials for all your financial institutions, as well as for any e-commerce stores, insurance policies, online storage, email, social media platforms, cable and wireless carriers, medical apps, and media subscriptions.The 1Password app can hold all kinds of confidential information.1PasswordOne way to encrypt and store this sensitive information is to enter it all into a password-manager app. Wirecutter, the product review site owned by The New York Times, recommends 1Password ($3 a month for an individual plan, $5 a month for the shared family plan) or Bitwarden (free, with in-app upgrades). Apple and Google have their own free apps, which save and store passwords on devices running their software.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How to Pay Off Credit Card Debt

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      A new report finds that people are spending more on their cards and paying down less. Financial experts offer tips for reducing that debt, starting with looking at your spending habits.Credit card debt is weighing on many Americans.The share of credit card holders making just the minimum monthly payment is at a 12-year high, the Federal Reserve Bank of Philadelphia reported last month. People are spending more on their cards but paying off less, increasing the amount of debt carried month to month and paying more in interest. And more people are late in paying their monthly card bill.“Credit card performance is showing signs of consumer stress,” the bank’s report said.Adding to the stress is the fact that interest rates on credit cards have risen in recent years. The average rate was more than 21 percent at the end of last year, the Federal Reserve said, compared with about 15 percent in 2019.So whether you observe “frugal” February or try a “no spend” challenge, now is a good time to make a plan to chip away at your balances.Right after the new year, “people have so many things on their mind,” said Charlestien Harris, a financial counselor in Clarksdale, Miss., with Southern Bancorp Community Partners. “By February, a person has a chance to settle down. You can begin to focus more and name a goal or two.”If you’re worried about your card debt, there are options that can help you get it under control — such as transferring your balance to a lower-rate credit card, if you qualify. But the first step is to get a clear picture of your spending habits, said Daniel Yerger, a fee-only financial planner in Longmont, Colo.“Before you consolidate or refinance the debt, you have to address the ‘why’ of what’s happening,” Mr. Yerger said. If you are consistently spending beyond your means, moving the debt to a new card isn’t likely to help in the long run. “We can shuffle it around,” he said, “but you want to get ahead of it.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How to Make the Best Baked Potato

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      A simple trick yields crisp outsides and fluffy insides, ready to be topped in three smart, exciting ways from Eric Kim.Turns out, the baked potato has always been big and great.In 1909, Hazen Titus, the dining car superintendent on the Northern Pacific Railway, had a vision: Having learned of a surplus of oversize spuds, he’d ordered them up and placed them on his menu. His “Great Big Baked Potato” became a hit, to be ordered, appropriately, on a train route of the same name.Recipes:Aglio e Olio Baked Potatoes | Caramelized Kimchi Baked Potatoes | Hot Honey Baked Sweet PotatoesThese days, a long Idaho tuber, split down the middle like a hot dog bun to reveal fluffy white starch, a pat of butter nestled into the left side, is still big and — more important — great, with its perfect creamy-crunchy-fresh combo of sour cream, chives, cheese and bacon.I spent the past year baking pounds and pounds of potatoes to come to a simple conclusion: The baked potato is worth celebration. There may be no better (and easier) way to gather than by building on a reliable but never boring base and delighting in each turn of the flavor wheel.Here are my tips for success:1. Set up a bar (and really load up on toppings)Aglio e olio, the simple yet satisfying combination of garlic and oil, pairs beautifully with a split-open spud.Christopher Testani for The New York Times. Food Stylist: Simon Andrews.Cooked down with butter and sesame oil, kimchi mellows its sharp, tangy edges in this riff on a classic baked potato.Christopher Testani for The New York Times. Food Stylist: Simon Andrews.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Holiday Tipping Guide: Whom to Tip, and How Much

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      Consumers have said they are confused and frustrated with tipping expectations generally. But, one expert says, “people generally want to feel more generous around the holidays.”The tradition of holiday tips to thank service workers endures, even as Americans have gotten tired of the regular requests for tips the rest of the year.More people said they planned to tip workers like housekeepers, child care providers and trash collectors at the holidays this year than in previous years, according to a survey published this week by the financial website Bankrate, which began polling in 2021. A significant majority of those surveyed said they tipped “to say thank you.”“Holiday tipping has held its own,” said Ted Rossman, a senior industry analyst at the site, even though the typical amounts people expected to give were mostly flat with previous years. (The online survey of about 2,400 adults was conducted in late October and early November.)The subject of tipping has become more fraught in recent years. Surveys show that consumers are confused and frustrated with tipping expectations generally. That’s particularly true for the suggested amounts on payment screens that confront patrons of coffee shops, delivery services, food trucks and ride sharing companies. The Pew Research Center published a survey last year in which most Americans said that tipping was expected in more places than it was five years earlier. And a separate Bankrate survey last summer found that a third of those responding considered tipping culture in the United States to be “out of control.”Yet misgivings about tipping apparently carry an asterisk when it comes to the December holidays. “A lot of people are fed up with tipping, but it does seem the holidays are a special case,” Mr. Rossman said.Academic research backs that up — at least, when it comes to tipping in sit-down restaurants. Sit-down meals are one area where there is some agreement, the Pew survey found. More than nine of 10 respondents said they “often” or “always” left a tip in that setting.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More