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☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

☆ Gen Zs are spending big to travel this summer — even if it means going into debt
▼ + stars: | 2024-05-30 | by ( Monica Pitrelli | Harriet Akinyi | ) www.cnbc.com time to read: +3 min

Gen Zs are set to make the biggest splash this summer, with surveys showing they are upping their vacation plans and spending more than older travelers. The survey of more than 2,000 Americans showed Gen Zs are planning to travel for longer periods and to take more expensive vacations at higher rates too. But how Gen Zs — often defined as those born between 1997 and 2012 — plan to fund their travels differs from other age groups too. Roeschke also noted that Gen Zs will spend time finding ways to trim travel costs, rather than canceling or postponing their trips. Using debt to finance summer tripsStill, 42% of Gen Zs and 47% of millennials say they plan to use debt to finance their summer trips, according to a survey by the financial services company Bankrate.

Persons: Gen Zs, Gens Z, Zs, millennials, Gen Xers, Zs —, Lindsey Roeschke, Zers, Roeschke, Ted Rossman, Rossman Organizations: Bank of America, CNBC Locations: United Kingdom, India, Germany, China

☆ 37% of Americans paid a late fee in the last 12 months, report finds
▼ + stars: | 2024-05-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

If you paid late once and there's a high chance you will pay late again in the near future because of a financial issue, let the lender know, said Schulz. "It's one thing to go to the lender every other month and say, 'Hey, I was late with this, can you waive that?' If you made a one-time mistake, you can reach out to your lender and ask to have that late payment scrubbed from your credit report, experts say. "Your credit report is just a collection of a bunch of data points representing how good you are paying debts back," Schulz said. If lenders begin to "cherry pick" what goes on in the report, the data becomes unreliable, and it doesn't help lenders make decisions.

Persons: it's, Greg McBride, Schulz, McBride, " Schulz

☆ Zero-down mortgages are making a comeback
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

That massive roadblock is being removed by a new zero-percent down mortgage program launched two weeks ago by one of the nation’s largest mortgage lenders. ‘Demand has been huge’These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income. That’s because in order to refinance at a lower rate, the homeowner would need to fully pay off that second mortgage. For instance, Bank of America launched a zero-down payment mortgage program in 2022 for first-time homebuyers in certain Black and Hispanic neighborhoods. “These mortgages are going to be ticking time bombs – just like subprime mortgages –unless home prices continue to increase very substantially,” Kelleher said.

Persons: Mat Ishbia, homebuyers, Christian Petersen, refinances, UWM, ” Alex Elezaj, they’d, ”, Patricia McCoy, McCoy, won’t, Bankrate, ‘, Anneliese Lederer, ” Lederer, ” Dennis Kelleher, ” Kelleher, Jonathan Adams, ” UWM, Elezaj, “, ” Elezaj, ” It’s, “ We’re, Greg McBride, Adams, ” Adams Organizations: CNN, United Wholesale Mortgage, Phoenix Suns NBA, Phoenix Suns, NBA, Oklahoma City, Footprint Center, Boston College Law School, Consumer Financial Protection Bureau, Federal Reserve, Bank of America, US Department of Agriculture, US Department of Veterans Affairs, Center for Responsible, Better, Saint Joseph’s University, Bankrate, “, Wall Street Locations: Phoenix , Arizona

☆ This type of coin is 'among the riskiest of cryptocurrencies,' investing expert says—here's what to know
▼ + stars: | 2024-05-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +4 min

In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is on display on March 5, 2024 in Paris, France. As meme stocks like GameStop temporarily surged this month, it appears meme coins are having a moment as well. But before you consider investing in cryptocurrency, it's important to understand the difference between meme coins, altcoins and bitcoin. And although every meme coin is an altcoin, every altcoin isn't necessarily a meme coin. "Meme coins are among the riskiest of cryptocurrencies because they seem to emerge from nowhere and information about them can be sparse," he says.

Persons: shiba, Pepe, Bitcoin, Satoshi Nakamoto, Nakamoto, Altcoins Altcoins, James Royal, you'll Organizations: GameStop, U.S ., CNBC, Federal Trade Commission Locations: Paris, France, cryptocurrency, stablecoins

☆ More than 40% of Gen Zs say they plan to go into debt to fund their summer trips
▼ + stars: | 2024-05-29 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMore than 40% of Gen Zs say they plan to go into debt to fund their summer tripsSome 42% of Gen Zs and 47% of millennials say they plan to use debt to finance their summer trips, according to an April report from Bankrate.

Persons: Gen Zs Locations: Bankrate

☆ The generation that may never retire: Why some millennials are behind on savings — and how they can catch up
▼ + stars: | 2024-05-29 | by ( Jacob Zinkula | William Edwards | ) www.businessinsider.com time to read: +14 min

However, the average millennial reported roughly $63,000 in retirement savings so far. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings. How to figure out how much retirement savings you needTiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously. How millennials can get their retirement savings back on trackWhile some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.

Persons: Nathaniel Hudson, Hartman, millennials, Tiffany Bell, didn't, Bell, she's, they're, Chris Chen, Chen, Judi Leahy, it's, Leahy, NerdWallet, Bell —, —, X, What's, Nilay Gandhi, Roth, Rita Assaf, Assaf, Gandhi Organizations: Business, Northwestern Mutual, Pew, US Social Security, Fidelity, Financial, Citi, Wealth Management, Vanguard, Big, CFP, Roth IRA, Fidelity Investments, Savings, Hudson Locations: Portland, Houston, New York, Montana

☆ Why groceries are so expensive — and how consumers may start to see relief
▼ + stars: | 2024-05-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

High inflation is subsiding, but many Americans have yet to see relief from elevated prices at the grocery store. "Grocery prices are up because of good old-fashioned corporate price gouging," Warren said. "And they can gouge consumers on prices because there's only a small number of companies controlling every level of the food chain." "When you spend this kind of money, you're going to have inflation," Kennedy said. "Inflation is coming down, but prices remain elevated," said Mark Hamrick, senior economic analyst at Bankrate.

Persons: they've, Sen, Elizabeth Warren, Warren, John Kennedy, Joe Biden, Kennedy, Harris, Mark Hamrick Organizations: Senate, Finance

☆ 36% of Americans say real estate is the best long-term investment—financial pros say they may be wrong
▼ + stars: | 2024-05-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

For years, Gallup has asked investors exactly that question, and since 2013 the most popular answer has been the same: real estate. It's tough to say what the best long-term investing option is without knowing the desired outcome." You can invest in real estate via real estate investment trusts, which trade like stocks, or ETFs that hold them. As you pay down your mortgage, you build equity in a piece of real estate that also appreciates in value. Among Americans making less than $40,000 per year, 33% choose real estate as their No.

Persons: Gallup, Stocks, Nick Foulks, Andrew Briggs, Briggs, Gold Organizations: cryptocurrency, Great Waters, National, Advisory, presto

☆ 60% of Americans say reaching this milestone makes them financially successful—it's not becoming a millionaire
▼ + stars: | 2024-05-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Most Americans don't think they need to be millionaires in order to achieve financial success. Fewer than 20% of Americans define being "financially successful" as "being a millionaire," according to Bankrate's 2024 Financial Success survey. Nearly 60% of Americans say they would feel financially successful if they were able to "live comfortably," according to the survey. "Salary is often not the best barometer for financial success," Foster says. Increased prices for everyday necessities such as food and housing may also shape the way Americans picture financial success.

Persons: Gen, Sarah Foster, Bankrate's, wouldn't, Foster Organizations: Millionaires, CNBC Locations: U.S

☆ I bought my first home this year: 7 things I wish I'd done before getting serious about my search
▼ + stars: | 2024-05-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +9 min

When my partner and I signed a two-year lease to move into our second New York City apartment together in 2021, we agreed that the next place we lived in would be ours. New York City is where I grew up, and I am not ready to give up my status as a "passenger princess" — yes, I'm 31 and don't have a driver's license. "There are four things that go into getting a mortgage: your credit, your income, your assets, and the property," Forbes says. The application process for a program like the New York City HomeFirst Down Payment Assistance Program or the NYS AHC grant can take several months. My partner and I bought a co-op, which is very common in New York City.

Persons: We've, Dave Forbes, Forbes, you've, Z, Gen Zers, millennials, wouldn't Organizations: New, Chase, NYS, Qualtrics, National Association of Housing Cooperatives, Rocket Mortgage Locations: New York City, Riverdale, Bronx , New York, Manhattan, Midtown, New York State, New York, That's, millennials, .

☆ 1 in 7 Gen Z credit card users are ‘maxed out’
▼ + stars: | 2024-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape. Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt. Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York. For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said. There’s never a good time to carry a credit card balance, but right now is arguably the worst time.

Persons: CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace Organizations: CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal Locations: Jackson , Mississippi, Federal Reserve Bank of New York

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ Credit card delinquencies rise as more Gen Z cardholders are maxed out, New York Fed research shows
▼ + stars: | 2024-05-14 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Over the last year, roughly 8.9% of credit card balances transitioned into delinquency, the New York Fed found. Credit card rates top 20%At the same time, credit cards have become one of the most expensive ways to borrow money. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. "With the Fed likely to keep rates higher for longer, credit card rates should remain high for the foreseeable future," Rossman said. What to do if you're in credit card debt

Persons: Bankrate, Ted Rossman, Rossman Organizations: Federal Reserve Bank of New, New York Fed Locations: Federal Reserve Bank of New York

☆ Homes are more expensive than ever—here's how much prices have skyrocketed since 1965
▼ + stars: | 2024-05-13 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

If homes seem more expensive than ever, it's because they are — even after adjusting for inflation. U.S. homebuyers are spending more than double to buy a home now than they were in 1965, when the median home price was $20,200, according to U.S. Census data. In 2024 dollars, that works out to roughly $202,215, which is less than half of the $420,800 that a home costs today, per U.S. Census data. With homes selling for a median price of $20,200, a median earner would spend just under three times their income on a home. In 2024, the median annual household income is estimated to be $78,171, according to data consulting firm Motio Research.

Persons: homebuyers Organizations: Motio Research, National Association of Realtors, CNBC Locations: U.S

☆ 40-year-old paid off $20,000 in credit card debt—her No. 1 piece of advice
▼ + stars: | 2024-05-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

After paying down around $20,000 in credit card debt, Shonnita Leslie cut up her cards to avoid sinking that deep into debt again. 1 piece of advice is to seek out a reputable credit counseling agency that specializes in debt management like she did. In order to clear her credit card debt, Leslie partnered with a financial wellness and debt counseling service. With that plan in place, Leslie was able to eliminate her credit card debt in six years. If you're feeling overwhelmed by credit card debt, you have other options as well.

Persons: Shonnita Leslie, Leslie, Ted Rossman Organizations: CNBC

☆ New grads may have a harder time landing their dream job, despite a strong labor market — here's why
▼ + stars: | 2024-05-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"The fact remains that the job market has remained more robust and resilient than had been expected," he added. And yet, there are a few things that young adults entering the job market aren't willing to compromise on, especially when it comes to work-life balance. Going forward, however, there may be fewer remote options for those just starting out. Where new grads get the best bang for their buckCompanies with remote work opportunities will allow job seekers to cast a wider net, Salemi said. After years of high inflation, new grads must also contend with elevated food, transportation and housing costs, depending on where they go.

Persons: Mike Segar, Mark Hamrick, Monster, Vicki Salemi, Salemi Organizations: City College of New York, Reuters, Istock, Getty Locations: U.S, Manhattan , New York

☆ Buy now pay later more positive than 'phantom debt' suggests, says Bankrate's Ted Rossman
▼ + stars: | 2024-05-08 | 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 EmailBuy now pay later more positive than 'phantom debt' suggests, says Bankrate's Ted RossmanTed Rossman, Bankrate Senior Industry Analyst, joins 'Fast Money' to talk the buy now pay later space and whether the U.S. consumer should be worried about 'phantom debt'.

Persons: Ted Rossman Ted Rossman Locations: Bankrate, U.S

☆ 'The 30-year fixed-rate mortgage is a uniquely American construct,' analyst says. Here's why
▼ + stars: | 2024-05-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Most U.S. homebuyers taking out a mortgage opt for a 30-year fixed-rate — but they may not realize how unusual that offering is. "The 30-year fixed-rate mortgage is a uniquely American construct," said Greg McBride, chief financial analyst for Bankrate. True to its name, a 30-year fixed spreads out repayment over 30 years, with an interest rate that remains the same for the life of the loan. In 2022, 89% of homebuyers applied for a 30-year mortgage, according to government data analyzed by Homebuyer.com. "If we did not have the dominance of the fixed-rate mortgage in the U.S. residential mortgage market, we would see a much higher level of stress among existing homeowners," McBride said.

Persons: Greg McBride, Jacob Channel, McBride Organizations: homebuyers, Bankrate, LendingTree, Homebuyer.com, Finance Locations: U.S

☆ What exactly goes into closing costs?
▼ + stars: | 2024-05-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But there is an often-overlooked expense when buying a home: closing costs. At the same time, the Biden administration plans to take aim at so-called “junk fees” hidden in closing costs. New York, Delaware and Washington, DC, have the highest average closing costs, according to Bankrate; while Missouri, Indiana and North Dakota have the lowest. Lowering closing costs on your ownThere is one relatively simple way to lower your overall closing costs: shop around. “When you compare those offers, examine not just the rate itself but also the closing costs.

Persons: homebuyers, —, Biden, ” Jeff Ostrowski, , ” Ostrowski, you’re, homebuyers haven’t, Brian Connolly, it’s, “ It’s, ” Connolly, Connolly, ”, Freddie Mac, ” Genaro Villa Organizations: CNN, Consumer Financial, National Association of Realtors, realtors, University of Michigan, NAR, homebuyers Locations: New York , Delaware, Washington, Missouri, Indiana, North Dakota, Bankrate, AnnualCreditReport.com

☆ Interest rates are staying high—how to make them work in your favor
▼ + stars: | 2024-05-03 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +2 min

If you were hoping interest rates might come down this spring, you're likely going to have to wait a little bit longer. After more than a decade of near-zero interest rates, savers are now in an environment where they're being rewarded for keeping deposits in the bank. And with interest rates staying at their decades-long high for longer, savers have an extended window to take advantage of everything banks are offering. "We did a study recently and found that very few people are earning even 4% on their savings," Rossman says. Now is a great time to shop around for the most favorable terms and lock in those interest rates while they're here, Rossman says.

Persons: That's, Ted Rossman, Rossman Organizations: U.S . Federal Reserve, Federal Deposit Insurance Corporation Locations: U.S

"It is becoming clearer and clearer that the Fed isn't going to lower interest rates anytime soon," said Matt Schulz, chief credit analyst at LendingTree. "If Americans want lower interest rates, they're going to have to do it themselves." What determines your credit card rateSince most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Persons: —, Matt Schulz, Michele Raneri, aren't, Schulz, Ted Rossman, Rossman, It's Organizations: Federal Reserve, TransUnion, Finance, Treasury Department Locations: U.S

☆ The Fed once again holds interest rates steady — with cuts expected later this year
▼ + stars: | 2024-05-01 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewThe nation's central bank offered no surprises in its latest interest rate decision. On Wednesday, the Federal Open Market Committee announced that it would be holding interest rates steady, continuing the pause on rates that began in September. While the FOMC projected three interest rate cuts for 2024, inflation is not quite where the Fed needs it to be. "It looks to me like he's trying to lower interest rates for the sake of maybe getting people elected," Trump said. "Inflation has continued to run hot and there is no compelling need for the Fed to cut interest rates until they're comfortable with where inflation is headed," Greg McBride, chief financial analyst for Bankrate, said in a statement.

Persons: —, It's, Jerome Powell, Powell, Donald Trump, Trump, Greg McBride Organizations: Service, Federal, Market Committee, Federal Reserve, Business, Fox News, Street Journal, Trump, Fed Locations: Washington

☆ Stock market today: Indexes mixed after Fed meeting as Powell calms nerves over possible hike
▼ + stars: | 2024-05-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Central bankers chose to keep interest rates steady, and Powell said a rate hike was "unlikely." Fed officials chose to keep interest rates unchanged, in line with the market's expectations. Investors have been fretting over higher interest rates as inflation came in hotter-than-expected throughout the first quarter. The odds of a Fed rate hike in June are less than 1%. Calling that out in the first paragraph is tantamount to saying that interest rate cuts are not coming soon."

Persons: Powell, —, Greg McBride, Bankrate, Charlie Ripley Organizations: Service, Federal Reserve, Nasdaq, Fed, Allianz Investment Management

☆ The Federal Reserve holds interest rates steady, offers no relief from high borrowing costs — what that means for your money
▼ + stars: | 2024-05-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"If Americans want lower interest rates, they're going to have to do it themselves," he said. "Going forward, mortgage rates will likely continue to fluctuate and it's impossible to say for certain where they'll end up," noted Jacob Channel, senior economist at LendingTree. Auto loansEven though auto loans are fixed, payments are getting bigger because car prices have been rising along with the interest rates on new loans, resulting in less affordable monthly payments. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected. Interest rates for the upcoming school year will be based on an auction of 10-Year Treasury notes later this month.

Persons: Brett House, aren't, Matt Schulz, Schulz, Jacob Channel, there's, Ivan Drury, Edmunds, Drury Organizations: Columbia Business School, Treasury, Fed Locations: Edmunds

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