New rule proposed by the CFPB would help consumers understand true cost of paycheck advance products
The new rules will require consumers to disclose financial information whenever they use a cash advance product. (iStock ) Payroll advance products, often referred to as “earned wages” products, allow consumers to receive their paychecks in advance when they are in a difficult situation. Offered through employers or as direct loans to consumers, these products […]
Housing begins to tip in favor of buyers; sellers slash prices to entice them back to market: report
Buyers may finally have the upper hand in the housing market. (iStock) As homebuyers back out of homes, some home sellers have been forced to lower their asking prices in order to complete the sale, Zillow reported recently. report Said. Nearly a quarter of sellers were forced to reduce their prices to generate purchasing interest […]
GDP surges by 2.8%, giving hope for rate cuts in September
GDP is growing at 2.8% annually, which indicates that the economy is doing well. (iStock ) The pleasant surprise was that gross domestic product (GDP) grew 2.8% year-on-year in the second quarter. Advance quote This is good news for the overall economic outlook, as a GDP growth of between 2% and 3% indicates the U.S. […]
Mortgage rates barely budged this week as more listings flood the market
The 30-year mortgage rate increased to 6.78% from 6.77%. (iStock ) Mortgage rates have remained stable for the most part this week. As of July 25, the average rate for a 30-year mortgage is 6.78%. Freddie Mac isThat’s just a slight increase from last week’s 6.77%. Rates were at a similar level last year, averaging […]
Student loan debt has increased by 430% since 2003 – here’s how to lower your debt
Over the past 20 years, student loan debt has increased by 430%. (iStock ) The national debt has grown substantially over the past two decades, but never more so than in student loan debt, which has increased 430% since 2003. Kaplan Group ResearchAlthough student loan debt has stabilized in recent years, levels remain alarmingly high. […]
Private student loan interest rates rise for 5- and 10-year terms
At Credible Operations, Inc. (NMLS No. 1681276, hereafter referred to as “Credible”), our goal is to give you the tools and confidence you need to improve your financial situation. While we promote products from partner financial institutions from whom we receive compensation for our services, all opinions are our own. The latest private student loan […]
Inflation is why many Americans plan to delay retirement: survey
Recent research suggests that the reason people return to work after retirement isn’t always for financial reasons. (iStock) Inflation is moderating, but rising prices are causing more Americans nearing or already retired to postpone their retirement plans or consider returning to the workforce, a recent survey found. More than two in three people planning to […]
The average down payment for the typical US home is now over $127,750: Zillow
The average down payment is now closer to 35% instead of the usual 20%. (iStock ) Every aspect of buying a home has become more expensive since the COVID-19 pandemic. Home prices have been hitting record highs in most months, and mortgage rates are still hovering in the high 6% range. All of these factors […]
Social Security benefits have lost 20% of buying power since 2010. The problem could soon get worse
Ramsey Solutions personality Jade Warshaw breaks down how to get the most out of your Social Security benefits and more on “The Bottom Line.” High inflation continues to wreak havoc on the finances of older Americans. According to a new survey released by the Senior Citizens League, a nonpartisan group focused on aging issues. Social […]
Gas prices too high, Americans want to spend 37% less: study
Gas prices have stabilized, but Americans still believe fuel costs are too high, according to a recent survey. (iStock) A recent survey found that Americans still spend roughly 3% of their income on fuel for their vehicles, even as gasoline price inflation subsides. That cost is about $1,712 a year, about 37 percent more than […]