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☆ What the Fed’s Moves Mean for Mortgages, Credit Cards and More
▼ + stars: | 2024-05-01 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

American households who have been hoping interest rates would soon decline may have to wait a bit longer. The Federal Reserve is expected to keep its benchmark interest rate unchanged on Wednesday. But yet another report of persistent inflation may ultimately cause the policy-making body to keep rates elevated for longer than it had previously expected. For people with money stashed away in higher-yielding savings accounts, a continuation of elevated rates translates into more interest earnings. But for people saddled with high cost credit card debt, or aspiring homeowners who have been sidelined by higher interest rates, a lower-rate environment can’t come soon enough.

Persons: they’ve Organizations: Federal

☆ Sex Workers Have Been Shunned by Banks, Even When Their Work Is Legal
▼ + stars: | 2023-11-18 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +2 min

“We do not prohibit people in this industry from having personal bank accounts with us,” she added. One of the risks associated with sex work is money laundering and human trafficking, where victims, mostly women, are forced or coerced to engage in commercial sex acts. Many banks and other financial platforms avoid doing business with these industries altogether. “That is the problem we have — trying to recognize potential human trafficking that we would have to report.”Beyond banks, many financial services apps have blanket bans, which state they won’t process any transactions related to adult content or services. CashApp — which, like Square, is owned by Block — lists “selling adult content and services” on its “not allowed” list.

Persons: Trish Wexler, Chase, ”, — Organizations: Treasury, PayPal, Block Locations: OnlyFans

☆ What Fed Rates Mean for Mortgages, Credit Cards and More
▼ + stars: | 2023-11-01 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Policymakers at the Federal Reserve will announce their latest decision on interest rates on Wednesday, and although they are expected to keep rates steady, their assessment of the economy often moves markets, with implications for borrowers and savers. The Fed last raised its benchmark rate, the federal funds rate, in July to a range of 5.25 to 5.5 percent. A series of rate increases that began in March last year was intended to rein in inflation, which has cooled but remains elevated, leading Fed officials to suggest that they will keep rates high for a prolonged period of time. That means the cost of credit cards and mortgages may remain relatively high, making it more difficult for people who want to pay down debt — as well as those who want to take out new loans to renovate their kitchen or buy a new car. In recent weeks, the long-term market rates that influence many types of consumer and business loans have drifted higher, even as the Fed left its key rate on hold.

Persons: ”, Anna N’Jie Organizations: Federal Reserve, Fed, Re

☆ What Fed Rate Moves Mean for Mortgages, Credit Cards and More
▼ + stars: | 2023-09-20 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Policymakers at the Federal Reserve will announce their latest decision on interest rates on Wednesday, after a series of increases squeezed the budgets of debt-laden Americans and rewarded those with money to stash in savings. The Federal Reserve has raised its benchmark rate, the federal funds rate, to a range of 5.25 to 5.5 percent to rein in inflation, which recently sped up as gas prices rose. Prices remain elevated, leading the Fed to keep rates high for a prolonged period of time. That means the cost of credit cards and mortgages may remain relatively high, making it more difficult for people who want to pay down debt — as well as those who want to take out new loans to renovate their kitchen or buy a new car. “We were very spoiled for a while with low rates, and that lulled us into a false sense of security in terms of what the true cost of debt can be,” said Anna N’Jie-Konte, president of Re-Envision Wealth, a wealth management firm.

Persons: ”, Anna N’Jie Organizations: Federal Reserve, Federal, Fed, Re

☆ Student Loan Payments Are Due Again. Here Are 5 Things to Know.
▼ + stars: | 2023-08-31 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

After about 42 months, the student loan payment hiatus is officially ending: Interest on federal loans begins accruing again in September, and monthly payments will become due in October. To help borrowers with this transition, the Biden administration has provided some leeway for the first year after payments begin. So if you miss a monthly payment from Oct. 1 to Sept. 30, 2024, you won’t be considered delinquent. You’re more likely to find a payment plan you can afford. The Biden administration recently opened up its more affordable income-driven repayment plan, SAVE, which pegs the size of your monthly payment to your income and family size.

Persons: Biden, won’t, You’re

☆ Biden’s New Student Loan Repayment Plan Is Open. Here’s How to Enroll.
▼ + stars: | 2023-08-22 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

It also creates a new safety net, automatically enrolling certain borrowers into the SAVE plan after they have fallen behind on their payments. By enrolling now, you can have your paperwork processed with enough time before your first payment becomes due, officials added. Borrowers won’t receive the full benefits of the plan until next summer, because some features won’t immediately take effect. Here’s a rundown on how the plan will work:Who is eligible for the new repayment plan? Parents who borrowed to pay for their children’s schooling using Parent PLUS loans cannot enroll in the new plan.

Persons: —, won’t Organizations: SAVE

☆ Discharging Student Debt in Bankruptcy Is Supposed to Be Easier Than Before
▼ + stars: | 2023-08-09 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Alista Lineburg is not a lawyer, but she assumed the role when she couldn’t find one to help her discharge $146,000 of federal student debt in bankruptcy. Ms. Lineburg, 49, knows this all too well. “The attorney called and she said, ‘You can’t win this,’” Ms. Lineburg recalled. “I feel like I can finally get ahead,” said Ms. Lineburg, who lives in Fairport Harbor, Ohio. Unlike credit card, medical and other consumer debts, student loans don’t automatically disappear in bankruptcy.

Persons: Lineburg, ” Locations: Fairport Harbor , Ohio

☆ Angelo Mozilo, Whose Mortgage Giant Fell in Housing Bust, Dies at 84
▼ + stars: | 2023-07-18 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Angelo Mozilo, a founder of Countrywide Financial who presided over that lending giant’s rapid ascent and then its collapse during the financial crisis of 2008, died on Sunday. His death, in the Santa Barbara, Calif., area, was announced in a statement by the Mozilo Family Foundation, the family’s philanthropic organization. Countrywide was a major player in the run-up to the housing crisis, when looser financial regulations enabled lenders to aggressively sell risky mortgage products to prospective homeowners, contributing to a bubble in housing prices. Mr. Mozilo, the son of a Bronx butcher and who worked his way through Fordham University, became one of the most recognized executives associated with the crisis. Motivated by his modest beginnings, he had built Countrywide into one of the nation’s largest mortgage lenders by the early 2000s.

Persons: Angelo Mozilo, Mozilo Organizations: Countrywide Financial, Foundation, Countrywide, Fordham University Locations: Santa Barbara, Calif, U.S, Bronx

☆ Do You Qualify for Biden’s $39 Billion Student Debt Cancellation?
▼ + stars: | 2023-07-14 | by ( Tara Siegel Bernard | More About Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Tens of thousands of borrowers with federal student loans are probably wondering: Is my debt load about to get a little lighter? In the coming days and months, thousands of borrowers will learn whether they received an account adjustment resulting in enough qualifying payments to eliminate their loans — a process that will continue until the end of the year. After that, borrowers who don’t yet have enough qualifying payments for cancellation will receive their updated payment counts. Here’s what we know about who’s eligible:Who qualifies? Borrowers with direct loans or those made through the Federal Family Education Loan, or F.F.E.L., program and held by the Education Department may qualify, including borrowers with Parent PLUS loans.

Persons: servicers Organizations: Biden, Federal Family Education, Education Department, Parent

529 College Savings PlansI’m a parent of a toddler. What are the implications of following these two approaches: Gamble on financial aid, or be unethical? — A California readerThere are many misconceptions about how 529 college savings plans will affect a prospective student’s eligibility for financial aid, but your initial hunch was correct. If the 529 account is owned by a grandparent or another relative, it is not included in financial aid calculations. Some good news: Grandparent withdrawals will no longer be reported on the upcoming financial aid form, released in December for the 2024-25 academic year, financial aid and 529 experts said.

Persons: Gamble, it’s Organizations: Federal Student Aid Locations: California

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