DIRS.INFO The most relevant business & tech news

☆ The credit card crisis is worse for millennials and Gen Zers
▼ + stars: | 2024-03-09 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

The credit card debt for young Americans has grown at a faster pace than other generations. AdvertisementAmericans are in the midst of a credit card crisis, and nobody is being hit harder than millennials and Gen Zers. The study examined the anonymized credit scores of 41 million customers and anonymized credit card balances for about 80 million people in March 2022 and February 2024. Credit scores are falling for young AmericansThe soaring credit card debt has coincided with falling credit scores for these younger groups of consumers. If that happens, credit card debt will likely keep growing, and credit scores for young Americans could keep dropping.

Persons: Gen Zers, —, Zers, Z, millennials —, Rich Franks, Franks, Gen Z, that's, OnePoll, millennials Organizations: Service, Federal Reserve Bank, Intuit Credit Karma, Intuit Credit, Forbes, MMI, Money Management Locations: millennials

This is a type of savings account that offers a significantly higher interest rate than a traditional savings account. For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. Credit Karma Savings Account FAQsIs Credit Karma savings a good idea? Yes, Credit Karma offers the Credit Karma Money Save Account, which is a high-yield savings account paying 4.10% APY. You can take money our of your Credit Karma savings account by transferring money to a linked external account or to your Credit Karma Money Spend Account.

Persons: It's, Karma, Ally, Synchrony, Kit Pulliam, Kit, Read Organizations: MVB Bank, CIT Bank, Savings, CIT, Better, Google, Apple, Credit Karma, Intuit, Karma, Better Business, Federal Trade Commission, FTC, Chevron, Karma Savings, Bank, Synchrony, Finance, Business, Vanderbilt University, Analysts

☆ Why can’t today’s young adults leave the nest? Blame high housing costs
▼ + stars: | 2024-01-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

But for young adults just starting out, soaring home prices and sky-high rents have become one of the greatest obstacles to making it on their own. Nearly one-third, or 31%, of Generation Z adults live at home with parents because they can't afford to buy or rent their own space, according to a recent report by Intuit Credit Karma that polled 1,249 people age 18 and older. Gen Z is generally defined as those born between 1996 and 2012, including a cohort of teens and tweens. Now, 25% of young adults live in a multigenerational household, up from just 9% five decades ago. 1 reason families are doubling up, Pew also found, due in part to ballooning student debt and housing costs.

Persons: tweens, Courtney Alev, Pew Organizations: Intuit Credit Karma, Finance, Intuit Credit, Pew Research Center

☆ Shoppers are worried about the economy so they're 'doom spending' to make themselves feel better
▼ + stars: | 2023-11-30 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

'Doom spending' is the idea of spending money to cope with stress about the economy or foreign affairs. More than a quarter of Americans are "doom spending," according to a report from Intuit Credit Karma. Strong consumer spending has helped prop up the economy in the past several months. The rise of mobile shopping has also made doom spending almost as easy as doomscrolling. AdvertisementThe phenomenon is most prevalent among younger generations, with 35% of Gen Zers, and 43% of millennials admitting to doom spending.

Persons: —, Courtney Alev, Gen Zers Organizations: Intuit Credit Karma, Service, Credit Karma

☆ Americans are 'doom spending' — here's why that's a problem
▼ + stars: | 2023-11-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Consumer spending has remained remarkably resilient in the face of some stiff economic headwinds. Nearly all Americans, 96%, are concerned about the current state of the economy, according to a recent report by Intuit Credit Karma. Still, more than a quarter are "doom spending," or spending money despite economic and geopolitical concerns, the report found. This season, holiday spending is expected to reach record levels, totaling up to $966.6 billion, the NRF projects. Rather than cut expenses, 73% of Gen Zers say they would rather live in the moment, a recent Prosperity Index study by Intuit found.

Persons: Courtney Alev, Gen Zers Organizations: Nike, Woodbury, Intuit Credit Karma, National Retail Federation, Finance, Intuit, Bank of America Locations: Central Valley , New York, U.S

☆ Bankrupt Lordstown Motors reaches $40 million settlement with Karma Automotive
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

Lordstown Motors and Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoAug 15 (Reuters) - Lordstown Motors said on Tuesday it had reached a $40-million settlement with Karma Automotive over a 2020 lawsuit in which the now-bankrupt electric vehicle firm was accused of stealing proprietary technology. The settlement, placed with the bankruptcy court for approval, involves $5 million to be paid as royalty for the use of Karma's intellectual property, which Lordstown was accused of having misappropriated. That case was scheduled for trial in September before being placed on hold by Lordstown's bankruptcy. In case the settlement is not approved and the case goes to trial, Lordstown will continue to defend against Karma's claims, the filing added.

Persons: Dado Ruvic, Lordstown, Karma, Taiwan's Foxconn, Karma's, Yuvraj Malik, Shweta Agarwal Organizations: Lordstown Motors, REUTERS, Karma Automotive, Thomson Locations: . California, Bengaluru

☆ As Reddit battles OpenAI and sees its pre-IPO valuation fall, I can't help quoting Taylor Swift: Karma's gonna track you down
▼ + stars: | 2023-06-05 | by ( Julie Bort | ) www.businessinsider.com time to read: +5 min

Fidelity marked down the value of Reddit shares, a developer revealed details about new fees. Insider previously reported that Fidelity's Growth Company Fund had already marked down its Reddit stock in January disclosures. OpenAI disclosed in research that Reddit was among its massive number of sources used to train the underlying AI models. I asked ChatGPT if it is going to pay for Reddit dataI asked ChatGPT if it is going to pay for Reddit data. With its new battle against OpenAI, it's clear that Reddit feels similarly about misuse of online content.

Persons: Reddit's, Reddit, didn't, Harold Klaje, OpenAI, hasn't, Steve Huffman, Christian Selig, He's, We've, Taylor Swift Organizations: Fidelity, Techcrunch, Growth, Fund, Bloomberg

☆ Joe Exotic warns Trump in a phone interview with Fox News that 'karma's a bitch' before he's cut off by a recording saying he's in federal prison
▼ + stars: | 2023-04-17 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

In a Fox News interview, the "Tiger King" star blamed the Trump Administration for his conviction. A prerecorded message interrupted the interview, saying, "This call is from a federal prison." The "Tiger King" star previously tried and failed to get a presidential pardon from Trump, and he appears to have held a grudge for being omitted from the pardon list ever since. During a phone interview from Atlanta Penitentiary with Fox News' Lawrence Jones, Exotic blamed the Trump Administration for putting him behind bars. In his closing statement during the interview, Exotic encouraged people to visit his campaign website to learn more about his platform, but he was cut off as viewers were inadvertently reminded where he was calling from.

☆ Gen Z is chalking up credit card debt and falling behind on their payments faster than any other generation, new report says
▼ + stars: | 2023-03-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Gen Z is chalking up credit card debt faster than any other generation, a Credit Karma report says. Those in Generation Z — born between 1997 and 2012 — are racking up credit card debt faster than any other generation, according to a March 16 report from Credit Karma, a California-based personal finance company. Millennials, meanwhile, had average credit card debt of $5,898 in the last quarter of 2022. This includes credit card, mortgage, student loans, medical loans, auto lease, or auto loan accounts that are overdue by more than 30 days, per Credit Karma. Credit Karma's report comes as the luxury market looks to tap Gen Z spenders as more in the cohort gain spending power amid high inflation.

☆ Generation X carries the most credit card debt, study shows. Here's how to get those balances down
▼ + stars: | 2023-01-23 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Maskot | Digitalvision | Getty ImagesWhen it comes to credit card debt, Generation X may be struggling the most. "I think Gen Xers can be especially squeezed by credit card debt because they're living expensive years right now," said Ted Rossman, senior industry analyst for CreditCards.com. The cost of carrying credit card debt has become higherCredit card balances across all age groups hit $930 billion in the third quarter of 2022, according to the Federal Reserve Bank of New York's latest quarterly report on household debt. The average credit card now charges a record-high 20.16%, Rossman said. Those calculations, made using Credit Karma's credit card calculator, also assume no additional credit card debt was incurred while paying off that amount.

☆ As the cost of living skyrockets, nearly 1 in 3 adults rely on their parents for financial support
▼ + stars: | 2022-12-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

In this article GEN Follow your favorite stocks CREATE FREE ACCOUNTwatch nowAs the cost of living skyrockets, many adults are turning to a familiar safety net: mom and dad. Nearly a third of millennials and Gen Zers, over the age of 18, get financial support from their parents, according to a new survey by personal finance site Credit Karma. More than half of parents with adult children said their kids are living with them. In most cases, 25- to 34-year-olds are living in the home of one or both of their parents. The typical 25- to 34-year-old in a multigenerational household contributes 22% of the total household income, Pew found.

Pros Check mark icon A check mark. No monthly service fees Check mark icon A check mark. Pros Check mark icon A check mark. More Information Keep up to $1 million in an accountInterest compounded daily, paid monthlyFDIC insuredThe Bread Savings High-Yield Savings Account is another solid high-yield savings account. Pros Check mark icon A check mark.

Highest savings account rates: October 17, 2022 UFB Elite SavingsBask Bank Interest Savings AccountCIT Bank Savings Connect AccountBread Savings High-Yield Savings AccountLendingClub High-Yield Savings AccountBrioDirect High-Yield Savings AccountCredit Karma Money Save AccountPersonal Capital Cash AccountTAB High-Yield Savings Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Check mark icon A check mark. More Information Keep up to $1 million in an accountInterest compounded daily, paid monthlyFDIC insuredThe Bread Savings High-Yield Savings Account is another solid high-yield savings account. Pros Check mark icon A check mark. High APY Check mark icon A check mark.

Highest savings account rates: October 10, 2022 UFB Elite SavingsBread Savings High-Yield Savings AccountLendingClub High-Yield Savings AccountBrioDirect High-Yield Savings AccountBask Bank Interest Savings AccountCredit Karma Money Save AccountCIT Bank Savings Connect AccountPersonal Capital Cash AccountTAB High-Yield Savings Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Check mark icon A check mark. High interest rate Check mark icon A check mark. Pros Check mark icon A check mark. More Information Keep up to $1 million in an accountInterest compounded daily, paid monthlyFDIC insuredThe Bread Savings High-Yield Savings Account is another solid high-yield savings account.

AdvertisementAdvertisementYou can now open a Credit Karma Money Spend Account if you file your taxes with TurboTax. Until now, only select people who already have Credit Karma savings accounts have had access to Credit Karma Money Spend Account. Credit Karma Money Spend reviewYou may like Credit Karma Money Spend Account if you're looking for a no-fee checking account. Credit Karma told Insider that right now, the company sees one Instant Karma winner for roughly every 500 purchases across all checking account users. Credit Karma plans to add some features to Credit Karma Money Spend Account before making it fully available to the public.

Persons: Karma, you've, Laura Grace Tarpley Organizations: Service, Intuit, Credit, Finance Locations: Wall, Silicon

Search resuls for: "Karma's"

15 mentions found