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☆ Gig workers face a savings crisis for retirement
▼ + stars: | 2024-03-09 | by ( Alex Bitter | Tim Paradis | ) www.businessinsider.com time to read: +6 min

AdvertisementSome gig work services are offering a perk usually associated with traditional jobs: retirement savings accounts with matching contributions. Alexandrea Ravenelle, an assistant professor in sociology at the University of North Carolina, Chapel Hill, told BI she would like to see gig workers classified as employees of the platforms, not independent workers. Ravenelle said a better plan would be for companies to extend similar types of retirement benefits to gig workers as employees of those companies enjoy. The Robinhood program also offers gig workers on these platforms access to free financial counseling through GreenPath Financial Wellness, a nonprofit. AdvertisementSergio Avedian, a Los Angeles-based industry advocate for gig workers who drives for an app himself, often encourages gig workers to set aside money for retirement.

Persons: Robinhood, —, Alexandrea, Hill, Ravenelle, Robinhood —, Doordash, Morgan Courtney, Courtney, Taskrabbit, Steve Quirk, they'll, Quirk, Sergio Avedian Organizations: Service, University of North, Financial, Workers Locations: University of North Carolina, Los Angeles, Idaho

☆ Generation X Is Staring Down Retirement, and Student Loan Debt
▼ + stars: | 2023-08-17 | by ( Martha C. White | ) www.nytimes.com time to read: +1 min

Ms. Thompson said she was able to use the three-year pause on student loan payments to pay off some other debts. But she estimated she still had another three or four years to go before the remainder of her student loans would be paid off. “In general, we’ve seen clients focusing more on savings and not focusing on those student loans,” he said. “They really didn’t have a plan to address those student loans.”Mr. Graham said a lot of borrowers were surprised when they realized how much student loan debt could grow, since it continued to accrue interest even if the borrower had placed the loan in deferment or forbearance. “I just don’t think they understand the ramifications of the interest being charged on that debt over time,” Mr. Graham said.

Persons: Thompson, “, Ms, “ It’s, ”, Trent Graham, we’ve, Mr, Graham, accrual, ” Mr Locations: GreenPath, deferment, forbearance

☆ Credit card interest rates keep climbing. Here's what consumers need to know and what they can do about it
▼ + stars: | 2023-05-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Here's what consumers need to know about the rising rates on their cards — and what they can do about it. Your credit card statement should list your interest rate, and you can also find it online by logging into your account, Rossman said. There are ways to pay less interestFor those struggling with credit card debt, Rossman said he recommends first looking to see if you qualify for a so-called 0% balance transfer card. watch nowAnother option is taking out a personal loan and using the funds to pay off your credit card debt. GreenPath manager Cook said you can also try asking your credit card issuer if it will lower your interest rate.

☆ Free weekly credit reports are available through the end of 2023. Why you may want to check yours now
▼ + stars: | 2022-10-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Your credit score can make or break your ability to open a credit card or buy a new car or home at attractive interest rates. Keeping tabs on your credit report — which outlines your debts, bill payment history and other financial information — can help you do that. The three major credit reporting agencies — Equifax, Experian and TransUnion — recently extended the availability of free weekly credit reports to consumers through the end of 2023. The reports are available at the Annual Credit Report website. While the free credit report you'll get won't show your credit score, it can offer clues in terms of how to boost that number.

☆ How to Consolidate Credit Card Debt
▼ + stars: | 2022-09-15 | by ( ) www.wsj.com time to read: +16 min

By Kat TretinaIf your credit card debt feels out of control, you’re not alone. Opt for a 0% APR balance transfer credit cardWho it’s best for: Borrowers with excellent credit who can pay off their balance in six to 18 monthsIf you have a balance on your cards, a popular credit card debt consolidation strategy is to apply for a balance transfer credit card. Get a credit card debt consolidation loanWho it’s best for: Borrowers with good to excellent credit that need more time to pay off their debtIf you’re researching how to pay off credit card debt fast, another option is to apply for a debt consolidation loan. Unless you stick to a repayment plan, you could quickly rack up credit card debt on top of the debt consolidation loan. If figuring out how to pay down credit card debt makes you feel overwhelmed, another option is to work with a nonprofit credit counseling agency and enter into a debt management plan, or DMP.

A credit card cash advance is money you borrow from your credit card's credit limit. Credit card cash advances can also affect your credit utilization, a major factor that determines your credit score. Understanding Credit Card Cash AdvancesWhat Is a Credit Card Cash Advance? Pros and Cons of Credit Card Cash AdvancesAdvantages of Cash AdvancesCash advances offer immediate liquidity, which can be a lifesaver in emergencies. The interest rate for a credit card cash advance is entirely contingent on the credit card issuer, but it's generally higher than the interest rate for regular purchases.

Persons: —, it's, Cash, Jeremy Lark Organizations: Business Insider, Citi, Service, Financial, Cash

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