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Search resuls for: "Erin Witte"


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Forever in debt: Why U.S. loans are getting longer
  + stars: | 2023-06-05 | by ( Chris Taylor | ) www.reuters.com   time to read: +4 min
NEW YORK, June 5 (Reuters) - Consumers facing high asset prices and rising interest rates have a few loan options. But if you must go ahead, either face taking on a big monthly payment, or stretching out the loan term to keep the monthly bill down - as many are doing. New car loans lasting 73-84 months (over six years) rose to 34.4% of the market in 2022 from 28.6% in 2018, according to auto information site Edmunds. A few borrowers are going even longer, with less than 1% of new car loans lasting 85 months or more. MAKE SOME HARD DECISIONSIf you must keep pushing out the loan term to afford an asset, that may be a signal to get real.
Persons: Ira Rheingold, Rheingold, Eric Scruggs, Brandon Gibson, Erin Witte, Witte, Lauren Young, Richard Chang Organizations: YORK, National Association of Consumer, Housing Administration, Consumer Federation of America, Thomson, Reuters Locations: Edmunds, Stoneham , Massachusetts, Dallas
CNBC polled eight personal finance experts to help answer one question: What are the biggest money myths out there for consumers? Dealers therefore can have an incentive to charge a higher rate because they will also make more money, she said. Myth #3: Financial 'advice' always has your best interests at heartThere's a misconception that every financial advisor is a "fiduciary," said George Kinder, who pioneered the "life planning" branch of financial advice. "Although households and regulators remain concerned about the cost of financial advice, it's the absence of holistic financial advice that turns out to be so expensive," he said. There are many different fee models for financial advice, and the cost doesn't have to be significant: Many advisors have hourly or project rates, for example.
Want Better Customer Service? Join the (Membership) Club
  + stars: | 2023-03-01 | by ( Katie Deighton | ) www.wsj.com   time to read: +7 min
Others such as online travel agent Booking.com and Sony Group Corp.’s PlayStation provide priority customer service for high-ranking members of their loyalty programs. Other companies that offer premium customer support also say the perk is often a small part of more comprehensive packages, and that its introduction doesn’t mean their standard customer service is lacking. “We’ve always provided fantastic customer service, but what we added was another layer on top of that,” said Genaro Perez, senior vice president of marketing for P.F. Other companies offer priority customer service to customers who have ascended to the upper tiers of loyalty programs that do not cost extra to join. The strategy may help profits, but could create the perception that “free” customer service is low-quality and amplify inequality by deprioritizing lower-income customers, she said.
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