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☆ Higher interest rates, inflation push Gen Z investors to trade stocks on emotion. That may be bad, experts say
▼ + stars: | 2023-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Almost 9 in 10 young investors have actively traded stocks this year due to higher interest rates and inflation, according to a new Bankrate survey. "If younger investors trade in and out of the market, that's almost guaranteed to underperform," said James Royal, a Bankrate analyst who conducted the research. The Federal Reserve started raising interest rates aggressively in March 2022 to rein in persistently high inflation. But higher interest rates also meant better rates on savings accounts, such as high-yield accounts offered by online banks. Eighty-seven percent of Generation Z investors have responded to higher interest rates and inflation by buying or selling stocks, or by withholding additional investment, according to Bankrate.

Persons: James Royal, Royal Organizations: Federal Reserve, Finance

☆ The No. 1 best state to retire in the U.S.—it's not Florida
▼ + stars: | 2023-08-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The best state to retire in 2023 isn't Florida. 1 state to retire, according to a recent Bankrate study. To determine which states are the best for retirees, Bankrate used data from a number of sources, including the U.S. Census Bureau, the Tax Foundation and the Centers for Medicare and Medicaid. Since most retirees live on a fixed income, lower housing costs can help them stretch their dollars further than other states, Bankrate reports. Here are the best and worst states to retire in 2023, according to Bankrate.

Organizations: Southeast . Iowa, U.S . Census Bureau, Tax Foundation, Centers, Medicare Locations: Florida, Southeast

☆ Credit Card Balances Hit New Peak
▼ + stars: | 2023-08-18 | by ( Ann Carrns | ) www.nytimes.com time to read: +2 min

The average interest rate charged on cards that carry balances was about 22 percent in May, the New York Fed reported, while second-quarter data from the credit bureau TransUnion found the average card debt per borrower was almost $6,000. He recommended tallying up how many cards you have and noting both their balances and the interest rate you are paying. There are two popular strategies for paying down credit card debt. After you pay off a credit card, it can help your credit score to leave the account open while minimally using it. The more unused credit you have, the better the effect on your credit score.

Persons: TransUnion, Ted Rossman, Alvarado Organizations: New York Fed, Bankrate

High-yield savings accounts, with easy access to your funds, are worth considering, said Ken Tumin, founder and editor at DepositAccounts.com. While investors expect the Federal Reserve to start cutting interest rates next year, online savings account rates won't fall significantly until the policy shifts, he added. Treasury billsAmid rising interest rates, Treasury bills have also become a competitive option for cash, with yields well above 5%, as of Aug. 18. Money market fundsAnother option to consider is short-term money market funds, said certified financial planner Chris Mellone, partner at VLP Financial Advisors in Vienna, Virginia. Money market mutual funds — which are different from money market deposit accounts — typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills.

Persons: Ken Tumin, They're, Chris Mellone Organizations: Istock, Getty, Federal Deposit Insurance Corporation, Federal Reserve, U.S ., Treasury, U.S . Department of, VLP Financial Locations: TreasuryDirect, Vienna , Virginia

☆ For Gen Z, financial security isn't enough to feel wealthy
▼ + stars: | 2023-08-18 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

A new survey shows having "a better quality of life" makes more Gen Zers feel wealthy than financial security. In contrast, 61% of baby boomers said feeling "wealthy" means having financial security, followed by having good health at 33%. That's not to say financial security isn't important to Gen Zers. According to Credit Karma data shared with Insider, the average Gen Z credit card balance is up 45% since March 2022. All this is to say Gen Zers may be looking to invest in vacations with friends to feel wealthy instead of saving up every dollar to feel financially secure.

Persons: Zers, Gen Zers, Gen, —, Schwab, That's, Gen Z, Z, they're, Zer Organizations: Service, US Bank, Boomers Locations: Wall, Silicon

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Americans can't stop living paycheck to paycheckAlmost three-quarters, 72%, of Americans say they aren't financially secure given their current finances and more than a quarter of Americans said they'll likely never be financially secure, according to a survey by Bankrate. With well over half of Americans living paycheck to paycheck, many are failing to meet some of their modest financial goals. So how did it become so difficult to be financially secure in America, and what can you do about it?

Persons: they'll Locations: America

One area looks safe from the dreaded “R” word: the housing market. Goldman predicts home prices will rise even more next year, in part because housing supply is so constrained. Forecasts of a prolonged housing market slump haven’t materialized. Those moves have helped push mortgage rates to a 22-year high. “Home buyers have demonstrated behavior that, in our view, reflects unsustainable adaptations to elevated mortgage rates,” the Goldman Sachs strategists Roger Ashworth and Vinay Viswanathan wrote in a research note.

Persons: Goldman Sachs, Goldman, Bankrate, Roger Ashworth, Vinay Viswanathan Organizations: Fed Locations: U.S

☆ Here's why Americans can't stop living paycheck to paycheck
▼ + stars: | 2023-08-17 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

For many Americans, payday can't come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over. Almost three-quarters, 72%, of Americans say they aren't financially secure given their current financial standing, and more than a quarter said they will likely never be financially secure, according to a survey by Bankrate. That amount already accounts for about 61% of the median take-home pay.

Persons: Ida Rademacher, there's, Kamila Elliott Organizations: Aspen Institute, Principal Financial, Institute, Finance, U.S . Bureau of Labor Statistics, for Community, Economic Research, Wealth Partners, CNBC's Locations: U.S, Atlanta

☆ Cava and Sweetgreen see delivery orders fall as customers pick up their own food
▼ + stars: | 2023-08-16 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Delivery orders are typically more expensive, thanks to added fees and tips for delivery drivers. But delivery orders have also become an important contributor to restaurants' revenue because customers' receipt totals are higher. Cava's second-quarter sales growth wasn't hurt by softening delivery sales, but the Mediterranean chain's full-year forecast was cautious. After same-store sales growth of 28.4% for the first quarter and 18.2% for the second quarter, Cava is anticipating same-store sales growth of just 13% to 15% for the full year. Uber said its second-quarter delivery sales rose 14%, while DoorDash's total orders climbed 25%.

Persons: Sweetgreen, Mitch Reback, Cava, Tricia Tolivar, didn't, Uber Locations: Cava, North America

☆ A bartender is going viral on TikTok for saying he'd snub a customer for a regular patron who 'tips 50% every time'
▼ + stars: | 2023-08-16 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

TikToker Roman Sparkles said he would snub a customer for a 50% tipping regular, in a now-viral video. This video rides a wave of TikTok videos highlighting tipping culture frustrations. says an off-screen customer in Sparkles' video — which appears to be a skit — as the bartender ignores him to take the big tipper's order. Majority of the over 1,000 comments on Sparkles' video endorsed his viewpoint. And it's not just bars and ice cream joints that are subject to tipping frustration.

Persons: Sparkles, TikToker Jason Regan, — Organizations: Idc, Service, Forbes, Wall Street Locations: Wall, Silicon, Michigan

☆ Once you hit this credit score, ‘there’s no benefit to scoring higher,’ says expert: ‘It’s just bragging rights’
▼ + stars: | 2023-08-14 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

While having a perfect 850 credit score is impressive, you don't necessarily need it to unlock the best benefits. Here are the ranges that generally qualify as poor, fair, good, very good and exceptional, according to Experian. "Every 20 points or so can make a big difference in the battleground between fair, good and excellent credit," he says. Say you have a 675 credit score and qualify for a $300,000 mortgage with an interest rate of 7.5%. "This is a great illustration of why your credit score really matters," he says.

Persons: Ted Rossman, Rossman, you'd Organizations: CNBC

☆ Maui Fires Come at a Moment of Turmoil for the Insurance Industry
▼ + stars: | 2023-08-11 | by ( Santul Nerkar | ) www.nytimes.com time to read: +1 min

The devastating wildfires in Hawaii have come at a time of upheaval for the insurance industry, in a place that had not been considered very risky by underwriters. In recent years, both states have been more prone to extreme weather events than Hawaii. But the deadly fires in Maui this week, which destroyed thousands of homes and will take what the state’s governor said would be billions of dollars to rebuild from, may make insurance companies reconsider policy rates and coverage, as they have in more disaster-prone areas. Insurance rates are set on a state level, with varying degrees of government regulation and intervention. Typically, states like Hawaii that have strong private insurance markets have not needed forceful state involvement on rates.

Organizations: underwriters Locations: Hawaii, Florida, California, Maui

☆ What’s the Best State to Retire In? (Hint: It’s Not Florida.)
▼ + stars: | 2023-08-10 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

If you’re approaching retirement, there are important real estate decisions to make. A new study from Bankrate scored all 50 U.S. states in five separate categories to determine which were the best (and worst) to retire in. Topping the list for best retirement state was Iowa, which finished third in affordability and 11th in health care. West Virginia, the most affordable U.S. state, ranked third, followed by Missouri (fifth most affordable) and Mississippi (second most affordable, seventh best for weather). In case you’re wondering, the retirement mecca of Florida finished eighth overall, with third-place scores in both the well-being and weather categories.

Persons: that’s, Bankrate Locations: Iowa, Delaware, West Virginia, Missouri, Mississippi, Florida

☆ Massive home-price appreciation might be the secret to keeping consumers afloat as savings dry up
▼ + stars: | 2023-08-10 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Homeowners' equity is the highest it's been in 25 years, which could provide a cushion as consumer savings dwindle. That trend could be set to continue as the massive accumulation of home equity provides a lifeline that consumers can tap into if things get tough. Bankrate data shows that home equity lines of credit, or HELOCs, are currently carrying an average rate close to 7%. Home equity revolving credit balances climbed for the fourth straight quarter leading up to March 2023, which presents another factor that could help sustain consumer spending. Now, real estate accounts for about 25% of total household assets, and despite deteriorating savings, still-rising equity presents a potential path forward for consumers to keep spending, Quinlan and Seery said.

Persons: Tim Quinlan, Shannon Seery, that's, Quinlan, Seery Organizations: Soaring, Service, Homeowners, Federal Reserve Board, Wells Locations: Wells, Wall, Silicon, Wells Fargo

☆ Here's the inflation breakdown for July, in one chart
▼ + stars: | 2023-08-10 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

July's CPI report was "better than we were expecting," said Eugenio Aleman, chief economist at Raymond James. Nearly all of the monthly inflation increase came from shelter costs, which increased by 0.4% and were up 7.7% compared with one year ago. Despite rising oil costs, energy prices increased just 0.1% in July and food increased 0.2%, according to the bureau. However, there was relief for used vehicle prices, which dropped by 1.3%, and medical care services, which were down 0.4%. 'Jumping oil prices' is a threat to inflation targetwatch nowMillions of households are 'stretched financially'Despite falling inflation, many Americans are still feeling the pinch of higher prices.

Persons: July's, Eugenio Aleman, Raymond James, it's, Aleman, Greg McBride, It's Organizations: U.S . Bureau of Labor Statistics, July's CPI Locations: U.S

☆ Average consumer carries $5,947 in credit card debt — a 10-year high
▼ + stars: | 2023-08-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is now more than 20% on average, an all-time high. "People aren't financing purchases at 20% because they have other options," said Greg McBride, chief financial analyst at Bankrate. "As a result, they are tapping into these available credit products to help them cope with rising expenses." As the number of credit card accounts in the U.S. rose, delinquencies notched higher, the report said. How to tackle high-interest credit card debtkrisanapong detraphiphat | Moment | Getty Images

Persons: John Sedunov, Greg McBride, Sedunov, Gen, TransUnion, Michele Raneri, Raneri Organizations: New York Fed, Villanova University's School of Business, Federal Reserve, Bankrate, TransUnion Locations: U.S

☆ Inflation ticked up in July, pausing a year of slowing price growth
▼ + stars: | 2023-08-10 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Inflation as measured by the CPI was expected to accelerate, with a year-over-year CPI forecast of 3.3% for July after June's 12-month change of 3.0%. Inflation had been cooling for 12 straight months before the latest CPI release. That increase is around the forecast, a year-over-year increase of 4.8%. The food index surged 4.9% year over year in July. "Despite elevated inflation, longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets."

Persons: That's, Tom Garretson, Garretson, Greg McBride, Jerome Powell Organizations: Service, Index, Bureau of Labor Statistics, CPI, RBC Wealth Management, Federal Locations: Wall, Silicon

Americans held over $1 trillion in credit card debt in the second quarter of 2023, a new record. The rise in credit card debt helped push total household debt to a record-high $17.06 trillion. For the last seven quarters, credit card balances have grown year over year amid strong consumer spending despite high prices. Despite these record-high credit card balances, there are some silver linings. Are you dealing with an untenable amount of credit card debt, or worried about student loan payments restarting?

Persons: Bankrate, Courtney Alev, Alev, Donald Trump, Joe Biden, Biden, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, Service, Privacy, New York Fed, Credit Karma, Fed, Consumer Financial, Bureau, Education Department, New, jkaplan Locations: Federal Reserve Bank of New York, Wall, Silicon, It's, York

☆ As credit card debt tops $1 trillion for the first time, 'a huge test' for cardholders is coming
▼ + stars: | 2023-08-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowCollectively, Americans now owe more than $1 trillion on credit cards. Total credit card debt rose nearly 5%, or roughly $45 billion, in the second quarter to a new high of $1.03 trillion, according to a new report on household debt from the Federal Reserve Bank of New York. "One trillion dollars in credit card debt is staggering," Schulz added. "Credit card balances saw brisk growth in the second quarter," Joelle Scally, regional economic principal in the New York Fed's research and statistics group, said in a statement. On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is also more than 20% on average, another all-time high.

Persons: Matt Schulz, LendingTree's, Schulz Organizations: Federal Reserve Bank of New, New York Fed, Federal Reserve Locations: Federal Reserve Bank of New York, York

☆ Consumer credit card debt tops $1 trillion for the first time ever
▼ + stars: | 2023-08-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Consumer credit card debt just topped $1 trillion for the first time ever, according to the Federal Reserve. A recent survey from BankRate found 47% of consumers are carrying credit card debt from month to month. Consumer credit card debt increased 4.6% in the second-quarter to a record $1.03 trillion, compared to $986 billion in the first quarter. Lower-income households were more likely to carry credit card debt from month to month, according to the survey, with 53% of cardholders with annual incomes below $50,000 carrying debt. "Yes, that's a lot of credit card debt, but most people are worth a lot more."

Persons: Joelle Scally, BankRate, Bankrate, they're, Scally, Carson, Ryan Detrick Organizations: Federal Reserve, Federal Reserve Bank of New, New York Fed, Fed Locations: York, Federal Reserve Bank of New York, CreditCards.com

☆ Credit delinquencies have returned to pre-pandemic levels, says Bankrate's Ted Rossman
▼ + stars: | 2023-08-07 | 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 EmailCredit delinquencies have returned to pre-pandemic levels, says Bankrate's Ted RossmanTed Rossman, Bankrate senior industry analyst, and Peter Boockvar, Bleakley Financial Group CIO, join 'Power Lunch' to discuss the increasing consumer credit debt and its economic risk.

Persons: Ted Rossman Ted Rossman, Peter Boockvar Organizations: Bleakley Financial

☆ Watch CNBC's full interview with Bankrate's Ted Rossman and Bleakley's Peter Boockvar
▼ + stars: | 2023-08-07 | 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 EmailWatch CNBC's full interview with Bankrate's Ted Rossman and Bleakley's Peter BoockvarTed Rossman, Bankrate senior industry analyst, and Peter Boockvar, Bleakley Financial Group CIO, join 'Power Lunch' to discuss the increasing consumer credit debt and its economic risk.

Persons: Bankrate's Ted Rossman, Peter Boockvar Ted Rossman, Peter Boockvar Organizations: Bleakley Financial

☆ 54 million Americans have been in credit card debt for at least a year. Here are the best payoff strategies
▼ + stars: | 2023-08-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

While balances are higher , more cardholders are also carrying debt from month to month, according to a new Bankrate report . On the heels of another rate hike by the Federal Reserve , the average credit card rate is now more than 20% on average, an all-time high , making it even harder to dig out of debt. Snag a 0% balance transfer credit card"My top tip is to sign up for a 0% balance transfer card," Rossman said. Cards offering 12, 15 or even 21 months with no interest on transferred balances are one of the best weapons Americans have in the battle against credit card debt, added Matt Schulz, LendingTree's chief credit analyst. To make the most of a balance transfer, aggressively pay down the balance during the introductory period.

Persons: Ted Rossman, Rossman, Matt Schulz, LendingTree's, Schulz, There's Organizations: Federal Reserve, CNBC, YouTube

☆ The No. 1 worst U.S. state to retire — it's not New York or California
▼ + stars: | 2023-08-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For the second year in a row, Alaska ranks as the worst state to retire, according to a recent Bankrate study. Despite placing 20th on last year's list of best states to retire, New York came in 49th this year. Meanwhile, California maintained its standing as the third worst state to retire. A massive housing shortage has caused living costs to rise in the Golden State, placing it 49th place in affordability, following closely behind New York. Here are the 10 worst states to retire in 2023, according to Bankrate.

Persons: Bankrate Organizations: U.S . Census Bureau, Tax Foundation, National Oceanic, Atmospheric Administration, New York, Golden State Locations: Alaska, , New York, New, California, Golden, New York

☆ What to do if your Wells Fargo deposit is missing
▼ + stars: | 2023-08-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

Los Angeles CNN —Wells Fargo is once again cleaning up trouble with its customers’ bank accounts, and there are several steps you can take if you’ve been affected. Wells Fargo confirmed on Friday that the issue, which began on Thursday, is still ongoing. This isn’t the first time money has temporarily disappeared from some customer accounts at Wells Fargo. Still, if you’ve noticed missing funds from a Wells Fargo account or any bank account, you should contact your bank directly, according to the US Office of the Comptroller of the Currency. For those with a linked savings account at Wells Fargo, McBride advises transferring money from that account to cover any payments in the short term.

Persons: Wells, you’ve, Wells Fargo, ”, Greg McBride, McBride, ” McBride, “ Don’t Organizations: Los Angeles CNN, CNN, Bankrate, Consumer Financial, Bureau, OCC Locations: Wells Fargo, Wells

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