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☆ The Federal Reserve may not hike interest rates next week, but consumers are unlikely to feel any relief
▼ + stars: | 2023-10-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

After the previous rate hikes, the average credit card rate is now more than 20% — an all-time high. Even without a rate hike, APRs may continue to rise, according to according to Matt Schulz, chief credit analyst at LendingTree. As the federal funds rate rose, the prime rate did, as well, and these rates followed suit. Federal student loans are now at 5.5%Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Matt Schulz, Sam Khater, Freddie Mac's Organizations: Reuters, Treasury, Auto

☆ Credit card interest rates are rising. Ask yourself 3 questions to decide if your rewards card is still worth it.
▼ + stars: | 2023-10-19 | by ( Jennifer Streaks | Sarah Silbert | Senior Personal Finance Reporter | ) www.businessinsider.com time to read: +4 min

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Much to the chagrin of many consumers, credit card interest rates have also jumped, leaving cardholders carrying a balance paying APRs of 20% or higher. This is also a good time to think about how you handle your credit card balance in general. If you have an annual fee and your credit card interest rate is also increasing, consider whether this annual fee is still worth it. But are they worth it if you're paying a higher interest rate on your credit card balance?

Persons: —, you've, that's Organizations: Federal Reserve, Service

However, there are some key differences between the mechanics of credit cards and Helocs. Still, Helocs have far lower rates than credit cards, even for borrowers with strong credit scores. If interest rates climbed to 7% a year later, your payment would rise to $58 a month until the end of the draw period—unless interest rates move again or you draw more from the line. (Secured credit cards are an option for people with limited credit history; they require a cash down payment.) Consolidating credit card debt is another common use, since rates on credit cards can be as much as double what they are on home-equity loans.

Persons: Tanza Loudenback, Aly J, Helocs, you’ve, Robert Heck, won’t, Knight, Freddie Mac, You’re, Scott Fligel, ”, Eric Alexander, Heck, “, ” Heck, Alexander Organizations: Yale, Federal, Federal Reserve, Northwestern Mutual, Income Locations: homeownership, Morty, Charlotte, N.C, Dallas

The Blue Business® Plus Credit Card from American Express and The American Express Blue Business Cash™ Card are two great no-annual-fee business cards, but they usually don't come with welcome offers for new cardholders. With The American Express Blue Business Cash™ Card, you can earn unlimited cash back on your spending with no annual fee. Amex Blue Business Cash Card review External link Arrow An arrow icon, indicating this redirects the user." Blue Business Cash Card welcome bonus detailsThe American Express Blue Business Cash™ Card is the cash-back counterpart of The Blue Business® Plus Credit Card from American Express, earning 2% cash back on up to $50,000 in purchases each calendar year (then 1% back). Read our Amex Blue Business Cash card review for more details.

Persons: —, You've, you'll, APRs, Cash, you've, There's Organizations: American Express, Service, Express, Blue, Business, The

The average interest rate for all credit card accounts hit 20.68% in May, the highest on record, according to most recent Federal Reserve data. "But credit cards do charge the highest interest rates of any mainstream consumer debt [by far]," he wrote in an e-mail. This is why it's so important to prioritize credit card debt payoff." Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. "Whenever the Fed has raised interest rates as they have, something usually tips or fails," he said.

Persons: Barry Glassman, Ted Rossman, Cardholders, Glassman, CreditCards.com, Rossman, Bankrate Organizations: CreditCards.com, Federal Reserve, Wealth, Westend61, Getty, Federal Reserve Bank of New, Silicon Valley Bank, Signature Bank Locations: Vienna , Virginia, North Bethesda , Maryland, Federal Reserve Bank of New York, Silicon, U.S

Rebuild credit after bankruptcy with a credit builder product that doesn't require good credit. As such, you'll have to start from zero, using products such as credit builder loans and secured credit cards that don't require a good credit score or any credit at all. Credit builder loansCredit builder loans are one of the main credit-building methods for people either starting from scratch or rebuilding credit after severe delinquency or bankruptcy. Secured credit cardsApplying for a secured credit card can be one of your best options for rebuilding your score. Rebuilding credit after a bankruptcy frequently asked questionsCan you remove a bankruptcy from your credit report?

Persons: you'll, it's, myFICO Organizations: Visa, Card Locations: Chevron

So I'll admit I got The Platinum Card® from American Express for the clout. Getting an Amex didn't change my finances or my life, and I knew it wouldn'tI held my Amex Platinum card as I did with my driver's license when I was 16. Financial therapist Aja Evans says my Amex credit card is one way of coping with self-esteem issues, but it's a bandage. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu. Products in this post: The Platinum Card® from American Express, American Express® Gold Card

Persons: Achilles, I've, wouldn't, I'm, Aja Evans, Evans, it's, Uber, Wiley, Julie Mehretu, Peacock, Uber Cash Organizations: Service, American Express, Yorker, Express, Hilton, Marriott, Saks, Entertainment, Disney, ESPN, The New York Times, Street, Walmart, TSA, Global, Saks Fifth, Shipping, American, Products Locations: Wall, Silicon, Hulu

☆ Chase Slate Edge Credit Card Review
▼ + stars: | 2023-08-28 | by ( Aaron Hurd | ) www.wsj.com time to read: +7 min

By Aaron HurdIf you’re one of the millions of Americans dealing with credit card debt — which recently hit a record $1.03 trillion — a balance-transfer credit card can offer temporary relief. That’s exactly what the Chase Slate Edge, our pick for Best Balance-Transfer Credit Card, delivers. But the thing that gives the Slate card the edge is how it helps you improve your credit score. If this is you, the automatic credit line increases you can earn with the Chase Slate Edge will give your credit score a boost while you pay off your credit card balance. We preferred credit cards with longer balance transfer promotional periods and lower balance transfer initiation fees.

Persons: Aaron Hurd, you’ve, Chase Organizations: Slate, Chase, Chase Slate, Slate Edge, Wings, Navy Federal Credit Union, Navy Federal

☆ Here's what to do if you could only afford a used vehicle and are saddled with high interest rates
▼ + stars: | 2023-08-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

I Love Images | Cultura | Getty ImagesRising interest rates are pushing auto loan rates upwards for both new and used cars across the U.S. "If you have good credit, you get lower interest rates," he said. "If you have poor credit, you're going to get higher interest rates." Interest rates on used cars currently are the highest in Alabama, Georgia, Louisiana, Mississippi, Nevada, New Mexico, Ohio, South Carolina and West Virginia. The longevity risk associated with used cars is yet another factor driving up interest rates for car shoppers, Yoon said.

Persons: Edmunds, Joseph Yoon, Tom McParland, McParland, Here's, Yoon Organizations: Getty, U.S, Automatch Consulting, WalletHub, Finance, AAA Locations: Alabama , Georgia, Louisiana , Mississippi , Nevada , New Mexico , Ohio, South Carolina, West Virginia, Ohio, New Mexico, Massachusetts

Credit scores usually drop at least 100 points or more after bankruptcy is added to a credit report. As such, if a bankruptcy is added to your credit report, it can have a severe negative impact on your credit score. More Information No hard credit report pullReports to all 3 bureausBuild credit AND savingsJoin over 1 million credit buildersUnlock a Secured Credit Card after meeting eligibility criteria24 months loan durationCan you remove a bankruptcy from your credit report? Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.8/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Aura's website Learn more On IDShield's website Learn more On IdentityForce's websiteFinal thoughtsRemember, bankruptcy is just one of various debt relief options. If you're patient and commit to following good credit habits, your credit score will slowly but surely rise.

Persons: myFICO, you'll, You'll Organizations: Service, Visa, Card, Credit Monitoring, Chevron Locations: Wall, Silicon

☆ As credit card debt tops $1 trillion for the first time, 'a huge test' for cardholders is coming
▼ + stars: | 2023-08-08 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

watch nowCollectively, Americans now owe more than $1 trillion on credit cards. Total credit card debt rose nearly 5%, or roughly $45 billion, in the second quarter to a new high of $1.03 trillion, according to a new report on household debt from the Federal Reserve Bank of New York. "One trillion dollars in credit card debt is staggering," Schulz added. "Credit card balances saw brisk growth in the second quarter," Joelle Scally, regional economic principal in the New York Fed's research and statistics group, said in a statement. On the heels of another rate hike last month by the Federal Reserve, the average credit card rate is also more than 20% on average, another all-time high.

Persons: Matt Schulz, LendingTree's, Schulz Organizations: Federal Reserve Bank of New, New York Fed, Federal Reserve Locations: Federal Reserve Bank of New York, York

Municipal Credit Union Personal Loan DetailsMunicipal Credit Union offers personal loans for a variety of purposes. See our picks for the best debt consolidation loans »Municipal Credit Union Personal Loan Pros and ConsPros Cons Excellent rates. Municipal Credit Union TrustworthinessMunicipal Credit Union has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. Municipal Credit Union Personal Loans CompetitorsMunicipal Credit Union Personal Loans vs. First Tech Personal LoansFirst Tech Personal Loan and Municipal Credit Union have similar minimums. Municipal Credit Union Personal Loans vs. Navy Federal Personal LoansYou can get the smallest loan amount with Navy Federal Credit Union Personal Loan, as the credit union offers loans as small as $250Navy Federal has more stringent membership requirements than Municipal Credit Union, as you only qualify if you are an active military member, veteran, or employee or retiree of the Department of Defense.

Persons: You'll, you'll, Formally, Municipal Credit Union hasn't Organizations: Municipal Credit, Credit, Municipal Credit Union, New, Loan, Municipal, Chevron, Union, Better Business Bureau, BBB, First Tech, Financial, Navy, Navy Federal Credit, Federal, Department of Defense Locations: New York, New York City, York, Oregon

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHere's how you can get approved for a $20,000 loan from a credit union, bank, or online lender. $20,000 loan offersThere are plenty of personal loan options out there for folks shopping around for a good deal on a $20,000 loan. You can take out a loan as low as $5,000 and as high as $100,000, so a $20,000 loan is more than doable with SoFi. How to get a $20,000 loan FAQsHow much would a $20,000 loan cost per month? The monthly cost of a $20,000 loan can vary greatly based on the annual percentage rate (APR) and the terms of your loan.

Persons: —, It's, You'll, you'll, SoFi, Wells Organizations: Service, Social, National Credit Union Administration, Wells Fargo, Wells, PenFed Credit, Avant, Chevron Locations: Wells Fargo, Massachusetts , Ohio, New Mexico, Georgia

See Insider's picks for the best personal loans >>Compare Personal Loan RatesHow to get a $5,000 loanYou'll need to meet some lender qualification requirements before you can be approved for a $5,000 loan. How to qualify for a $5,000 loan with bad creditCredit scores are key in determining whether or not you'll be able to pay back your loan. Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to get a $5,000 loan FAQsHow much would a $5,000 loan cost per month? The monthly cost of a $5,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, You'll, they'll, Goldman Sachs, Avant, you've Organizations: Service, Social, National Credit Union Administration, PenFed Credit, Chevron Locations: Massachusetts , Ohio, New Mexico, Georgia

Credit score and history: Your credit score and history are key to getting your loan approved for a personal loan. How to qualify for a $10,000 loan with bad creditA good credit score is essential when getting approved for a $10,000 loan. $10,000 loan offersIf you're looking to take out a $10,000 loan, here are some lenders worth considering:LightStream is best for borrowers with excellent credit scores, but you can still qualify with a score as low as 660. How to get a $10,000 loan FAQsHow much would a $10,000 loan cost per month? The cost per month for a $10,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, you've, They're, LightStream, SoFi, Avant Organizations: Service, Social, National Credit Union Administration, SoFi, PenFed Credit, Avant, Chevron Locations: prequalification, Massachusetts , Ohio, New Mexico, Georgia

Review: Is Discover it® Balance Transfer the Best Credit Card for You? Discover it Balance Transfer Card RewardsThe card offers a generous cash-back rewards structure. With the 0% intro APR on balance transfers, there's an intro balance transfer fee of 3% of the amount of each transfer that post to your account by September 10, 2023. Yes, the Discover It Balance Transfer Credit Card allows balance transfers. Yes, the Discover It Balance Transfer Credit Card has an an intro balance transfer fee of 3% of the amount of each transfer.

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Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). See Insider's picks for the best lenders to refinance student loans >>If you have federal student loans, you have options for debt forgiveness, including Public Service Loan Forgiveness and Income-Driven Repayment Plans. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Show more Variable: 5.32 % - 8.94%, Fixed: 4.96% - 8.99% (with AutoPay discount) Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now Apply now Apply now2. While private student loans aren't eligible for forbearance in the same way federal student loans are, you still have options if you're struggling to keep up with your payments.

Persons: —, Pell Grant, Autopay, forbearance Organizations: Service, Public, Biden, Loan, SoFi, AutoPay, Federal Reserve Bank of New, AK, IL, forbearance Locations: Federal Reserve Bank of New York, MN, NH, OH, TN, TX, California, Florida, Texas, In Texas

☆ US credit card debt stands at a record of nearly $1 trillion. 5 moves to pay down your balance
▼ + stars: | 2023-05-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

While balances are higher, nearly half of credit card holders carry credit card debt from month to month, according to a separate Bankrate report. Here's what experts recommend:Five ways to tackle high-interest credit card debt1. Snag a 0% balance transfer credit card. Cards offering up to 21 months with no interest on transferred balances are one of the best weapons Americans have in the battle against credit card debt, Schulz said. Ask for a lower credit card rate.

PenFed Auto Loans Frequently Asked QuestionsIs PenFed good for auto loans? What credit score is needed for a PenFed auto loan? PenFed Auto Loans CompetitorsHow PenFed compares PenFed Auto LoanNavy Federal Auto LoansPNC Auto Loans Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How we rate auto loansWe rate all auto loan products in our reviews and guides on a 1-5 scale. See our ratings methodology for auto loans »Ryan Wangman, CEPF Loans Reporter Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans.

☆ Your credit card debt is probably about to get more expensive—here’s why
▼ + stars: | 2023-05-11 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The Federal Reserve's latest interest rate hike means your credit card debt will likely get more expensive to pay off if you carry a balance month to month. However, it's rare that you'll receive a credit card with that interest rate. Typically, credit card interest rates are much higher to account for the costs incurred by the card issuer and the risk of some cardholders not paying back their debt, Rossman says. Currently, the average credit card annual percentage rate (APR) is about 22% for new offers and 20% for existing accounts, according to WalletHub's "Credit Card Landscape Report." Tips for tackling credit card debt

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). Plus, the existing TD Double Up℠ Visa Credit Card and TD Cash Credit Card each got a makeover, with customer-friendly updates that make it easier to earn maximum rewards. Here's a look at the new TD credit cards and existing card improvements to help you decide if they're worth it. TD credit card changesNew TD credit cardsThe new TD Clear and TD FlexPay Credit Card aren't for folks who love to earn and use credit card rewards for free travel or cash back. Enter the newly remodeled TD Cash Credit Card: While it's always offered strong bonus categories, they were previously fixed.

☆ Credit card companies need to explain the 'exorbitant' late fees they're charging customers, says Elizabeth Warren
▼ + stars: | 2023-05-09 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren wants to know if credit card companies stand with the banks. Currently, credit card companies are permitted to fine consumers up to $41 for each missed credit card payment — no questions asked. The other nine credit card companies Warren sent the letter to did not immediately reply to a request for comment. She wanted to know why reducing credit card late fees would be any different. Warren also asked each credit card company to answer how much money they collect in credit card fees each year — and the proportion from low-income earners — and the actual cost of collecting those fees.

Pros Check mark icon A check mark. Pros Check mark icon A check mark. Geoff Cudd, Owner of FindTheBestCarPrice.comKareem Saleh, founder and CEO of FairPlay AIRyan Wangman, loans reporter at Personal Finance InsiderHow to Choose the Best Auto Loan for Bad CreditTo pick the best auto loan, take stock of the factors that are most important to you. See our full ratings methodology for auto loans »Auto Loans for Bad Credit Frequently Asked QuestionsCan I get auto financing with a 500 credit score? Our Experts' Advice for Choosing the Best Auto Loan for Bad CreditCan you get an auto loan with bad credit?

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Our Experts for the Best Personal Loans With No Origination FeesWe consulted personal loan and financial experts to give their insights into finding the best personal loans with no origination fees. Personal Loan With No Origination Fees Frequently Asked QuestionsCan you get a personal loan without an origination fee? How to Choose the Best Personal Loan With No Origination FeesTo select the best personal loan for you, look at the factors that are most important to you. Methodology: How we chose the best personal loans without origination feesWe rate all personal loan products in our reviews and guides on a 1-5 scale.

Students with a limited credit history are unlikely to be approved for the best credit cards, and even some student credit cards require good to excellent credit. Step is a secured credit card that has a dynamic credit limit that is attached to the bank account balance -- it operates like a debit card but it is a credit card, which is what enables the unique credit building feature. Best Credit Cards for Students With No Credit of 2023Methodology: How we chose the best credit cards for students with no creditInsider's credit cards team looked at dozens of student credit cards, secured credit cards, and starter credit cards and narrowed down the list by choosing only those that students with limited or no credit have a good chance of qualifying for. Credit Cards for Students With No Credit Frequently Asked Questions (FAQ)Which credit card is best for students with no credit? US Bank Altitude Go Secured Credit Card ReviewBest for Students Under 18Step Secured Visa CardWhile credit card accounts are only available to those aged 18 and over, the Step Secured Visa Card offers a solution for students looking to build credit who haven't yet reached legal adulthood.

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