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☆ Student loan payments are on pause for millions. Here's what borrowers need to know
▼ + stars: | 2024-07-26 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

We Are | Digitalvision | Getty ImagesFederal student loan payments are on pause for millions of borrowers while the Biden administration defends its new relief program in court. The U.S. Department of Education is placing federal student loan borrowers enrolled in the Biden administration's new income-driven repayment plan, known as SAVE, into an administrative forbearance. The SAVE plan has been a magnet for controversy ever since the Biden administration rolled out the program in the summer of 2023, describing it as "the most affordable student loan plan ever." Borrowers can explore their other repayment plan options, "but that would lead to a higher monthly loan payment," Kantrowitz said. "By staying in the SAVE plan, the borrower doesn't lose anything other than time," he added.

Persons: They'll, IRAs, Biden, Mark Kantrowitz, Kantrowitz Organizations: Getty, Biden, U.S . Department of Education, Finance, White, SAVE, Education Department, Republican Locations: forbearance, Missouri

☆ Most people don't know how much their Social Security retirement benefits may be. Here's how to tell
▼ + stars: | 2024-07-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Klaus Vedfelt | Getty ImagesFor most retirees, Social Security benefits is a major source of income. In 2024, almost 68 million Americans will receive a per month Social Security benefit, totaling about $1.5 trillion in benefits paid during the year. How to get your Social Security benefit estimateTo help workers of all ages gauge their benefits, the Social Security Administration provides detailed statements. "The closer someone is to age 62, the more accurate it is," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. What to watch out forOne important reason to check Social Security benefit statements is to make sure there are not any errors in your earnings history.

Persons: Klaus Vedfelt, aren't, NIRS, Tyler Bond, Bond, Joe Elsasser, it's, Elsasser, Kamala Harris, Jim Blair, Blair Organizations: Social Security, National Institute on Retirement Security, Security, Social, Workers, Social Security Administration, Finance, Trump, Premier Social Security Consulting

☆ A boomer living on $1,680 Social Security and SNAP struggles to afford food: 'It has kept me very isolated.'
▼ + stars: | 2024-07-25 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

What's more, her $23 in SNAP doesn't go very far at the grocery store — maybe it covers a few packages of frozen vegetables, a carton of milk, and some chicken. AdvertisementShe relies on her Social Security for income — an amount that comes out to $1,680 a month, according to documents viewed by BI. AdvertisementOn her limited income, Rita said she can feel lonely. Are you living paycheck to paycheck on Social Security? Have you chosen to take Social Security early or delay benefits?

Persons: —, Rita hasn't, Rita, She's, it's, wouldn't, hadn't, she's Organizations: Service, SNAP, Business, Social, BI, Income, Northwestern Mutual, Social Security, Security Locations: Pekin , Illinois, Chicago, Pekin

☆ Here are some money moves to make before the Fed starts cutting interest rates
▼ + stars: | 2024-07-25 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Meanwhile, many investors are sitting on hefty cash allocations, including trillions in money market funds, which are generally still paying above 5%. How to tellAfter a series of rate hikes, investors piled into money market funds, which typically invest in shorter-term, lower-credit-risk debt, such as Treasury bills. Total U.S. money market funds hovered near a record of $6.15 trillion as of July 17, with $2.48 trillion in funds for retail investors, according to Investment Company Institute data. However, money market fund yields will likely fall if the Fed starts cutting rates in September, explained Ken Tumin, founder and editor of DepositAccounts. "Most [money market funds] seem to closely follow the federal funds rate," he said.

Persons: Ken Tumin Organizations: Federal Reserve, Finance, Social, Total U.S, Investment Company Institute

☆ Turkey’s Erdogan courts ‘terrorist’ Assad over Syrian refugee problem
▼ + stars: | 2024-07-24 | by ( Scott Mclean | ) edition.cnn.com time to read: +10 min

In the capital Ankara, opposition parties are calling for mass deportations, and the government is calling on the Syrian regime it once sought to topple to help resolve the problem. Turkish President Recep Tayyip Erdogan is now publicly seeking a meeting with President Bashar al-Assad, the man he once labeled a terrorist, to reset relations. Before the Syrian civil war, the two leaders vacationed together, but years later, after the Syrian regime brutally crushed a public revolt, Erdogan sought to oust him from office and backed local forces fighting against him. Turkish troops remain in control of a swath of Syrian territory along the Turkish border where Syrian opposition groups are sheltering. Syrian opponents denounce the Turkish President's statements for normalization with the Syrian President Bashar al-Assad's regime in the city of Idlib, Syria on July 12.

Persons: CNN — It’s, Recep Tayyip Erdogan, Bashar al, Assad, vacationed, Erdogan, “, ” Erdogan, ”, Bilal Bagis, “ It’s, ” Assad, Aaref Watad, Ali Yerlikaya, Ebubekir Hussamoglu, He’s, Anas, Mohammad Shbeeb, Abdullah Resul Demir, they’re, Shbeeb, didn’t, Cenk Ozatici, Iyi, Ozatici, Istanbul Mayor Ekrem Imamoglu Organizations: CNN, Turkish, International Refugee Rights Association, Ibrahim Usta, AFP, Getty, Party, European Union, Istanbul Mayor Locations: Turkey, Ankara, Turkish, Damascus, Syria, Afrin, AFP, Anatolian, Kayseri, Syrian, Antalya, Istanbul, Idlib, Gaziantep, Azaz, Ibrahim, Europe

☆ Fact check: Harris falsely claims Project 2025 blueprint calls for cutting Social Security
▼ + stars: | 2024-07-24 | by ( Daniel Dale | ) edition.cnn.com time to read: +6 min

When you read it, you will see Donald Trump intends to cut Social Security and Medicare. The Project 2025 document does not show that Trump intends to cut Social Security; the document barely discusses Social Security at all and does not propose cuts to the program. The Project 2025 document proposes multiple significant changes to Medicare, and it’s not clear what their overall impact would be. But contrary to Harris’ claim that “when you read” the Project 2025 document “you will see” that Trump intends to cut Social Security, the lengthy document includes no call to cut Social Security. It also explicitly calls for some changes to the Affordable Care Act – popularly known as Obamacare – or its implementation.

Persons: Kamala Harris, Donald Trump, Trump, “, Harris, ”, Harris ’, ” Mary Vought, “ Harris, ” Harris, that’s, Obamacare Organizations: Washington CNN —, Democratic, The Heritage Foundation, Social Security, Social, Security, Affordable, Heritage Foundation, Medicare Locations: Wisconsin

But it's possible to help your child build a solid credit profile without putting your own credit health on the line. Remember, if an authorized user account is added to your child's credit reports, it has the potential to boost or damage your child's credit scores. A student credit card or a secured credit card can potentially be a good fit for young people who want to establish credit on their own. Can my child build credit without a credit card? Yes, you can build credit for your child without a credit card by using other methods like student loans and certain types of utility payments.

Persons: you'll, it's, you've, they're, It's Organizations: Social, American, Self Locations: Equifax, Chevron

Opening a U.S. Bank Checking AccountYou can open a U.S. Bank checking account online or at a branch. Chase Bank ReviewU.S. Bank Checking Accounts vs. Wells Fargo Checking AccountsThere are four Wells Fargo checking accounts, including a checkless bank account similar to the U.S. Bank Safe Debit account. Wells Fargo ReviewWhy You Should Trust Us: How We Reviewed U.S. Bank Checking AccountsWe used our checking account methodology to review the two U.S. Bank checking accounts. U.S. Bank Checking FAQsWhat makes U.S. Bank checking accounts attractive to customers? A U.S. Bank checking account may attract new customers who want a top checking account bonus.

Persons: You'll, U.S . Bank Overdraft, It's, Wells, you'll Organizations: U.S, Bank, U.S . Bank, . Bank, Bank Smart, Start Banking U.S, Branch, Overdraft Protection U.S . Bank, overdrafts, Federal Insurance U.S, FDIC, U.S . Bank Mobile, Pinnacle, U.S . Bank Smart Rewards, Apple, Google, Banking, Consular, Bank Customer Service, Chase Bank Review U.S, Business, Bank Smart Rewards, Chevron, Samsung, PayPal, Garmin Locations: Midwest, West Coast, U.S, overdrafts, Wells Fargo, Chevron

☆ A 'peak boomer' working in Germany plans to retire in the US because he believes the healthcare is better
▼ + stars: | 2024-07-24 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Read previewAfter a decade of working abroad, George said he'll return to the US to retire. While he said the healthcare system is great on average, it's becoming more difficult to manage the bureaucracy of insurance filings as an American abroad. "You can pretty much get anywhere by train or bus within Germany," George said. Before he retires to the US, he said he'll try to appreciate all the perks of living abroad. Are you an American living or working abroad and considering retiring in the US?

Persons: —, George, he'll, George hasn't, he's, Munich George Organizations: Service, Alliance, Lifetime, Income, Social Security, Business Locations: American, Munich, Seattle, Medicare, Germany, Philippines, America, Europe, Saudi Arabia, Italy, Ukraine, New York, Chicago, Mallorca, Sicily, Dubai

While you're rarely liable for any fraudulent charges made on a credit card, your liability for fraudulent charges made with a debit card depends on when you report the card missing. You might also cancel a debit card if you're switching banks, but in that case you'll be closing your entire account and your debit card along with it. Reasons to cancel a debit cardCanceling a debit card may be necessary if:It's lostIt's stolenYou never use itYou're closing your accountImmediate steps to cancel a debit cardTurn off the card via the bank's mobile app Report the card missing or stolen Confirm the cancelation with a customer service representative Report any fraudulent transactionsReporting your card as lost or stolenThere are two ways to report a lost or stolen debit card. Cancel automatic paymentsIf you have recurring payments attached to your debit card, you'll need to cancel these so your subscriptions or memberships stay current. After canceling your debit cardThe Federal Trade Commission recommends following up a request to cancel a lost or stolen debit card in writing.

Persons: it's, It's, you've Organizations: Bank and America, Ally Bank, Federal Trade, Social

Discover it Secured OverviewThe Discover it® Secured Credit Card is a good option for those with little to no credit history, like new US residents or students. All three credit bureaus receive payment reports from Discover, and on-time payments with the Discover it® Secured Credit Card will help build a positive credit history. The Discover it® Secured Credit Card offers a unique feature that you'll only find on Discover credit cards. Discover it Secured Card Benefits and FeaturesFor a secured credit card, the Discover it® Secured Credit Card has a decent list of benefits. Compare the Discover it Secured CardBefore you decide on the Discover it® Secured Credit Card, it might be helpful to see how it compares to some other secured credit cards.

Persons: you'll, you’ve, you've Organizations: Gas, Discover, Card, PayPal, Shipping, Quicksilver, Capital, Chevron

A kids' bank account is a type of joint bank account where an adult and a minor both have access. Types of bank accounts for minorsThere are two primary joint bank account options: kids' savings accounts and teens' checking accounts. Depending on where you bank, you may need to open a traditional savings account or a specialized bank account tailored to children. A custodial bank account is not the same as a traditional kids' bank account. Some national banks permit online applications when opening a bank account on behalf of a minor, but many require opening a minor's first bank account at a physical branch.

Persons: Elaine King, King, Banks Organizations: CFP, Family, Social Locations: Chevron

Credit Karma Savings Account FeaturesCurrent Credit Karma Savings Rate and How It ComparesThe Credit Karma Savings interest rate is significantly higher than the average savings account interest rate of 0.45% APY. How Credit Karma Savings WorksOpening a Credit Karma Savings AccountCredit Karma works as an online-only platform, so you'll need to open a savings account using its website or app. For customer support, Credit Karma offers both a phone line and a live chat for Credit Karma Money account holders. Credit Karma Savings Account FAQsIs Credit Karma savings a good idea? Yes, Credit Karma offers the Credit Karma Money Save Account, which is a high-yield savings account paying 5.10% APY.

Persons: It's, Karma, You'll, haven't, Ally, Synchrony Organizations: Credit, Karma, Social, Karma Savings, Credit Karma, Google, Apple, Better, MVB Bank, Intuit, Better Business, BBB, Federal Trade Commission, FTC, Ally Bank, Synchrony, Business Locations: Chevron

To earn 1.75% cash back, you must have direct deposit with Navy Federal Navy Federal Credit Union cashRewards Credit Card review External link Arrow An arrow icon, indicating this redirects the user." Navy Federal cashRewards OverviewThe Navy Federal Credit Union cashRewards Credit Card is ideal for credit union members looking for a simple yet reliable card. To be eligible for the Navy Federal Credit Union cashRewards Credit Card (or any card from Navy Federal), you'll need to be a member of the credit union. How to use rewards from the Navy Federal cashRewards cardRedeeming your cash-back rewards is easy with the Navy Federal Credit Union cashRewards Credit Card. Navy Federal cashRewards card benefitsFor a no-annual-fee cash-back card, the Navy Federal Credit Union cashRewards Credit Card comes with a decent selection of lifestyle and travel benefits.

Persons: you'll, Cash, you've, cardholders, you'd, You'll Organizations: Business Insider, Citi, Navy Federal Credit Union, Navy, Credit, Walmart, Navy Federal Navy Federal Credit Union, Navy Federal, National Guard, Department of Defense, DOD, Mastercard, Federal Credit Union, Federal, Visa, Card, Chase Travel ℠, Citi Entertainment, Navy Federal Union, of Defense

Discover it® Cash Back OverviewIf you prefer earning cash back without paying an annual fee, the Discover it® Cash Back is one of the best cash back credit cards out there. Discover it® Cash Back Benefits and FeaturesThe Discover it Cash Back is a fairly straightforward card. Like the Discover it® Cash Back, it has no annual fee and Discover will match your cash back earned after your first account year. Like the Discover it® Cash Back, the Citi Custom Cash℠ Card has no annual fee. Discover it® Cash Back Frequently Asked QuestionsWhat credit score do I need to be approved for the Discover it® Cash Back?

Persons: you’ve, You'll, That's, you've, you'll, Chase, There's Organizations: Business, Citi, Walmart, Discover, American Cancer Society, Children's Miracle Network, Diabetes Research Foundation, World Wildlife Fund, Cash Locations: Discover

It offers two savings accounts: Capital One 360 Performance Savings, which is a general account, and the Capital One 360 Kids Savings Account, which is a more specialized savings account for kids that parents can open. Capital One 360 Kids Savings Account interest rates are significantly lower than Capital One 360 Performance Savings's rates. Capital One Savings RatesThe Capital One 360 Performance Savings account pays 4.25% APY (Annual Percentage Yield) on all account balances. Understanding Capital One Savings Account Fees and ChargesCapital One 360 Performance Savings doesn't come with a lot of fees. Capital One offers two types of savings accounts: the Capital One 360 Performance Savings, a general account with a good interest rate, and the Capital One 360 Kids Savings Account, an account designed for parents who want to open a savings account for their child.

Persons: It's, You'll, you'll, Ally Organizations: Capital, Key Capital, overdrafts, Mobile Capital, Service, Social, Understanding, Savings, Ally Bank, CIT Bank Savings CIT Bank, CIT Bank Savings Connect, CIT, CIT Bank, Connect, Chevron Locations: NY, LA, TX, VA, NJ, Washington, U.S

The U.S. Small Business Administration recommends opening a business bank account once you're ready to spend money or begin collecting income. Whether you're a freelancer, small business owner, or full-scale corporation executive, a business bank account is an important stepping stone to becoming a fully-fledged business. Once you've developed a formal business plan and received the necessary certificates and licenses for your business, opening a business bank account will be the next step. These are the most common business bank accounts available at most banks:Business checking account : You can manage everyday business operations with a business checking account. Additional business documentationEvery business owner needs to provide basic business information to open a bank account, including the business name and address.

Persons: you've, Merchant, EIN, hasn't Organizations: U.S, Small Business Administration Locations: Chevron

Prepaid debit cardsA prepaid debit card is loaded with a specific dollar amount, much like a gift card. Get a prepaid debit cardIf you don't have a need for a checking account or simply want a one-time use debit card, you can purchase a prepaid debit card through most grocery stores, pharmacies, and big-box retailers, or online through a card issuer such as Visa or Mastercard. Activating your debit cardWhen you receive your debit card, you need to activate it by visiting a website or calling the bank's or card issuer's dedicated phone number. Using your debit card safelyBecause your debit card pulls funds directly from your checking account, it's important to take swift action if your card is lost or stolen. Activating a new debit card is as simple as calling the number on the back of the card and following the prompts.

Persons: you'll, Joshua Hastings, You'll Organizations: Mastercard, Social Security, Visa, Discover Locations: U.S, Chevron

☆ Older voters face new decision in November with Kamala Harris poised to lead Democratic ticket
▼ + stars: | 2024-07-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden and U.S. Vice President Kamala Harris walk to the East room to welcome the 2023 WNBA champion Las Vegas Aces during a celebration at the White House in Washington, U.S., May 9, 2024. Craig Hudson | ReutersLast Wednesday, a group of "Boomers for Biden-Harris" threw a virtual party that was attended by about 400 participants across the U.S. This week, the names on the Democratic presidential ticket are poised to change now that President Joe Biden announced he has dropped out of his reelection campaign and endorsed Vice President Kamala Harris for president. "Seniors loved President Biden," said Laurie Plotnick, 76, a retiree and president of the Florida Democratic Senior Caucus who attended last week's event. "We were very supportive of him staying in the race, if that is what he wanted to do," Plotnick said.

Persons: Joe Biden, Kamala Harris, Craig Hudson, Harris, Biden, Laurie Plotnick, Plotnick Organizations: U.S, Las Vegas Aces, White, Reuters, Boomers, Biden, Democratic, Seniors, Florida Democratic Senior Caucus Locations: Washington , U.S

The Discover it® Balance Transfer Card is no longer available to new applicants. Discover it Balance Transfer Card RewardsThe card offers a generous cash-back rewards structure. How to Earn Discover PointsYou'll earn the most cash back with your Discover it® Balance Transfer when you activate the card's bonus categories. Discover it Balance Transfer Card Benefits and featuresNo foreign transaction feesMost balance transfer credit cards charge foreign transaction fees of 3% or more, which can really sting if you spend a lot of money overseas. Fortunately, all Discover cards, including the Discover it® Balance Transfer, do not add these fees.

Persons: Read, you'll Organizations: Business, Walmart, Discover, PayPal, American Cancer Society, Children's Miracle Network, Diabetes Research Foundation, World Wildlife Fund, JCB Locations: Japan, skylines

It's not often an airline credit card makes waves with a strong welcome bonus and completely unique benefits, but the Aeroplan® Credit Card has managed to do just that. Aeroplan Credit Card OverviewThe Aeroplan® Credit Card has a welcome bonus offer of 70,000 points after you spend $3,000 on purchases in the first three months from account opening. Aeroplan Credit Card RewardsAeroplan Card welcome bonus offerThe Aeroplan® Credit Card is offering 70,000 points after you spend $3,000 on purchases in the first three months from account opening. Aeroplan Credit Card Annual Fee and Other CostsThe Aeroplan® Credit Card charges a $95 annual fee, but you won't pay foreign transaction fees, which makes it a good card to use when you're traveling internationally. Methodology: How we reviewed the Aeroplan cardBusiness Insider's credit cards team reviewed the Aeroplan® Credit Card in comparison to other top airline credit cards available right now.

Persons: It's, Chase, —, cardholders, Cardholders, there's, you've, Aeroplan Organizations: Business Insider, Citi, Mastercard, Air Canada, Air, Star Alliance, Chase, FDIC, TSA, Citi ®, Canada, American Express, Business, Cardholders, Target, Walmart, Air Canada Aeroplan, United, ANA, Etihad, Gulf Air, US, Cruises, Discount, Air Canada Express, Air Canada Rouge, Chase TravelSM, TD Bank, CIBC Locations: Air Canada, cardholder, rideshares, GOL, North America, Mexico, Central America, Caribbean, Europe, Coast, Hawaii, Asia, Canada, Amex

☆ Opinion | Is the Populism of the Trump G.O.P. Real or Fake?
▼ + stars: | 2024-07-23 | by ( Julius Krein | ) www.nytimes.com time to read: +1 min

Before last week’s Republican convention, Donald Trump seemed to be moving away from the populism that characterized his 2016 campaign. “He’s defending big business, cozying up to billionaires, and wooing C.E.O.s.”When Mr. Trump named Senator JD Vance of Ohio as his running mate, though, pundits quickly concluded that he was doubling down on populism. In his convention speech, Mr. Vance denounced NAFTA and China trade deals and promised to prioritize American workers over multinational corporations. On the other hand, in a long interview with Bloomberg (conducted in late June) that came out after the announcement of Mr. Vance’s selection, Mr. Trump hardly sounded like a firebrand economic populist. He floated the idea of reducing corporate tax rates to 15 percent and said he’d consider the JPMorgan Chase C.E.O., Jamie Dimon, as a potential Treasury secretary.

Persons: Donald Trump, isn’t, Karma, “, C.E.O.s, Trump, JD Vance, Ohio, Vance, Reagan, Bush, Lina Khan, he’d, JPMorgan Chase, Jamie Dimon, Trump’s Organizations: Republican, Federal Trade Commission, China, Bloomberg, JPMorgan, JPMorgan Chase C.E.O Locations: The

You also may need a few extra documents if you're opening a teen checking account or student bank account. Basic requirements for opening a bank accountHaving the following documents ready can help you prepare for bank account opening. Information for both people if you're opening a joint accountIf you're opening a joint bank account, you'll need all the necessary documentation for both people. Opening an account online vs. in-personOpening an account online is pretty similar to doing it in person — you just don't have to make the trip. Bank account opening FAQsCan I open a bank account without a Social Security number?

Persons: you've, I'm Organizations: Department of Motor Vehicles, Social, Social Security, ., Bank Locations: U.S, Chevron

New accounts have monthly fee waived for the first 6 monthsCheck mark icon A check mark. Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4 /5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Offer valid through September 26, 2024. up to $450 (offer valid through September 26, 2024) Pros Check mark icon A check mark. No fee overdraft protection transfers from a linked deposit accountCheck mark icon A check mark. $50 overdrawn Available Balance safety threshold and Overdraft Fee Forgiven programCheck mark icon A check mark.

To show proof of disability income, you'll need to provide some verification that you're currently receiving benefits and that they aren't set to expire within the next three years. Benefits of home loans for disabled individualsMany loan programs allow you to use disability income to qualify. Disabled individuals can use FHA loans, VA loans, USDA loans, and special programs from Fannie Mae and Freddie Mac. Yes, disability income is considered as part of your total income, which can help qualify for various home loan options. What are the benefits of FHA loans for disabled individuals?

Persons: Fannie Mae HomeReady, Freddie Mac, Fannie Mae, you'll, Brian Quigley, Quigley, you've Organizations: Federal Housing Administration, US Department of Agriculture, Social Security Disability Insurance, Social Security Administration, SSI, SSA, Department of Veterans Affairs, Beacon Lending, USDA, Social Security, Chevron Locations: Chevron

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