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☆ After Biden praises progress on inflation in State of the Union, economists weigh in
▼ + stars: | 2024-03-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

In his State of the Union address, President Joe Biden celebrated his administration's progress in the fight against inflation. "Wages keep going up and inflation keeps coming down," Biden said in the annual speech before Congress. Inflation has cooled while wages have ticked higher, but households are still struggling to keep up with the increased cost of living. However, "it is difficult to tell people that inflation isn't so bad as it was, given that it has taken about one-fifth of purchasing power away from people," he said. The consumer price index, a key inflation barometer, has fallen gradually from a 9.1% pandemic-era peak in June 2022 to 3.1% in January.

Persons: Joe Biden, Biden, Mark Hamrick Organizations: Finance Locations: California

☆ The average tax refund is over $1,700—how Americans plan to spend it
▼ + stars: | 2024-03-06 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

The 2024 tax season is in full swing, with some Americans already seeing refund checks hit their mailboxes or bank accounts directly. And about 20% of taxpayers plan to use the cash for fun expenses like vacations, home improvements and retail splurges. There's some debate around whether it's actually a good thing to receive a tax refund versus adjusting your withholdings and receiving larger paychecks throughout the year. Similarly, if you do receive a tax refund, it's up to you to decide the best way to use it, from covering day-to-day expenses to saving for a future goal. The best way to use your tax refund

Persons: Bankrate, Gen, it's Organizations: Internal Revenue Service

☆ High earners, young people and women are working fewer hours after the pandemic, says new research—here's why
▼ + stars: | 2024-03-01 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

But the people driving the post-pandemic decline in hours worked fall into four categories: women, young adults, highly paid workers and employees at small businesses. Richardson points out that high earners can maintain their annual income while working fewer hours, thanks to big post-pandemic pay increases. Women are working more part-time jobs than menA record number of Americans — 22 million — are working part-time, Labor Department figures show. In 2019, women worked 4.4 hours less per week than men, who worked 40 hours. The industries that saw bigger declines in hours worked — health care, leisure and hospitality — are dominated by women.

Persons: Nela Richardson, Richardson, they're, Gen Zers, there's, Zers Organizations: ADP Research, U.S, ADP, Workers, Labor Department, National Women's Law, Deloitte Locations: U.S

☆ These surprise sources of income could cost you during tax season
▼ + stars: | 2024-02-28 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors are celebrating a year of easy-to-obtain interest income, but the Tax Man will want his slice this spring. Institutions report interest income of $10 or more to their customers and the Internal Revenue Service on Form 1099-INT . For instance, you can be on the hook for an accuracy-related penalty of 20% of the underpayment of the tax. Interest income from these I bonds is subject to federal income tax, but investors don't receive it until they redeem the bond or it matures. "It might be worth it to buy the MLP and pay the tax," Kearns said.

Persons: Elizabeth Buffardi, Buffardi, you'll, Jerrod Pearce, Adam Markowitz, Brian Kearns, Kearns Organizations: Internal Revenue Service, IRS, CPA, Creative Planning, Luminary, CFP, Haddam, Advisors, MLP Locations: Oak Brook , Illinois, Overland Park , Kansas, Windermere , Florida, Evanston , Illinois

☆ This New York medical school will no longer charge tuition—here are 3 other med schools where future doctors study for free
▼ + stars: | 2024-02-28 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

Albert Einstein College of Medicine on Monday announced it received a historic billion-dollar donation to make tuition free. While becoming a doctor has historically been a lucrative career path, many students come out of med school under a mountain of student debt. Nearly 3 in 4 med school graduates have education-related debt when they graduate, according to Bankrate. Public med school graduates leave with an average of $194,558 in debt, while those who attend private schools graduate with an average of $222,899 in loans. "Additionally, it will free up and lift our students, enabling them to pursue projects and ideas that might otherwise be prohibitive."

Persons: Einstein, Yaron Tomer, Albert Einstein Organizations: Albert Einstein College of Medicine, Monday Locations: New York, Bronx

☆ Chefs hate tipping, but they don't know how to make it go away
▼ + stars: | 2024-02-28 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +4 min

Read previewIt turns out chefs dislike tipping as much as you do. AdvertisementChefs don't like tipping as a practiceOverall, the chefs seemed frustrated with tipping as they spoke to Moskin, particularly since diners often resent the practice that is unique to American restaurants. AdvertisementThe chefs don't love tipping. Tipping culture as a whole has been under scrutinyThe restaurant industry isn't alone in reaching a reckoning with tipping. The practice of tipping is clearly at an impasse in the US, but it's unclear how Americans will adapt.

Persons: —, Julia Moskin, David Chang, Eric Huang, Moskin, Huang, Grace Cary, Geoff Davis, Davis, Michael Rafidi, Hajime Sato, Rafidi, Tandy Wilson, Corey Mintz Organizations: Service, The New York Times, Business, City House Locations: America, New York, Burdell, Oakland , California, Albi, DC, Sozai, Clawson , Michigan, Nashville

☆ Half of aspiring homebuyers can't afford a down payment—and the No. 1 reason why isn't student loans
▼ + stars: | 2024-02-27 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Around half of potential homebuyers say they can't afford a down payment and closing costs on a property in the U.S. because they don't make enough money and living costs are too high, a new Bankrate survey finds. Considering that down payments are often 20% of the home price, they represent a considerable upfront cost for most buyers. Closing costs, at usually about 3% to 6% of the mortgage loan, are often quite expensive too. Bankrate surveyed 864 U.S. adults January 2024 who are aspiring or prospective homeowners, which includes those who have owned a home in the past but currently don't, as well as first-time homebuyers. And as home prices continue to rise, the size of down payments are likely to grow as well.

Persons: Bankrate Locations: U.S

☆ Aspiring homeowners say they face two major obstacles to buying. Here's why 20% say it'll 'never' happen
▼ + stars: | 2024-02-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

With various factors keeping homeownership out of reach for Americans, many aspiring homeowners are pessimistic, doubting they ever achieve that goal. Would-be buyers point to two major obstacles holding them back, according to a new Bankrate report. About half, 51%, point to a high cost of living, and 54% say they have insufficient income given where home prices are now. The site polled 2,267 U.S. adults, 864 of whom are aspiring homeowners, in late January. Meanwhile, 30% said it could take at least five years while 10% said it could take them a decade or longer.

Persons: Bankrate, homebuyers, Mark Hamrick, Hamrick Organizations: Finance

☆ Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says
▼ + stars: | 2024-02-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The share of consumers with "subprime" credit scores who hold a credit card has been "relatively stable," they said. Major credit card issuers got $25 billion in extra interest by raising their average APR margin over the last 10 years, the CFPB estimated. "Higher APR margins have allowed credit card companies to generate returns that are significantly higher than other bank activities." They're among the nation's biggest credit card issuers. How to manage credit card interest

Persons: Martinez, Seikel, Lindsey Johnson, Greg McBride, McBride, That's Organizations: Bank, Getty, Consumer Bankers Association, CBA, Federal Reserve Bank of New, Financial, Discover Financial Locations: Federal Reserve Bank of New York

US consumers are struggling with soaring credit card debt and rising interest rates. Credit card debt is now at record levels, and interest rates on those cards have soared. AdvertisementOf that total debt, credit card balances are growing the fastest. While this could create a parallel between today's credit card crisis and the mortgage crisis of 15 years ago, there are a few important differences today. AdvertisementStill, the rise in credit card debt and delinquencies could point to cracks in the strength of Americans' spending power.

Persons: Thomas Nitzsche, Gen Z, millennials, Nitzsche, Ginger Chambless, Chambless Organizations: Business, Money Management, MMI, Federal Reserve Bank of New, Federal, JPMorgan Chase, Federal Reserve, Adobe Locations: Federal Reserve Bank of New York, Wells Fargo

☆ Credit card users can save over $400 a year by switching issuers, CFPB says
▼ + stars: | 2024-02-16 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Olga Rolenko | Moment | Getty ImagesCard balances and total debt at are all-time highsThe agency's findings come as average credit card balances and total credit card debt hit all-time highs at the end of 2023. The average credit card interest rate for all accountholders was more than 21% in November, also a record, according to Federal Reserve data. The federal agency's analysis defines large lenders as the nation's 25 biggest, and small lenders as all others in its sample. Credit scores didn't impact findingsThe CFPB's new interest-rate findings are consistent regardless of a consumer's credit score, it said. Why interest rates may not matter for some usersThe CFPB report doesn't necessarily offer a complete picture of the credit card market, Rossman said.

Persons: Olga Rolenko, spokespeople, Lindsey Johnson, CFPB, Ted Rossman, Rossman, cardholders, Bankrate, Rohit Chopra Organizations: Federal Reserve, Consumer Bankers Association, American Bankers Association, —

☆ Inflation comes in hotter than expected
▼ + stars: | 2024-02-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +2 min

The consumer price index increased 3.1% year over year in January, higher than the forecast of 2.9%. The CPI rose 0.3% month over month in January. January’s year-over-year rise in the CPI was expected to be 2.9%, which would have been a massive slowdown from December’s 3.4%. CPI increased by 0.3% month over month in January. Additionally, New York Fed Survey of Consumer Expectations data shows the one-year ahead median expected inflation rate had largely been cooling but stayed at 3.0% in January.

Persons: That's, —, That’s, Mark Hamrick Organizations: Service, Bureau of Labor Statistics, CPI, University of Michigan, Consumers, , New York Fed Survey, Consumer Locations: January’s, ,

☆ Americans have $1.13 trillion in credit card debt. Here are some expert tips to help pay yours off
▼ + stars: | 2024-02-12 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs. More from Personal Finance:Average credit card balances jump 10% to a record $6,360Credit card debt hits a 'staggering' $1.13 trillionAmericans can't pay an unexpected $1,000 expense Already, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record high 20.74%, according to Bankrate. Try a 0% balance transfer credit card "My favorite tip is to sign up for a 0% balance transfer credit card," said Ted Rossman, senior industry analyst at Bankrate. Those offers are "just about the best tool you have against credit card debt," added Matt Schulz, chief credit analyst at LendingTree.

Persons: Achilles, Tomas Philipson, Philipson, Ted Rossman, Matt Schulz Organizations: University of Chicago, White House Council, Economic Advisers, Finance

☆ Do you have a joint account? Here’s what that says about your relationship
▼ + stars: | 2024-02-09 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Of those who have at least a joint account, only 12% said financial issues caused problems with their partner, compared to 15% of those who don't have a shared account. Further, 58% of those who share at least one bank account said they stayed together after a financial argument, compared to only 47% of those who don't have a shared account. "If you want your marriage and relationship to survive, at least get a joint account," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York. While most experts recommend some variation of having "yours, mine and ours," completely combining finances is steadily becoming less common. According to a recent report by Bankrate, 39% of couples who are married or living together completely combine their finances, while 38% have a mix of joint and separate accounts and 24% keep finances completely separate.

Persons: Stacy Francis, Bankrate Organizations: LendingTree, Francis Financial, Finance Locations: New York

☆ Gen Z couples are more likely than older generations to keep finances separate. Here's why
▼ + stars: | 2024-02-08 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Deciding to combine your finances with your significant other can be a big step in the relationship. Nearly 2 in 5 couples, or 39%, of couples who live together completely combine their finances, whether they're married or not, according to a new report by Bankrate. Gen Z adults, or those between the ages 18 to 27, are the most likely to keep their finances completely separate from their significant other, with 38%. By contrast, baby boomers, or adults age 60 to 78, are the most likely generation to fully combine their finances with their spouse or partner, at 44%. Almost half, or 46%, of people who are in relationships keep their finances separate to avoid losing their financial independence, according to a recent survey from the financial services company.

Persons: they're, Gen, Bankrate, Will, Lindsay Bryan, Podvin, Bryan Organizations: Bankrate, Finance, Bread

☆ Average credit card balances jump 10% to a record $6,360 as more consumers fall behind on payments
▼ + stars: | 2024-02-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Americans now owe $1.13 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. In that case, credit cards are one of the most expensive ways to borrow money. The average credit card charges a record-high 20.74%, according to Bankrate. Millennials increasingly lean on creditStill, consumers often turn to credit cards, in part because they are more accessible than other types of loans. How to tackle credit card debt

Persons: Ted Rossman, Cardholders, Wise, that's Organizations: Federal Reserve Bank of New Locations: Federal Reserve Bank of New York, TransUnion

☆ JPMorgan Chase to open more than 500 new branches in the next 3 years
▼ + stars: | 2024-02-06 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

The bank, which already boasts the largest number of branches compared to its competitors in the United States, said it would open more than 500 new Chase branches and hire 3,500 employees in the next three years. JPMorgan said it plans to expand its footprint in cities like Boston, Minneapolis, and Charlotte, North Carolina. Morgan” branches, its higher-end offering for more affluent customers, across the country. Morgan” branches were previously First Republic branches, JPMorgan said. JPMorgan purchased most of First Republic Bank in May after it joined a string of regional bank failures in the spring of 2023.

Persons: JPMorgan Chase, we’re, ”, Marianne Lake, ” Jeremy Barnum, J.P, Morgan ” Organizations: CNN, JPMorgan, Chase, Bank of America, First Republic Bank Locations: United States, Boston , Minneapolis, Charlotte, North Carolina, Wells Fargo, Bankrate, New York, San Francisco, Republic

☆ As car insurance costs surge, here's why your credit score may be partly to blame
▼ + stars: | 2024-02-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

If you've noticed the cost of your car insurance policy has gone up, you're not alone. The national average cost for full-coverage car insurance has gone up to $2,543 per year, according to Bankrate. For example, Detroit drivers stand to pay the highest average annual expense, with $5,687, or 7.98% of the median household income. Other cities in Bankrate's ranking of top five most expensive cities for car insurance include Las Vegas, Miami, Philadelphia and Tampa. The least expensive city for full-coverage car insurance is Seattle, where drivers spend an average of $1,759 per year, or 1.65% of the median household income.

Persons: you've, Shannon Martin, Martin Organizations: " Insurance, Finance Locations: Detroit, Bankrate's, Las Vegas , Miami, Philadelphia, Tampa, Seattle, Boston, Minneapolis, Portland, Washington

☆ This year's 10 top jobs, with some paying more than $100,000, according to Indeed
▼ + stars: | 2024-02-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +1 min

Indeed recently released its best jobs of 2024 list with roles such as loan officer and mental-health technician ranking top. The job site compiled the list by including jobs with a minimum salary of $75,000, with at least 10% of job postings referencing remote or hybrid work. AdvertisementThe careers site Ladders published a report in January that found the availability of hybrid jobs paying $100,000 or more plummeted by 69% by the end of 2023, while the availability of high-paying in-person roles surged by 93%. Mental-health jobs, such as mental-health therapist and psychiatric-mental-health nurse practitioner, dominated. One of the top jobs was loan officer, with an average salary of almost $200,000, and 75% of job listings mentioning remote or hybrid work.

☆ The Fed faces a big challenge in cutting interest rates with the economy roaring, Nobel laureate Paul Krugman says
▼ + stars: | 2024-02-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US economy is in a better-than-Goldilocks state, economist Paul Krugman wrote for The New York Times. "We have an economy that is both piping hot (in terms of growth and job creation) and refreshingly cool (in terms of inflation)." It places the Fed in a tough position, as it has reasons to cut or keep interest rates steady. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fundstrat's Tom Lee remains confident of a March turnaround, citing that Powell generally indicated a readiness to start slashing rates.

Persons: Paul Krugman, —, Krugman, Powell, Wednesday's, Bankrate's Mark Hamrick, Fundstrat's Tom Lee Organizations: The New York Times, Service, Federal Reserve, Fed

☆ Tens of thousands of workers were laid off in January. If you were affected, here's how you may find work faster
▼ + stars: | 2024-02-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government data shows a surprisingly strong job market for the month of January. But there are signs of weakness in the labor market, based on tens of thousands of workers who have been laid off since 2024 started. At the same time, the latest data shows the U.S. job market is still strong, with the unemployment rate holding at 3.7%. "At the same time, we have to understand that certain sectors of the economy may be experiencing more disruption or innovation." With that innovation comes a higher risk that workers may suffer from an income loss as the economy adjusts, he said.

Persons: Mark Hamrick, Hamrick Organizations: Finance

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Annual fees increase between 18% to 52% on six consumer and business Delta SkyMiles credit cards. American Express and Delta Air Lines increased annual fees across their co-branded airline credit cards today for consumer and business credit cards alike. Delta SkyMiles® Platinum American Express Card, Delta SkyMiles® Platinum Business American Express Card, Delta SkyMiles® Reserve American Express Card, and Delta SkyMiles® Reserve Business American Express Card cardholders will receive $2,500 Medallion Qualifying Dollars (MQDs) every qualifying year, beginning February 1, which will give them a jumpstart toward earning Delta status each year. Delta SkyMiles® Platinum Business American Express Card and Delta SkyMiles® Reserve Business American Express Card cardholders can now spend above their credit limit, albeit within a certain undisclosed extent.

Persons: Resy, Katherine Fan, I've, Guy, NerdWallet, I'm, you'll, Read Organizations: Delta, American Express, Delta Air Lines, Delta SkyMiles, Delta SkyMiles ®, Express, Finance, Business, Forbes, USA, Austin American, Statesman, Associated Press, Google, MSN, University of Texas Locations: Hawaii , Alaska, Mexico, Caribbean, Central America, delta.com, Delta, Austin, Southwest, Texas, Taiwan, New York City

☆ Where to lock down high interest rates for your savings
▼ + stars: | 2024-01-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.57% on January 30, according to a Bankrate survey. But many online FDIC-insured banks are still offering 5% or more on their high-yield savings accounts. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: Doug Ornstein, Schwab, “, ”, Greg McBride, Ken Tumin, you’d, Tumin, Wells Fargo, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Federal Reserve, JPMorgan Chase, Bank of America, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Fidelity, DepositAccounts.com, Treasury, Edelman, AAA Locations: New York, United States

☆ Federal Reserve holds interest rates steady, sets the stage for cuts. What that means for your money
▼ + stars: | 2024-01-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Greg McBride chief financial analyst at Bankrate"Below the surface, 60% of households are living paycheck to paycheck," McBride said. Now, with rate cuts on the horizon, consumers will see some of their borrowing costs come down as well, although deposit rates will also follow suit. From credit cards and mortgage rates to auto loans and savings accounts, here's a look at where those rates could go in the year ahead. Going forward, annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. Mortgage ratesDue to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin.

Persons: Greg McBride, McBride, Doug Duncan, Fannie Mae, It's, Jessica Caldwell, Edmunds Organizations: Treasury, Fed Locations: Edmunds

☆ Lower rates help homebuyers more than cardholders: Bankrate's Ted Rossman
▼ + stars: | 2024-01-31 | 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 EmailLower rates help homebuyers more than cardholders: Bankrate's Ted RossmanTed Rossman, senior industry analyst at Bankrate.com, joins 'The Exchange' to discuss how rates affect home prices, the outlook for homebuyers, and more.

Persons: Ted Rossman Ted Rossman

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