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☆ Home valuations are rising faster than incomes. Here's why that could hurt homeowners' wallets
▼ + stars: | 2024-08-02 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

Home prices have been rising faster than incomes, which can be a problem for homeowners because as the value of a home rises, so does the cost to maintain it. 'Paper' wealth and rising expensesTips for homebuyersViehman of the NAR recommends people shopping for a home "lean on their realtor first." Viehman also recommends leaving room in your monthly budget to address the possibility of surprise expenses. "Just because you qualify for $3,000 a month in a mortgage payment doesn't mean you should max it out right now," she said. Tips for current homeownersCurrent homeowners who are struggling to meet their monthly payments also have some options to consider.

Persons: homeownership, Devon Viehman, Mark Hamrick, homebuyers, Viehman Organizations: Chamber of Commerce, National Association of Realtors, NAR, Consumer Financial, Department of Housing, Urban Locations: Devon

☆ 11 US housing markets most at risk from climate change — with annual homeowners insurance premiums up to $10,473
▼ + stars: | 2024-08-01 | by ( Christine Ji | ) www.businessinsider.com time to read: +4 min

Here's what you need to know about home insurance in the age of climate change, as well as the top most at-risk US housing markets. While State Farm recently reversed this decision and agreed to renew the policies, California homeowners must secure fire coverage separately through a state-backed insurance program. Still, climate change-related risks play an undeniable and increasing role in home insurance premium pricing as more insurance providers design their policies to consider extreme weather. AdvertisementThe 11 most at-risk US housing marketsCalifornia is hardly the only state being impacted by climate change. For ease of comparison, the annual insurance premiums shown represent how much a homeowner would pay for $300,000 of dwelling coverage.

Persons: —, Bankrate, It's, We've Organizations: Service, Business, Insurance, National Centers for Environmental, Farm, Golden State Locations: California, East, Golden

☆ The Fed keeps interest rates high for now—here's how much money it could be costing you each month
▼ + stars: | 2024-08-01 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

30-year fixed-rate mortgagesIn 2022, the average 30-year fixed rate mortgage rate was 4.3%, while the current rate is 6.9%, per Mortgage News Daily. Total monthly difference: $42New vehicle financingIn 2022, new auto loans had an average interest rate of 5.2% while the current average is 7.3%, per Edmunds data. For a 60-month financing of around $40,000, monthly payments have increased from $759 to $798. Total monthly difference: $39Credit cardsIn 2022, the average credit card interest rate was 16.3%, while the current rate is 20.7%, per Bankrate data. Total monthly difference: $19

Organizations: Federal Reserve, Fed, Mortgage Locations: Edmunds

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.

Persons: It’s, ” Jonathan Smoke, that’s, Freddie Mac, ”, Sam Khater, —, “ Banks, Ken Tumin Organizations: Federal, “ Manufacturers, Cox Automotive, Treasury, Savings Vehicles Locations: Edmunds

☆ What to do now that the Fed is signaling lower interest rates
▼ + stars: | 2024-07-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Given the many ways lower rates can affect your finances, here are some things to consider when deciding what steps to take in response. Here’s how lower rates may affect key areas of your financial life, along with tips on what to do about it. If that proves difficult to get, see if you can transfer your balance to a credit card from a credit union or local bank that offers lower rates than the biggest banks. And because many variables determine what that factor will be, it will be hard to figure out the impact of lower interest rates. His advice: Don’t keep more than six months’ to a year’s worth of living expenses in cash or cash equivalents.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, Diodato, you’ll, McBride, ” Dodiato, Collin Martin, don’t Organizations: New, New York CNN, Federal Reserve, Bankrate, Schwab Center, Financial Research, AAA Locations: New York, Schwab.com

☆ The Federal Reserve sets the stage for a rate cut — here's what that means for your money
▼ + stars: | 2024-07-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

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

☆ Interest rate cuts probably aren't here just yet, but they could finally reach Americans in under 2 months
▼ + stars: | 2024-07-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's safe to say that Americans can count on an interest rate cut pretty soon, but probably not this week. On Wednesday, the Federal Open Market Committee will announce its next interest rate decision, and it's once again expected to hold rates steady. However, the FOMC's September meeting could finally bring Americans the relief they've been waiting for — CME FedWatch showed markets think it's all but certain the Fed will cut rates that month. Lower interest rates would make borrowing more affordable for consumers and businesses alike. "You have kept interest rates too high for too long: it is time to cut rates," they wrote.

Persons: it's, Claudia Sahm, Greg McBride, There's, Jerome Powell, Powell, Sahm, Matt Colyar, September's, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Federal, CME FedWatch, Business, New Century Advisors, Fed, Banking, Housing, Urban Affairs, Democratic, Moody's

☆ The 10 worst states to retire in the U.S.—No. 1 isn’t California or New York
▼ + stars: | 2024-07-30 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

While the best state to retire in the U.S. is also one of the smallest in the country, the worst state to retire is the largest. Alaska ranks as the worst state in the U.S. to retire for the third year in a row, according to Bankrate's study of the best states to retire in 2024. If you're looking for space to spread out during retirement, Alaska is the largest U.S. state by land area. However, it state ranked poorly across a number of Bankrate's measurements. Here are the 10 worst states to retire, according to Bankrate.

Persons: Bankrate Organizations: Council for Community, Economic Research, U.S . Census Bureau, Tax Foundation, National Oceanic, Atmospheric Administration Locations: U.S, Alaska

☆ This is the best state to retire in 2024—it's not Florida or California
▼ + stars: | 2024-07-28 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The best state to retire in 2024 is also one of the smallest in the U.S.At around 96 miles long and 35 miles wide, Delaware ranks as the No. 1 state to retire this year, according to Bankrate's list of the best states to retire for 2024. Last year, it placed second behind Iowa on Bankrate's list. To compile the ranking, Bankrate analyzed data from several sources, including the Tax Foundation, the Council for Community and Economic Research, the U.S. Census Bureau and the National Oceanic and Atmospheric Administration. Bankrate evaluated all 50 states across five weighted categories:Affordability (40%): Includes factors such as cost of living and state and local sales tax ratesIncludes factors such as cost of living and state and local sales tax rates Overall well-being (25%) : Looks at factors such as the number of arts and entertainment centers and the number of adults over 62: Looks at factors such as the number of arts and entertainment centers and the number of adults over 62 Quality and cost of health care (20%): Considers factors such as the number of health-care establishments and the cost of health careConsiders factors such as the number of health-care establishments and the cost of health care Weather (10%): Evaluates the average annual temperature and average number of tornado strikes, earthquakes and hurricane landfallsEvaluates the average annual temperature and average number of tornado strikes, earthquakes and hurricane landfalls Crime (5%): Includes factors such as the number of violent crimes and property crimesHere are the 10 best states to retire in 2024, according to Bankrate.

Persons: Bankrate Organizations: Iowa, Tax Foundation, for Community, Economic Research, U.S . Census, National Oceanic, Atmospheric Administration Locations: U.S, Delaware

☆ What to do when the Fed starts cutting interest rates
▼ + stars: | 2024-07-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Over the past couple of years, the Federal Reserve aggressively raised its key interest rate to a 23-year high to beat down inflation. But, realistically, how much you’ll save when the Fed lowers rates will depend on how quickly it cuts and by how much each time. Since loan amounts are substantial, this is one area where even small cuts in interest rates could make a meaningful difference in what a homebuyer will pay. A couple of quarter-point rate cuts from the Fed won’t make it meaningfully cheaper, McBride said. A few rate cuts won’t make much of a dent in today’s record-high average rate of 20.7%.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, McBride, Diodato, you’re, ” Dodiato Organizations: New, New York CNN, Federal Reserve, Bankrate, Fed Locations: New York

☆ Setting aside $10 a day could help you save over $1 million for retirement—but you have to start early
▼ + stars: | 2024-07-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Although the thought of saving $1 million or more by the time you reach retirement age may seem overwhelming, the process doesn't have to be — especially if you start early. Instead of focusing on the total, try paying attention to your savings rate, which is the percentage of your annual pre-tax income you're contributing to your retirement investment account. But your savings rate is something you can control. Fidelity recommends a savings rate of at least 15%, inclusive of any employer match. To that point, you can begin your retirement savings journey by setting aside just $10 a day, or $70 a week.

Persons: it's, James Royal Organizations: Fidelity, CNBC

☆ Credit Card Rewards Are Making Us Jerks, Causing Fights Among Friends
▼ + stars: | 2024-07-25 | by ( Emily Stewart | ) www.businessinsider.com time to read: +15 min

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.

Persons: Pam, she's, It's, He's, Jane, Joe, there's, Mary fuming, Matt Schulz, Taylor Swift, I'm, Jen, who's, She'd, nonpoints, Emily Thompson, Guy, they'd, Ted Rossman, —, Danielle Bayard Jackson, she'd, Thompson, I'd, Matt, " Schulz, LendingTree, they've, Emily Stewart Organizations: brunch, LendingTree, American, Business Locations: San Francisco, Ipsos, Singapore, Chicago, Alaska, Florida

☆ Wages have outpaced inflation since 2020 but many consumers still feel burdened by prices
▼ + stars: | 2024-07-24 | by ( John Towfighi | ) www.businessinsider.com time to read: +5 min

Read previewAmerican consumers have been frustrated by high prices over past years, but there's some good news: wages have outpaced inflation since the start of the COVID-19 pandemic. Since 2020, average hourly wages for most US workers have risen faster than the consumer price index, meaning income has maintained its purchasing power against rising prices. While wage gains have outpaced inflation, it can be difficult for consumers to feel the growth, and plenty of people still miss the "good old days" of lower prices. Since spring 2023, year-over-year wage growth for production and nonsupervisory workers has consistently been above inflation. While US consumers adjust to higher prices, strong wage growth should help ease affordability concerns, Krugman wrote.

Persons: —, Sarah Foster, Foster, Paul Krugman, Krugman Organizations: Service, Bureau of Labor Statistics, Business, Michigan Ross, Economic Policy Institute, Federal Reserve, New York Times Locations: jtowfighi@businessinsider.com

☆ 39% of Americans worry they can’t pay the bills
▼ + stars: | 2024-07-23 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

New York CNN —Many Americans regularly worry they won’t be able to make ends meet. Even higher percentages of Latino (52%) and Black (46%) Americans said they’re worried most or all of the time about making ends meet, according to the poll. More than half (55%) of those making less than $50,000 a year similarly worry about having enough money to meet expenses. Even higher percentages of Latinos (52%), Black Americans (44%) and those under the age of 45 (47%) say they’ve taken extra work. Others say they’ve cut back on driving (41%) and they are taking on credit card debt to afford necessities (37%).

Persons: they’re, it’s, ”, Angela Russell, Russell, – they’re, Greg McBride, they’ve, McBride, who’ve, “ I’ve, Joe Biden, CNN’s Ariel Edwards, Levy, Dana Elobaid Organizations: New, New York CNN, CNN, Centers for Disease Control, Prevention, Bureau of Labor Statistics, Bankrate, Ohio, Walmart, SSRS Locations: New York, Ohio, Cincinnati

☆ The salaries you'd need to afford iconic TV and movie homes from 'Full House', 'The Godfather' and more
▼ + stars: | 2024-07-21 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

This year, the Chicago-area house from "Home Alone" and the iconic "Full House" townhouse in San Francisco hit the market with asking prices in the millions. In June, CardRates.com examined 25 iconic houses featured on screen. Using Zillow's estimated home values and Bankrate's mortgage calculator, the report determined the monthly mortgage rates and the annual income required to afford each property. The mortgage rates were determined assuming a 20% down payment, a 30-year fixed loan, and the current interest rate as of June 2024, according to the Federal Reserve Bank of St. Louis. Some of the properties in CardRates.com's report are currently on the market and the amounts indicated are the current list prices.

Persons: you've, CardRates.com, Louis . Organizations: Federal Reserve Bank of St Locations: Chicago, San Francisco

☆ Camp counselors, golf caddies and 10 other people to consider tipping this summer, according to etiquette pros
▼ + stars: | 2024-07-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Roughly 2 in 3 adults have a negative view of the practice, according to a recent survey from Bankrate, and 30% say tipping culture has gotten out of control. Etiquette pros say tipping guidelines are just that — guidelines. "Good tipping feels good for everyone involved," Daniel Post Senning, co-author of "Emily Post's Etiquette, The Centennial Edition," previously told Make It. Here are some people etiquette experts say are worth considering tipping. But many camps forbid counselors from taking tips, says Diane Gottsman, a national etiquette expert and founder of the Protocol School of Texas.

Persons: —, Daniel Post Senning, Emily Post's, they've, Diane Gottsman, Gottsman, You've, Elaine Swann Organizations: Protocol, of Texas, Emily Post, Swann School of Locations: Bankrate

Here are the best mortgage lenders for first-time homebuyers and the affordable loans they offer, as chosen by Business Insider editors in 2024. If you're a Bank of America Preferred Rewards customer, you can get discountsCheck mark icon A check mark. Offers many unique types of mortgagesCheck mark icon A check mark. Low Cost Mortgages come with only $295 in closing costsCheck mark icon A check mark. Mortgage credit certificatesSome HFAs also offer mortgage credit certificates to first-time homebuyers.

Persons: It's, Chase, Grant, You'll, Carrington, Carrington doesn't, forbearance, HELOC, homebuyers, Truist, doesn't, Flagstar, they're, homeownership, Fannie Mae, Freddie Mac's, you'll, Anthony Park, Molly Grace, Julie Aragon, There's, Lauryn Williams, —, there's, PenFed, USAA, Wells, Wells Fargo, Ally Organizations: Homebuyers Bank of America Mortgage, Mortgage, Chase, Federal Credit Union Mortgage, New, U.S, Bank Mortgage, Federal Savings, Loan, Truist, Flagstar Bank, Business, Bank of America, of America, FHA, Bank, Bank of, Bank of America's, Miami . Bank of America, USDA, Guild Mortgage, Veterans, Navy, Credit, Federal, Navy Federal, Navy Federal Credit Union, Department of Defense, Student Loan, . Bank, US Bank, U.S . Bank, Carrington Mortgage, Carrington Mortgage Services, Consumer Financial Protection, DC, Private Mortgage Insurance, PMI, Down Payments, Quicken, Rocket Mortgage, Rocket, CrossCountry Mortgage, CrossCountry, Loans, Flagstar Bank Mortgage, Federal Housing Finance Agency, Federal Housing Administration, US Department of Housing, Urban, US Department of Veterans Affairs, US Department of Agriculture, Best, Chevron, CFP, Pentagon Federal Credit Union, BBB, Fairway Independent Mortgage Corporation, Veterans United, Movement Mortgage, NBKC, PNC Bank, Better Business Bureau Locations: VA, HELOC, Washington, DC, Charlotte, Dallas, Detroit, Los Angeles, Miami, Delaware, Vermont, Delaware , Vermont, Wyoming, J.D, New York, ., U.S, Massachusetts, North Dakota, Ohio, Florida, California , Colorado , Connecticut, Georgia , Illinois , Indiana , Kentucky, Maryland , Massachusetts , Missouri , New Hampshire , New Jersey , New York, North Carolina , Ohio , Oregon , Pennsylvania, South Carolina , Tennessee, Virginia, Tennessee, Arizona , Alaska, Hawaii, Arizona , California, Florida , Indiana , Michigan , New Jersey , New York , Ohio, Wisconsin, Flagstar, Arizona , California , Connecticut , Idaho , Michigan, Nevada , Ohio, New Mexico, Chevron, Wells Fargo

☆ Tipping culture keeps creeping into ever more parts of daily life — and some people are resisting it
▼ + stars: | 2024-07-20 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

"Everyone is thinking they deserve a tip," Pam — who asked to go by her first name for privacy, but whose identity has been verified with Business Insider — said. Advertisement"I just don't think tipping is a good thing to do," Sandberg told BI. AdvertisementFor instance, Sandberg doesn't see tipping as necessary if he's buying something himself because "there's no extra service." "If I have to stand up to order my food or to buy my product, you're not getting a tip," Sandberg said. AdvertisementMeanwhile, there are services Pam doesn't tip for and ones she does.

Persons: —, Pam, Pam —, It's, Ted Rossman, Rossman, I'm, Xers, culture's, it's, Pam isn't, Michael Sandberg, shouldn't, Sandberg, Tipping, Uber Organizations: Service, Pew Research, Business, Pew Research Center Locations: gratuities

☆ How to Rein In Rising Auto Insurance Rates
▼ + stars: | 2024-07-19 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Even as inflation has eased, car insurance rates are rising by double digits. According to the Bureau of Labor Statistics, auto insurance costs were 19.5 percent higher in June than a year earlier. Most drivers already know about discounts available for “bundling” auto and homeowner insurance policies with the same carrier or for insuring multiple cars. Becoming a better driver may help. Just one accident can mean you’re paying an average of 43 percent more than drivers with clean safety records, according to the financial website Bankrate, which analyzed insurance data from Quadrant Information Services.

Organizations: Bureau of Labor Statistics, Information Services

☆ Cash is yielding 5% and many Americans are still missing out. How to juice your savings
▼ + stars: | 2024-07-19 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Today's high interest rate environment has led to rising borrowing costs for consumers, but there is a silver lining for savers: Their idle cash can generate plenty of income – if they can find the right savings products. The Federal Reserve's key interest rate is sitting at a target range of 5.25% to 5.5%, its highest level in more than 22 years . The firm found that about six out of 10 middle-income Americans are leaving their money in lower-yielding accounts, even as interest rates have risen. "Or, there's a perception that the switching costs, or the friction, related to making a change is more work than the benefit of getting higher rates." Meanwhile, LendingClub offers a 1-year CD at a 4.4% APY, while its high-yield savings account offers a 5% APY.

Persons: Tim Wennes, There's, Wennes, —, Darla Mercado Organizations: Santander U.S, Federal, Financial, LendingClub

☆ Side hustlers make an average of $891 per month, says new report—'It's quite a bit more lucrative'
▼ + stars: | 2024-07-16 | by ( Gili Malinsky | ) www.cnbc.com time to read: +1 min

The average side hustler is bringing in $891 per month. That's up from $810 per month in 2023, or a 10% increase altogether, says Ted Rossman, senior industry analyst at Bankrate. That's followed by 44% of millennials, 33% of Gen Xers and 23% of Baby Boomers. That's followed by Gen Zers, who are bringing in $958 per month, Gen Xers, who are bringing in $751 per month, and Baby Boomers, who are bringing in $561. It's a small monthly hike, but high earning hustlers are still skewing the average much higher.

Persons: Ted Rossman, Zers, That's, Gen Xers, Gen Zers Organizations: Baby Boomers, Boomers Locations: U.S

☆ 3 money moves to make ahead of the Federal Reserve's first rate cut in years
▼ + stars: | 2024-07-15 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

For now, top-yielding online savings accounts and one-year CDs are paying more than 5% — well above the rate of inflation. "Money market brokerage accounts usually pay higher rates than money market or savings accounts at banks," he said in an emailed statement. "Timing your purchase to coincide with lower rates can save money over the life of the loan," Tayne said. However, lower mortgage rates could also boost home-buying demand, which would push prices higher, McBride said. "If lower mortgage rates lead to a surge in prices, that's going to offset the affordability benefit for would-be buyers."

Persons: cardholders, APRs, Tayne, Olga Rolenko, McBride, Mark Kantrowitz, Kantrowitz, Howard Hook, they've Organizations: Treasury, EKS, EKS Associates Locations: Princeton , New Jersey

☆ These kinds of businesses are driving a surge in US corporate bankruptcies
▼ + stars: | 2024-07-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

In the meantime, you can stay up to date on the latest business news with CNN’s Business Nightcap newsletter. Access to credit is especially crucial for small, private businesses that aren’t able raise money through financial markets. “There were a number of programs out there to support small businesses during the depths of the pandemic, and there were relatively fewer filings than usual in 2021 and 2022.”Rising corporate bankruptcies could just reflect a lot of churn occurring in Corporate America, Jamner said. Don’t panicMost banks offer free checking if, for instance, customers have their paycheck direct deposited or they maintain an average minimum balance, reports my colleague Jeanne Sahadi. Marianne Lake, the head of Chase Bank, told the Wall Street Journal last week that Chase might stop offering free checking and other free banking services.

Persons: It’s, ” “, Matt Rowe, Josh Jamner, Jamner, we’re, Reena Aggarwal, “, ”, Banks, Jeanne Sahadi, Marianne Lake, Chase, Jaret, Read, Goldman Sachs, Jerome Powell, Mary Daly, Morgan Stanley, Charles Schwab, Adriana Kugler, Johnson, Kinder Morgan, Tom Barkin, Lorie Logan, Michelle Bowman, John Williams, Raphael Bostic Organizations: CNN’s Business, Washington CNN —, P Global Market Intelligence, CNN, Federal Reserve Bank of Kansas, Nomura Capital Management, Consumer, Institute for Supply, P, ClearBridge Investments, ”, Corporate America, Federal, Fed, Georgetown University Psaros Center, Financial Markets, Chase Bank, Wall, TD Securities, BlackRock, San Francisco Fed, Bank of America, PNC, State, US Commerce Department, US Labor Department, National Association of Home Builders, Johnson, US Bancorp, Discover, Vegas Sands, Northern Trust, Citizens, United Airlines, National Statistics, Federal Reserve, Richmond Fed, Netflix, Novartis, Abbott Laboratories, Marsh, Blackstone, Infosys, Cintas, T Bank, Nokia, American Airlines, European Central Bank, American Express, Fifth Third Bancorp, AutoNation Locations: Federal Reserve Bank of Kansas City, Corporate, UnitedHealth, Wells Fargo, Vegas, Equifax, Northern, McLennan, Schlumberger, Haliburton

☆ Banks are threatening to end free checking. Don’t panic
▼ + stars: | 2024-07-12 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The majority of people with checking accounts (73%) take advantage of the option, according to a 2023 Bankrate.com survey. But if regulatory costs go up for banks, free services like checking may go away, at least if they follow Chase’s lead. Marianne Lake, the head of Chase Bank, told the Wall Street Journal last week that Chase might stop offering free checking and other free banking services. “Consumer banking is predicated on banks providing services for free to consumers such as checking accounts, debit cards and electronic bill paying. Or, if those costs do rise, maybe some banks might decide for various reasons not to eliminate free checking.

Persons: Marianne Lake, Chase, Jaret, ”, Adam Rust, Rust, Bankrate, “, ” Rust Organizations: New, New York CNN, Chase Bank, Wall, Consumer, TD Securities, Consumer Financial Protection, Federal Reserve, Consumer Federation of America, Fed Locations: New York

☆ 'It's easier than ever to make money in your spare time,' economists say: Inside the rise of the American side hustle
▼ + stars: | 2024-07-12 | by ( Megan Sauer | ) www.cnbc.com time to read: +5 min

Usually, after a financial crisis, people spend less money and fewer new businesses launch. Welcome to the age of the side hustle, where Americans are increasingly devoted to finding extra money to spend. Here's why so many people have side hustles right now, and why economists say they're probably here to stay. For roughly half of Americans with side hustles, the extra money isn't for fun: It's a necessity, driven by financial uncertainty. $250 per month is "by no means enough to live on, [but] it's a nice amount of money," Rossman says.

Persons: Z, Kayla Bruun, Ted Rossman, Bankrate, Rossman, Bruun, Shonnita Leslie, Leslie, millennials, Gen Zers, It's, it's, Taylor, Nich Tremper Organizations: CNBC, Student, DoorDash Locations: U.S, millennials, America, Texas

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