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Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. Federal Reserve Expects a Bumpy Path Toward Its Inflation Goal The inflation rate has dropped significantly since it peaked in June 2022, but it still remains high. In October, the Bureau of […]
The Latest Personal Finance News for November 2023 Read More »
A repayment plan is an agreement between you and a lender for how you’ll make payments toward a debt. Installment debts such as student loans and personal loans come with standard repayment plans, which reflect the repayment terms you agree to when you apply for the loan. But some loans, such as mortgages, student loans
What Is a Repayment Plan? Read More »
One of the concerns about the resumption of student loan payments is that it could tank the U.S. economy. Paying back student loans may cause consumers to reduce spending to the point of causing another recession. About 43.4 million Americans have federal student loans, collectively amounting to $1.63 trillion of debt, according to the National
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Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. Interest Rates Are Expected to Stay High In its September meeting, the Federal Reserve Open Market Committee (FOMC) declined to hike its interest rate again. But in August, the core inflation rate,
The Latest Personal Finance News for October 2023 Read More »
September, or August in some parts of the country, is often considered one of the busiest spending months of the year. According to the National Retail Federation (NRF), a trade organization that predicts spending at department stores and other retail outlets, back-to-school spending will produce an additional $130 billion in sales in 2023, a new
Does Back-to-School Spending Increase Credit Card Balances? Read More »
The concept of “self-care” encompasses a lot. It’s all the stuff you do to keep yourself well: physically, mentally and emotionally. And it spans not just the stuff you do because you love to—like eating your favorite breakfast and spending time in nature—but also the stuff you do because it’s good for you, like getting
6 Tips for Practicing Financial Self-Care Read More »
High-interest debt can make it harder to reach your financial goals. If a large chunk of your monthly payment is going toward interest, it might take a while to chip away at the principal balance—and that interest can add up fast, costing you more and more each month. Here’s a closer look at how high-interest
What Is High-Interest Debt? Read More »
A bankruptcy discharge is a federal court order that releases you from having to repay certain debts following a Chapter 13 or Chapter 7 bankruptcy proceeding. How Does a Bankruptcy Discharge Work? Bankruptcy is a process designed to protect borrowers overwhelmed with debt from being sued into financial ruin by creditors they owe money. If
What Is a Bankruptcy Discharge? Read More »
Here’s the latest personal finance news, how it may impact your financial plan and what you can do to maintain your financial well-being. U.S. Credit Card Debt Reaches $1 Trillion for the First Time According to data from the Federal Reserve Bank of New York for the second quarter of 2023, Americans owe more than
The Latest Personal Finance News for September 2023 Read More »
If you’re carrying a balance on one or more credit cards, you’re not alone: the average American has about $5,733 in credit card debt according to TransUnion’s latest report. Being in debt can be stressful for both your mental and financial health. In addition to negatively impacting your credit score, unchecked credit card debt can
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Dealing with debt can be overwhelming, especially if you carry multiple balances on credit cards and loans. The debt snowball strategy, a powerful debt-repayment method, offers a clear path toward financial freedom. What is the debt snowball method? With the debt snowball method, you start by paying off your smallest debt and gradually work your
What Is the Debt Snowball Method? Read More »
Student loan debt is often thought of as a problem only for the young. And while it’s true that the age group with the most student loan borrowers is the under-30 set, a growing number of adults nearing retirement are also burdened by student loan debt. A 2022 report from the Federal Reserve Bank of
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The debt snowball method is a debt repayment strategy that focuses on your lowest balances first and manages your payments to accelerate your path to debt freedom. While the debt snowball method is not the only way to pay off debt faster, it’s a valuable approach if you’re disciplined and follow the steps. Here’s how
Debt Snowball Strategy: How Does It Work? Read More »
Repeated calls from debt collectors can quickly become annoying. In fact, tens of thousands of consumers every year are seemingly so annoyed that they lodge formal complaints. In 2022, the Consumer Financial Protection Bureau (CFPB) fielded roughly 115,900 complaints about debt collection. So, how can you keep a debt collector from reaching out to you?
Can You Ask Debt Collectors to Stop Contacting You? Read More »
In general, it’s best to pay off credit card debt first, then loan debt, since credit cards often have the highest interest rates. When you prioritize paying off credit card debt, you’ll not only save money on interest, but you’ll potentially improve your credit too. That’s because reducing credit card debt directly impacts your credit
Should I Pay Off Credit Card or Loan Debt First? Read More »
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3 pitfalls to avoid when trying to improve your credit score Read More »
After a 3-year COVID pause, student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October,” according to the Department Of Education. “We will notify borrowers well before payments restart.” Given the pandemic was officially declared over on May 11, 2023, it makes sense that student loan debt should
Entitlement Mentality Is A Sneaky Wealth Destroyer Read More »
With the midpoint of the year approaching fast, it’s a great time to take stock of your financial progress, realign your spending with your goals and set your sights on where you want to end up by the end of the year. To help you pull off a financial review that leaves you with new
Midyear Financial Checklist: 7 Steps to Improve Your Finances Read More »
If you’re struggling to pay down credit card balances, loans and other debts, you may wish to get financial help from a close friend or family member. You may even have a philanthropic or generous relative offering to relieve the strain on your finances by paying off your debt. While getting monetary help from someone
Can Someone Else Pay Off My Debt? Read More »
Not raising the debt ceiling could cause another sell-off in the stock market. If so, history has shown it is worth buying the dip as politicians eventually agree to raise the debt ceiling limit and curb some spending. However, have you ever wondered why the government doesn’t spend more responsibly? After all, we individuals are
Debt Ceiling Debacle: Why Not Just Spend More Responsibly? Read More »
