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☆ Cash-strapped homeowners are swarming to HELOCs at the fastest rate in more than a decade to pay for food, gas, and renovations
▼ + stars: | 2023-03-01 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Higher mortgage rates have curbed cash-out refinancing, one way of tapping the equity. HELOC rates have climbed, too, but homeowners have flexibility with how much financing they buy versus taking out a 30-year loan on the house. HELOC rates averaged 7.8% in mid February. High mortgage rates have created a lock-in effect in the US housing market as the majority of US home loans were created with 30-year rates below 4%. Since October, when he bought the property and started renovations, the interest rate on his loan has increased from 6.5% to 7.5%.

See Insider's picks for the best private student loans >>What is student loan interest? See Insider's picks for the best tax software >>"Student loan interest is tax deductible," says Leslie Tayne, a financial attorney who specializes in student loan debt. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. APR Variable: 5.09% - 8.99%, Fixed: 4.49% - 8.99% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.99% - 9.24% with AutoPay, Fixed: 4.39% - 9.24% with AutoPay Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Actual rate and available repayment terms will vary based on your income. See Insider's picks for the best student loans without a cosigner >>Will my student loan interest rate change?

☆ 60% of Americans live paycheck to paycheck — 'inflation is part of their everyday lives,' expert says
▼ + stars: | 2023-02-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Despite higher prices, consumers are still spending, although not as much as a year ago, which is giving their budgets some breathing room. As of January, 60% of all U.S. adults, including 45% of high-income earners, were living paycheck to paycheck, according to a new LendingClub report. That's down from 64% a year earlier, suggesting that last year's spending cutbacks have improved some consumers' financial situations. Yet the latest inflation reading from last Friday's core personal consumption expenditures index was hotter than expected, showing some spending habits are hard to break. Here's what to knowAs data shows inflation rose in January, here's what to expectAlmost half of Americans think we're already in a recessionTo make ends meet as prices increase, more Americans are leaning on credit cards, other reports show.

☆ Debt due to another person's fraud can't be discharged in bankruptcy. Neither can these bills
▼ + stars: | 2023-02-28 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +5 min

That includes $11.9 trillion in mortgages, $1.6 trillion in student loans, another $1.6 trillion in car loans and more than $990 billion in credit card debt. Some debts cannot be wiped out in bankruptcyFirst, while most forms of consumer debt — credit card debt, personal loans, medical debt, mortgages and auto loans — are generally fair game for either eliminating or negotiating a lower payback amount in bankruptcy, that's not true for student loan debt. Same goes for cash advances above $1,100 from a single creditor in the 70 days ahead of filing bankruptcy. Both Chapters 7 and 13 stop collection activity like calls from creditors or debt collectors, wage garnishments and, potentially, lawsuits from creditors. This approach can quickly erase certain forms of unsecured debt, including from credit cards, medical bills and personal loans.

☆ Op-ed: The calm before the storm – These 3 drivers will dictate the landing ahead for the U.S. economy
▼ + stars: | 2023-02-28 | by ( Rebecca Patterson | ) www.cnbc.com time to read: +5 min

The approach of those storms seems an appropriate analogy to the U.S. economic outlook today. Investors today are keenly focused on what kind of economic landing the U.S. will have and how best to position for different outcomes. That's critical for the broader growth outlook, given that consumption represents around two-thirds of the economy. While many U.S. firms are expressing their nervousness about the economic outlook, they are at the same time still seeking to hire. A negative feedback loop would likely ensue, with less income weighing on spending and less spending making companies more cautious.

☆ Yellen says legal obstacles remain on seizure of Russian assets to aid Ukraine
▼ + stars: | 2023-02-27 | by ( David Lawder | ) www.reuters.com time to read: +3 min

Feb 27 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Monday that Russia should bear the costs of damage caused by its invasion of Ukraine, but there are "significant legal obstacles" to confiscating major frozen Russian assets. Washington has confiscated assets used in criminal activity but central bank and other large pools of assets frozen by sanctions are another matter. "We have on this small scale, seized assets, but there are certainly legal challenges in doing more than that," she said. The United States and Western allies have seized more than $300 billion in Russian central bank foreign currency assets frozen by sanctions. The assets are held abroad, with a significant portion at the Federal Reserve Bank of New York, but remain under Russian ownership.

☆ Inflation is doing a crab walk and Fed officials fear its pinch
▼ + stars: | 2023-02-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Some background: The Covid-19 crisis triggered a sudden shift in student loan policy and a new openness to forgiveness. About 40% of those with federal student loan debt would have a zero balance; even more would have a much smaller monthly payment. But, “if payments resume without debt relief, we expect both student loan default and delinquencies to rise and potentially surpass pre-pandemic levels,” warned Fed researchers. Those missed payments suggest that some federal student loan borrowers are having trouble meeting their monthly debt obligations. “We expect these delinquency patterns to worsen if federal student loan payments resume without relief,” said the report.

☆ Half of Americans have less emergency savings than last year or no savings at all
▼ + stars: | 2023-02-24 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

A Bankrate survey that took place from January 20 to January 23 asked about how a respondent's emergency savings compared to these savings a year ago. About 4 in 10 US adults have fewer emergency savings than they did just a year prior, according to the survey conducted by SSRS. But not everyone has seen their emergency savings fall from where they stood a year ago. "Many have resorted to tapping their emergency savings if they have it, or have taken on credit card debt, or some combination. And emergency savings is money of course that should be highly liquid for when and if they need to tap that money supply."

☆ Warren Buffett’s must-read annual letter arrives Saturday. Here’s what to expect from the investing legend
▼ + stars: | 2023-02-24 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Andrew Harnik | APWarren Buffett's loyal following of value investors is about to hear from the legend himself, at a crucial time when interest rates have soared and recession fears are raging. He believed that when interest rates are high, it could be a major "gravitational pull" on values. "We have a roughly 15-year period of abnormally and historically low interest rates. "Interest rates are the main determinant of equity prices, to quote Buffett, so I think I'm looking for and expecting a discussion on interest rates." "Private equity and others who are thinking of making acquisitions would have to go into the market to borrow [at] higher interest rates.

☆ As emergency savings drop and credit card debt rises, an 'ugly stew is brewing,' warns advocate
▼ + stars: | 2023-02-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Valentinrussanov | E+ | Getty ImagesHigh inflation is leading to reduced savings and higher credit card debt — and there are some signs households may be reaching a tipping point under increased financial pressures. A new survey from Bankrate finds 39% of individuals surveyed in January said their emergency savings are less than they were last year. Still, slightly more than half of respondents — 51% — said they have more emergency savings than credit card debt. The remaining 13% have no credit card debt nor any emergency savings. Bankrate's survey found 45% of millennials, 44% of Gen Xers and 38% of Gen Zers have more credit card debt than money in savings.

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). Federal student loan rates for the 2023-24 school year have risen by the widest margin in about 20 years. While private student loan rates aren't directly affected by federal rates, they're likely to increase because they don't have to stay as low to remain competitive with federal ones. For instance, the Biden administration extended the repayment pause on federal student loans through the end of August 2023. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ Borrowers with student loans in default can get a 'fresh start' under this Biden initiative—how it works
▼ + stars: | 2023-02-21 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

The change wasn't due to a sudden influx of borrowers rehabilitating their loans, but rather the beginning of President Joe Biden's "Fresh Start" initiative. Here's how the Fresh Start program works and how borrowers can take advantage. An easier path back to repaymentWhen you enroll in the Fresh Start program, your loans become "current" again, giving you access to student loan forgiveness and repayment programs. With the Fresh Start, they get another chance to do so. What happens to student loans in default?

☆ Household debt, credit card balances and delinquencies all rose last quarter
▼ + stars: | 2023-02-16 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

Minneapolis CNN —Americans continued to add to their debt at the end of last year — and grew their credit card balances at record rates, according to data released Thursday by the Federal Reserve Bank of New York. Total US household debt hit $16.9 trillion during the fourth quarter, an increase of $394 billion, or 2.4%, from the prior three-month period, according to the Fed’s latest Quarterly Report on Household Debt and Credit. While the lion’s share of the debt is attributable to mortgages, the report showed that not only are credit card balances swelling at record levels, delinquencies are on the rise as well. Credit card balances increased nearly 6.6% to $986 billion during the quarter, the highest quarterly growth on record, according to New York Fed data that goes back to 1999. And as debt is growing, Americans are having more trouble meeting payment obligations: The share of current debt becoming delinquent increased across nearly all debt types, with credit cards and auto loans showing delinquency transparency rates of 0.6 and 0.4 percentage points, respectively.

Buffett's company bought another 20.8 million Apple shares worth $3.2 billion, raising its stake to 5.8%, according to the filing. Shares in Apple have surged nearly 18% this year. Berkshire shrunk its stake in BNY Mellon by roughly 60%, to 25.1 million shares. At current prices, the divestment is worth nearly $2 billion. The number of shares Berkshire holds fell 12.3%, to 52.7 million.

☆ Here are Warren Buffett's latest moves to the Berkshire Hathaway stock portfolio
▼ + stars: | 2023-02-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The Omaha-based conglomerate slashed its shares in Bank of New York Mellon by 60% in the fourth quarter to a bet worth $1.1 billion. Meanwhile, it also cut its US Bancorp stake by 90% to $291 million by the end of 2022. The filing reflects moves made in the fourth quarter and holdings as of the end of 2022. The chip stock gained nearly 9% in the fourth quarter, but the rebound in the new year was even more dramatic with shares up over 30% year to date. Meanwhile, Buffett's Chevron stake dipped marginally last quarter, worth $29.3 billion at the end of the fourth quarter, the filing showed.

☆ Soros Fund adds First Horizon, Horizon Therapeutics and bond ETF
▼ + stars: | 2023-02-14 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

Soros disclosed a $325.3 million stake, or 2.9 million shares, in biotech firm Horizon Therapeutics (HZNP.O), which was bought by Amgen (AMGN.O) in December for nearly $28 billion. The firm also bought 2.8 million shares, valued at $90 million, in home health assessment firm Signify Health (SGFY.N). It added $209.1 million, or 8.5 million shares, in Memphis-based financial services company First Horizon, which was acquired by Toronto-Dominion Bank (TD.TO) roughly a year ago for $13.4 billion. Shares in Zoom Technologies Inc (ZTNO.PK) and Airbnb Inc (ABNB.O) were sold, while it reduced its holdings in Amazon.com (AMZN.O), by 54.5%, to 901 million shares. The regulatory filing also showed Soros bought $255 million in an investment grade corporate bond ETF.

☆ Premarket stocks: Welcome to the 'rolling recession' economy
▼ + stars: | 2023-02-09 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Yet US manufacturing has likely already contracted into a recession, housing sales have plummeted, tech layoffs keep coming and corporate earnings growth is souring. “We continue to think the economy will suffer from rolling recessions, evidenced by the fact that corporate earnings growth is now entering its downturn,” wrote Sonders in a note on Wednesday. For five straight weeks, the bank’s clients have been big buyers of individual stocks and sellers of ETFs, she wrote. Disney revenue in the quarter rose 8% to $23.5 billion, edging past estimates of $23.4 billion from analysts surveyed by Refinitiv. The company reported revenue of $8.6 billion for the quarter, beating Wall Street’s estimates and marking a 49% increase from the prior year.

☆ Here's the 12-page pitch deck a fintech aiming to be an alternative to BNPL used to raise money from Fanatics CEO Michael Rubin and rapper Lil Baby, among others
▼ + stars: | 2023-02-09 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Kasheesh is a fintech that allows consumers to split online payments across multiple cards. Kasheesh allows users to split online payments across several debit and credit cards. Fanatics CEO Michael Rubin, rapper Lil Baby, actor Damson Idris, and entrepreneur John Terzian most recently joined the cap table in this round. On Kasheesh's web-based browser plug in, users can split any online payment across up to five debit and credit cards. Read the 12-page pitch deck Kasheesh used to raise a $3 million seed extension round.

Finance chiefs are coming into the year grappling with a variety of challenges, from rising interest rates and inflation to managing labor disruptions, pricing and inventory. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. “But…there’s more and more of a belief that any kind of downturn will be short and shallow, frankly. Some finance chiefs, meanwhile, are finding opportunities to expand in the volatile economy. You can’t take everything that your vendors are sending you.”Labor woes persistHiring, however, remains a challenge for finance chiefs.

Average interest rates on refinanced student loans are mixed from two weeks ago, according to Credible. Federal student loan rates for the 2023-24 school year have risen by the widest margin in about 20 years. While private student loan rates aren't directly affected by federal rates, they're likely to increase because they don't have to stay as low to remain competitive with federal ones. For instance, the Biden administration extended the repayment pause on federal student loans through the end of August 2023. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ BNY Mellon says investors 'absolutely interested' in digital assets
▼ + stars: | 2023-02-08 | by ( Samuel Indyk | ) www.reuters.com time to read: +1 min

LONDON, Feb 8 (Reuters) - Bank of New York Mellon's head of digital assets Michael Demissie said on Wednesday that digital assets were "here to stay", citing a 2022 study of the custodian bank's clients. "What we see is clients are absolutely interested in digital assets, broadly," BNY Mellon's Demissie said, speaking on a panel on cryptocurrency at Afore Consulting's 7th Annual FinTech and Regulation Conference. Demissie cited a survey of BNY Mellon clients conducted in October 2022 that found that more than 90% of them expected to invest in tokenised assets in the near future. Cryptocurrency markets plunged in 2022, as rising interest rates and a series of high-profile collapses at crypto firms made investors cautious. We need responsible actors who can offer reliable services that live up to investors trust."

☆ UK digital pound: 'Britcoin' could arrive in the second half of the decade
▼ + stars: | 2023-02-07 | by ( Julia Horowitz | ) edition.cnn.com time to read: +4 min

Central banks around the world are considering whether to issue digital currencies as more parts of the economy move online. In the United Kingdom, £10 of a digital pound would be worth £10 in cash. Central bank digital currencies could make online spending more convenient, ease cross-border transactions and boost competition among providers of digital financial assets. Another fear is privacy, since digital currencies would give governments new insights into how people are spending their money. Eleven countries, including The Bahamas and Jamaica, have already launched central bank digital currencies.

☆ Meta follows Chevron with a huge buyback that likely signals more are to come
▼ + stars: | 2023-02-02 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Investors also like returning capital, and that $40 billion share buyback announcement certainly fit into that category. With a market cap of $407 billion, that $40 billion is about 10% of the market value. And that is on top of the $10.97 billion buyback that Meta has left from a prior authorization. That $40 billion is not as big as Chevron's $75 billion buyback , but it is enough to start the first quarter of 2023 with a bang. Oddly, we have had heard nothing from politicians in Washington about the Meta buyback .

Federal student loan rates for the 2023-24 school year have risen by the widest margin in about two decades. While private student loan rates aren't directly affected by federal rates, they're likely to increase because they don't have to stay as low to remain competitive with federal ones. For example, the Biden administration extended the repayment pause on federal student loans through the end of August 2023. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. APR Variable: 5.09% - 8.99%, Fixed: 4.49% - 8.99% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.99% - 8.99% with AutoPay, Fixed: 4.39% - 8.99% with AutoPay Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Actual rate and available repayment terms will vary based on your income.

The Biden administration has proposed changes that could dramatically lower monthly student loan payments. The plan calculates monthly payments based on a borrower's discretionary income. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. APR Variable: 4.49% - 8.99%, Fixed: 4.49% - 8.99% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.99% - 8.99% with AutoPay, Fixed: 4.39% - 8.99% with AutoPay Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Actual rate and available repayment terms will vary based on your income. According to the Education Data Initiative, half of student loan borrowers still owe $20,000 each on outstanding loan balances after 20 years of entering school.

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