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 Subscriptions renew automatically, outdated service plans linger, and everyday habits slowly chip away at your financial progress.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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Key takeaways Uniformed service members and federal employees can borrow against their retirement plans with a TSP loan. You can borrow a minimum of $1,000. You can borrow a TSP loan for general purposes, and you can use funds to construct or close on a home. TSP loans come with…
Key takeaways In a Chapter 7 bankruptcy, creditors can seize certain assets to repay the debts you owe. However, exceptions allow debtors to retain some of their assets (or at least part of the asset’s value). Chapter 13 bankruptcy is more about restructuring debts than forfeiting assets. Under Chapter 13…
Key takeaways For those wanting to grow older in their own homes, HELOCs (home equity lines of credit), home improvement loans and home equity loans may be a good way to finance the necessary renovations. If you’re moving in with a loved one, consider a personal loan or low-interest credit…
Key takeaways Your student loans could come due while you’re still in school if you drop below part-time enrollment or choose certain repayment plans. Your grades can affect your eligibility for federal student loans as well as some types of student loans. If you are notified you owe payments, and…
Key takeaways The American Express Membership Rewards program has 17 airline partners and three hotel partners to choose from. Transfer ratios for Amex travel partners vary, yet most of them can be transferred at a rate of 1:1. Remember that not all American Express credit cards earn Membership Rewards, and…
Investors who have held onto long-term bonds throughout the past few years might finally have their chance at seeing gains in a lower interest rate environment. Rate cuts by the Federal Reserve could push long-term bond prices higher after a period of declining values. However, as exciting as falling rates…
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