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☆ How many credit cards should you have? The answer isn’t zero, say experts
▼ + stars: | 2023-06-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Eighty-two percent of American adults had a credit card in 2022, according to the U.S. Federal Reserve. Benefits to having more than one credit cardHowever, there can be drawbacks to having just one credit card. In addition, having a second credit card, or more, can help build a person's credit utilization ratio, said Curtis, founder and CEO of Curtis Financial Planning. Credit utilization is an important determinant in one's credit score and having one that's too high can reduce your score. Having more than one card raises one's overall credit limit, and with responsible use, can reduce one's credit utilization ratio.

Persons: Jose Luis Pelaez, Ted Rossman, Strong, cardholders, Bruce McClary, McClary, Rossman, Cathy Curtis, Curtis, Xavier Lorenzo, Cardholders Organizations: Jose Luis Pelaez Inc, CreditCards.com, Consumer Federation of America, U.S . Federal, National Foundation, Credit, Mastercard, Curtis, Curtis Financial

☆ Americans are facing 'triple trouble' from credit card debt, with more cards, bigger balances, and higher rates than ever
▼ + stars: | 2023-06-20 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

According to a new CreditCards.com report, Americans are facing "triple trouble" from credit card debt. A new report from CreditCards.com released Tuesday determined the states with the highest and lowest credit card burdens by comparing each state's credit card debts to household incomes. According to Rossman, many Americans are facing "triple trouble" with more people carrying credit card debt, record-high total balances, and elevated credit card rates. Massachusetts had the lowest credit card debt burden, despite ranking 19th in debt and 3rd in income. Credit card interest rates aren't going down anytime soonDespite last week's Fed decision, relief for cardholders may not come anytime soon.

Persons: —, CreditCards.com, Ted Rossman, Rossman, It's, it's, we've, cardholders Organizations: Service, Federal Reserve Bank of New, Market, Fed, Chase, Bank of America, Transportation Locations: Mississippi, Massachusetts, Federal Reserve Bank of New York, Oklahoma , Louisiana, New Mexico, Nevada, Minnesota , New Hampshire, California

☆ Average credit card interest rate is a record 20.69%, but 0% offers are still available, experts say
▼ + stars: | 2023-06-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

The Federal Reserve may have paused its aggressive interest rate hikes for now, but that offers little relief for anyone with credit card debt. The central bank raised interest rates 10 times since last year — the fastest pace of tightening since the early 1980s — and that has caused credit card rates to hit an all-time high. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. The average credit card now charges a record 20.69% — nearly five percentage points higher than the beginning of last year, according to Rossman. "While the skip means interest rates may not rise again this month, the high credit card interest rates consumers are currently seeing are going nowhere anytime soon," said Michele Raneri, vice president and head of U.S. research and consulting at TransUnion.

Persons: Ted Rossman, Michele Raneri Organizations: Bankrate, Finance Locations: TransUnion

☆ Amid high inflation and pent-up demand, lower gas prices can help travelers save this summer. Here are some tips
▼ + stars: | 2023-06-16 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

For those who hit the road to travel this summer, there is good news: Gas prices are substantially lower than they were last year. As of Friday, the national average for a gallon of gas is $3.58, down from $5 one year ago, according to AAA. Last year's high prices made headlines, and even prompted politicians on the state and federal level to call for gas tax holidays. And barring any surprises during hurricane season, the outlook for gas prices is mostly stable, Gross said. The national average will probably stay in the range of $3.50 per gallon, he said.

Persons: Andrew Gross, Gross, Ted Rossman Organizations: AAA, Finance, Auto

☆ Gen Zers are the worst tippers
▼ + stars: | 2023-06-10 | by ( Gloria Dawson | ) www.businessinsider.com time to read: +3 min

In a recent survey from Bankrate, Gen Z respondents were identified as the worst tippers. But like so many issues of the moment, Gen Z has a slightly different take and response to the situation. A recent survey from Bankrate found Gen Zers, or people 18-26 years old, are the generation least likely to tip. More than half of Baby Boomers surveyed tip at least 20%, but only a quarter of Gen Zers do. But just 22% of Gen Zers felt that way.

Persons: Tipping, Gen, —, Z, Bankrate, Zers, Gen Z, Gen Zers, Ted Rossman, Gen Xers, Rossman, Boomers, it's Organizations: Service, Baby Boomers, Boomers Locations: Bankrate

☆ 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

☆ Americans are tipping less often than ever. Nearly 1 in 3 say tipping culture is 'out of control.'
▼ + stars: | 2023-06-08 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Americans say they are tipping workers less often over the last 3 years. A new survey from Bankrate shows that people are getting increasingly frustrated with tipping. Among the 2,400 people who took part in a new survey from Bankrate, two-thirds said they have at least one negative opinion of tipping, with 30% saying they believe tipping culture has gotten "out of control" in recent years. "Few topics elicit as many passionate opinions as tipping," Bankrate senior industry analyst Ted Rossman said in a post about the survey. Only half of the 2,400 people said they always tip food delivery people, along with 40% that always tip taxi, Lyft, or Uber drivers.

Persons: Zers, —, Ted Rossman, Gen Zers, McDonald's Organizations: Service, Baltimore Apple, Walmart Locations: Bankrate, Colorado

☆ Americans push back against 'tip creep' — 'It's time to take a stand,' expert says
▼ + stars: | 2023-06-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

From self-service fast-food restaurant kiosks to smartphone delivery apps, there are more opportunities to tip for a wider range of services than ever before. But between the high cost of living and uncertain economy, cash-strapped consumers are starting to tip less — and resent tipping prompts even more. More from Personal Finance:Even as inflation rate subsides, prices may stay higherHere's the inflation breakdown for April 2023, in one chartWho does inflation hit hardest? Experts weigh in"Inflation and general economic unease seem to be making Americans stingier with their tipping habits, yet we're confronted with more invitations to tip than ever," said Ted Rossman, Bankrate's senior industry analyst. Many feel the pressure to tip has increased over the last year, NerdWallet's consumer budgeting report also found.

Persons: Ted Rossman Organizations: Finance

☆ It's not just the money. People are doing side hustles to socialize and be creative as well.
▼ + stars: | 2023-06-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Money is a big reason why many people take on side hustles, but there are non-financial reasons why people try side jobs too. "Side hustlers are much more likely to view this extra income as essential, rather than a passion project or a way to get ahead financially." In the April survey, 39% of US adults said they do something "to earn extra income on the side" outside of their primary income source. For example, people may want to make extra money outside of a main job to put toward paying off debt. One full-time worker who tries side hustles told Insider he does his side hustle work during some nights.

Persons: —, Bankrate, Ted Rossman, Jennifer Nahrgang, Palmer, Trisha Diamond, hustles, Diamond, Gen, Nahrgang, Julia Pollak, Uber, Clarke Bowman, Bowman Organizations: Service, Management, Entrepreneurship, University of Iowa's Tippie College of Business Locations: Bankrate

Venkatakrishnan's intervention underscores the pressure that the British bank is under to protect its U.S. investment banking franchise. Venkatakrishnan promised during the meeting to invest in the investment banking business to boost morale, the sources said. Miller left Barclays to join Jefferies last month, while Barclays only announced a new role for Astier this week, naming him global head of financial sponsors. Still, the exodus that Venkatakrishnan and other Barclays executives have been trying to stem has continued apace. But it was its consumer, cards and payments division, rather than investment banking, that led the charge.

Persons: C.S, Venkatakrishnan, dealmakers, Cathal Deasy, Morgan Stanley, Taylor Wright, Marco Valla, Deasy, John Miller, Jean, Francois Astier, Miller, Jefferies, Jim Rossman, Christopher Ludwig, Pete Contrucci, Evan Rothenberg, Daniel Kerstein, Contrucci, Rothenberg, Kerstein, Milana Vinn, Abigail Summerville, David Carnevali, Svea Herbst, Bayliss, Anirban Sen, Greg Roumeliotis, Christopher Cushing Organizations: YORK, Barclays, Citigroup Inc, UBS Group AG, Jefferies Financial Group Inc, Reuters, Credit Suisse Group AG, UBS, Lazard Ltd, Credit Suisse, Svea, Thomson Locations: Americas, Europe, Middle East, Africa, United States, New York, Rhode Island

☆ Strikes, Delays and Lost Luggage: How to Survive Air Travel This Summer
▼ + stars: | 2023-05-25 | by ( Elaine Glusac | The New York Times | ) www.nytimes.com time to read: +27 min

Illustration by Yukai Du Strikes, Delays and Lost Luggage: How to Survive Air Travel This Summer With the travel season in full swing, we compiled a guide to help you navigate the year’s most hectic time in the skies. If you don’t care which beach, shop around.” If you haven’t booked summer flights, do it now. For one, avoiding the airports with the highest levels of delays and cancellations last summer may be a good idea. They’re also getting longer inside airport lounges, longtime havens from the masses clogging the terminals at peak times. Standard membership in Priority Pass, a network of 1,300 airport lounges, starts at $99 a year, with each visit costing $35 at that level.

Persons: Yukai Du, we’ve, haven’t, Hopper, What’s, ”, Laura Lindsay, Ted Rossman, Priceline, Mr, Rossman, Charlotte Douglas, Toronto Pearson, it’s, “, Carter Langston, Rhonda Lawson, C.B.P, you’ve, you’re, You’ll, Lawson, Emmanuel Macron, Tomasz Pawliszyn, Jamie Larounis, Larounis, they’re, SITA —, They’re, Eric Goldmann of Atlanta Organizations: Bureau of Labor Statistics, Google, Miami, JetBlue, Heathrow Airport, Amsterdam Schiphol, Gatwick, Air Canada, Labor, Newark Liberty International, La Guardia Airport, Kennedy Airport, Reagan, Miami International, Orlando International, Boston Logan International, Charlotte Douglas International, Toronto Pearson, Federal Aviation Administration, Washington , D.C, Customs, Western, Gulf, Phoenix, Transportation Security Administration, Global, Border Protection, Clear, PreCheck, Heathrow, Air, SNCF, U.S . State Department, Smart, Union, Travelers, New Tech, Airlines, Lufthansa, Siemens, Alaska Airlines, KLM, U.S . Bureau of Transportation Statistics, Apple, The Department of Transportation, American, Venture, Dallas Fort Worth International, JPMorgan Chase, Club, Chase Sapphire Reserve, Americas Locations: Europe, United States, Asia, San Francisco, Jacksonville, Fla, Miami, London, Amsterdam, U.S, La, New York, Washington, Charlotte, N.C, Newark, Orlando, Toronto, Sydney, Jakarta, Frankfurt, Munich, Heathrow, Washington ,, States, Denver, Seattle, Reno, Nev, Gulf Coast, Atlantic, Houston , New Orleans, Atlanta, Luton, T.S.A, ’, noncitizens, France, Britain, Italy, Germany, Berlin, Dutch, Swiss, Delta, United, Hong Kong, Dallas, Boston, North, Central, South America, Dallas , Newark

☆ Young adults are taking longer to reach 'key life milestones' impacting finances later, analysis shows
▼ + stars: | 2023-05-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Young adults in the United States are taking longer to reach "key life milestones," including financial independence from parents and living on their own, compared to four decades ago, according to a Pew Research Center analysis released on Tuesday. Today's young adults are closer to full-time employment and financial independence by age 25, the analysis of Census Bureau data shows. Financial independence is defined as having a single income of at least 150% of the poverty level. And only one-quarter were financially independent of their parents, versus more than 40% in 1980, the analysis found. "I would argue that young adults now are facing much higher costs for housing," buying a car, food and gas, Rossman said.

Persons: Ted Rossman, Rossman Organizations: Pew Research, Finance, House, Social Security, PayPal, Bankrate Locations: United States

☆ 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.

☆ Should college graduates be financially independent? Parents and young adults disagree
▼ + stars: | 2023-05-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowYoung adults face financial challengesIn part, millennials and Gen Z face financial challenges that 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. 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. For parents, however, supporting grown children can be a substantial drain at a time when their own financial security is in jeopardy. Kids have to realize that the quid pro quo here is that they're going to be expected to take care of their parents.

☆ U.S. households are hitting their own debt ceiling. Here's how you can avoid default
▼ + stars: | 2023-05-17 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Currently, the average household's credit card balance is $9,990, just $2,015 shy of where that tab hits its limit, the report found. High inflation is certainly contributing to Americans' high credit card balances, along with record-high interest rates, according to Ted Rossman, senior industry analyst at Bankrate. "We're seeing more people carrying credit card debt, too, often to finance day-to-day essentials." More than one-third also now have more credit card debt than emergency savings, which is the highest on record. "It's never too late to turn things around," Rossman said.

☆ Gen Z is way behind on credit-card payments. It could get even worse when student-debt payments restart.
▼ + stars: | 2023-05-16 | by ( Jacob Zinkula | Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Gen Z is missing their credit-card payments at a rising rate. Their finances could get even worse when student-debt payments resume later this year. 36% of Gen Zers had student debt as of last June, with an average balance of $20,900. If young Americans are struggling to pay down their credit-card debt now, things could get even tougher when student-debt payments resume later this year after an over-three-year pause. "In fact, this is the only time since the New York Fed started tracking these figures in 2003 that credit-card balances did not fall from Q4 to Q1."

☆ Americans’ debt surpasses $17 trillion for the first time
▼ + stars: | 2023-05-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

To this point, credit card debt has been rising at the sharpest pace of any debt covered in the report, said Ted Rossman, senior industry analyst for Bankrate. Last year, 39% carried debt month to month. Increases in credit card debt can be a either sign of confidence or struggle, he added. “For the foreseeable future, we’re stuck with high credit card rates, high balances, and more people carrying debt,” he said. “My advice would be to pay down credit card debt, as quickly and cost effectively as possible.

☆ 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

☆ Credit card interest rates keep climbing. Here's what consumers need to know and what they can do about it
▼ + stars: | 2023-05-02 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

Here's what consumers need to know about the rising rates on their cards — and what they can do about it. Your credit card statement should list your interest rate, and you can also find it online by logging into your account, Rossman said. There are ways to pay less interestFor those struggling with credit card debt, Rossman said he recommends first looking to see if you qualify for a so-called 0% balance transfer card. watch nowAnother option is taking out a personal loan and using the funds to pay off your credit card debt. GreenPath manager Cook said you can also try asking your credit card issuer if it will lower your interest rate.

☆ Premarket stocks: Apple is giving banks a run for their money
▼ + stars: | 2023-04-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Apple’s savings account is managed through Apple products and users must have Apple’s credit card, simply called Apple Card, to qualify for one. “It’s very much a loyalty play because it’s a multi-level process: To get the Apple credit card you need the phone, and to get the savings account you need the credit card. The Apple savings account through Goldman is also insured by the Federal Deposit Insurance Corporation. And Apple’s savings account is hardly the best out there, either. UFB Direct offers a savings account with more than a 5% annual percentage yield.

☆ Apple offers 4.15% high-yield savings to its Apple Card holders
▼ + stars: | 2023-04-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

New York CNN —Apple on Monday announced that it is now offering its Apple Card holders a 4.15% high-yield savings account with Goldman Sachs. They may park both the 3% cash back they receive from using the Apple Card on select purchases plus other savings they may wish to deposit. For instance, you can only get an Apple Card if you use an Apple phone. Bankrate gives the Apple Card high marks as a no-fee rewards credit card, and the convenience of having a high-yield savings account for a cardholder’s cash rewards may be appealing. A high-yield savings account rate, by contrast — including Apple’s new offering — can move up or down without notice at any time.

☆ Most Americans are using tax refunds to boost savings or pay off debt, CNBC survey finds
▼ + stars: | 2023-04-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

mediaphotos | E+ | Getty ImagesMost Americans will use their tax refund to bolster their finances amid economic uncertainty, stock market volatility and lingering inflation. More than one-third of Americans are saving their tax refund this season and 44% have earmarked the funds to pay off debt or bills, according to the CNBC Your Money Financial Confidence Survey, conducted in partnership with Momentive. A recent Bankrate survey also found that tax refunds are important to most Americans' financial situation, and that paying off debt and boosting savings are top priorities this year, which is similar to past findings. Some 45% of Americans expect to receive or have already received a tax refund this season, according to the CNBC survey. "So if you have credit card debt, putting some of this refund money towards that debt is a really good choice."

☆ 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.

☆ How long should you support your adult children? Parents — and their kids — weigh in
▼ + stars: | 2023-04-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

And, as it turns out, kids and parents don’t agree on just when exactly that time should be. Baby Boomer and Gen X parents beg to differ, saying their kids should pony up starting at age 21. The Bankrate survey doesn’t specify how many respondents are living with their parents or, conversely, their adult children. Nearly 7 in 10 parents with children 18 or older said they have made a financial sacrifice to help their grown-up kids, according to the survey. Low-income parents — defined as those making $50,000 or less a year — were most likely to say they have made financial sacrifices to help their adult children.

☆ Should adults be financially independent by 21? Boomers think so, but Gen Z disagrees.
▼ + stars: | 2023-04-10 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Baby boomers and Gen Z kids are divided on what age adults should start paying their own bills. 68% of US parents are sacrificing savings to financially support their adult kids, Bankrate found. Part of the reason could be that parents are sick of sacrificing their hard-earned cash to financially support their adult kids. The study found that 68% of parents have made a "financial sacrifice" to help their adult kids with their finances. As a result, adult children may find it harder to achieve financial independence.

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