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☆ After a summer of Barbenheimer and Beyoncé, can US consumers still afford the holiday season?
▼ + stars: | 2023-10-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

Minneapolis CNN —Ballpark attendance boomed this summer, Barbenheimer revived the box office and a Renaissance of live performances brought concerts into new Eras. However, it also could mean that holiday spending just might look a little different and skewed more toward experiences than it has done in past years. Respondents to KPMG’s 2023 holiday survey said they plan to spend 5% more this season, said Matt Kramer, KPMG’s consumer and retail national sector leader. “What stands out the most is this ‘leaning in’ to holiday travel and wanting to have those experiences with friends and family,” he said. A more comprehensive look at consumer spending will come at the tail end of the month when the Personal Consumption Expenditures data is released.

Persons: Barbenheimer, Everybody, ”, Keith Gentili, ” Taylor Swift, Allen J, “, Ted Rossman, that’s, ’ ”, aren’t, Matt Kramer, Tamara Charm, Elijah Nouvelage, Patrick T, Fallon, Gus Faucher, Nathan Howard, Nancy Vanden Houten, ’, ” Rossman, Matt Schulz Organizations: Minneapolis CNN —, New Hampshire, Los Angeles Times, Getty, Bankrate, McKinsey, Travelers, Hartsfield, Jackson Atlanta International Airport, Bloomberg, Commerce, Apple, PNC Financial Services, Shoppers, canaries, LendingTree Locations: Minneapolis, New, Inglewood , California, splurge, ’, Los Angeles, AFP, Georgetown, Washington, what’s, Oxford

Retail sales increased 0.7% in September, driven by nonstore retailers and spending at food and drinking establishments, the Census Bureau reported on Tuesday. Even after stripping out autos, as some analysts do, the increase was 0.6%, way above estimates of a 0.2% gain. As long as those trends remain positive, consumers will feel they have the wherewithal to continue shopping. “Consumer spending has been fairly flat over the last two months,” according to Bank of America Institute’s Consumer Checkpoint October report. However, the wages and salaries of higher-income households are still growing at slower rates than other income cohorts.”Many retailers will be looking to the critical holiday season for a boost in sales.

Persons: ”, Ted Rossman Organizations: Census, Bankrate.com, “, Federal Reserve, Employers, Labor Department, Bank of America, ” Bank of America, Cyber, Signifyd’s Commerce

☆ Consumer data is more positive than sentiment, says Bankrate's Ted Rossman
▼ + stars: | 2023-10-16 | 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 EmailConsumer data is more positive than sentiment, says Bankrate's Ted RossmanTed Rossman, senior industry analyst at Bankrate, and Neil Hennessy, Hennessy Funds chief market strategist, join 'The Exchange' to discuss consumer names to watch, consumer credit risk, and cracks starting to emerge in consumer spending health.

Persons: Ted Rossman Ted Rossman, Neil Hennessy, Hennessy Organizations: Hennessy Funds

☆ 5 ways to reduce credit card debt ahead of the holiday shopping season
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +6 min

But it's also important to consider the rising cost of carrying credit card debt. Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high. While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Work with your card issuerIf you don't qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.

Persons: Bankrate, Ted Rossman, they're, it's, Matt Schulz, Louis, —, Schultz, Rod Griffin, Oleksandra, Griffin Organizations: Federal Reserve Bank of New, Federal Reserve Bank of St Locations: U.S, Federal Reserve Bank of New York, annualcreditreport.com

☆ Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion
▼ + stars: | 2023-10-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

"We do not see a path forward for legislation to cap credit card interest rates," Seiberg said. There are 70 million more credit card accounts open now than in 2019, it said. Credit card interest rates have predominantly remained below 36% due to "self-restraint" by banks, though that's still "extremely high" for a credit card, said Lauren Saunders, associate director at the National Consumer Law Center. I think some of the [political] lines are starting to blur a little bit, at least on credit card issues. How to reduce your personal card rate to 0%Rossman's general advice to consumers: Make your personal credit card rate 0%.

Persons: Luis Alvarez, Rossman, Seiberg, There's, that's, Lauren Saunders, Ted Rossman, Sen, Bernie Sanders, Alexandria Ocasio, Glenn Grothman, Grothman, Hawley Organizations: Digitalvision, Getty, Cowen Washington Research Group, Republican, Federal Reserve Bank of New, Federal Reserve, National Consumer Law Locations: Federal Reserve Bank of New York, Alexandria, Cortez, Jesús, Chuy, García

Negotiations between Exxon and Pioneer are advanced but have not yet led to an agreement over the acquisition of the largest oil producer in Permian basin. So far, shareholders profited as the share price more than doubled since early 2021 when activist investors publicly pushed for changes. Big Oil is responsible for the bulk of human-induced greenhouse gas emissions and pressure for action is building. "Investor pressure has decreased; they're backtracking... the big investors are enabling this," said climate investment group Follow This founder Mark van Baal. Privately, investors worried if Exxon bowed out of production, someone else would pick up the slack and nothing would be gained for shareholders or energy transfer.

Persons: Olaf Scholz, Exxon Mobil's, Jim Rossman, that's, Andrew Logan, tussles, Mark van Baal, Charlie Penner, Ceres, Logan, Marguerita Choy Organizations: Environmental, Exxon, Republique, New Global Financial, Big Oil, Energy, Natural Resources, Pioneer, Barclays, Oil, Public, International Energy Agency, Investors, Ancora, Holdings, Algonquin Power & Utilities, Elliott Investment Management, NRG Energy, Smart, Thomson Locations: Paris, France, BOSTON, Ukraine

☆ Holiday shoppers are bracing for more financial strain this year. Here are 3 ways to prepare
▼ + stars: | 2023-10-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

To that point, many are already getting ahead of holiday expenses. Half of holiday shoppers plan to begin, or have already begun, making purchases before Halloween, according to Bankrate. "The fact that deals start early allows you to research the best options and spread out your cashflow," said Rossman. Overall, think through what your gift-giving budget should be ahead of time so it doesn't create a financial strain. 3 ways to get ahead of holiday spendingwatch now

Persons: David Paul Morris, Hopper, Hayley Berg, Carolyn McClanahan, who's Organizations: Bloomberg, Getty, CNBC, Amazon, Walmart, Planning Partners, CNBC's FA Locations: Jacksonville , Florida, CNBC's

The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.

Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S

☆ Subprime auto delinquencies are worse now than during the Great Recession: Bankrate's Ted Rossman
▼ + stars: | 2023-09-20 | 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 EmailSubprime auto delinquencies are worse now than during the Great Recession: Bankrate's Ted RossmanTed Rossman, Bankrate senior industry analyst, joins 'The Exchange' to discuss the rising cost of mortgages, high mortgages cutting homebuyers' purchasing power, and risks involved in homebuyers' betting on refinancing.

Persons: Ted Rossman Ted Rossman

PHILADELPHIA (AP) — A Delaware man has been sentenced to 7 1/2 years in federal prison in the carjacking of a U.S. congresswoman's sport utility vehicle in a Philadelphia park almost two years ago. Josiah Brown, 21, was sentenced Wednesday in federal court in Philadelphia, The Philadelphia Inquirer reported. Brown, then 19, said he didn’t know who the congresswoman was and his weapon was unloaded. He also didn't know that the vehicle had a tracker that quickly led authorities to his Wilmington home. Brown was charged with federal counts of carjacking and brandishing a gun during a violent crime, which carries a seven-year mandatory minimum term.

Persons: Josiah Brown, Mary Gay Scanlon, Brown, didn’t, —, Scanlon, Carjackings, ” Scanlon, ”, “, Rossman Thompson, Cynthia Rufe Organizations: PHILADELPHIA, Philadelphia Inquirer, U.S . Rep, Democrat, Christiana Fashion, Inquirer, Authorities Locations: U.S, Philadelphia, Wilmington, Christiana, Newark , Delaware, Delaware

☆ What to know before you take advantage of your credit card’s buy now, pay later option
▼ + stars: | 2023-08-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The offer may sound tempting, given today's record-high interest rates on debt, which now average 20.5% for credit cards, according to Bankrate. Credit card buy now, pay later plans include American Express Pay It Plan It, My Chase Plan and Citi Flex Pay. While those BNPL companies are acting more like credit card issuers, the latter, in turn, have taken on features similar to BNPL, he noted. The choices come as rising interest rates have made carrying debt more expensive. The latest data shows consumers are struggling under rising balances, with total credit card debt recently topping $1 trillion for the first time.

Persons: Ted Rossman Organizations: American, Citi, Finance

☆ At what age should kids become financially independent?
▼ + stars: | 2023-08-29 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Acquire Licensing RightsNEW YORK, Aug 29 (Reuters) - At what age should American kids become financially independent? In almost every category, Baby Boomers expect people to become financially independent a year or two earlier compared to what Gen Z has to say. With health insurance, for instance, adult kids can typically stay on parent plans until the age of 26. BE STRATEGIC ABOUT FINANCIAL ASSISTANCEThe reality is the parents do indeed help adult kids out financially: 68% of them have made such a sacrifice, according to Bankrate. For instance, if such help has erased your own emergency fund, or depleted your retirement accounts, that is not going to help anybody – and, in fact, will boomerang on those kids later if you become dependent on them.

Persons: Dado Ruvic, ”, Ted Rossman, Amy McGahan, –, Lauren Young, Diane Craft Organizations: REUTERS, Boomers, Pew Research Center, Thomson Locations: Cleveland

☆ 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

☆ 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

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

☆ 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

☆ 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

☆ 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

☆ Paying in cash helps shoppers 'forget' guilty pleasures, Stanford research finds
▼ + stars: | 2023-08-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Others have a secret account or credit card or some sort of hidden debt. The pros and cons of cashOn the upside, paying with cash can be a smart move for those trying to stick to a budget. In this case, spending money is divided up into envelopes representing your monthly expenses, such as groceries and gas. "Adhering to this approach keeps you from going into credit card debt," he said. But paying with cash forgoes the rewards and protections that come with credit.

Persons: Nopphon, Rossman Organizations: Istock, Getty

☆ Federal watchdog cracks down on Bank of America but 'junk fees' aren't going anywhere, expert says — it's a 'game of whack-a-mole'
▼ + stars: | 2023-07-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Junk fees are additional, often hidden, charges that can come from a range of lenders. Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees. Ted Rossman senior industry analyst at Bankrate"Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees," Rossman said. "The Consumer Financial Protection Bureau took a big step by banning surprise overdraft fees," she said. The average overdraft fee costs $29.80, Bankrate's research found, while the average nonsufficient funds fee is $26.58.

Persons: Ted Rossman, Rossman, surcharges, Bankrate, Joe Biden, Biden, Nadine Chabrier Organizations: Center, Financial

☆ 30% of Americans say ‘tipping culture is out of control,' as some businesses agree to scrap tip prompts
▼ + stars: | 2023-07-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch now"Honestly, I think the prompt irritates most people," said Lyn James, owner of Flowers & Cappuccino by Lasting Visions in Bowman, North Dakota. James said that's why she opted out of the tip screen when she implemented her store's contactless point-of-sale system. "Small businesses can deactivate the tip screen or customize the amounts they show on the tip screen or just ask customers to skip it," she said. "I do also understand tips are not 'needed' in all situations." "I often get asked how much I tip, and I don't," Lynn said of most point-of-sale tip prompts.

Persons: Lyn James, James, that's, Ted Rossman, We've, Cornell's Lynn, Rossman, Molly Burke, Matt Vizcaino, Lynn, I've Locations: Bowman , North Dakota, Birmingham , Alabama

☆ With a record number of travelers expected to drive this July 4, here's how to save on gas
▼ + stars: | 2023-07-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A record 43.2 million people are expected to travel by car this July 4 holiday, according to AAA, the motoring and leisure travel membership organization. The good news for those drivers is that gas prices around the country are lower than they were last year. The national average for a gallon of gas is $3.54 as of July 3, down from $4.81 one year ago, according to AAA. Last year's high prices prompted politicians on the state and federal level to call for gas tax holidays. A recent Bankrate survey found 63% of adults plan to take a summer vacation this year, up from 61% last year.

Persons: Ted Rossman Organizations: AAA, Finance, Social Security

☆ Corporate agitators slow down in Q2 but ready to pounce in H2 -Barclays data
▼ + stars: | 2023-06-30 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Investors, bankers and lawyers expect a busy second half where activists may become more involved in trying to jumpstart mergers and acquisitions (M&A). "Volatile markets and depressed M&A markets are not deterring activists from launching campaigns in 2023," said Jim Rossman, global head of shareholder advisory at Barclays. In the second half, Barclays' Rossman expects to see a market with pent-up demand for M&A and $1.4 trillion parked in private equity firms' war chests that needs to be put to work. "The proof is in the pudding in the 2023 proxy season," Rossman said. "Activists won seats at 80% of proxy contests that went to a final vote, compared to 33% in 2022."

Persons: Jim Rossman, ValueAct, Carl Icahn, Francis deSouza, Elliott, Rossman, Svea Herbst, Bayliss, Jamie Freed Organizations: YORK, Elliott Investment Management, Capital, Legion Partners, Barclays, Holdings, Inclusive, Partners, Bayer, Reuters, Capital Management, Svea, Thomson Locations: Europe, Asia, United States

☆ Here are moves parents can make to help adult child become financially independent, advisor says
▼ + stars: | 2023-06-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

These days, many young adults do not become financially independent until they are well into their 20s. To be sure, inflation has made it even harder for those just starting out. But, in addition to soaring food and housing costs, millennials and Gen Z face financial challenges their parents did not as young adults: On top of carrying larger student loan balances, their wages are lower than their parents' earnings when they were in their 20s and 30s. While older generations are more likely to think their kids should be completely financially independent by the time they turn 21, young adults say that's a good age to start paying some of their own expenses, such as credit card bills and travel costs, according to a separate report by Bankrate.com. "There's definitely a disconnect between parents and adult children," said Ted Rossman, Bankrate's senior industry analyst.

Persons: Zers, Ted Rossman Organizations: Finance

☆ 44% of people with a side hustle think they'll always need it — and more are picking one up
▼ + stars: | 2023-06-26 | by ( Gili Malinsky | ) www.cnbc.com time to read: +2 min

And when it comes to the future, 44% of side hustlers also believe they'll always need one. 'A lot of workers are underpaid'In part, many people who tack on a side hustle do so because their full-time job is not covering their expenses. The median hourly rate for a person working in the food industry is $12.49, according to the Bureau of Labor Statistics. Half of workers in North America believe they are underpaid for their job, according to a 2022 ADP survey of 3,850 North American workers. In May, inflation was up 4% year-over-year, according to the BLS.

Persons: Zers, Gen Xers, Ted Rossman, hustlers, they'll, Rossman Organizations: Bankrate, Service, Bureau of Labor Statistics, BLS Locations: North America

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