Key takeaways The Federal Open Market Committee (FOMC) sets the benchmark rate, which impacts the rates auto lenders set. When the federal funds rate fluctuates, so will the cost to finance a vehicle. The Fed increased the benchmark rate 11 times between 2022 and 2023 and cut it three times…
Bloomberg Creative/Getty Images Key takeaways The federal funds rate impacts how expensive it is for lenders to loan money, so consumer loan rates typically change when the federal funds rate changes. During the Federal Open Market Committee’s December meeting, the regulatory body announced it would drop the target rate by…
Ariel Skelley / Getty Images Key takeaways Interest rates on federal student loans are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year. Borrowers with existing federal student loans will not see any changes when the Fed lowers interest rates.…
Even the most carefully planned budget can develop small leaks over time. Subscriptions renew automatically, outdated service plans linger, and everyday habits slowly chip away at your financial progress. While these expenses might seem minor on their own, together they can quietly drain hundreds of dollars from your budget each…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
With Republicans ending the Grad Plus program, private lenders are eyeing billions in new business, while some students could be…
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Most people are used to seeing sales tax on a receipt, but not every purchase includes it. When it doesn’t, you may still owe tax on that purchase through what’s called a use tax. This comes up most often with online shopping, out-of-state purchases and…
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Get to Work – As Much as You Can Did you know almost half of Canada’s post-secondary students take on student loan debt?…
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For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
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LUHUANFENG/Getty Images; Illustration by Bankrate Key takeaways A CD ladder splits your money across multiple CDs with staggered maturity dates — giving you regular access to funds while earning the higher rates that longer-term CDs offer. For example, you could invest $5,000 across five 1-year CDs opened at different times.…
SeBrina Bibb’s husband died in 2020, thrusting her into the role of single mom to 3 young kids. Money challenges quickly piled atop her grief. Income, child care and basic household labor all fell to her. At one point, Bibb and her children were homeless, sleeping on the couches of…
Value investing has proven to be one of the most successful investing strategies over the long term. Many of the world’s top investors, including the legendary Warren Buffett, have used the value approach to generate outstanding returns over time. In recent years, however, value stocks have drastically trailed growth stocks…
One of the biggest tax decisions that a couple can make is whether to take the standard deduction or itemize. The standard deduction offers a straightforward way to reduce your taxable income. In 2025 it’s more valuable than ever thanks to inflation adjustments and new provisions for older taxpayers. Understanding…
The Downsides of Credit Card Churning and Why It Is Risky You may be asking yourself, “Those benefits sound great, why is credit card churning risky?” There are many downsides of credit card churning to be aware of. For starters, every new application triggers a hard inquiry, which can lower…
A Debt Management Plan (DMP) might be right for you if you recognize yourself in any of these situations: You have multiple high-interest credit cards and want one simplified monthly payment. You can afford to pay something each month, but you need lower interest rates to make progress. You’re falling…
Filing taxes can feel overwhelming, but one of the most important decisions you’ll make is also one of the simplest: whether to take the standard deduction. For single filers, this deduction offers a powerful way to lower your taxable income without diving into piles of receipts or complicated calculations. Knowing…
Turning 65 doesn’t just mark a milestone in life, it can also unlock valuable tax savings. The IRS grants seniors an extra standard deduction. This deduction can lower taxable income by thousands of dollars, helping stretch retirement savings further. Whether you’re newly retired or planning ahead, understanding how this deduction…
For a long time, credit cards have generally fallen into three tiers: no-annual-fee cards, mid-tier cards with annual fees around $95 and premium cards with annual fees measured in the hundreds (these used to cluster around $400 or $500 per year, now it’s more like $800 or $900 in many…
Olelole/iStock/Getty Images Key takeaways The Chase Freedom Flex®* offers quarterly rotating bonus categories through which cardholders can earn 5 percent cash back (on up to $1,500 in the categories after activation, then 1 percent back). Categories change every three months, and cardholders have the ability to activate up until the…
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