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☆ The credit-card industry's Hail Mary push to keep charging you bigger late fees
▼ + stars: | 2024-05-09 | by ( Paul Squire | ) www.businessinsider.com time to read: +2 min

Hoping to say goodbye to high credit-card late fees? A judge could side last minute with credit-card companies trying to stop a new cap on fees. AdvertisementCredit-card companies aren't giving up their late fees that easily. In March, the Consumer Financial Protection Bureau announced that the federal government had made a new rule capping credit-card late fees. Despite an election-year push by President Joe Biden to cut down on so-called "junk fees," credit-card companies won't go quietly, she wrote.

Persons: —, they've, wouldn't, Emily Stewart, Joe Biden, Stewart, Matt Schulz Organizations: Service, Consumer Financial, Bureau, CNBC, US Chamber of Commerce Locations: Texas

☆ 'The 30-year fixed-rate mortgage is a uniquely American construct,' analyst says. Here's why
▼ + stars: | 2024-05-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Most U.S. homebuyers taking out a mortgage opt for a 30-year fixed-rate — but they may not realize how unusual that offering is. "The 30-year fixed-rate mortgage is a uniquely American construct," said Greg McBride, chief financial analyst for Bankrate. True to its name, a 30-year fixed spreads out repayment over 30 years, with an interest rate that remains the same for the life of the loan. In 2022, 89% of homebuyers applied for a 30-year mortgage, according to government data analyzed by Homebuyer.com. "If we did not have the dominance of the fixed-rate mortgage in the U.S. residential mortgage market, we would see a much higher level of stress among existing homeowners," McBride said.

Persons: Greg McBride, Jacob Channel, McBride Organizations: homebuyers, Bankrate, LendingTree, Homebuyer.com, Finance Locations: U.S

☆ The No. 1 credit card myth that 'just will not seem to die'—why you shouldn’t fall for it
▼ + stars: | 2024-05-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Plenty of myths about how to manage your credit card debt have been debunked throughout the years, but one seems to be more resilient than others. "The cockroach of credit scoring myths, the one that just will not seem to die, is that carrying a balance on your credit card helps boost your credit score," Matt Schulz, chief credit analyst at LendingTree, tells CNBC Make It. Your credit score is based on the following five factors:Payment history, 35%: How consistently you've made on-time payments toward your credit card bills and other loansHow consistently you've made on-time payments toward your credit card bills and other loans Amounts owed, 30%: How much you currently owe compared with your available credit, also known as your credit utilization ratio. How much you currently owe compared with your available credit, also known as your credit utilization ratio. New Credit, 10%: How recently or how often you've applied for new credit cards or other loansHow recently or how often you've applied for new credit cards or other loans Credit mix, 10%: The various types of debt you're managing, such as credit card debt, student loan debt or a mortgage.

Persons: Matt Schulz, It's, Schulz, you've Organizations: CNBC

"It is becoming clearer and clearer that the Fed isn't going to lower interest rates anytime soon," said Matt Schulz, chief credit analyst at LendingTree. "If Americans want lower interest rates, they're going to have to do it themselves." What determines your credit card rateSince most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: —, Matt Schulz, Michele Raneri, aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, Finance, Treasury Department Locations: U.S

☆ The Federal Reserve holds interest rates steady, offers no relief from high borrowing costs — what that means for your money
▼ + stars: | 2024-05-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"If Americans want lower interest rates, they're going to have to do it themselves," he said. "Going forward, mortgage rates will likely continue to fluctuate and it's impossible to say for certain where they'll end up," noted Jacob Channel, senior economist at LendingTree. Auto loansEven though auto loans are fixed, payments are getting bigger because car prices have been rising along with the interest rates on new loans, resulting in less affordable monthly payments. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected. Interest rates for the upcoming school year will be based on an auction of 10-Year Treasury notes later this month.

Persons: Brett House, aren't, Matt Schulz, Schulz, Jacob Channel, there's, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds

☆ Now you can put your Botox on Affirm
▼ + stars: | 2024-04-24 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

Buy now, pay later company Affirm is starting to offer loans for elective cosmetic procedures. Advertisement"Buy now, pay later" company Affirm has identified a new category for growth, according to a new report from Reuters: elective medical procedures like Botox, nose jobs, and even dental treatments. Buy now, pay later options like Klarna and Affirm have become ubiquitous at checkouts on e-commerce retail sites for some time. I know: It can be hard to sympathize with someone who's using lip filler they can't afford by putting it on Affirm. But go back to what it's actually being used for: "cosmetic treatments, dental services, medical devices, and veterinary procedures."

Persons: It's, —, Klarna, Pat Suh, Affirm's, BNPL, it's Organizations: Service, Business Locations: San Francisco

☆ Who should pay for the first date? Dating coaches and a couples therapist weigh in
▼ + stars: | 2024-04-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

"The man should pay for the first date," said Blaine Anderson, a dating coach for men. Most Americans, 72%, say a man should pay for the first date, according to a recent NerdWallet survey. Whoever pays, the average person pays $77 for a first date, according to a LendingTree survey. The average man paid $861 on dates in 2019 while the average woman spent $500, LendingTree found. Feeling the need to go to a fancy dinner to impress your date means "you're approaching the date wrong," she said.

Persons: Blaine Anderson, Erika Ettin, Ettin, LendingTree, Anderson, Blaine

☆ It's not just Jamie Dimon and Wall Street. Local bank branches have big AI ambitions
▼ + stars: | 2024-04-13 | by ( Kevin Williams | ) www.cnbc.com time to read: +7 min

Naghibi envisions community bank branches with fewer employees and more AI. The bank is also exploring the use of generative AI in software engineering, customer service and ways to boost employee productivity. "Effectively, a small bank's branch will be a wall of screens," he said. But bankers like Naghibi believe AI will allow small banks to become more involved in their communities, and in effect, more human. As a community bank, that is where the edge is."

Persons: Wells Fargo, it's, Christopher Naghibi, Naghibi, Naghibi isn't, Jamie Dimon, JPMorgan Chase, Dimon, Jackie Verkuyl, Slaven Bilac, Smart, Chase, Wells, Bilac, Ken Tumin, Banks, homebuyer, Mickey Marshall Organizations: Foundation Bank, JPMorgan, Security, Community Bank, Independent Community Banking Association Locations: Irvine , California, Stockton , California, San Francisco

☆ Some of the rules that protect wealthy savers' bank deposits just changed. Here's what to know
▼ + stars: | 2024-04-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The Federal Insurance Deposit Corporation, or FDIC, implemented new requirements for deposit insurance for trust accounts starting April 1. FDIC insurance generally covers $250,000 per depositor, per bank, in each account ownership category. How FDIC coverage of trust accounts has changedUnder the new rules, trust deposits are now limited to $1.25 million in FDIC coverage per trust owner per insured depository institution. Each beneficiary of the trust may have a $250,000 insurance limit for up to five beneficiaries. However, if there are more than five beneficiaries, the FDIC coverage limit for the trust account remains $1.25 million.

Persons: Jamie Grill, Ken Tumin, Tumin, — Organizations: Federal Insurance Deposit Corporation, FDIC

☆ Here's what's wrong with the ‘100 envelope’ method and TikTok’s other viral savings challenges
▼ + stars: | 2024-04-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Between "cash stuffing," the "100 envelope" method or the "no-spend" challenge, there's no shortage of suggestions to better your financial standing. How these savings challenges work'Walk before you run'"I would definitely stress walking before you run," Rossman said. Rossman advises having money regularly transferred from your paycheck to a savings account. After a series of interest rate hikes from the Federal Reserve, some top-yielding online savings account rates are now paying even more than 5%, according to Bankrate.com — well above the rate of inflation. For example, if you have $5,000 in a high-yield savings account earning 5%, you'll make roughly $250 in interest in a year.

Persons: TikTok, Ted Rossman, Rossman, Matt Schulz, Schulz, Bankrate.com Organizations: Federal Reserve, FDIC

☆ Credit Card Companies Are About to Invent New Fees for Consumers
▼ + stars: | 2024-04-07 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

Some of those annoying fees on your credit card may soon be getting smaller. Banks and credit-card companies are almost certainly trying to figure out where else they squeeze money out of you. The response to the interchange-fee settlement has been a bit more muted: The Electronic Payments Coalition, which represents Visa, Mastercard, and other credit-card companies, said it was OK with the swipe-fees cap. Taken together, it's clear that many companies in the credit-card business would rather not be dealing with this situation. According to the Merchants Payments Coalition, Mastercard is now planning to increase different credit card fees soon, it's "network assessment" fee.

Persons: Banks, Matt Schulz, JPMorgan Chase, Mark Elliot, Doug Kantor, Mark Mason, Rich Fairbank, We've, it's, Ira Rheingold, Amanda Jackson, Emily Stewart Organizations: Consumer Financial, Mastercard, Visa, Bank Policy Institute, Electronic Payments Coalition, UBS, JPMorgan, American Express, National Association of Convenience Stores, Merchants Payments Coalition, Capital, JPMorgan Chase, National Association of Consumer, Companies, Financial Reform, Business

☆ The No. 1 factor that makes people feel financially secure—and how to achieve it
▼ + stars: | 2024-04-03 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

For many people, credit card debt is standing between them and financial security. And although many people feel that financial security means having little to no debt, achieving that goal is typically easier said than done. 1 factor that makes them feel financially secure, according to CNBC's International Your Money Financial Security Survey conducted by SurveyMonkey. While there are many different kinds of debt, from student loans to mortgages, by far one of the most expensive forms of debt is credit card debt. The majority of Americans wouldn't be able to cover a $1,000 emergency expense with their savings, per Bankrate's 2024 emergency savings report.

Persons: Ted Rossman, wouldn't, Matt Schulz Organizations: Financial Security, SurveyMonkey, Financial, CNBC

☆ You need to earn $100,000 a year to buy a typical home in these 23 U.S. places
▼ + stars: | 2024-04-02 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Most people don't earn six figures, but it's become the new benchmark for whether or not you can afford a typical U.S. home. Americans need to earn an annual income of $110,871 to buy a median-priced home of $402,343 — a 46% increase since January 2020, according to a new Bankrate analysis of Redfin sales data. For context, households currently earn a median income of $74,580, according to the most recent U.S. Census Bureau data available. As a result, the number of places where you need to earn $100,000 or more to afford a median-priced home has climbed from seven to 23 since January 2020. In Montana, the income needed to buy a median-priced home increased 77% since 2020 — the largest jump of all states.

Persons: it's, Bankrate, homeownership Organizations: Census, of Columbia, Washington, Rhode, Center, of Labor Statistics, CNBC Locations: U.S, California, Hawaii, Massachusetts, Colorado, Jersey, York, Utah, Montana, Hampshire, Oregon, Connecticut, Florida, Vermont, Idaho, Nevada, Arizona, Maryland, Virginia, Maine, Texas, Hawaii , Massachusetts, New York, Utah , Montana and Idaho, Midwest, Mississippi , Ohio , Arkansas , Indiana , Kentucky, Iowa, Oklahoma

☆ Rents across the U.S. grew for the first time in 6 months — only Arizona saw price drops in every metro
▼ + stars: | 2024-03-28 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Rent prices for one- and two-bedroom apartments grew in March for the first time in six months. The monthly cost for a one-bedroom apartment across the U.S. bumped up to $1,487, a 0.3% increase from February. The price of a typical two-bedroom apartment also jumped 0.5% to $1,847, according to a new report by Zumper, a real estate data site. For example, the rent price for a one-bedroom apartment in Baltimore, Maryland, is $1,390, down 0.7% from a year ago, per Zumper. "As we get closer and closer to summer, we start to see rent prices increase in more places."

Persons: Zumper, Crystal Chen, Jacob Channel, Susan M Organizations: Zumper, Finance, The Wharton School, University of Pennsylvania Locations: U.S, Baltimore , Maryland, Zumper . Arizona

☆ The Fed kept rates steady, but banks are cutting CD yields. Find good deals here
▼ + stars: | 2024-03-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +2 min

The Federal Reserve kept a steady hand on interest rates at its latest meeting, but banks are already dropping yields on certificates of deposit. Astute rate shoppers can still find a few offering rates above 5% however. However, banks are already preparing for the move by becoming a little less generous on what they pay for deposits. "Deposit pricing competition has been decelerating as banks position for the Fed to begin cutting rates at some point in 2024." You may also be able to find attractive yields if you're willing to look for CDs with odd time frames.

Persons: Morgan Stanley, Betsy Graseck, Morgan Stanley's Organizations: Federal Reserve, Fed, Morgan, Bread Financial, American Express, Nasdaq, Dow Jones Industrial

☆ A Texas millennial wasn't satisfied with his dating life. He said things changed when he started earning $100,000 a year.
▼ + stars: | 2024-03-17 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

A Texas millennial says his dating life improved when he started making more money as a pharmacist. AdvertisementWhen Benjamin Gibson was in his early 20s, he didn't have much success in the dating scene. Gibson isn't the only American who thinks a strong career and financial profile could help their dating success. "I do feel better because it took me time to have confidence, even after I started working as a pharmacist." Has career success helped your social or dating life?

Persons: —, Benjamin Gibson, Gibson, he'd, Pinghui Wu, he's, doesn't Organizations: Service, Business, Bureau of Labor Statistics, Federal Reserve Bank of Boston, Boston Fed Locations: Texas, Virginia

☆ 2 experts suggest these 8 side hustles to try this year if you're looking to make money outside your job
▼ + stars: | 2024-03-16 | by ( Madison Hoff | ) www.businessinsider.com time to read: +10 min

AdvertisementSide hustles can include building a profitable business, spending a few minutes on an online gig like survey work, or working a job that falls outside your typical 9-to-5. AdvertisementPet sitting or other kinds of care workAnother side job could be watching someone's pets or care-related side hustles. AdvertisementFood deliveryThere are several food delivery platforms people can try as a side job, such as Uber Eats. "You may be really passionate about art or that creative side, but that's not something that you do in your day job," Caban said. Have you made money from a side job or a side hustle?

Persons: Instawork's Kira Caban, Ted Rossman, —, Kira Caban, it's, Gen Zers, Rossman, Caban, Davis, Taylor Swift, Scott, Meghan Lim, Lim, Uber, Erin Couch, Couch Organizations: Service, Instawork, Business, BI, Baseball, Connect Locations: Nashville

☆ The job more parents are taking to get a discount on their kids' college tuition
▼ + stars: | 2024-03-06 | by ( Kevin Williams | ) www.cnbc.com time to read: +5 min

As a college staff member, Heater gets deeply discounted tuition at the private Marianist Catholic college with approximately 8,000 undergraduate students. She compared universities in her area and their benefits and decided on University of Dayton, which offers tuition benefits for staff workers and their dependents. Washington said that workers and their dependents can also use a tuition exchange program, which allows them to transfer their tuition benefits within a pool of participating schools. For instance, once the tuition benefit exceeds the IRS' guidelines of $5,250 annually, the rest is generally considered taxable income. She said she thinks a lack of awareness about tuition benefits programs keeps them from being more popular.

Persons: Ariel Skelley, Troy Washington, Washington, Jacob Channel, Sherry Kirkland, Kirkland Organizations: Digitalvision, Getty, University of Dayton, Catholic, University of Dayton's, College and University Professional, for Human Resources, Wilmington University Locations: Ohio, Delaware

☆ 36% of homebuyers and sellers don’t know they can negotiate real estate agent fees. Here’s how to do it
▼ + stars: | 2024-02-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

In this article TREE Follow your favorite stocks CREATE FREE ACCOUNTFuse | Corbis | Getty ImagesHow real estate agent commissions workIn 2023, the average commission was 5.37%, LendingTree found. Yet 48% of homebuyers and sellers didn't know how much their agent received in commission for their latest home transaction, according to LendingTree. "[Real estate agents] are doing a lot of work behind the scenes that isn't necessarily [or] immediately apparent to sellers and buyers," he said. How to negotiate real estate agent feesWhile real estate agents must be upfront with their fees, buyers and sellers should make sure to ask questions about what they are charging and why. If you're working with a dual agent, or a real estate agent who's representing both the buyer and seller, you might point out to them that they don't have to split the commission with anyone.

Persons: LendingTree Organizations: Federal Reserve, National Association of Realtors . Technology, Antitrust

☆ Here are Wednesday's biggest analyst calls: Apple, Nvidia, Salesforce, Dell, Microsoft, Snap, McDonald's & more
▼ + stars: | 2024-02-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by Apple amid reports the company canceled its car project. Barclays reiterates Microsoft as overweight Barclays says investments made in advertising is a "$50 billion opportunity" for Microsoft. Goldman Sachs reiterates Salesforce as buy Goldman said it sees "upside" heading into Salesforce earnings Wednesday afternoon. Barclays initiates Weatherford as overweight Barclays says the oil services company is a "reborn industry player." Barclays upgrades Ecolab as overweight from equal weight Barclays says it has "strong visibility" for the food safety company.

Persons: Smucker, Stifel, DELL, Morgan Stanley, Apple, it's, NVDA, Goldman Sachs, Goldman, FSLR, Salesforce, Raymond James, Bernstein, Stellantis, Cantor Fitzgerald, Cantor, KBW, it's bullish, Guggenheim, McDonald's, Craig, Hallum Organizations: Apple, Barclays, Microsoft, U.S, " Bank of America, Nvidia, Bank of America, Constellation Energy, JPMorgan, Apollo, JMP, Weatherford, Bright, Holdings Locations: J.M, CY2026, Europe, UK, China, India, CEG

Thanks to high mortgage rates, mortgage refinance rates, and even higher home prices, the mood among hopeful homebuyers has been fairly bleak. Is there a chance the housing market will crash anytime soon? Though a large number of Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond. The US is currently between 2.3 million and 6.5 million units short of a healthy housing supply, according to Realtor.com. What a housing market crash would mean for homebuyersAnything is possible, and nobody has a crystal ball to see for certain what will happen in the housing market in the coming months and years.

Persons: —, homebuyers, Fannie Mae's, Lawrence Yun, Yun Organizations: Service, Housing Survey, National Association of Realtors, Housing Locations: Chevron

☆ Americans have racked up a trillion dollars in credit card debt. That’s actually okay
▼ + stars: | 2024-02-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Americans racked up a record amount of credit card debt in 2023, soaring past a trillion dollars. “Consumers still have a lot of money left over to be able to spend, so the credit card data is often misinterpreted,” Russell Price, chief economist at Ameriprise Financial, told CNN. According to a LendingTree analysis of more than 350,000 credit reports, the average unpaid credit card balance was $6,864 in the fourth quarter. Overall, US household debt (including credit card balances) rose to a new high of $17.5 trillion in the fourth quarter, up 1.2% from the prior three-month period. So, while there certainly isn’t a shortage of economic hurdles bedeviling people’s budget — and credit card debt has surged — the big picture indicates that, so far, Americans (and their economy) remain healthy.

Persons: ” Russell Price, Price, haven’t, market’s, ” Gregory Daco, ” Lara Rhame, Laura, Jensen Huang, Christine Lagarde, Virgin, Michael Barr, Raphael Bostic, Susan Collins, John Williams, Papa, Austan Goolsbee, Loretta Mester, fuboTV, Christopher Waller, Mary Daly, Adriana Kugler Organizations: CNN Business, Bell, DC CNN, Workers, New York Fed, Consumers, Ameriprise, CNN, Federal Reserve Bank of New, . New York Fed, Employers, Soaring, FS Investments, Nvidia, Huawei, AMD, Microsoft, Broadcom, US Commerce Department, Central Bank, eBay, Smucker, Urban Outfitters, Global, Board, TJX, Monster Beverage, Baidu, HP, Paramount Global, Anheuser, Busch Inbev, Dell Technologies, Papa John’s, US Labor Department, National Association of Realtors, P, China’s National Bureau, Statistics, Pearson, P Global, Institute for Supply Management, University of Michigan Locations: Washington, Federal Reserve Bank of New York, ., EY, Santa Clara, Singapore, Shenzhen, China, Beijing, CAVA

☆ Fed's favorite inflation gauge looms next week — plus, what we want from 2 portfolio earnings reports
▼ + stars: | 2024-02-24 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Wall Street returned to its winning ways this week — and Nvidia 's blowout earnings report Wednesday night was a big reason why. Twenty-six of our 32 portfolio stocks have delivered their results this earnings season (we didn't own Abbott Labs at the time of its report). It was a muted week for macroeconomic data, but we did get a slightly better-than-expected January existing home sales report on Thursday. In the week ahead, two more Club names are set to report earnings before a market-moving economic update arrives Thursday morning. The two other reports of note are the January new home sales report on Monday and ISM Manufacturing report on Friday.

Persons: Dow, we'll, bode, We're, Li Auto, Krystal, Arcutis, MARA, Iovance, Goldman Sachs BDC, CRON, BUD, Papa, LEV, Ginkgo, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nvidia, Nasdaq, Dow Jones, Dow, Palo Alto Networks, Bausch Health, Coterra Energy, Abbott, Companies, TJX, Marshalls, TJX Companies, Berkshire Hathaway, Krystal Biotech, Alpha Metallurgical Resources , Inc, Fidelity National Information Services Inc, Animal Health, ELAN, Public Service Enterprise Group, Surgery Partners, BioCryst Pharmaceuticals Inc, Outdoor Holdings, Enlight Renewable Energy Ltd, Kosmos Energy, Playtika, Video Communications, TiRobot Corp, IRB, SBAC Communications Corporation, HEICO Corporation, FS KKR, Archer Aviation Inc, TransMedics, Sterling Construction Company, AES, Cruise Line Holdings, Lowe's Companies, American Electric Power Company, Bank of Nova, APLS Pharmaceuticals, Bank of Montreal, BMO, Devon Energy, Solar Inc, Technologies, Lab, Virgin Galactic Holdings, Splunk Inc, eBay, EBAY, Luminar Technologies, Agilent Technologies, G Foods, Masimo Corp, Baidu, Parts Inc, Icahn Enterprises, Viatris Inc, ACM Research, Golden Ocean Group, EMCOR, Industries, NRG Energy, Dycom, Editas, UWM Holdings Corporation, Vistra Energy, Marathon Digital Holdings, AMC Entertainment Holdings, Paramount Global, IonQ Inc, International, HP, Monster Beverage Corporation, Cronos, Birkenstock Holding, Anheuser, Busch InBev, Body, Brink's Company, Flags Inc, Papa John's, ACI, Hormel, Lion Electric Company, BlackRock TCP, Dole plc, DOLE, Fisker Inc, Dell Technologies, Ginkgo Bioworks Holdings, Autodesk, Green Brick Partners, Hewlett Packard Enterprise, Veeva Systems, INTTEST Corporation, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: New York City, U.S, Salesforce, Maxx, Bank of Nova Scotia, BlackRock, Cayman

☆ Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: 'People are really struggling'
▼ + stars: | 2024-02-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York's latest Household Debt and Credit Report. Debt holders say they put around $363 per month toward their credit card debt in 2023, slightly less than the $430 they paid monthly in 2022. How interest rates and inflation impact credit card debtOne reason people are contributing less is due to record-high credit card interest rates combined with elevated prices for everyday goods, says Matt Schulz, chief credit analyst at LendingTree. Making a plan to get out of credit card debt

Persons: Matt Schulz, Schulz, they've Organizations: Federal Reserve Bank of New, LendingTree Locations: U.S, New York, York

☆ 52% of Black Americans say homeownership is a mark of success, report finds. But it can conflict with other goals
▼ + stars: | 2024-02-21 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Maskot | Digitalvision | Getty Images'Homeownership has a lot more expenses than renting'"Homeownership has a lot more expenses than renting: taxes, insurance, maintenance, down payment. All these factors need to be considered," said Cherry, a member of CNBC's Financial Advisor Council. "Understand what it is to be a homeowner and how things work," said Elliott, also a member of CNBC's Financial Advisor Council. "The cost of homeownership versus renting has been made [it] daunting to become a homeowner. "At the end of the day, what good is being a homeowner when you can't provide basic necessities for yourself and your loved ones?"

Persons: Cherry, Kamila Elliott, Elliott, Susan M, Wachter, Preston D, Jacob Channel Organizations: Digitalvision, Getty, CNBC's, CFP, Wealth Partners, CNBC, Council, The Wharton School, University of Pennsylvania, Cherry Locations: Atlanta, U.S

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