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You may be celebrating if you qualify to receive the recently announced federal student loan forgiveness. In some states, however, you could be taxed on the forgiven portion. What felt like a clean slate for many student debtors may now have an unexpected smudge, but only a limited number of recipients could face taxation. How […]
Will My Student Loan Debt Forgiveness Be Taxed? Read More »
Buy now, pay later services have taken the place of layaway: You get to take home your purchase now and pay for it over time. Affirm is one of the most common buy now, pay later services. But how does Affirm compare to similar services, and should you consider using it for your next big
Affirm Review 2022: Buy Now, Pay Later Read More »
Inflation is when the prices for goods and services gradually rise, which in turn means your money won’t go as far to cover your expenses. Like most Americans in 2022, you’ve likely felt the sting of inflation when paying for gas, groceries and other goods and services. And if you use credit cards to make
How Does Inflation Impact My Credit Card Debt? Read More »
A payday loan may seem like the only option in a financial emergency if you have poor credit and no savings. But it can do a LOT more harm than good. A payday loan may seem like the only option in a financial emergency if you have poor credit. But it can do a LOT
What Is a Payday Loan and Why Is It a REALLY Bad Idea to Get One? Read More »
Dear Penny, I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a payday loan for $400. The payoff amount is $567.91. I will not be able to pay that much and still pay my bills. The monthly payment is $170.45, which
Dear Penny: Will Debt Collectors Call My Family Over Delinquent Payday Loan? Read More »
Consumers opened 233 million new credit card accounts in the second quarter of 2022 — the highest seen since 2008, according to a report from the Federal Reserve Bank of New York. You might be looking at your own wallet and wondering: Should I get a second credit card? It turns out having two credit
Should You Get a Second Credit Card? 4 Things to Consider Read More »
For something like a diamond, it’s obviously best to pay cash. But, we get it: You’re head-over-heels and you’re considering financing the ring so you can pop the question sooner. Here are the best ways to finance an engagement ring.If you can’t pay cash, here are the best ways to finance an engagement ring: ‘No
How To Finance An Engagement Ring Read More »
Dear Penny, We have a 47-year-old daughter with a just-settled divorce. She is a teacher, but she’s not working full time. She is asking her parents to co-sign for a home purchase. We are retired and have a paid-for home. What financial tool could we use to protect ourselves from default possibilities? -J. Dear J.,
Dear Penny: Can I Avoid Default Risk if I Co-Sign My Daughter’s Mortgage? Read More »
Have you ever wondered what the ideal income is to live a comfortable life before retirement and after retirement? Well, look no further than the student loan forgiveness income threshold of $125,000 per individual and $250,000 per married couple. On August 24, 2022, President Biden unveiled a plan to cancel up to $10,000 tax-free in
The Ideal Income Is The Student Loan Forgiveness Income Threshold Read More »
If you need to borrow money but your credit score is lower than it should be, you will probably have to apply for a bad credit loan. This type of loan is geared toward individuals who may have made mistakes with their credit in the past, and they typically come with higher interest rates and
Best Bad Credit Loans: 6 Lenders to Get Approved Read More »
The possibility of student loan forgiveness is no longer in question. On Aug. 24, 2022, the Biden administration forgave $10,000 of student debt for all borrowers who make less than $125,000 per year ($250,000 per household), while forgiving $20,000 for borrowers who previously received the Pell Grant. That news grabbed the most headlines, but the
Should You Stop Paying Your Student Loans in Forbearance? Read More »
After years of speculation, millions of student loan borrowers received some excellent news today. The Biden administration announced it would forgive $10,000 of federal student loan debt for borrowers who make less than $125,000 annually and households with an annual income of $250,000 or less. Borrowers who went to college on Pell Grants may be
You Owe $10,000 Less on Federal Student Loans, Here’s What to Do Next Read More »
When convenience is the priority, credit cards are king. The 2-by-3-inch plastic rectangle transformed how American consumers shop: With one swipe, people can buy dinner, cover unexpected or urgent expenses at the last minute, or finance a large household purchase. Credit cards can also be an effective way to build your credit by establishing a
Here’s How U.S. Credit Card Debt Has Changed in Five Years Read More »
Your debt-to-income ratio (DTI) indicates how much of your monthly income goes toward debt payments. It’s an important measurement for not only determining whether you qualify for a new loan or credit card but also how you’re doing financially. To calculate your debt-to-income ratio, simply divide your total monthly debt payments by your gross monthly
What Is Debt-to-Income Ratio and How Do I Calculate It? Read More »
“How can I retire early?” That question might not keep you up at night if you’re still riding out your 20s—but if you like the idea of cutting down your working years and enjoying more financial freedom later in life, now is the time to explore your options for how to retire early. So what
How To Retire Early: 7 Steps To Plan For Early Retirement Read More »
Housing prices have been smashing new records, and U.S. consumers are taking on more debt on average to keep up. Over the past half a decade, the average mortgage debt held by U.S. homeowners has risen 14%, according to Experian data. At the end of 2021, the average mortgage balance was $223,952 in the U.S.,
Average Mortgage Debt Rose 14% Over the Past 5 Years Read More »
Dear Penny, Our Prius needs repairs. We trust our mechanic and the repairs are legit. It has 170K+ miles on it and the newer models get even better gas mileage. We currently have two cars, but since we mostly work from home, we don’t really need both. I thought we could consolidate and get one
Dear Penny: Should I Take on Student Loan Debt to Buy a New Prius? Read More »
Thirty years is a long time. If you’re chipping away at a mortgage each month, it can feel even longer. But what if you could eliminate that financial ball and chain by paying off your mortgage early? The truth is, if you can scrape together the equivalent of one extra payment to put toward your
How 1 Extra Mortgage Payment a Year Helps Pay Off Your Home Faster Read More »
The best student loans can help you borrow money for college without going broke. They do this by offering competitive interest rates, fair repayment terms, and flexible monthly payments that can fit with your lifestyle and your budget. While most borrowers should focus on federal student loans first, private student lenders can help you fill
The 7 Best Student Loans for 2022 Read More »
Recessions are a natural part of the economic cycle in which the economy contracts, which means there is significant economic decline across many sectors that lasts more than a few months. The decline usually shows up as reductions in spending, income, employment, and industrial production. The economy is always contracting or expanding, and recessions are
What is a Recession? Read More »