Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Bloomberg | Bloomberg | Getty Images After a few difficult years, the IRS has boosted taxpayer service and technology with an infusion of funding. But there’s still room for improvement — … Read more
Consumer spending remained remarkably resilient throughout 2023, even in the face of prolonged inflation and high interest rates. But that’s unlikely to continue, according to Jack Kleinhenz, chief economist at the National Retail Federation. “A year ago, many commentators were skeptical and calling for a recession, but the recession never came. With each passing month, … Read more
A customer visits a supermarket in San Mateo, California, on Dec. 12, 2023. Li Jianguo | Xinhua News Agency | Getty Images Inflation is retreating from its pandemic-era highs. Economic jargon yields two similar terms — “deflation” and “disinflation” — that might describe this pullback. So, which is the U.S. experiencing? In short: Disinflation. What … Read more
For many families, financial aid is crucial when it comes to affording college. But students must first fill out the Free Application for Federal Student Aid to access any assistance, including student loans, work study and grants. And this year, a new FAFSA form has been plagued by problems. “It does seem consistent with a process that was rushed … Read more
Alexandrea Ravenelle, author of “Side Hustle Safety Net.” Courtesy: Alexandrea Ravenelle Alexandrea Ravenelle studies the decline of the one-job era. The sociologist chronicles the spread of the gig economy and the rise of “poly-working,” or working multiple jobs. Ravenelle points to research by the Federal Reserve that found 16% of American adults engage in gig … Read more
Su Arslanoglu | E+ | Getty Images Are your unused gift cards gathering dust? You may be able to exchange those cards for cash. Gift cards are among the most popular gifts during the winter holiday season: 44% of consumers planned to give one as a gift in 2023, ranking second only to clothing (56%), … Read more
Americans are increasingly leaning on their credit cards. Altogether, card balances now total $1.08 trillion, according to the latest quarterly report from the Federal Reserve Bank of New York, a new record. “Over the past two years, Americans’ credit card balances have skyrocketed 40%,” said Ted Rossman, senior industry analyst at Bankrate. “While Americans are managing … Read more
Some types of debt can haunt you. “Buy now, pay later” loans, especially, can be hard to track, making it easier for more consumers to get in over their heads, some experts say — even more than credit cards, which are simpler to account for, despite sky-high interest rates. Over the holidays, the use of installment … Read more
Boy_anupong | Moment | Getty Images After higher yields in 2023, investors are bracing for interest rate cuts that could put a damper on shorter-term savings. Federal Reserve officials expect three quarter-percentage-point cuts in 2024, according to December meeting minutes released Wednesday. But there’s lingering uncertainty over when, or if, those changes may occur. More … Read more
Ringing in a new year — and seeing your December credit card statement — may tempt you to do a budget overhaul. If you really want to save money this January, resist pulling out your spreadsheet, Suze Orman, personal finance expert and host of the podcast “Women & Money (and Everyone Smart Enough to Listen),” … Read more
