Most student loan borrowers will struggle to pay at some point: survey
Recent research suggests that paying off student loans can boost your credit but hurt your health. (iStock) Only 33% have made regular payments on their student loans since they reopened in October, and about half are considering using income-contingent repayment plans or seeking full forgiveness, Civic Science reported. investigation. Student loan repayments increased again last […]
Medical debt may come off credit reports soon, helping Americans qualify for more financial products
The CFPB wants to remove medical debt from the credit reports of millions of Americans. (iStock) Medical expenses may soon be removed from many credit reports, the Consumer Financial Protection Bureau (CFPB) said. Proposed the rule The bill aims to remove medical debt from credit reports and prevent debt collectors from using the reporting system […]
Forecasters project active hurricane season as homeowners remain unprepared for damages
Recent studies have shown that securing openings in your home, especially your garage, can help protect your home from serious damage caused by hurricanes. (iStock) A recent survey shows that while homeowners can take steps to prepare for hurricane damage, many still need to do so. According to the Federal Alliance for Safe Housing (FLASH), […]
Rhode Island has the highest car accident costs, here are the other states with high costs
Rhode Island has the highest auto accident costs, followed by Georgia and Connecticut. (iStock) The costs associated with owning a car are steadily increasing, from rising insurance premiums to rising repair costs. Car accidents often lead to higher insurance premiums and costly repairs. Rhode Island currently has the highest car crash costs in the country […]
Freddie Mac proposes product to help homeowners tap home equity without losing record low mortgage rates
Freddie Mac’s cash-out refinance offer is more favorable for borrowers than their existing products. (iStock) Freddie Mac I want to provide A mortgage provided as a second lien to enable homeowners who are tied up in a low-interest rate mortgage to access the equity in their home. Freddie Mac’s proposal would allow homeowners to access […]
Less demand and stagnant oil prices has led to lower gas prices for drivers
Gas prices are down 2 cents since last week. (iStock) Good news for spring and summer travelers: gas prices continued to trend downwards this week, averaging $3.46 per gallon. Reported by AAAThat’s down 2 cents from last week and 15 cents from last month. Weak demand and an excess of gas are the two main […]
Mortgage rates on the decline while applications rise: Freddie Mac
Mortgage rates are likely to continue to fall as the Federal Reserve has signaled it will start cutting interest rates. (iStock) Mortgage rates fell for a second straight week in response to positive economic data, according to Freddie Mac. According to Freddie Mac’s latest report, the average 30-year fixed-rate mortgage for the week ending June […]
This week’s personal loan rates rise for 3-year loans, while 5-year terms plummet
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Fed leaves interest rates unchanged with just one cut projected by the end of 2024
Deflation is happening, but the Fed wants to wait for more evidence to lower interest rates. (iStock) The central bank said on Wednesday it would keep the federal funds rate in a range of 5.25% to 5.5%, the same as it has been since July last year. The decision was not unexpected and comes amid […]
Inflation levels remain unchanged in May, brings 2% target into focus
Gasoline prices fell sharply in May, creating more room in consumers’ wallets. (iStock) Inflation rose year-on-year in May but remained unchanged from the previous month as lower gasoline prices helped lower energy costs. Consumer Price Index The Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS). On an annualized basis, prices rose […]