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☆ Credit card balances jump 15%, highest leap in over 20 years, as Americans fall deeper in debt
▼ + stars: | 2022-11-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Not only are credit card balances back to pre-pandemic levels, but consumers are also carrying balances for long periods. Among Americans who carry credit card debt from month to month, 60% have been in credit card debt for at least a year, according to CreditCards.com. As the Federal Reserve raises its target federal funds rate, credit card annual percentage rates are climbing, as well. High inflation and high interest rates are making it harder than ever to pay down credit card debt. As the federal funds rate rises, the prime rate does, as well, and credit card rates follow suit.

☆ Interest rates on retail credit cards are 'crazy high,' with some topping 30%. 4 things to consider before opening one
▼ + stars: | 2022-11-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Getty ImagesThat offer for a store credit card may sound tempting as you're shopping this holiday season. As the Federal Reserve raises interest rates, credit card annual percentage rates — a measure for the yearly cost of borrowing money — are climbing higher. That is especially true for retail credit cards, which tend to charge the most. Credit card interest rates more broadly recently soared to 19.04%. Borrowers with existing retail credit cards may also see the rates they are charged go up soon, Schulz said.

☆ Costlier credit: Some retailers' cards now carry APRs of more than 30%
▼ + stars: | 2022-11-15 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN Business —There has long been a threshold that few issuers of store-branded credit cards have been willing to surpass: the 30% annual percentage rate. At least a half-dozen major retail credit cards — including those for Kroger, Bloomingdale’s, Macy’s, Shell, Exxon Mobil and Wayfair — recently bumped up their maximum APRs to more than 30%, according to Matt Schulz, chief credit analyst for LendingTree. And that credit is getting costlier as high inflation is forcing American consumers to rack up more debt. The increases come amid robust consumer demand and higher prices for everything from mortgages to food to fuel. “Credit cards are like power tools,” Rossman said.

☆ Business owners have an IRS payment coming due well before April federal income tax deadline
▼ + stars: | 2022-11-15 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +6 min

New business formation has boomed, and that means more new business owners than ever are dealing with tax season and potential tax nightmares. For starters, there's a big tax bill coming due for many business owners related to the pandemic, well ahead of the April 2023 federal income tax deadline. Here are a few more tips to stay ahead of the IRS this income tax season. Expect a new tax form related to Venmo, PayPal incomeFor tax year 2022, many business owners may be receiving a form they haven't in the past. The Wave State of Small Business Study for 2022 found that 35% of small businesses are blurring the lines between personal and business accounts.

The cost of carrying a balance on your credit card is now the highest it's been in more than 30 years. According to survey data from Bankrate.com, the average credit card interest rate has climbed to 19.04%. "Bankrate has been surveying credit card rates since 1985, and this eclipses the previous all-time high of 19.00% from July 1991," Bankrate chief financial analyst Greg McBride wrote on Wednesday. The new average represents a substantial increase from the 16.3% average rate for credit cards seen at the beginning of the year. Yet even as racking up large credit card balances can ultimately affect credit scores, and as the total amount of all credit card balances in the U.S. remains at record levels, delinquencies remain low, Rossman said.

☆ From buy now, pay later to Venmo, here are 4 of the best ways to pay for holiday gifts
▼ + stars: | 2022-11-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

From credit cards to cash, installment buying and payment apps, here's a breakdown of some of the best ways to pay this holiday. When it comes to holiday shopping, cashback or rewards cards offer an added bonus of 2% or more in certain categories. (CNBC’s Select has a full roundup of the best cards for holiday shopping.) "Credit cards should only be used if you can pay them in full each month," cautioned Chelsie Moore, director of wealth management solutions at Country Financial. The ability to spread out a purchase with no interest offers another distinct advantage over credit cards.

☆ Credit card rates hit a record high as Fed fights inflation
▼ + stars: | 2022-11-09 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

It’s never a great time to carry credit card debt. The spike comes after credit card balances rose sharply earlier this year amid high inflation, according to Federal Reserve research. Credit card debt can be punishing, even at lower rates. The good news is that despite high inflation, Americans are largely paying their credit card bills. Rossman recommends Americans struggling with credit card debt consider either taking out a low-rate personal loan or transferring their balance to a 0% balance transfer card.

☆ Irate Republicans in Michigan want revenge on their pandemic rules-enforcing attorney general
▼ + stars: | 2022-11-07 | by ( Warren Rojas | ) www.businessinsider.com time to read: +4 min

Attorney general hopeful Matt DePerno is trying to unseat incumbent Dana Nessel in Michigan. Because the only thing Republicans across the Wolverine State seem to expect from the barely known candidate is that his winning will make incumbent Democratic attorney general Dana Nessel suffer like they say they did during the pandemic. hopeful Shane Hernandez, and former Florida attorney general and Trump impeachment lawyer Pam Bondi warmed up the crowd for headliner Tudor Dixon, the Trump-backed candidate challenging incumbent Democratic Gov. "When I'm attorney general: No more lockdowns! DePerno also brought up crime, fentanyl, defunding the police, and parental rights — but didn't say a word about election integrity.

☆ Interest rate hikes have made financing a car pricier — especially if you have bad credit. How much you could pay
▼ + stars: | 2022-11-03 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +2 min

Tim Boyle | Bloomberg | Getty ImagesYour credit score is one of several variables consideredThe higher your credit score, the lower the interest rate you may qualify for. watch nowThe difference in the interest rate available across different credit scores can be stark. For illustration: With a credit score in the 720-850 range, the average interest rate for a five-year, $45,000 car loan is just under 5.8%, according to FICO's latest data. Compare that to what someone whose credit score fell between 660 and 689 would pay. "This is the amount of credit you're using on your credit cards divided by your credit limits," Rossman said.

☆ 3 in 5 Americans have made this money move—but it's 'not a good idea,' says lending expert
▼ + stars: | 2022-11-01 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

Here's how financial and etiquette experts say you can lend money without damaging your finances — or your friendships. Still, you may be tempted to help out someone in financial need — especially in today's difficult economy. "In general, my feeling is that it's not a good idea to lend to family and friends," says Ted Rossman, a senior industry analyst at CreditCards.com. If you've ever watched an episode of "Judge Judy," you know that lending money to a friend or loved one can come with disastrous results. And even if you don't urgently need the money, a failure to repay could lead to hurt feelings or awkward tension on both sides.

☆ Fintech firm Upgrade offers top U.S. savings rate of 3.5% as competition for deposits heats up
▼ + stars: | 2022-10-27 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Credit-card startup Upgrade is releasing a new savings account with what it says is the country's top interest rate as competition for deposits heats up, CNBC has learned. The fintech firm's Premier Savings account is being launched Thursday with a 3.5% annual percentage yield, according to CEO Renaud Laplanche. That is higher than any account currently tracked by Bankrate.com, senior analyst Ted Rossman said in an e-mail. "At 3.5%, we're by far the best savings account in the country," Laplanche said during an interview. "This suggests that deposit-pricing pressure is becoming more widely dispersed across the banking industry as rates move sharply higher," Graseck said.

☆ Visa profit beats as payment volumes surge on travel demand
▼ + stars: | 2022-10-25 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

"Travel outbound from the U.S. to all geographies continue to pick up steam," Chief Financial Officer Vasant Prabhu said on a post-earnings call. "The strong dollar and delays in visa issuance from some countries appear to be impacting travel into the U.S," he added. Transactions processed at the world's largest payments processor rose 12% on a constant dollar basis to 50.9 billion in the fourth quarter ended Sept. 30. On a constant dollar basis, Visa's payment volumes surged 10%, while cross-border volumes - a key measure that tracks spending on cards beyond the country of issue - jumped 36%. Excluding items, the world's largest payments processor reported a profit of $1.93 a share, beating estimates of $1.86, according to Refinitiv IBES data.

☆ Visa profit rises as U.S. travel spending boosts payment volumes
▼ + stars: | 2022-10-25 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

"Visa continues to benefit from the travel rebound and the ongoing shift away from cash," said Ted Rossman, senior industry analyst at Bankrate.com. Visa results mirror that of American Express (AXP.N), which reported a stronger-than-expected profit as travel and entertainment spending in international markets surpassed pre-pandemic levels for the first time on Friday. On a constant dollar basis, Visa's payment volumes surged 10%, while cross-border volumes - a key measure that tracks spending on cards beyond the country of issue - jumped 36% for the three months ended Sept. 30. Transactions processed by Visa also rose 12% on a constant dollar basis to 50.9 billion in the three months ended Sept 30. Net income was $3.9 billion, or $1.86 per share, in the three months ended Sept. 30, compared with $3.6 billion, or $1.65 a share, a year earlier.

Among women protesters heading to central Moscow on the evening of Sept. 24 was 19-year-old Lisa. Register now for FREE unlimited access to Reuters.com RegisterThree days earlier Putin announced a partial mobilisation of reservists to fight in Ukraine, prompting tens of thousands of Russian men to flee abroad, often by circuitous routes. Russian authorities say protesters are detained because unsanctioned rallies are illegal under Russian law, which also forbids any activity considered to defame the armed forces. OVD-Info said male protesters were drafted in at least 17 police departments on Sept. 21 and at least 16 departments on Sept. 24. Rossman, who is mapping out Russian feminist activism, counted 45 Russian feminist groups in 2021, up from about 30 in 2019.

"Clearly the SEC is making an example out of Kim Kardashian, who is the biggest influencer perhaps in the world," said Douglas Boneparth, a certified financial planner and the president of Bone Fide Wealth in New York. "We encourage investors to consider an investment's potential risks and opportunities in light of their own financial goals." Gensler also published a video warning investors not to make investment decisions based entirely on the advice of a celebrity or influencer. "Regardless of where we are hearing this advice, we need to remember what works for one person may not be the right advice for you," said Ted Rossman, a senior industry analyst at Bankrate. This used to be a rich person's game, but now everyone can buy stocks or crypto — but that can also lead toward a dangerous situation if you don't have knowledge.

☆ Holiday sales at Target and Amazon are starting in October—here’s why shopping early is a smart financial move
▼ + stars: | 2022-09-28 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

With less than 90 days until the winter gift giving season, some holiday shoppers are getting started sooner rather than later. Half of winter holiday shoppers plan to begin making purchases before Halloween this year, according to a September Bankrate survey. Although about 12% of shoppers plan to wait until December to do their holiday shopping, getting a head-start can provide added time to plan and find the best deals. "Holiday shopping will look different this year with inflation around 40-year highs," Ted Rossman, senior industry analyst for Bankrate.com, says. Even before you begin to spend money, simply starting your shopping plan early can help your budget go farther.

☆ Nearly record number of Americans paying their credit card bills in full, says Bankrate's Ted Rossman
▼ + stars: | 2022-09-26 | 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 EmailNearly record number of Americans paying their credit card bills in full, says Bankrate's Ted RossmanTed Rossman, Bankrate senior industry analyst, joins 'The Exchange' to discuss the current state of U.S. consumer debt.

☆ Historic rate hikes mark the largest 6-month increase in 41 years: What you should do with your money
▼ + stars: | 2022-09-23 | by ( Ryan Ermey | ) www.cnbc.com time to read: +4 min

U.S. Federal Reserve Board Chairman Jerome Powell pauses during a news conference after Federal Reserve raised its target interest rate by three-quarters of a percentage point in Washington, September 21, 2022. You'd have to go back to 1981 to find a six-month period when interest rates rose more. With more interest rate hikes on the rise, it's worth reviewing how they affect your finances and how financial experts say you can best adjust your saving, spending and investing strategies. "You are peddling into a progressively stiffer headwind as interest rates rise," Greg McBride, chief financial analyst at Bankrate, told CNBC. Up the interest rate you're getting on cash in the bankOne silver lining of a rising rate environment is that it becomes more lucrative to save.

But according to analysts, factors including low unemployment and the potential for big discounts mean this holiday season is shaping up to be another busy one. While Walmart is now aiming for 40,000 new, mostly seasonal workers — down from 150,000 last year — Target is looking to bring on another 100,000 workers this holiday season. The uncertainty is further reflected in holiday spending forecasts. The U.S. consulting firm Deloitte now expects overall holiday sales to climb 4% to 6% this year compared with growth of 15.1% last winter. Plus, many individuals who already have credit card debt are usually willing to take on more, he said.

☆ America’s dependence on credit cards is growing. The Fed’s rate hike will make it more painful
▼ + stars: | 2022-09-22 | by ( Martha C. White | ) edition.cnn.com time to read: +7 min

CNN —As prices continue to rise, Americans are becoming increasingly reliant on credit cards to make purchases. “The effect on existing credit card borrowers is probably actually worse,” he said, because of the rate hikes the Fed has undertaken already this year. Credit cards were a big cause of that: In the second quarter, 233 million new credit accounts were opened, the largest increase since 2008. Of the new debt that accumulated during that quarter, $46 billion was credit card debt. Credit bureau TransUnion found that there are more credit cards today, and there is more debt on those cards.

☆ From Jay-Z to Elon Musk: Inside the rise of Quinn Emanuel partner Alex Spiro, one of the lawyers helping the billionaire break out of his $44 billion deal to buy Twitter
▼ + stars: | 2022-09-20 | by ( Jack Newsham | ) www.businessinsider.com time to read: +14 min

Elon Musk has fired many lawyers but hired Alex Spiro for at least five cases, with a mixed record. But there's at least one lawyer who Musk seems to get along with: Alex Spiro. Spiro had been working behind the scenes for the billionaire when he was trying to buy Twitter. But they are hardly the "hardcore street fighters" Musk wants in a lawyer, according to a recent tweet of his. It's not clear how Spiro and Musk connected in the first place, but they seem to operate on the same wavelength.

☆ The 10 states with the highest average credit card debt—and they aren't New York or California
▼ + stars: | 2022-09-19 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Americans with credit card debt face a double whammy. At the same time, credit card rates are on the rise. Run a balance on your card and you'll have to pay it back at a rate of 18.1%, on average, according to Bankrate — the highest rate since 1996. The result: Americans now carry a near-record amount of credit card debt, with the average household owing $8,942, according to recent data from WalletHub. Here are the 10 states with the highest average household credit card debt, according to WalletHub.

☆ Robert Shiller: Fed risks 'disgrace' if it doesn't control inflation
▼ + stars: | 2022-09-19 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com time to read: +8 min

If people think prices will continue to rise at a fast pace, they'll start demanding higher wages. Americans are getting stuck with credit card debt for longerMore Americans are saddled with credit card debt for longer periods of time as emergency expenses and the rising cost of living make it harder for them to pay down their balances, according to a new survey. But 31% of Millennials pointed to daily expenses as the main reason for their credit card debt. The survey found that rising costs would have a major impact on 41% of total credit card holders, and on more than half of those with outstanding debts. It also helps that American credit card balances are down 4% compared to late 2019.

☆ Robert Shiller: Fed risks ‘disgrace’ if it doesn’t control inflation
▼ + stars: | 2022-09-19 | by ( Julia Horowitz | ) edition.cnn.com time to read: +8 min

If people think prices will continue to rise at a fast pace, they’ll start demanding higher wages. Americans are getting stuck with credit card debt for longerMore Americans are saddled with credit card debt for longer periods of time as emergency expenses and the rising cost of living make it harder for them to pay down their balances, according to a new survey. But 31% of Millennials pointed to daily expenses as the main reason for their credit card debt. The survey found that rising costs would have a major impact on 41% of total credit card holders, and on more than half of those with outstanding debts. It also helps that American credit card balances are down 4% compared to late 2019.

☆ Another interest rate hike is coming from the Federal Reserve: Here's how it could affect you
▼ + stars: | 2022-09-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

The U.S. central bank has already raised interest rates four times this year, for a total of 2.25 percentage points. As the federal funds rate rises, the prime rate does as well, and credit card rates follow suit. Student loans The interest rate on federal student loans taken out for the 2022-2023 academic year already rose to 4.99%, up from 3.73% last year and 2.75% in 2020-2021. It won't budge until next summer: Congress sets the rate for federal student loans each May for the upcoming academic year based on the 10-year Treasury rate. Of course, anyone with existing education debt should check whether they are eligible for federal student loan forgiveness.

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