The U.S. has experienced an unprecedented wealth boom. Yet, few Americans — including millionaires— feel confident about their financial standing. Only 12% of Americans consider themselves wealthy, according to a new report by Edelman Financial Engines. Despite their high net worth, just 33% of millionaires said the same, the report found. Edelman Financial Engines polled more than … Read more
Rainstar | E+ | Getty Images It’s a scenario most people have encountered: you try to make a big or unexpected purchase on your credit card, and, at the moment you need it the most, the card gets declined. Sometimes, it’s as simple as confirming the purchase via text message, and you can quickly complete … Read more
Younger credit card users are unlikely to achieve a perfect 850 credit score — even with the best credit usage habits, credit expert John Ulzheimer tells CNBC Make it. That’s because the length of your credit history accounts for a sizable 15% of how your credit score is calculated. Since younger consumers likely haven’t been … Read more
The average American does a pretty decent job managing their credit. But if you want to boost your credit score, it’s important to avoid falling for a commonly held myth: Carrying a balance on your credit card each month helps improve your score. “This is not true,” Tommy Lee, FICO’s senior director of analytics and … Read more
Customer shopping for school supplies with employee restocking shelves, Target store, Queens, New York. Lindsey Nicholson | UCG | Universal Images Group | Getty Images Now, as the central bank sets the stage to lower interest rates for the first time in years when it meets again in September, consumers may see their borrowing costs … Read more
(NewsNation) — Mortgages make up the bulk of household debt but a new analysis shows most Americans owe thousands of dollars beyond their home loans, with members of Gen X carrying the highest balances. Across the 100 largest metros in the U.S., the median non-mortgage debt is $24,668, according to online lending marketplace LendingTree. Gen … Read more
Cultura Rm Exclusive/twinpix | Image Source | Getty Images Home equity is near all-time highs. But tapping it may be tough due to high interest rates, according to financial advisors. Total home equity for U.S. mortgage holders rose to more than $17 trillion in the first quarter of 2024, just shy of the record set … Read more
Ryanjlane | E+ | Getty Images Sometimes, it pays to pay with cash. More merchants are offering a lower price to customers who use cash rather than credit card for a purchase. That means opting for paper over plastic may save you money in some cases. Just how much? Typically, cash discounts run about … Read more
Automated fast food restaurant CaliExpress by Flippy, in Pasadena, Calif., opened in January to considerable hype due to its robot burger makers, but the restaurant launched with another, less heralded innovation: the ability to pay for your meal with your face. CaliExpress uses a payment system from facial ID tech company PopID. To activate it, … Read more
Although Americans’ average credit scores recently dropped for the first time in a decade, many appear to be maintaining a relatively healthy score. The average credit score dipped by one point, from 718 to 717, according to FICO’s March 6 blog post. Your FICO and VantageScore credit score can fall anywhere between 300 and 850, … Read more
