What to do after a car accident

And more of the week's best financial advice

A minor car accident.
(Image credit: iStock)

Here are three of the week's top pieces of financial advice, gathered from around the web:

What to do after a car accident

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Seniors embrace mortgages

"Paying off the house used to be a cause for celebration, but many retirees no longer see it that way," said Vivian Marino at The New York Times. Thanks to low interest rates and tax breaks, "an increasing number of older Americans prefer to have a mortgage," despite often having enough savings to buy a new home for their retirement years. But retirees who haven't applied for a mortgage in years "might be surprised by all the extra hoops they have to jump through." Post–financial crisis regulations have made it harder for "just about everyone" to qualify. But that shouldn't discourage potential borrowers. "More often than not, banks are willing to lend — as long as you have regular monthly income, like a pension and Social Security, or retirement assets."

Balance transfers and your credit score

You have to be careful, but a credit card balance transfer "might actually boost your credit score," said Kristin Wong at Lifehacker. Transferring your balance from a high-interest credit card to a card with a lower rate can help you save money on interest and pay off your debt faster. But a strategic balance transfer can also increase your credit score by lowering your credit utilization ratio, which is the amount of credit you have versus the amount you actually use. Assuming your old card stays open, and you don't rack up more debt, you'll have more available credit, improving your credit utilization ratio and, ultimately, your credit score. However, it's "not a move you want to make lightly." Although some cards offer a 0 percent introductory rate for balance transfers, many charge a high interest rate after the promotional period.