Consumer protection bureau finalizes rule to stop payday debt traps

Payday and car-title lending costs Tennessee families nearly $403 million per year in fees. TCA executive director Andy Spears said the loans drive borrowers into financial distress by trapping them in long-term debt at triple-digit interest rates. Three quarters of all payday loan fees are from borrowers with more than 10 loans in a year.

Southern Bank vice president awarded volunteer of the year

Smartt’s leadership efforts and success in economic development were honored in his award selection for the volunteer of the year award.

Halloween spending to reach record $9.1 billion

Consumers are expected to spend an average $86.13, up from last year’s $82.93, with 179 million Americans planning to partake in Halloween festivities, up from 171 million in 2016. Only 12.9 percent said their spending would be impacted by the economy, down from 14.1 percent last year and a peak of 32.1 percent in 2011.

New ‘Wonders of Wilson County’ book for sale at Wilson Bank & Trust

Beck’s publication, a “compendium of facts about people, places and assorted curiosities,” and contains hundreds of highlights and reflections about events, achievements, characters and locations that are part of Wilson County’s rich history.

Dave Ramsey: He’s becoming a man

My son is about to go off to college, and I’m concerned about how he’ll handle his money when he gets there. We’ve taught all our children how to use your envelope system, and to save and give, but I’d like some advice on how he can safeguard his finances a little better.

30th Oktoberfest to bring fall family fun

Special additions in celebration of Wilson Bank & Trust’s 30th anniversary will include a 1980s theme at all bank booths and the return of a hometown holidays display inside the bank. As part of the bank’s anniversary giving campaign, a portion of every car show registration fee will be donated to Second Harvest Food Bank of Middle Tennessee.

Liberty State Bank promotes Crowell to market president

Crowell has a broad range of community service, currently serving as city councilor for Ward 4. He is a member and past president of the Lebanon Breakfast Rotary Club, Lebanon-Wilson County Library Board and lay leader at First United Methodist Church. He is past chairman and board member for the Lebanon-Wilson County Chamber of Commerce, past chairman of the United Way of Wilson County and involved with the Middle Tennessee Boy Scouts of America.

Wilson Bank & Trust’s Bob VanHooser honored by Tennessee Bankers Association

VanHooser, an emeritus board member at Wilson Bank & Trust, is among an elite group of Tennessee bankers past and present who have excelled in the areas of banking, community service and civic involvement.

Dave Ramsey: Where do I put the money

I have a savings account for my 2 year old that has $5,000 in it, and about half of that is in gold. I’m going to save for his college separately, and give this to him to help start his life after school. Is there a better place to put this other than a traditional savings account?

Laura

Sam Short, others honored by Tennessee Bankers Association

Short was one of six Tennessee bankers honored at the Leaders in Banking Excellence ceremony Aug. 16, where commemorative plaques highlighting the careers of each of the honorees were unveiled at the TBA’s headquarters building in Nashville.

Dave Ramsey: No retirement cash at 58

I’m 58 years old and have nothing set aside for retirement. My wife and I are on Baby Step 2 of your plan and paying off debt. We have $37,000 in debt not counting our home and five kids still at home. We have a household income of $73,000 a year, and were wondering if we should go ahead and start Baby Step 4, investing for retirement, instead of paying off the debt.

Governor candidates speak with business leaders

Candidates for next year’s Tennessee governor’s race met with state business and education leaders Tuesday to discuss their plans for the future of Tennessee.

First Freedom Bank promotes Holbert to personal banker in Mt. Juliet

Kayla Holbert was recently promoted to personal banker at First Freedom Bank’s Mt. Juliet office, according to Kenny Beavers, senior vice president and director of retail banking.

Dave Ramsey: Pre-paid debit cards for children?

I agree with your assessment. I don’t recommend pre-paid debit cards for children, except in very unusual situations. Let’s say your kid was going on a trip, and you wanted him or her to have something in their pocket for limited access to cash. But if they’re old enough and responsible enough, I’d rather them have a traditional debit card attached to their own account.

Chris Hogan: Answers to your top 401(k) questions

Traditional 401(k): employers can match your contributions, taxes are paid when money is taken out at retirement, it’s beneficial if your tax bracket will be lower in retirement, you can start taking money out at age 59 and a half, and minimum withdrawals are required at age 70 and a half.