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☆ Buy now pay later more positive than 'phantom debt' suggests, says Bankrate's Ted Rossman
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBuy now pay later more positive than 'phantom debt' suggests, says Bankrate's Ted RossmanTed Rossman, Bankrate Senior Industry Analyst, joins 'Fast Money' to talk the buy now pay later space and whether the U.S. consumer should be worried about 'phantom debt'.

Persons: Ted Rossman Ted Rossman Locations: Bankrate, U.S

☆ Interest rates are staying high—how to make them work in your favor
▼ + stars: | 2024-05-03 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +2 min

If you were hoping interest rates might come down this spring, you're likely going to have to wait a little bit longer. After more than a decade of near-zero interest rates, savers are now in an environment where they're being rewarded for keeping deposits in the bank. And with interest rates staying at their decades-long high for longer, savers have an extended window to take advantage of everything banks are offering. "We did a study recently and found that very few people are earning even 4% on their savings," Rossman says. Now is a great time to shop around for the most favorable terms and lock in those interest rates while they're here, Rossman says.

Persons: That's, Ted Rossman, Rossman Organizations: U.S . Federal Reserve, Federal Deposit Insurance Corporation Locations: U.S

"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

☆ How a stay-at-home dad turned his passion for pickleball into 'a game changer' side hustle
▼ + stars: | 2024-04-28 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

But outside these and other tasks, Echavidre, 45, spends time playing pickleball in California. Other stay-at-home parents could find it helpful to pick up work on the side. Echavidre recommends other stay-at-home parents try to earn money through something they are passionate about if they have time. If you are looking to pick up side work, Echavidre said to look out for what's in demand. He said he especially finds older and retired people are playing pickleball.

Persons: —, Antoine Echavidre's, pickleball, Echavidre, Ted Rossman, Rossman, he's Organizations: Service, Sports & Fitness Industry Association, Business, Social, Fitness Locations: California, TeachMe.To, Japan, France

☆ 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

☆ Americans are still splurging on travel and entertainment — even as credit card debt tops $1 trillion
▼ + stars: | 2024-04-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Revenge spending is not dead. Even as Americans owe $1.13 trillion on their credit cards, consumers are still willing to splurge on impulsive purchases. It's a phenomenon also known as "doom spending," or spending money despite economic and geopolitical concerns. Roughly 38% of adults plan to take on more debt to travel, dine out and see live entertainment in the year ahead, according to a recent report by Bankrate. "There's still a lot of demand for out-of-home entertainment," said Ted Rossman, senior industry analyst at Bankrate.

Persons: Taylor, Bankrate, Ted Rossman, Rossman Organizations: Bankrate

☆ 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

☆ Inflation will be key to Fed's decision on rate cuts: Moody's Mark Zandi
▼ + stars: | 2024-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation will be key to Fed's decision on rate cuts: Moody's Mark ZandiMark Zandi, Moody's Analytics chief economist, and Ted Rossman, senior industry analyst at Bankrate, and CNBC's Steve Liesman join 'The Exchange' to break down Jerome Powell's Wednesday remarks and more.

Persons: Mark Zandi Mark Zandi, Ted Rossman, Steve Liesman, Jerome Powell's

☆ 3 smart money moves to make in your 20s to be more successful
▼ + stars: | 2024-03-27 | by ( Annie Probert | ) www.cnbc.com time to read: +3 min

If you're questioning how to put your money to use in your 20s, here are three smart money moves to set yourself up for success later in life, according to two certified financial planners. The most common forms of debt for twentysomethings include credit cards, auto loans, student loans and personal loans. High interest rates have made paying off debt even harder, and in 2023 people under 29 carried an average of nearly $3,000 in credit card debt. To tackle credit card debt, Rossman recommends either signing up for a 0% balance transfer card or consolidating your credit card debt if you have several balances on different cards. Student loans are another common burden for many young people, with nearly 35% of adults ages 18 to 29 carrying student loan debt, according to the Education Data Initiative.

Persons: you've, Z, Andrew Fincher, Joe Conroy, Ted Rossman, Rossman, Fincher Organizations: Financial, CNBC, Education Data Initiative Locations: what's

☆ How to make high interest rates work for your hard-earned savings
▼ + stars: | 2024-03-20 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: ”, Ted Rossman, ” Rossman, Ken Tumin, Schwab, you’d, Tumin, Doug Ornstein, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Bankrate, JPMorgan Chase, Bank of America, Fidelity, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Edelman, AAA Locations: New York, Wells Fargo, United States

☆ The Fed hasn't touched interest rates since July, but they're still moving. What that looks like for credit cards, mortgages and savings accounts
▼ + stars: | 2024-03-20 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +4 min

It's one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. Credit cardsThe flip side to the positive environment for savers is the expensive credit card market: Consumers carrying balances on their cards face historically high rates. "The Fed is not going to come to your rescue on credit card rates," Rossman said. The Fed is not going to come to your rescue on credit card rates. Mortgage ratesWhile savings and credit card rates are very sensitive to maneuvers from the Federal Reserve, the area that might see the most movement is housing.

Persons: Ted Rossman, There's, Rossman, they've, they'd, Bankrate Rossman Organizations: Hinterhaus, Getty, U.S . Federal Deposit Insurance Corp, Federal Reserve

☆ The Fed holds interest rates steady. What that means for your money
▼ + stars: | 2024-03-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Annual percentage rates will start to come down when the Fed cuts rates, but even then they will only ease off extremely high levels. That's up from 4.4% when the Fed started raising rates in March 2022 and 3.27% at the end of 2021, according to Bankrate. Doug Duncan, chief economist at Fannie Mae, expects mortgage rates will end the year at 6.4%, but that won't provide much of a boost for would-be homebuyers. If rates come down and it ramps up demand and there's no supply, the only thing that happens is that home prices go up." Once the Fed cuts rates, "that gives people a little more breathing room," Drury said.

Persons: Brett House, Ted Rossman, Doug Duncan, Fannie Mae, Duncan, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds

☆ 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

☆ Credit card late fees will soon be capped at $8—why you should aim to pay on time anyway
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The days of double digit late fees for late credit card payments may be coming to an end. On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. For the past decade, consumers have faced increasing credit card late fees with the average cost of a late payment rising from $23 at the end 2010 to $32 in 2022, according to the CFPB. However, the agency says many larger credit card issuers hiked those late fees each year without proving why the increase was necessary. I don't think $8 is enough of a deterrent [against making late payments]," he tells CNBC Make It.

Persons: Rohit Chopra, Ted Rossman Organizations: Consumer Financial, Federal, CNBC, American Bankers Association

☆ Credit card users can save over $400 a year by switching issuers, CFPB says
▼ + stars: | 2024-02-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Olga Rolenko | Moment | Getty ImagesCard balances and total debt at are all-time highsThe agency's findings come as average credit card balances and total credit card debt hit all-time highs at the end of 2023. The average credit card interest rate for all accountholders was more than 21% in November, also a record, according to Federal Reserve data. The federal agency's analysis defines large lenders as the nation's 25 biggest, and small lenders as all others in its sample. Credit scores didn't impact findingsThe CFPB's new interest-rate findings are consistent regardless of a consumer's credit score, it said. Why interest rates may not matter for some usersThe CFPB report doesn't necessarily offer a complete picture of the credit card market, Rossman said.

Persons: Olga Rolenko, spokespeople, Lindsey Johnson, CFPB, Ted Rossman, Rossman, cardholders, Bankrate, Rohit Chopra Organizations: Federal Reserve, Consumer Bankers Association, American Bankers Association, —

☆ Americans have $1.13 trillion in credit card debt. Here are some expert tips to help pay yours off
▼ + stars: | 2024-02-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs. More from Personal Finance:Average credit card balances jump 10% to a record $6,360Credit card debt hits a 'staggering' $1.13 trillionAmericans can't pay an unexpected $1,000 expense Already, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record high 20.74%, according to Bankrate. Try a 0% balance transfer credit card "My favorite tip is to sign up for a 0% balance transfer credit card," said Ted Rossman, senior industry analyst at Bankrate. Those offers are "just about the best tool you have against credit card debt," added Matt Schulz, chief credit analyst at LendingTree.

Persons: Achilles, Tomas Philipson, Philipson, Ted Rossman, Matt Schulz Organizations: University of Chicago, White House Council, Economic Advisers, Finance

☆ Average credit card balances jump 10% to a record $6,360 as more consumers fall behind on payments
▼ + stars: | 2024-02-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Americans now owe $1.13 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. In that case, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record-high 20.74%, according to Bankrate. Millennials increasingly lean on creditStill, consumers often turn to credit cards, in part because they are more accessible than other types of loans. How to tackle credit card debt

Persons: Ted Rossman, Cardholders, Wise, that's Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York, TransUnion

☆ Lower rates help homebuyers more than cardholders: Bankrate's Ted Rossman
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLower rates help homebuyers more than cardholders: Bankrate's Ted RossmanTed Rossman, senior industry analyst at Bankrate.com, joins 'The Exchange' to discuss how rates affect home prices, the outlook for homebuyers, and more.

Persons: Ted Rossman Ted Rossman

☆ The buy now, pay later holiday debt hangover has arrived, as consumers wonder how they'll pay bills
▼ + stars: | 2024-01-21 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

So she turned to a novel solution to get through the season: Buy now, pay later. It's tough to say how buy now, pay later fits into the country's overall debt picture. Klarna, PayPal and Affirm all declined to share buy now, pay later delinquency rates with CNBC. Affirm has said the short-term and high-velocity nature of its buy now, pay later service makes traditional credit metrics less relevant. Klarna said its global default rate for its overall business including buy now, pay later is less than 1%.

Persons: Kiki Andersen, Andersen, I've, I'm, It's, Ted Rossman, delinquencies, who've, Klarna Organizations: PayPal, CNBC, Adobe, Federal Reserve Locations: Los Angeles, U.S

☆ What student loan borrowers should know about their credit as bills restart
▼ + stars: | 2024-01-21 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

D3sign | Moment | Getty ImagesFederal student loan bills resumed in the fall after a pause of more than three years. "Negative information shouldn't be reported during the 12-month on-ramp period, but positive information should be included," Rossman said. Still, check for errors on your credit reportStudent loan borrowers should regularly check their credit reports to make sure the information is accurate, Kantrowitz said. If your loan servicer makes an error, such as reporting your loan as delinquent during the on-ramp period, you'll want to bring it to their attention quickly, he said. In this case the creditor would be your student loan servicer, on behalf of the U.S. Department of Education.

Persons: Ted Rossman, Rossman, Kantrowitz, — Organizations: U.S . Department of Education Locations: Annualcreditreport.com

☆ Here are two child credits parents can take advantage of this tax season
▼ + stars: | 2024-01-19 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Maskot | Maskot | Getty ImagesHow the child tax credit worksThe child tax credit is meant to help families navigating the expense of raising a child. "The intent behind the child tax credit is to give parents a bit of a break," said Ted Rossman, a senior industry analyst at Bankrate. The child tax credit was temporarily expanded during the pandemic, but expired at the end of 2021. Now, Lawmakers are considering an $87 billion bipartisan tax agreement that could once again boost the child tax credit starting in 2023. "The child tax credit is very broadly applied," Rossman said.

Persons: Ted Rossman, Rossman Organizations: Maskot

Once the new "love interest" gains your trust, they may claim that someone close to them is sick, hurt or in jail. Another frequent lie from an online "love interest" is an offer to help invest in cryptocurrency. How to avoid romance scams: Talk to friends or family about a new love interest and pay attention if they're concerned. Don't share with a love interest any personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity. Employment scamsBusiness and job-related scams are another top category of financial fraud, and with companies laying off workers, these schemes are likely to continue in 2024.

Persons: —, Fraudsters, General Merrick B, Garland, Michael Bruemmer, Ted Rossman, you've, they've, it's Organizations: Istock, Getty, U.S, CNBC, FTC, cryptocurrency Locations: cryptocurrency

☆ Credit card delinquencies surpass pre-pandemic levels
▼ + stars: | 2024-01-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

New York CNN —More Americans are buckling under the weight of mounting credit card debt. The Philadelphia Fed analyzed consumer credit card and mortgage data that large banks provide to the Federal Reserve on a quarterly basis. As such, a greater share of people are revolving all or part of their credit card balance. This nearly three-year stretch of high inflation and strong consumer spending has helped to send consumer debt — especially credit card balances — ballooning. It’s typically practical matters — that surprise medical bill, unexpected home or car repair, and day-to-day expenses — that get people into credit card debt, Rossman said.

Persons: New York CNN —, Gene Huang, Anna Veksler, “, Ted Rossman, Bankrate, Rossman, “ That’s, it’s, ” Organizations: New, New York CNN, Federal Reserve Bank of Philadelphia, Philadelphia Fed, Federal Reserve, Philly Fed, CNN Business Locations: New York

☆ Americans are racking up more 'phantom debt' — why that's a problem
▼ + stars: | 2024-01-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Buy now, pay later is now one of the fastest-growing categories in consumer finance, according to a separate report by Wells Fargo. "It's hard to know how much of this debt is out there," said Ted Rossman, senior industry analyst at Bankrate. However, managing multiple buy now, pay later loans with different payment dates can also be a challenge, Quinlan added. "BNPL could lead to an increase in consumer debt, as consumers may be more likely to take on additional debt if they know they can spread out the payments," he said. watch nowWhile the typical terms might break a purchase into four equal interest-free payments, not all buy now, pay later loans work that way.

Persons: Wells, Tim Quinlan, Quinlan, Ted Rossman, Max Levchin, Rossman Organizations: Wells, Finance Locations: Wells Fargo

☆ Carrying a credit card balance is costing you $1,140 per year — and is about to get much worse
▼ + stars: | 2023-12-05 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

However, credit card balances are especially worrisome because they are going to keep getting worse. That means the average American could be spending $1,140 every year on credit card interest and fees alone. Americans have been accruing a lot of credit card debt at a terrible timeAccording to the Federal Reserve Bank of New York, Americans had nearly $1.1 trillion in credit card debt in the third quarter of this year. Credit card interest rates, which had already been at their highest level since the mid-1990s, started soaring even higher. But with credit card debt going through the roof, the blissful spending could come to a screeching halt.

Persons: couldn't, —, Gary Coronado, LendingTree, Ted Rossman, Biden Organizations: Service, SoFi Bank, Federal Reserve, Federal Reserve Bank of New, Federal Reserve Board, Fed, New York, New York Fed, Consumer Financial, CNN, Household Economics Locations: WalletHub, Federal Reserve Bank of New York, delinquencies

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