DIRS.INFO The most relevant business & tech news

☆ Fed Expected to Pause Rate Increases: Live Updates
▼ + stars: | 2023-06-14 | by ( Jeanna Smialek | Joe Rennison | ) www.nytimes.com time to read: +7 min

The Federal Reserve has already raised its benchmark rate, the federal funds rate, to a range of 5 to 5.25 percent to rein in inflation, which is showing signs of slowing. The average credit card rate was 20.44 percent as of June 3, according to Bankrate.com, up from around 16 percent in March last year, when the Fed began its series of rate increases. The average rate on new car loans was 7.1 percent in May, according to Edmunds.com, up from 5.1 percent last year. Used-car rates were even higher: The average loan carried a 11 percent rate in May, up from 8.2 percent a year earlier. The average rate for an identical loan was 5.23 percent the same week in 2022.

Persons: ”, Anna N’Jie, Bankrate.com, Matt Schulz, Jonathan Smoke, Edmunds.com, that’s, —, Freddie Mac, Ken Tumin, DepositAccounts.com Organizations: Federal Reserve, Fed, Re, LendingTree, Cox Automotive, Treasury, Savings Vehicles Savers, Consumers, DepositAccounts.com Locations: San Francisco .

☆ The Fed’s latest pause still means high rates for you
▼ + stars: | 2023-06-14 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

The average bank savings rate as of June 7 was a mere 0.25%, according to Bankrate.com. But that’s because the savings rates at the biggest US banks pay very little — see, for instance, 0.01% at JPMorgan Chase (JPM). Currently, the average credit card rate is at a record high of 20.44% as of June 7, according to Bankrate.com. [And] home equity rates are the highest in more than 20 years,” McBride said. The average rate on a 30-year mortgage was 6.71% in the week ending June 8, down from 6.79% the week before.

Persons: ”, Greg McBride, Sara Kalsman, Schwab, you’ll, That’s, ” McBride, Bankrate, McBride, Anna Bahney Organizations: New, New York CNN, Federal Reserve, JPMorgan Chase, Fidelity, Fed, “ Locations: New York, Boston, Detroit

☆ Americans owe nearly $1 trillion in credit card debt—here's the breakdown by age
▼ + stars: | 2023-06-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Americans now hold a record amount of credit card debt — nearly $988 billion, according to the Federal Reserve Bank's latest data. On average, Americans carry around $5,733 in credit card debt, according to TransUnion's latest report. "Gen Xers can be especially squeezed by credit card debt because they're living expensive years right now," Ted Rossman, senior industry analyst at Bankrate.com, told CNBC in January. Here's the average amount of credit card debt Americans hold at every age, according to TransUnion. How to start paying down your credit card debt

Persons: Michele Raneri, TransUnion's, Ted Rossman, Bankrate's Organizations: Federal Reserve, TransUnion, CNBC Locations: TransUnion's

☆ Here's how much wedding guests are spending as inflation, interest rates are 'taking a toll,' expert says
▼ + stars: | 2023-05-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Weddings are expensive, and not just for the bride and groom. Wedding gifts alone average $180. "Like just about everything else, inflation and higher interest rates are taking a toll on wedding attendees," said Ted Rossman, Bankrate's senior industry analyst. About 21% of wedding guests feel pressured to spend more than they comfortably are able to, and 18% must lean on credit cards just to attend, Bankrate found. According to a separate survey by LendingTree, 40% of those who attended a wedding in the past five years have taken on debt to cover the cost.

☆ Your credit card debt is probably about to get more expensive—here’s why
▼ + stars: | 2023-05-11 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The Federal Reserve's latest interest rate hike means your credit card debt will likely get more expensive to pay off if you carry a balance month to month. However, it's rare that you'll receive a credit card with that interest rate. Typically, credit card interest rates are much higher to account for the costs incurred by the card issuer and the risk of some cardholders not paying back their debt, Rossman says. Currently, the average credit card annual percentage rate (APR) is about 22% for new offers and 20% for existing accounts, according to WalletHub's "Credit Card Landscape Report." Tips for tackling credit card debt

☆ How Fed rates hikes impact consumers
▼ + stars: | 2023-05-03 | 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 EmailHow Fed rates hikes impact consumersDavid Wessel, senior fellow in Economic Studies at Brookings Institutions, and Greg McBride, chief financial analyst at Bankrate.com, join 'The Exchange' to discuss rising interest rates' impact on consumer loans and the economy.

☆ What Fed Rate Increases Mean for Mortgages, Credit Cards and More
▼ + stars: | 2023-05-03 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

As the Federal Reserve has steadily lifted its key interest rate over the past year, Americans have seen the effects on both sides of the household ledger: Savers benefit from higher yields, but borrowers pay more. The average credit card rate was just over 20 percent as of April 26, according to Bankrate.com, up from around 16 percent in March last year, when the Fed began its series of rate increases. Car LoansCar loans tend to track the five-year Treasury note, which is influenced by the Fed’s key rate — but that’s not the only factor that determines how much you’ll pay. A borrower’s credit history, the type of vehicle, loan term and down payment are all baked into that rate calculation. The average interest rate on new-car loans was 7 percent in March, according to Edmunds, up nearly a percentage point from six months earlier.

The average interest rate on new-car loans was 7 percent in March, according to Edmunds, up nearly a percentage point from six months earlier. The average interest rate on new-car loans was 7 percent in March, according to Edmunds, up nearly a percentage point from six months earlier. The rate for current federal student loan borrowers isn’t affected because those loans carry a fixed rate set by the government. The average rate for an identical loan was 5.1 percent the same week in 2022. Home equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.

☆ When buying a Tesla or other electric vehicle, a green auto loan could make it cheaper
▼ + stars: | 2023-04-16 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +5 min

Beyond financial credits and rebates, many car shoppers don't know they may also be able to get a better deal on a car loan associated with an electric vehicle. These so-called green auto loans aren't necessarily well-advertised, so consumers need to do their homework. There's no difference between green auto loans and other car loans, other than that the borrower might be able to get a discount for purchasing an EV. A standard internal combustion car loan is set in 12-month increments from 24 months to 84 months, with 72 months typical. By contrast, green auto loans could extend the repayment beyond the standard timeframe, at favorable rates, he said.

☆ Inflation took a massive plunge in March
▼ + stars: | 2023-04-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

That's according to the year-over-year increase of the Consumer Price Index for March. The Consumer Price Index increased 5.0%, the lowest rate since May 2021. Inflation as measured by the Consumer Price Index (CPI), soared by a 5.0% year-over-year increase in March, less than the year-over-year increase of 6.0% in February. Core CPI, which excludes volatile food and energy prices, increased by 5.6% year-over-year per data that wasn't seasonally adjusted. The Fed has continued to fight inflation with interest rate hikes.

☆ Parents and kids disagree on the right age to become financially independent, report finds
▼ + stars: | 2023-04-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Most people feel like a grownup by the time they're 18, but these days young adults might not become financially independent until years later. And even then, parents and their children could disagree on what exactly that means. While young adults said 21 is a good age to start paying some of their own expenses, older generations are more likely to think that their kids should be completely financially independent by then, according to a new report by Bankrate.com. Soaring food and housing costs pose additional hurdles for young adults just starting out. Now, 68% of parents with children over age 18 are making a financial sacrifice to help support them, according to Bankrate's report.

☆ Biden's student loan forgiveness plan may cause a drop in credit scores for some borrowers
▼ + stars: | 2023-04-10 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration's sweeping plan to cancel up to $20,000 in student debt for tens of millions of Americans may have an unintended, though hopefully temporary, consequence for some people, experts say. "For many borrowers, it will cause their credit scores to drop," said higher education expert Mark Kantrowitz. Here's why: Throughout the three-year pause on federal student loan payments, borrowers' accounts have been reported to the credit bureaus as current, Kantrowitz said. More from Personal Finance:Here are the 2 Supreme Court student loan forgiveness casesFederal student loan payments could restart in roughly 2 months, or 6Being behind on federal student loans can lead to more money problemsOn-time payments help boost people's scores. Of course, a temporary dip in a credit score will not likely matter much to someone getting thousands of dollars in debt forgiveness.

☆ 'The credit crunch has started': Here's what tighter lending standards mean for American consumers and businesses as banks navigate the SVB wreckage
▼ + stars: | 2023-04-08 | by ( Carla Mozée | ) www.businessinsider.com time to read: +6 min

"Each bank is going to apply those credit standards differently," a source told Insider. Requiring higher minimum credit scores and minimum repayments and curbing credit limits were among tweaks banks were making. Lending to consumers dropped and credit standards and terms "continued to tighten sharply," with marked rises in loan pricing. A "dramatic worsening of firm and consumer access to bank credit," is how a 2014 paper on the Federal Reserve's website describes a credit crunch. Tighter lending standards may have a big impact on floating-rate loans versus fixed loans, CFRA equity analyst Alexander Yokum told Insider.

☆ My younger sister asked me for money advice. Here are 5 answers I gave to improve her financial life
▼ + stars: | 2023-04-02 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

This cash should be in a high-yield savings account, offer higher-than-average returns, experts say. You can find an online savings account offering an interest rate of 3% or more, for example, while the typical savings account rate is around 0.4%. Make sure the savings account you choose is insured by the Federal Deposit Insurance Corp., which means up to $250,000 of your deposit is protected from loss. Where should I invest money? To get a better understanding of your spending, experts recommend looking back at your purchases over the past couple of months.

☆ It's becoming increasingly clear that fintech has a fraud problem
▼ + stars: | 2023-03-29 | by ( Bianca Chan | Paige Hagy | ) www.businessinsider.com time to read: +8 min

"With fast growth comes fast fraud," Frank McKenna, a longtime fraud expert who works with banks, lenders, and fintechs, told Insider. Cash App only requires a zip code, debit-card number, and either an email or phone number to create an account. Cash App's alleged fraud problem could also be the result of its large, active customer base, which numbers some 44 million, according to the company's 2022 annual report. The fact that Cash App offers peer-to-peer payments exacerbates the fraud issue, according to McKenna, the chief fraud strategist at Point Predictive, an anti-fraud software company. Digital-only bank Chime has had its own issues with fraud, Jason Mikula, a fintech analyst and consultant, told Insider.

☆ How the Fed’s latest rate increase will affect your bank savings
▼ + stars: | 2023-03-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

“Returns on savings accounts and CDs are the best in 15 years,” said Greg McBride, chief financial analyst for Bankrate.com. But online high-yield savings accounts now offer rates as high as 5%, well above the 0.23% national savings account average, according to Bankrate. “You’re leaving a lot of money on the table if you don’t go to an online bank,” McBride said. You can still get the current 6.89% rate on the I Bond if you purchase it before the end of April. “In other words, I Bonds are not a replacement for your savings account,” McBride said.

☆ What to do with your credit card debt now that the Fed raised rates again
▼ + stars: | 2023-03-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —The Federal Reserve on Wednesday raised its key interest rate for the ninth time since last March. That means consumer debt — especially variable-rate credit card debt — will get more expensive. “[T]he average credit card rate is now at a record high above 20%,” said Greg McBride, chief financial analyst for Bankrate.com. If you don’t transfer to a zero-rate balance card, another option might be to get a relatively low fixed-rate personal loan. But the best rate you can get will depend on your income, credit score and debt-to-income ratio.

☆ What to do with your money now that the Fed just raised rates for the ninth time
▼ + stars: | 2023-03-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

“But the average credit card rate is now at a record high above 20%, auto loan rates are at a 12-year high and mortgage rates are still north of 6.5%. But online high-yield savings accounts now offer rates as high as 5%, well above the 0.23% national savings account average, according to Bankrate. Another high-yield savings optionGiven today’s still-high rates of inflation, Series I savings bonds may be attractive because they’re designed to preserve the buying power of your money. Your credit card debt: Minimize the biteIf you’re carrying credit card debt, expect to see a hike in the rate you pay within a few statements. “Credit card rates are at record highs and still rising.

☆ This credit card debt payoff strategy may sound 'too good to be true,' but it could save you thousands
▼ + stars: | 2023-03-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

If you don't know what a credit card balance transfer is, you're not alone. Say you have $5,805 in credit card debt, the average amount Americans hold, according to TransUnion. If you want to qualify for one, you need a good to excellent credit score. Pitfalls of credit card balance transfers to avoidThere are a few downsides to balance transfers. Commit to paying off credit card debt

Having multiple credit cards and playing the rewards game can save you hundreds of dollars each year — if you're smart about how you use the cards. "The one big downfall of credit cards is the high interest rates," he added. "But if you're paying in full and avoiding those, then yeah, credit cards are great." Chasing rewards can land you some substantial sign-up bonuses like the Capital One Venture Rewards credit card's 75,000 miles or Chase Ink Business Unlimited's $900 cash back. But getting the most out of your credit cards depends on your spending habits — and finding the perks that would save you the most money.

☆ Watch CNBC's full interview with Greg McBride of Bankrate.com
▼ + stars: | 2023-03-08 | 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 EmailWatch CNBC's full interview with Greg McBride of Bankrate.comGreg McBride, chief financial analyst at Bankrate.com, joins 'Power Lunch' to discuss strong yield opportunities in short-term Treasurys, debt ceiling concerns and how to play the bond market.

☆ Keep emergency savings liquid, not tied up in Treasurys, says Bankrate's Greg McBride
▼ + stars: | 2023-03-08 | 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 EmailKeep emergency savings liquid, not tied up in Treasurys, says Bankrate's Greg McBrideGreg McBride, chief financial analyst at Bankrate.com, joins 'Power Lunch' to discuss strong yield opportunities in short-term Treasurys, debt ceiling concerns and how to play the bond market.

☆ Stocking up on income-paying assets? Here’s how to maximize their tax efficiency
▼ + stars: | 2023-03-04 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

The calculus of tax optimization Tax optimization begins with the three types of investment accounts available to investors: taxable brokerage accounts, tax-deferred accounts such as 401(k) plans and individual retirement accounts, and tax-free accounts like Roth IRAs. Tax-deferred accounts, meanwhile, allow money to accumulate free of taxes – but you're on the hook for income taxes when you take withdrawals. Your individual tax situation will also be a key factor in determining which income assets are best for you and where you should hold them. However, investors in a low tax bracket might be better off going for taxable bonds – which tend to pay higher yields than municipal bonds. Asset location Taxable brokerage accounts are generally a good place to hold T-bills if you're going to tap the money soon.

☆ Billions of dollars are locked up in a present that's easily given and forgotten -- gift cards
▼ + stars: | 2023-02-23 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Such is the sad fate of gift cards – millions of which go unused each year and have a collective value estimated to be in the billions of dollars. Almost two-thirds of American consumers have at least one unspent gift card tucked away in a drawer, pocket, wallet or purse. A separate study on gift card usage found the average amount on unused gift cards last year was $175 per person, up from $116 in 2021. “I thought with high inflation, people would go to town with their gift cards. Some Visa, Mastercard and American Express gift cards add penalties if they’re not used in a specific period of time, said Stumpf.

☆ Six-month Treasury yield tops 5%. Here’s how you can put your idle cash to work
▼ + stars: | 2023-02-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Rates on U.S. Treasurys have spurted even higher, and that means you don't have to look too far to safely grab some yield for your cash holdings. The yield on six-month Treasurys have surpassed 5%, and even 1-month bills tout rates of 4.5%. Further, you can put the same concept to work with short-dated Treasurys to get a little more yield on your cash and do so safely. Risk management and ladders When interest rates are rising, you can reinvest the proceeds of the maturing bonds in your ladder into a longer-dated issue. In a falling rate environment, you can count on the bonds that have already locked in the higher yields.

Search resuls for: "Bankrate.com"

25 mentions found