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But many people are still wondering, what does a rate cut mean for my money? For those who’ve been waiting it out, the rate cut “will instill some hope in folks,” said Elizabeth Renter, senior economist at NerdWallet. Consider your (improved) debt repayment optionsThis week’s rate cut was good news for those struggling to unload themselves of credit card debt. They’re a popular savings instrument when interest rates are high, and as most economists expected, CD rates have already started declining since the Fed’s interest rate cut. “This rate cut is not something that should trigger you to go make any drastic changes to the overall direction of your portfolio,” he added.
Persons: Jerome Powell, , Elizabeth Renter, Michele Raneri, , “ It’s, Rodney Lake, It’s, cardholders, Now’s, Lake, don’t, Freddie Mac, ” Renter, they’ve, Raneri, Lee Baker, there’s, Bankrate, Baker, it’s, , “ Don’t Organizations: NerdWallet, TransUnion, Federal Trade Commission, GW Investment, George Washington University School of Business, Apex Financial Services, P Locations: U.S
So, home loan rates may continue to fluctuate. Don't wait to reassess credit card debtWhen it comes to credit card debt, the math is a little more cut-and-dried. In the wake of the rate hike cycle, the average credit card rate rose from 16.34% in March 2022 to more than 20% today — nearing an all-time high. watch nowAlternatively, borrowers can call their card issuer and ask for a lower interest rate on their current card. Auto loan refinancing options depend on equityAlthough auto loans are fixed, the rates on new-car loans will come down with the Fed's moves.
Persons: Jacob Channel, Matt Schulz, Schulz, you've, Ivan Drury, Edmunds Organizations: Treasury, LendingTree, Auto
"Interest rates took the elevator going up, but they'll be taking the stairs coming down," he said. That makes paying down high-cost credit card debt a top priority since "interest rates won't fall fast enough to bail you out of a tight situation," McBride said. "Many Americans have been holding off on making vehicle purchases in the hopes that prices and interest rates would come down, or that incentives would make a return," Caldwell said. Student loansFederal student loan rates are also fixed, so most borrowers won't be immediately affected by a rate cut. Eventually, borrowers with existing variable-rate private student loans may be able to refinance into a less expensive fixed-rate loan, he said.
Persons: Spencer Platt, APRs, McBride, they'll, Jacob Channel, Jessica Caldwell, Edmunds, Caldwell, Mark Kantrowitz Organizations: Getty, Treasury, Auto, Fed Locations: New York City, Edmunds
Savings Accounts and C.D.sWhat’s happening now: The rate reversal is likely to be most disappointing for savers, who have benefited from juicier yields on everything from online savings accounts and certificates of deposit to money market funds. Those are all likely to inch lower, in line with the Fed’s move, but some providers may move faster than others. That usually depends on whether the bank wants to attract new customers by dangling yields that are more attractive than their competitors’ offerings. If you’re considering certificates of deposit, now is probably the time to lock in a decent rate if you haven’t already. Online savings accounts averaged 4.40 percent in August, down from 5.1 percent the same month last year.
Persons: you’ll, Jeff Sommer’s Locations: DepositAccounts.com
The federal funds rate, which the U.S. central bank sets, is the rate at which banks borrow and lend to one another overnight. Home loan rates have already started to fall, largely due to the prospect of a Fed-induced economic slowdown. Student loansFederal student loan rates are also fixed, so most borrowers won't be immediately affected by a rate cut. Eventually, borrowers with existing variable-rate private student loans may also be able to refinance into a less expensive fixed-rate loan, according to higher education expert Mark Kantrowitz. However, refinancing a federal loan into a private student loan will forgo the safety nets that come with federal loans, he said, "such as deferments, forbearances, income-driven repayment and loan forgiveness and discharge options."
Persons: that's, McBride, Jacob Channel, it's, Matt Schulz, Bankrate's McBride, Mark Kantrowitz Organizations: Treasury, Mortgage, Association, Auto, Consumers Locations: U.S
Tappable equity is the amount most lenders will allow you to take out while still leaving 20% in the home as a cushion. How to tap your home for cashAlternatively, a home equity loan is a type of second mortgage, which allows borrowers to pull cash while using the house as collateral. However, the current average home equity loan interest rate is 8.52%, according to Bankrate, notably higher than a 30-year fixed-rate mortgage. watch nowOtherwise, a home equity line of credit, also known as a HELOC, lets you borrow money against a portion of your home's equity. The average HELOC interest rate is just shy of 10%, according to Bankrate.
Persons: Jacob Channel, Andy Walden, Holden Lewis, Lewis Organizations: Louis Federal Reserve, Intercontinental Exchange's Mortgage, Intercontinental Exchange
The average rate for a 30-year, fixed-rate mortgage dropped to 6.35% on August 29 from 6.46% a week ago, the lowest mortgage rates have been in 15 months, according to Freddie Mac. "I bought a house when [the mortgage rate] was 15% and then I refinanced." "No bank is ever going to give you a true no closing cost loan at the lowest possible rate. And buying with the goal of refinancing is always taking a gamble on mortgage rates, which comes with a certain amount of risk. Even though recent declines in mortgage rates may gain steam as the Fed lowers its benchmark rate, lower mortgage rates could also boost homebuying demand, which would push prices higher.
Persons: Freddie Mac, Jacob Channel, Dottie Herman, Douglas Elliman, I've, Melissa Cohn, William Raveis, Banks, Cohn, Keith Gumbinger, Michael Krowe, Krowe Organizations: Brigade, Getty, Federal, LendingTree, Fed, William Raveis Mortgage, HSH.com, Edelman Locations: New York
Using home equity is "certainly a less expensive borrowing option than resorting to personal loans or credit cards," McBride said. As of August 7, the current average home equity loan interest rate is 8.59%, according to Bankrate. The average HELOC interest rate is 9.37%. To compare, the average personal loan interest rate is 12.38% , Bankrate found. The average credit card interest rate stands at 24.92%, according to LendingTree.
Persons: Iuliia, McBride, Bankrate, Houzz, Jessica Lautz, We've Organizations: Houzz, National Association of Realtors, NAR Locations: U.S
The connection between business credit cards and personal creditWhen you apply for a business credit card, the process largely looks the same as getting approved for a personal credit card. Failure to make payments, as well as other delinquent behavior on a business credit card, will impact your personal credit because of this personal guarantee clause. How business card usage affects personal creditBeyond the initial hard inquiry from an application, you may be curious to know whether using a business credit card will impacts your personal credit. The same rule applies to business credit cards — and the effects of business card defaults on personal credit scores can be detrimental. As with personal credit cards, applying for multiple business credit cards can impact your personal credit score.
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Basic Car Insurance CoverageLiability CoverageLiability car insurance is what most people are familiar with because most states require it. Optional Car Insurance CoverageMost lenders require comprehensive and collision coverage if you finance or lease your car. Get Car Insurance Quotes Compare affordable car insurance quotes online in minutes. How to Choose the Right Car Insurance CoverageConsider Your Needs and BudgetBefore buying car insurance, examine your needs and financial situation. Car Insurance Coverage FAQWhat does full coverage car insurance mean?
Persons: it's, It's, Asis Alani Asis, Forbes, She’s, Read Organizations: UM, Insurance, Business, AARP, CNN, Fortune, U.S . News, Finance, University of Hawaii Locations: U.S, Manoa
Chase Sapphire Reserve® OverviewThe Chase Sapphire Reserve® is one of the best travel rewards credit cards of all time. Chase Sapphire Lounges will be available to Chase Sapphire Reserve® cardholders and all Priority Pass members. Chase Sapphire Reserve® vs. Chase Sapphire Preferred® CardIf you're trying to decide between the Chase Sapphire Reserve® and Chase Sapphire Preferred® Card, you'll want to decide if each card's annual fee is justified based on your travel and spending habits. Chase Sapphire Reserve® Cardholder InsightsAs part of our analysis of the Chase Sapphire Reserve®, we've considered discussions across various forums, including notable mentions on Reddit and FlyerTalk. Chase Sapphire Reserve® Frequently Asked QuestionsWhat credit score do you need to get the Chase Sapphire Reserve®?
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Understanding Insurance Rate Increases After an AccidentWhy Rates IncreaseCar insurance rates may increase after an "at fault" accident because your risk profile goes up, meaning you're more likely to file a claim. Average Car Insurance Increase After an AccidentNational AverageInsurance.com reports that insurance rates can increase up to 53% or $920 per year on average after one at fault accident. Add Car Insurance Accident ForgivenessSome insurance companies offer accident forgiveness, usually as an add-on to your policy for an extra premium. Car Insurance Rate Increase FAQWill my insurance go up after an accident that wasn't my fault? She’s reviewed life insurance and pet insurance companies and has written numerous explainers on travel insurance, credit, debt, and home insurance.
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Car insurance requirements vary by state — some require more auto insurance coverage types than others. Other common types of coverageOther types of coverage, like gap insurance, rental reimbursement, travel coverage, non-owner car insurance, and towing and labor cost coverage are available options, depending on your insurer. Factors That Influence How Much Car Insurance You NeedIf you're looking for car insurance coverage and are trying to determine how much you need, consider these factors to make the right choice. In Michigan, a state minimum policy would include basic liability coverage and no-fault coverage, including personal injury protection, property protection insurance, and residual liability insurance coverage. Get Car Insurance Quotes Compare affordable car insurance quotes online in minutes.
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It’s been a year since interest rates reached a two-decade high, but they may soon begin to reverse course. The Federal Reserve is expected to hold its benchmark interest rate steady on Wednesday, while signaling that a cut is possible when policy-setting officials meet again in September. If interest rates are elevated for too long, they risk weakening the employment picture. The central bank uses interest rates to influence the broader economy. Home-equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.
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Elijah Nouvelage | Afp | Getty ImagesHow the LIFT Act could look todaySince the LIFT Act was first proposed in 2018, the cost of living has only skyrocketed, hitting working-class Americans especially hard. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. The advantage of the LIFT tax credit, said D'Acunto, is that it doesn't create the same market distortions the rent cap would ignite. Child tax credit is a 'huge priority' for DemocratsLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. Harris described the child tax credit changes as one of the "most important" and "most impactful" parts of the legislation in a 2021 speech.
Persons: Kamala Harris, Elijah Nouvelage, Tomas Philipson, Joe Biden's, Laura Veldkamp, Harris, Donald Trump, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel Organizations: Democratic, Afp, Getty, White House Council, Economic Advisers, CNBC, Columbia University Business School, Georgetown University, D'Acunto, Federal, Plus, American Rescue Plan, Columbia University, . Census Locations: Atlanta , Georgia, Atlanta
In the wake of the rate hike cycle, the average credit card rate rose from 16.34% in March 2022 to more than 20% today — nearing an all-time high. A recent report from the Philadelphia Federal Reserve showed credit card delinquencies at an all-time high, according to data going back to 2012. The best move for those with credit card debt is to take matters into their own hands, advised Matt Schulz, chief credit analyst at LendingTree. Home loan rates have already started to fall, largely due to the prospect of a Fed-induced economic slowdown. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves.
Persons: Greg McBride, McBride, Matt Schulz, Jacob Channel Organizations: Philadelphia Federal, Treasury, Auto, Consumers
The state minimum car insurance is the minimum amount of car insurance you must carry in your state to legally drive a vehicle. Get Car Insurance Quotes Compare affordable car insurance quotes online in minutes. Top Providers for State Minimum Car InsuranceThese are the top providers for minimum car insurance based on our round-up on the best car insurance companies. Minimum Car Insurance FAQWhat happens if I don't have the state minimum car insurance? If you drive without the state minimum car insurance, you may face serious penalties such as fines, license suspension, and even vehicle impoundment.
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Compare Car Insurance Quotes
  + stars: | 2024-07-30 | by ( Alani Asis | Paul Kim | Read More | ) www.businessinsider.com   time to read: +15 min
51% of drivers do not trust their car insurance providers and car insurance costs continue to rise, up by 11.2% in 2023-2024. Get Car Insurance Quotes Compare affordable car insurance quotes online in minutes. How to shop for car insuranceIf you're in the market for car insurance, here's a step-by-step guide to finding the best and cheapest car insurance for you. Factors That Affect Car Insurance QuotesPersonal FactorsOne personal factor that affects your car insurance quotes is your age and gender. How to Compare Car Insurance Quotes FAQHow often should I compare car insurance quotes?
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Valentinrussanov | E+ | Getty ImagesThe Federal Reserve is poised to make the first interest rate cut in years this fall, which can influence mortgage rates to go down. To that point, people in the market to buy a home have been eagerly waiting for the Fed to cut rates. The Fed is meeting this week, but experts say it seems more likely that the first rate cut will come in September. That would be the first rate cut since 2020 in the onset of the Covid-19 pandemic. While mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are partly influenced by the Fed's policy.
Persons: Chen Zhao, Freddie Mac, Refinance, it's, Zhao, Selma Hepp, Hepp, Jacob Channel, there's Organizations: Fed, Treasury, Mortgage, Association, Finance Locations: Redfin
McDonald's executives acknowledged Monday that diners consider the company's prices too high as lower-income consumers balk after years of high inflation. During the company's second-quarter earnings call Monday, executives said they are taking a "forensic approach" to evaluating prices and trying to create value. We are working to fix that with pace," McDonald's CEO Chris Kempczinski said on the company's earnings call. The offer also began to increase guest count growth, but it has not yet translated into sales increases, company executives said on the call. The $5 value meal was rolled out only days before the second quarter ended.
Persons: Chris Kempczinski, Kempczinski, Joe Erlinger, Erlinger, we've, — CNBC's Amelia Lucas, Kate Rogers Locations: U.S, Placer.ai
How to Find Someone's Insurance Info
  + stars: | 2024-07-29 | by ( Alani Asis | Paul Kim | Read More | ) www.businessinsider.com   time to read: +12 min
Finding someone's insurance info FAQsIs it legal to find someone's insurance info without their permission? It's generally legal to find someone's insurance info without their permission if you have a legitimate reason. What details do I need to find someone's insurance info? You'll want as many details as possible to find someone's insurance information including the person's full name, contact information, insurance company, and details about the incident. She’s reviewed life insurance and pet insurance companies and has written numerous explainers on travel insurance, credit, debt, and home insurance.
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But these days, other fast-food chains have revived the $5 price point, hoping to win over customers who have cut back their spending. Sensing diners' fast-food backlash, players such as Brinker International's Chili's have used their marketing to highlight their own value relative to the cost of a fast-food meal. Shares of McDonald's, Burger King parent Restaurant Brands International and Wendy's have all slid by double digits this year. Taco Bell owner Yum Brands is down more than 1% in 2024. Restaurant Brands and Yum Brands are expected to report their quarterly earnings the following week.
Persons: Taco, Burger, Wendy's, McDonald's, Brinker, Rick Cardenas, Robert Byrne, Eric Gonzalez Organizations: Taco Bell, Darden, Burger King, Restaurant Brands, Yum Brands, CNBC, Restaurant
What the LIFT Act would mean todaySince the LIFT Act was first proposed in 2018, the cost of living has only sky-rocketed, hitting working-class Americans especially hard. But a tax credit like LIFT would also be extremely costly, according to Tax Policy Center estimates from 2018 and 2019. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. Focus on the child tax creditLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. The American Rescue Plan boosted the child tax credit to $3,000 from $2,000, with an extra $600 for children under age 6 for 2021, and families received up to half upfront via monthly payments.
Persons: Kamala Harris, Kevin Mohatt, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel, Tomas Philipson, Laura Veldkamp, Harris, Donald Trump Organizations: West Allis Central High School, Reuters, Georgetown University, D'Acunto, Plus, White House Council, Economic Advisers, Columbia University Business School, American Rescue Plan, Columbia University, . Census Locations: West Allis , Wisconsin
US Vice President Kamala Harris speaks on the South Lawn of the White House in Washington, DC, US, on Monday, July 22, 2024. The California Homeowner Bill of Rights became law on January 1, 2013. 'There's potential for a lot of good'The latest housing policies the Biden Administration has rolled out generally aim at increasing the supply of affordable housing and lowering costs for buyers and renters. Harris has been involved in Biden's housing policy-making, and it's likely that her campaign will carry on similar blueprints for housing, experts say. "Generally speaking, it does seem like affordable housing, zoning has been something that has been a talking point of hers for a while now," said Jacob Channel, a senior economist at LendingTree.
Persons: Kamala Harris, Ting Shen, Harris, Biden, Jacob Channel Organizations: White, Bloomberg, Getty, Treasury, PRO, U.S . Department of Housing, Urban, HUD, Harvard University Joint Center for Housing Studies, Biden Administration Locations: Washington , DC, California, U.S, America
He's not doing all this out of the kindness of his heart; he's doing it because he wants the credit-card rewards. In a recent poll from Ipsos, 71% of Americans surveyed said they had some sort of rewards, points, or cash-back card, and 80% of those with such a card said they valued their rewards. But maybe we love our credit-card rewards too much, to the point that it's making us act in less-than-ideal ways toward those we hold near and dear. But credit-card rewards are, indeed, making things uncomfortable. I recently booked a fight with a friend who remarked she'd gotten some $300 in travel credit from her rewards card.
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