Parts of Biden’s income-based repayment plan SAVE stalls on legal snag
Borrowers who were due to have their student loan payments halved on July 1 will have to wait even longer. (iStock) President Joe Biden’s income-contingent repayment plan hit a legal deadlock this week after two federal judges blocked parts of the plan that were set to take effect next week. The Biden administration Save valuable […]
The No. 1 fatal error that will end your IRA
A recent AARP survey found that more than half of adults over the age of 50 are worried about having enough money for retirement. The applicable tax laws are: Rolling Over IRA Funds All of this is complicated, and some of the rules are strict and unforgiving – so violating any one of these rules […]
Home prices break another record in April, but the market is cooling: Case-Shiller
Home prices continue to rise, but not as rapidly as before. (iStock) Home prices rose again in April, hitting new highs that are likely to keep homebuyers holding off even as mortgage rates start to ease, according to the latest S&P CoreLogic Case-Shiller National Home Price Index. report. Home prices rose 6.3% year-over-year in April, […]
Most travelers trying to keep frugality in mind when planning summer travel: Experian
Rising inflation rates have forced travellers to stick to budgets while planning road trips. (iStock) Summer travel is booming along with the weather, but consumers are cutting back on spending: About 71% of consumers believe inflation is affecting their road trip plans. According to a survey by Experian. The majority of survey respondents planned to […]
80% of Americans are dealing with a cost of living creep
Many Americans are struggling to save money or pay off debt due to the rising cost of living. (iStock) The cost of living is rising and most Americans are feeling the pressure. A staggering 80% of Americans have experienced an increase in the cost of living in the past few years. Credit Karma Survey found. […]
Many parents saving for college aren’t ready to pay first-year tuition: survey
A recent survey found that parents are saving for college, but the costs often exceed budget. (iStock) More and more parents are saving for college, but a recent survey found that fewer than half are ready to pay the first tuition fee by the time their child graduates from high school. Of those parents who […]
Americans are saving more for retirement, but they’re nowhere near the ‘magic number’
Barron’s Roundtable discusses reports that Gen Z is actively seeking retirement. Americans are saving more money for retirement than ever before, but they’re still nowhere near the “magic number” needed to retire comfortably. The average balance is Employer contributions to retirement benefits Plans for 2023 rose to $134,128, a 19% increase from last year. data […]
Top 10 cities where renters pay more than homeowners – and where they pay less
In California cities, it often costs more to buy than to rent, and in Florida cities, it often costs more to buy than to rent. (iStock) Mortgage and rental costs vary across the country, with some areas paying astronomical rents while others face high monthly mortgage payments. For example, in some Bay Area cities, owning […]
Many consumers stay with their banks for years unless persuaded by other bank incentives
Nearly half of consumers would switch banks if another bank offered better offers. (iStock) While consumers tend to stick with their banks, some are reluctant to turn down the incentives offered by online-only banks. Vericast Survey They said they’ve been with the same bank for longer than their current relationships. Customers appear to stick with […]
Mortgage rates drop for third week in a row, but home buyers remain reluctant
Mortgage rates may be falling, but buyers aren’t convinced now is the right time to buy. (iStock ) There’s good news and bad news about mortgage rates this week. The good news is that rates continue their gradual downward trend, with a 30-year fixed rate mortgage averaging 6.87%. Freddie Mac is. While this is encouraging, […]