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And although credit application approvals are down, applications for credit cards have increased by 24.8%, showing that Americans are relying more and more on credit to make ends meet. So if your credit application was denied, your credit score should be the first place you look to determine the reason. Why: Your credit utilization is highYour credit utilization is the amount of credit you have available versus the amount you actually owe. For example, if you have a credit limit of $1,000 and you owe $900, your credit utilization is 90% of your available credit. Conversely, a credit limit of $1,000 with a balance of $100 puts your credit utilization ratio at 10% of your available credit, and would positively impact your credit score.

Persons: What's, they'll Organizations: Federal, Service, New York Federal Reserve, The New York Federal Reserve Locations: Wall, Silicon

Over a lifetime, pay disparity will cost Black women over $900,000 which could be used for retirement. Black women need to save aggressively, take advantage of 401(k) and IRA options early, and advocate to get paid what they're owed. Black women working full-time, year-round are paid 67 cents for every dollar paid to white men. This wage gap will typically cost Black women working full-time, year-round, over $900,000 over a lifetime of work. That $900,000, which could be a fully-funded retirement, will be out of reach for many Black women.

Persons: they're, Black women's, Lynette Khalfani, Cox, it's Organizations: Service Locations: Wall, Silicon, New York

☆ The author of 'We Should All be Millionaires' asked women earning 6 figures if they were confident with their money — and 90% said no
▼ + stars: | 2023-07-24 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +5 min

Rachel Rodgers, author of "We Should All be Millionaires" says women are constantly told that they are not good with money. She completed a survey that concluded with 90% of high-earning, successful women saying they do not feel confident making decisions about money. But when she asked if they felt confident in making money decisions, she was shocked to learn that 90% of those surveyed said no. Rodgers found that even smart, accomplished women earning six figures they had still internalized what society told them about women and money. In her book, "We Should All Be Millionaires," Rodgers found that men and women receive totally different messages about money through media and society in general.

Persons: Rachel Rodgers, Rodgers Organizations: Service, AARP Locations: Wall, Silicon

It starts with knowing your money: track your net worth and credit score, and check your finances daily. Your net worth goes beyond your budget, and by tracking it you will start to see how your decisions affect your bottom line. Know your credit scoreYour credit score is important. A good credit score gives you more options for everything from credit cards and personal loans to apartment rentals to insurance. The more money you have along with good money management skills, the more options and possibilities there are for you and your life.

Persons: Rachel Rodgers, —, Rodgers, Here's Organizations: Service, Money Locations: Wall, Silicon

It's a good idea to get several quotes from a few different insurance companies looking to make sure that the coverage is the same. Related: The best homeowners insurance companies »2. Review payment optionsMany insurance companies charge more for dividing your premium into monthly payments, so you can save money by paying upfront. According to FICO, many insurance companies will look at your credit based insurance score as a part of setting rates. If you pay your insurance premium on a monthly basis, add the extra amount into your budget now. When I owned my home in Washington, D.C., I would use part of my annual bonus to pay my homeowners insurance premium upfront and in full.

Persons: weathers, you've, FICO Organizations: Service, Allstate, Washington , D.C Locations: Wall, Silicon, Washington ,

Planning ahead can save you money on baggage fees, food and even flight cancellations. Here are a few tips to help you save money while getting through the airport:1. Keep your luggage underweightThe baggage fee is bad enough — don't increase it by adding overweight baggage fees. Overweight baggage fees can go from $100 to $200 depending on the amount of the overage. A credit card with travel insurance can save you money on unexpected expenses due to flight cancellations.

Persons: I've, it's Organizations: Service, LaGuardia Locations: Wall, Silicon, New York, Charlottesville

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). If you're traveling out of the country, make sure you're bringing the right credit cards to save you money and hassle. Communicate with your credit card issuer about where you will be traveling to avoid your card being suspended. It might be the designated travel credit card, which you use to book the flight, the hotel, rental car, everything. With the right credit cards, you can get travel insurance and earn bonus rewards on purchases like dining and hotels.

Persons: —, I've, you'll Organizations: Service Locations: Paris, United States

Accounts pay high interest rates Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark. High interest rate Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. High interest rate Check mark icon A check mark.

Persons: Jennifer, Read Organizations: Credit Union, of Oklahoma, GreenState Credit, Credit, Mint, FDIC, Chevron, Crescent, Crescent Bank, Reading Chevron, Savings, Western Alliance, Bank, CIT Bank, UFB, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: of, Louisiana

The best CD rate right now is an impressive 6.167% APY, but make sure you have emergency funds before parking money in a CD. Right now, the best CD rate is 6.167% APY on a 6-month share certificate from Credit Union One of Oklahoma. View offers and saving today >CDs are a great way to generate passive income because they require almost no oversight after the initial deposit. Here are three questions to ask yourself before signing up for a CD:1. $1,000 minimum opening deposit Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Persons: it's, you'll, You’re, Jennifer, Read Organizations: Credit Union, NASA Federal Credit Union, NASA, Credit, Chevron, National Space Society, NASA Headquarters, National Academy of Science, NASA Center, Bank of Indiana, First Internet Bank of Indiana's, FDIC, Reading Chevron, Crescent, Crescent Bank, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: of Oklahoma, Louisiana

High-yield savings accounts are currently paying high interest rates, with multiple options above 5%. High-yield savings accounts are paying much higher rates. The best high-yield savings account rate today is 5.15% APY from Western Alliance Bank, powered by Raisin. It's easy to link a high-yield savings account to your checking account so you can transfer funds into it. Adding a high-yield savings account to your financial picture will help to grow your money and reach your savings goals faster—especially if you automate savings so you don't have to think about it.

Persons: — Organizations: Service, Western Alliance Bank, . Western Alliance, Western Alliance, Mint, FDIC, Chevron Locations: United States

High yield savings accounts pay more interest than a regular savings account. A benefit of a high-yield savings account is that you can withdraw your money quickly if needed. High APY Check mark icon A check mark. Earn a solid APY on your savings pocket and automatic savings pocket Check mark icon A check mark. No fee for using an out-of-network ATM if you have direct deposits set up Check mark icon A check mark.

Persons: —, APY, you'll Organizations: Service, Western Alliance Bank, Western Alliance, Mint, FDIC, Chevron, Popular, Salem, Walmart, Coastal Community Bank, Reading Chevron Locations: United States, New York, Salem, Chevron

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Credit card usage is on the rise as inflation lingers and consumers lean on credit to make ends meet. In response to this increased usage, credit card issuers are stepping up their offerings in anticipation of increased originations. Before you add a credit card to your wallet, ask yourself these questions to make sure a credit card is right for you. Credit card debt can be the most expensive debt that you carry.

Persons: —, TransUnion, delinquencies Organizations: Service, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

Our experts choose the best products and services to help make smart decisions with your money (here's how). Fraudulent activity by scammers trying to get your personal information has increased significantly. Check washing, robo calls, and even student loan forgiveness scams can walk scammers right into your bank account. Student loan forgiveness scamHow it works: Under the Biden Administration, student loan forgiveness applications opened in 2022. Be skepticalRight now, money scams are at an all-time high.

Persons: —, scammers, they're, It's Organizations: Service, Biden Administration, Social, Department of Education, US Postal Service

Houston: $2.1 millionAverage net worth it takes to be "wealthy": $2.1 millionAverage net worth it takes to be "financially comfortable": $606,000How many people feel wealthy: 39%10. Atlanta $2.3 millionAverage net worth it takes to be "wealthy": $2.3 millionAverage net worth it takes to be "financially comfortable": $729,000How many people feel wealthy: 43%9. Chicago: $2.3 millionAverage net worth it takes to be "wealthy": $2.3 millionAverage net worth it takes to be "financially comfortable": $817,000How many people feel wealthy: 38%8. Dallas: $2.3 millionAverage net worth it takes to be "wealthy": $2.3 millionAverage net worth it takes to be "financially comfortable": $820,000How many people feel wealthy: 40%7. Seattle: $3.1 millionAverage net worth it takes to be "wealthy": $3.1 millionAverage net worth it takes to be "financially comfortable": $1 millionHow many people feel wealthy: 41%2.

Persons: Charles Schwab, — Organizations: Charles Schwab Modern Wealth Survey, Service, Atlanta, Dallas Locations: Seattle, New York, Houston, Chicago, Denver, Boston, Washington, San Francisco

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). It will also mean it's time for student loan payments to resume. As federal pandemic relief comes to an end, student loan borrowers will see the return of their student loan payments. Include student loan payments in your budgetGet your budget ready now, before the payments start. If the student loan repayment pause ending has you worried, you may also look into other ways to make your payments: increasing your income, employer-based student loan repayment assistance and even Public Service Loan Forgiveness (PSLF), if you qualify.

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Americans' tax refunds could be worth $12.7 billion more if they were deposited into a 1-year CD earning 5.15% APY. Instead of using tax refunds on vacations, new cars or household appliances, Americans that receive tax refunds can turn them into extra cash. The total amount refunded to all Americans dropped by nearly $30 billion, from $267 billion to nearly $237 billion. CDs could grow America's tax refunds by $10.4 billion in a yearCDs Highest yield savings account Popular savings account 6 months $6 billion $5.7 billion $4.5 billion 1 year $12.7 billion $11.6 billion $9 billion 18 months $19 billion $17.7 billion $13.7 billion 2 years $25.6 billion $23.8 billion $18.4 billion 3 years $37 billion $36.6 billion $28.1 billion 4 years $47.1 billion $50.1 billion $38.2 billion 5 years $59.6 billion $64.2 billion $48.7 billionHow we got these numbersTo determine the potential growth of America's tax refunds, we assumed an initial deposit of $2,878, which is the size of the average tax refund as of April 7. We looked at typical rates at the best overall APYs available as well as the best rates at popular, well-known banks.

I had the opportunity to join Jean Chatzky on the HerMoney podcast and discuss reasons why credit card debt grows and ways to get out of any credit card debt weighing you down. On the HerMoney podcast, I discussed four steps to get out of credit card debt and how to be a savvy credit card user. Talk to your credit card companyIf you have a positive payment history with your credit card company and you are experiencing a financial hardship (layoff, illness, etc. In Insider's list of the best starter credit cards, we highlight cash back, student, and small business credit cards, almost none of which charge an annual fee. Being a smart credit card user isn't using a credit card all the time, being a rewards card holder, or carrying several credit cards — it's knowing a credit card is a tool that can be used affordably.

The Federal Reserve has raised interest rates repeatedly since 2022, and that makes credit card debt expensive. With debt balances at $986 billion, Americans will pay $45 billion more in interest than they would have. Black and Hispanic Americans are more likely to have credit card debt than white Americans. At the beginning of 2022, the average credit card interest rate was 16.17%, according to the Board of Governors of the Federal Reserve. Ways to take control of your credit card debtIf you find yourself with large credit card debt, it's a good idea to pay it off quickly.

Our experts answer readers' tax questions and write unbiased product reviews (here's how we assess tax products). If you don't need your tax refund for essentials, you can use it to build wealth. $0 Annual Percentage Yield Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $0 Annual Percentage Yield Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. If you have credit card debt, paying it off is the best investment you can make with your tax refund.

This is partly because of a higher standard deduction, expiration of the enhanced child tax credit, and the end of pandemic-era charitable deduction rules. However, a big tax refund isn't necessarily a good thing — it means you overpaid the government. Taxpayers are not getting an additional stimulus payment, and there are a few other tax changes that might make your refund smaller this year:1. Remember: The goal is not to get a big tax refund. A tax refund means you gave the government an interest-free loan for a year.

A tax deduction lowers your taxable income and reduces your tax liability. If you itemize deductions, charitable, business, and medical expense deductions may reduce your tax bill. If you need more time to file your taxes, you can file for a tax extension — which is not a payment extension. The lower your taxable income, the lower your tax bill. Remember: A tax extension does not work as a payment extension for any tax payment you might owe.

Women face unique challenges, but there are steps to take today to build wealth for the long term. The gender pay and retirement gap, rising costs of child and elder care and the pink tax, to name a few. Start saving aggressively to cover basic living expenses during that period. You do not want to spend down retirement savings or max out credit cards to get by. This will become such a habit, you will forget that you are saving money because it's transferred into savings before you even see it.

Bad credit could mean paying more than three times as much on a $5,000 loan as someone with good credit. If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $20 billion. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $20 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

Inflation has reduced the value of bonuses that weren't raised by $25.5 billion. That means scores of employees who count on their bonuses lost purchasing power. Here's a look at the potential impact of inflation on bonuses for individual employees and entire sectors. We calculated average bonuses by sector for both years, assuming that bonuses are equal to 11% of an employee's salary, a figure published by job-search platform Zippia. Using the CPI inflation calculator, we found the value of 2021 bonuses a year later to uncover how much employees getting the same size bonus in 2022 lost from inflation.

Retirement saving for women can be difficult because of pay gaps and time out of the workforce. Lynnette Khalfani-Cox says women should start saving early; automate your savings to make it easy. Low annual fee for investment accounts; crypto trust investments available Check mark icon A check mark. "The way to combat this is to start saving as soon as you can." If you're using an employer-sponsored retirement account, your employer may have instructions on how to set up automatic transfers for yourself.

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