Maskot | Maskot | Getty Images After a year of supply shortages and climbing borrowing costs, 2024 is shaping up to be a better time to buy a car. The average transaction price for a new car in the U.S. in February was $47,244, down 2.2% from February 2023. That’s also down 5.4% from the … Read more
Hinterhaus Productions | Digitalvision | Getty Images Savings accounts Higher rates mean that consumers have to pay more to service their debt, but it also means that banks pay higher rewards to savers. It’s one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. “There’s also … Read more
Westend61 | Westend61 | Getty Images While inflation is 10 times higher now than 60 years ago, home prices are 24 times more expensive, a new study found. If home prices increased at the same rate as inflation since 1963, the median price of a typical house in the U.S. would be $177,511, according to … Read more
Economists expect the Federal Reserve to leave interest rates unchanged at the end of its two-day meeting this week, even though many experts anticipate the central bank is preparing to start cutting rates in the months ahead. In prepared remarks earlier this month, Federal Reserve Chair Jerome Powell said policymakers don’t want to ease up too quickly. Powell … Read more
Overwhelming evidence suggests social media has a negative effect on self-esteem. That’s not only true for how people feel about their appearance and social status, but also their financial well-being and economic standing. A new term, “money dysmorphia,” aims to describe the distorted view of one’s finances that nearly one-third, or 29%, of Americans say … Read more
Bankruptcy Court. Dayton, Ohio. Stanrohrer | E+ | Getty Images The Biden administration’s new student loan bankruptcy policy is making it easier for borrowers to walk away from their debt in court, attorneys say. “We have gotten forgiveness for a number of clients under the new bankruptcy changes,” said Malissa Giles, a consumer bankruptcy lawyer … Read more
Equal Pay Day is a reminder of the persistent income inequality between men and women. As it stands, women earn just 84 cents for every dollar earned by men, according to an analysis of U.S. Census Bureau data by the National Women’s Law Center. “When you look at the cent number, it looks like it’s small,” … Read more
Hispanolistic | E+ | Getty Images Don’t expect the sofa you buy today to go the distance. “In the last 15 years, there’s been a shift to disposable furniture,” according to David Koehler, chairman of Johnny Janosik, a furniture retailer with stores in Delaware, Maryland and Virginia. For most consumers, that’s okay. Attitudes have … Read more
US President Joe Biden delivers the State of the Union address in the House Chamber of the US Capitol in Washington, DC, on March 7, 2024. Shawn Thew | Afp | Getty Images 1. Income-driven repayment plans Income-driven repayment plans, which date to 1994, set borrowers’ monthly payments based on a share of their discretionary income. … Read more
In his State of the Union address, President Joe Biden celebrated his administration’s progress in the fight against inflation. “Wages keep going up and inflation keeps coming down,” Biden said in the annual speech before Congress. To be sure, inflation has cooled while wages have ticked higher — but households are still struggling to keep up with the increased cost of living. More from Personal Finance:Why … Read more
