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 Subscriptions renew automatically, outdated service plans linger, and everyday habits slowly chip away at your financial progress.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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While some insurers will issue an annuity for as little as $10,000, the reality is it usually takes a six-figure investment to produce a meaningful income in retirement. For the average American, the bulk of their net worth isn’t sitting in cash — it’s tied up in a 401(k) or…
Key takeaways Couples who share expenses can consider a joint bank account to track spending but should understand the pros and cons before opening one. Joint savings accounts can be helpful to save for shared goals or a shared emergency fund. There are downsides to joint accounts, such as the…
Personalization is a hot topic in the marketing world. This is playing out in the credit card space in multiple ways. Here’s what you need to know, and how you can use this trend to your advantage. Have a question about credit cards? E-mail me at [email protected] and I’d be…
Key takeaways Financial and personal documentation provides lenders with the assurance and confidence you will pay off your loan. When you apply for an auto loan, gather any necessary paperwork, like proof of income and employment, to make sure the process runs smoothly. You will need specific vehicle and insurance…
Key takeaways FICO Scores are the most common scores used by lenders across the U.S. There are multiple versions of FICO scores, each using different criteria. Differences are typically minor and unlikely to impact whether you’re approved for a loan. To keep your FICO scores as high as possible, focus…
Key takeaways Sticking to your budget is the key to purchasing a vehicle that you can truly afford. If you lack credit history, adding a co-signer with long-standing and strong credit can help you secure better rates. Some car loans may allow you to show good grades for perks like…
Key takeaways Paying off wedding debt early on in a marriage is crucial for reducing stress and building a strong foundation for the relationship. Monetary wedding gifts, the debt snowball or avalanche methods, balance transfer credit cards and debt consolidation loans can be tools to pay off wedding debt. Open…
Key takeaways With debt forgiveness, creditors pardon some or all of your debt. Various types of debt may qualify for forgiveness. Debt forgiveness can offer relief from overwhelming financial burdens, but it does have downsides. Debt forgiveness is only one option for managing difficulties with repayment. Struggling with debt can…
Key takeaways The CFPB allows consumers to file complaints about unfair, deceptive or abusive financial practices across products like bank accounts, credit cards, mortgages, debt collection and student loans. While you don’t have to contact the offending company first, doing so may resolve the issue more quickly and save you…
Image by Getty Images; Illustration by Bankrate If you’re planning for retirement, one of your key questions is how much you can earn from Social Security — what’s the maximum you can get? As of January 2025, the maximum benefit you can receive at full retirement age is $4,018 per…
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