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☆ 5 ways to reduce credit card debt ahead of the holiday shopping season
▼ + stars: | 2023-10-12 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +6 min

But it's also important to consider the rising cost of carrying credit card debt. Overall, credit card debt in the U.S. has reached a staggering record high of $1.03 trillion, according to the Federal Reserve Bank of New York. The average consumer carries about $6,000 in credit card debt — a 10-year high. While the free credit reports on annualcreditreport.com will not include your credit score, many credit card companies offer their customers a free look at their credit scores. Work with your card issuerIf you don't qualify for a 0% card or personal loan, contact your card issuer and ask for a lower credit card rate.

Persons: Bankrate, Ted Rossman, they're, it's, Matt Schulz, Louis, —, Schultz, Rod Griffin, Oleksandra, Griffin Organizations: Federal Reserve Bank of New, Federal Reserve Bank of St Locations: U.S, Federal Reserve Bank of New York, annualcreditreport.com

☆ US regulators fine TransUnion $23 mln over rental eviction reports, credit freezes
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

The seal of the Consumer Financial Protection Bureau (CFPB) is seen at their headquarters in Washington, D.C., U.S., May 14, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Oct 12 (Reuters) - The Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) fined credit reporting agency TransUnion a total of $23 million over inaccurate rental background checks and poor handling of consumer credit report locks and freezes, the agencies said on Thursday. TransUnion will pay $15 million and make "significant improvements to how it reports evictions," the CFPB said. Separately, the CFPB is ordering TransUnion to pay $8 million "for lying to consumers" about requested security freezes and locks requested by tens of thousands of consumers. While telling the consumers their requests had been processed, the company allegedly put them instead into a "yearslong backlog," according to the CFPB.

Persons: Andrew Kelly, TransUnion, Biden, Joe Biden's, Samuel Levine, Michelle Price, Jonathan Oatis Organizations: Consumer Financial Protection Bureau, Washington , D.C, REUTERS, Rights, Federal Trade Commission, FTC, Thomson Locations: Washington ,

☆ Bank of America's top 5 stocks for safety and security in a dangerous world
▼ + stars: | 2023-10-09 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Security is becoming increasingly crucial around the world, and Bank of America thinks investor portfolios can benefit from owning certain names. The bank on Monday released its "Future Security" primer, examining stocks through a lens of safety. Information security company CyberArk Software also made the list. CYBR YTD mountain CyberArk YTD "CyberArk is the clear leader within the PAM [privileged access market] market, with a robust technological moat," Liani said. TRU YTD mountain TransUnion YTD.

Persons: Felix Tran, Benjamin Netanyahu, CrowdStrike, Tal Liani, Matt Cohen, CyberArk, Liani, BofA, Heather Balsky, Tomer Zilberman, Andrew Obin, Obin, Michael Bloom Organizations: Bank of America, Israeli, Defense, U.S . Aerospace & Defense ETF, CyberArk Software, Motorola Solutions, Motorola, North, APG Locations: Israel, U.S

Mr. McCulley had been getting along all right in Newark, N.J., with one Kia Soul between him, his wife and their young daughter. Mr. McCulley was born there and always wanted to return, so they moved to Pompano Beach in early 2022. By that time, after some car swaps, they were driving a 2022 Kia Forte, which he leased for $294 per month. ”She could walk to Aldi and get groceries,” Mr. McCulley said of his wife. For Mr. McCulley, it’s an illustration that even for people who look comfortably middle class, car expenses contribute to a feeling of being overwhelmed.

Persons: McCulley, Kia Forte, Mr, Kia Sorento, you’re, “, ” Organizations: Kia, Aldi, Gas Locations: Newark , N.J, . Florida, Pompano Beach, Carvana, Florida, Pompano

While you can repair your credit on your own, many people find the process of repairing credit overwhelming and want to enlist help from a credit repair company. Beguin explains that "a credit sweep is an attempt to remove all negative accounts from your credit report, thereby 'sweeping' your credit report clean." How to choose a credit repair companyWhile you don't need to hire a credit repair company to fix your credit for you, it's important to know how to choose correctly if you decide against a DIY approach. Credit repair cost frequently asked questionsIs it worth paying for credit repair? Paying for credit repair is only worth it if there are significant errors on your credit report that need rectifying.

Persons: Steer, Mark Stewart, Erik Beguin, Stewart, Joe Camberato, Camberato, Beguin, we've, You'll Organizations: Austin Capital Bank, Dovly, Business, Visa, Credit, Lexington Law Locations: Lexington

☆ Millennial and Gen Z gig workers are earning a lot more than their older peers
▼ + stars: | 2023-10-04 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

Older generations were overrepresented among those earning less than $1,000 per month, given they were much less likely to note that gig work is their primary income source. Among those who use gig work as their primary income source, half are millennials. A working paper from May 2023 found that the number of platform gig workers increased from 1.8 million in 2019 to 4.9 million in 2021, corresponding to a 170% increase. Nearly one in four gig workers have been victimized by fraud or identity theft while using gig platforms — more than double the rate of those not using gig platforms. Given real income is growing, some gig platforms are struggling to attract new workers while keeping services affordable.

Persons: —, Gen Z, Tracey Lazos, Gen, X, Lazos Organizations: Service, Boomers, of Labor, Labor, Survey

Check in on your retirement, credit, and healthcare and make any necessary adjustments. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Prepare for tax seasonMany people would prefer to avoid thinking about tax season until the deadline on April 15. These include mortgage interest, out-of-pocket medical expenses, state and local taxes, property taxes, and charitable donations to tax-exempt charities.

Persons: —, transpire, it's Organizations: Service

NEW YORK (AP) — Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars a month. She'll put the $235 she was spending on her car payment toward her student loan, but that still leaves another $270 or so she'll have to reallocate or earn. “If they were forgiven out of the blue, I'd be ecstatic.”The Supreme Court in July rejected a plan by President Joe Biden's administration to wipe away $400 billion in student loan debt. According to credit bureau TransUnion, more than half of student loan holders added credit card debt during the pandemic. The program erases remaining debts for federal student loan holders who work in public service while making 10 years of payments.

Persons: Megan McClelland, She'll, “, ” Justin Cole, Cole, ”, I'd, Joe Biden's, McClelland, She's, It's, —, — McClelland, ” McClelland, Charles Schwab Organizations: Petaluma High School, Valuable, Target, Public, White, Sonoma, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Petaluma, California, Rock , Arkansas, Boston, Sonoma State

☆ US poor face economic hit as shutdown, childcare cliff, student loans converge
▼ + stars: | 2023-09-29 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

A separate benefits program, Supplemental Nutrition Assistance Program (SNAP), will continue as normal for the month of October but could be affected afterward, officials say. U.S. officals say Small Business Administration loans may be delayed and up to 10,000 children could lose access to Head Start, the federal program for preschool children from low-income families. The AFL-CIO estimates that more than 3 million children will lose access to quality childcare and thousands of providers will be forced to close, lay off childcare workers or reduce slots for children. STUDENT LOAN DEBT REPAYMENTSA three-year moratorium on student loan repayments ends on Oct. 1 after the U.S. Supreme Court in June blocked the Biden administration's plan to cancel $430 billion in student loan debt for 43 million borrowers. Student loan repayment resumption "will be more challenging for the lowest-income groups," Bank of America said in a recent research report, because they saved less during the moratorium than higher-income groups.

Persons: Sarah Silbiger, Joe Biden, Biden, Patty Murray, Rosa DeLauro, Liz Pagel, Andrea Shalal, Heather Timmons, Timothy Gardner Organizations: U.S, Russell Senate, REUTERS, Rights, Republican, American Federation of Government Employees, SNAP, Women, Assistance, Democratic, AFL, Century Foundation, Supreme, Student, Protection, Bank of America, Thomson Locations: Russell, Washington , U.S, TransUnion

A credit score under these thresholds is also called a sub-prime credit score, which means that creditors might think twice when reviewing your application for a credit line. However, a combination of serious negative marks on your credit score may seriously hurt your credit score, putting you on the lower end of the score range. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. Lowest credit score frequently asked questionsWhat is the lowest credit score to buy a house?

Persons: VantageScore, aren't, you'll, Enoch Omololu, Erik Beguin, Kendall Meade Organizations: Self, New Canadians, Austin Capital Bank Locations: annualcreditreport.com, Chevron

☆ It's about to become much harder for young people to buy a home as student-loan repayments resume
▼ + stars: | 2023-09-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Student-loan repayments will restart on October 1 following a three and a half year hiatus. After more than three and a half years of moratoriums on student loans, repayments are set to resume on October 1. The average student loan borrower has more than $37,000 in federal student-loan debt, according to Bankrate. Manny Garcia, a senior population scientist at Zillow, told Insider that student-loan repayments will likely jeopardize buyers' ability to afford home purchases this year. "Before the pandemic, borrowers were already choosing between meeting their own basic needs and making their student-loan payments.

Persons: —, it's, Manny Garcia, Garcia, Pulsenomics, Zillow, Will Lemke, Stephanie Hall Organizations: Service, Center for American Progress, Wall Street Journal, Inside Mortgage Finance

☆ America's $1 trillion credit card bill really isn't as bad as it seems
▼ + stars: | 2023-09-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

US credit card debt hit $1 trillion for the first time ever this year. And with those considerations, the hefty credit card balance in the US actually isn't much of a problem. According to Michele Raneri, the vice president of financial services research at Transunion, credit card utilization has stayed around 22%. Already, the delinquency rate on loans issued in 2023 is lower than the delinquency rate on loans issued in 2021 and 2022. That suggests credit card delinquencies will soon peak around the fourth quarter of this year before declining, he estimated.

Persons: That's, Mark Zandi, They've, Zandi, Michele Raneri, they've, Raneri, Gen Zers, Gen Z, LendingTree, Wells Fargo Organizations: Economists, Service, San Francisco Fed, stoke, of Labor Statistics Locations: Wall, Silicon

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

☆ Free weekly credit reports are now permanent, providing an important tool to manage your financial life
▼ + stars: | 2023-09-21 | by ( Paul Kim | Richard Richtmyer | Associate Editor At Personal Finance Insider | ) www.businessinsider.com time to read: +4 min

Before COVID-19, consumers were only allowed one free credit report annually from each of the major credit bureaus. Here's why permanent weekly free credit reports are so important, and how you can access them. Why are free credit reports important? Free weekly access to credit reports allowed consumers to keep track of their finances as COVID-19 roiled the economy. How to request free weekly credit reportsCredit reports can be accessed through annualcreditreport.com or over the phone at 877-322-8228.

Persons: you've, you'll Organizations: Fair, Social Locations: annualcreditreport.com

☆ Biden administration takes steps to remove medical bills from credit reports
▼ + stars: | 2023-09-21 | by ( Stephanie Dhue | Stephanie-Dhue | ) www.cnbc.com time to read: +1 min

The Biden administration wants to remove medical debt completely from consumer credit reports, so the Consumer Financial Protection Bureau on Thursday outlined its proposed rules to keep unpaid medical bills from affecting patient's credit scores. One in 5 Americans have medical debt on their credit reports, according to the CFPB. The CFPB found that 58% of all third-party debt collection on consumer credit reports was for medical bills. One study from the Medical Billing Advocates of America estimates up to 80% of medical bills have mistakes. As of July 2022, the companies no longer include medical debt in collection under $500 on credit reports.

Persons: Kamala Harris, Rohit Chopra Organizations: Biden, Financial, America

☆ Analysts react to Federal Reserve leaving interest rates unchanged
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +8 min

Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range, just a quarter of a percentage point above the current range. I do think that they'll remain data dependent and you'll probably hear that from Powell at the 2:30 press conference and going forward as well. So yes, they're talking about higher rates for longer, but it's really the economy that matters. This is because when the Fed announces an interest rate increase, credit card interest rates typically follow shortly thereafter, which may result in larger minimum monthly payments for credit card holders. While the decision not to raise interest rates this time round mitigates that for now, more interest rate increases may be on the horizon.

Persons: Jerome Powell, GARRETT MELSON, presser, GINA BOLVIN, Powell, BRIAN JACOBSEN, MENOMONEE, KARL SCHAMOTTA, GENNADIY GOLDBERG, it's, TOM MARTIN, MICHELE RANERI Organizations: Federal Reserve, U.S, Treasury, Fed, PPI, OF, TOM, Global Finance, Markets, Thomson Locations: BOSTON, Powell, WISCONSIN, TORONTO, U.S, ATLANTA, CHICAGO

One tool that can help you catch fraud and identity theft is credit monitoring. The best credit monitoring services are a good way to keep tabs on what's going on with your credit score and your credit report (although you'll probably still want to check in regularly). I signed up for free credit monitoring a few years ago using Credit Karma so I could stay on top of my financial health, my credit accounts, and my credit score. I opened the email and saw that a credit card from Old Navy was opened in my name. Thanks to credit monitoring, I was able to stop identity theft in its tracks before any charges were made.

Persons: you'll, I've, It's Organizations: Karma, Navy, Old Navy, Credit, Credit Monitoring, Chevron, U.S . FTC Locations: New York, Los Angeles

☆ Conservatives hope Supreme Court defangs US consumer watchdog
▼ + stars: | 2023-09-12 | by ( John Kruzel | ) www.reuters.com time to read: +6 min

But the watchdog's future may be in peril thanks to a case now before the U.S. Supreme Court. Pro-business conservatives and their Republican allies believe the court fight has brought them closer than ever to dismantling the CFPB. Congress, then controlled by Democrats, authorized the agency to supervise certain financial institutions' compliance with federal consumer laws, backed by the threat of lawsuits and fines. Circuit Court of Appeals last October ruled that the agency's funding structure violated the Constitution. Biden's administration told the Supreme Court that the CFPB's funding structure approved by Congress - with a fixed amount going to the agency annually - was effectively "a standing, capped lump-sum appropriation."

Persons: Clarence Thomas, Samuel Alito, Kevin Wurm, Wells, Joe Biden's, Ellen Harnick, Barack Obama, Mick Mulvaney, Donald Trump, Mulvaney, John Kruzel, Douglas Gillison, Will Dunham, Scott Malone Organizations: U.S, Supreme, REUTERS, Rights, Consumer Financial, Bureau, Fifth Third Bank, U.S . Federal, Congress, Center for Responsible, Republican, Democrats, Republicans, Republican U.S, Community Financial Services Association of America, Consumer Service Alliance of Texas, Circuit, Trump, Federal Deposit Insurance Corporation, Office, Federal Reserve, Thomson Locations: Washington , U.S, New Orleans

NEW YORK (AP) — Information theft is on the rise. Colleen Tressler, a senior project manager for the FTC, has tracked consumer issues including identity theft for more than three decades. “They’re imposters, so they’re going after your personal information and your financial information however they can," she said. The Federal Student Aid site provides more guidance about avoiding identity theft online. Medical ID theft and tax ID theft are also common, especially during tax season or Medicare re-enrollment periods.

Persons: Colleen Tressler, They’re, “, Tressler, Scammers, servicer, ” Tressler, —, you've, Charles Schwab Organizations: Federal Trade Commission, FTC, Federal Emergency Management Agency, Federal, Department of Education, Medicare, Social Security, “ Insurance, Bills, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: U.S, IdentityTheft.gov

☆ Wall St Week Ahead Investors lower outlook for consumers as student loans, credit card debts pile up
▼ + stars: | 2023-09-01 | by ( David Randall | ) www.reuters.com time to read: +5 min

"The U.S. consumer is on thin ice coming into the final stretch of 2023," said Emily Roland, co-chief investment strategist at John Hancock Investment Management. Further declines in the labor market will likely act as a double-edged sword for investors, relieving some inflation pressures while weighing on consumer spending. Overall consumer spending rose slightly more than expected in August, while the savings rate fell to its lowest since November 2022, the Commerce Department said on Thursday. Betting against the consumer spending has so far been a losing wager. (This story has been corrected to say BNY Mellon Investment Management, not BNY Mellon, in paragraph 10)Reporting by David Randall; editing by Megan Davies and Andy SullivanOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Nordstrom, Macy's, Emily Roland, Jake Jolly, Gregory Daco, Young, Jason Draho, Sandy Villere, Mellon, David Randall, Megan Davies, Andy Sullivan Organizations: New York Stock Exchange, REUTERS, Apollo Group . Department, John Hancock Investment Management, of Labor Statistics, Commerce Department, BNY Mellon Investment Management, Treasury, Ernst, Atlanta Fed's, UBS Global Wealth Management, Royal Caribbean Cruises, Villere, Thomson Locations: New York City, Russia, Ukraine, New York, U.S

Sometimes, I've made my January mortgage payment in December to deduct the interest for that year. So heading into fall, I review my budget, income, and expenditures and target areas where I can cut back. Do an insurance reviewI check all insurance policies: homeowners insurance, renters insurance, car insurance (when I owned a car), and health. This is a great time to do a comprehensive insurance review. Bonus: Plan for an extra mortgage payment and charitable contributionsIf you can, plan to make your January mortgage payment in December.

Persons: I've, it's, TransUnion —, transpire, you'll Organizations: Service Locations: Wall, Silicon

☆ Saving $100 a week from age 25 could give you over $1 million when you retire
▼ + stars: | 2023-08-30 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The key to a comfortable retirement may be saving $100 a week starting at 25. The chart below shows how much you can save up by putting away $400 a month starting on your 25th birthday, assuming that historically reasonable 7% annual return. Putting this into perspective, if people saved just $100 a month starting at 25, they'd save over $250,000 by 65 because of compounding interest. This jumps to over $550,000 when saving $50 a week starting at 25, which highlights Milken's suggestion to focus on "holistic life planning." About 25% of Americans lack retirement savings, while half have no access to employer-sponsored retirement plans, The Motley Fool reported based on data from the Federal Reserve.

Persons: they'd Organizations: Service, Milken Institute, Transamerica Center, Retirement Studies, Federal Reserve, of Labor Statistics, Fidelity Locations: Wall, Silicon

☆ America's consumer-debt stress is mounting - mortgage rates top 7%, credit-card liabilities hit $1 trillion, and now auto-loan defaults are on the rise
▼ + stars: | 2023-08-22 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Delinquencies on auto loans are rising again – and this could spell trouble for American consumers. Defaults on car loans have risen above pre-pandemic levels to over 2%, per the FDIC. "The trends in consumer loan performance could deteriorate in 2023 if the labor market or economic conditions soften," the report warned. "The concerning asset quality trends in auto loans may worsen if auto prices normalize." US consumer credit-card debt topped $1 trillion last quarter for the first time ever, according to Fed data.

Persons: –, Ray Dalio Organizations: Federal Reserve, Service, Federal Deposit Insurance Locations: Wall, Silicon, delinquencies

☆ Heloc vs Home Equity Loan: When Are They a Good Idea?
▼ + stars: | 2023-08-18 | by ( Aly J. Yale | ) www.wsj.com time to read: +10 min

And might a home-equity loan or Heloc work for your financial needs? How home-equity loans and Helocs workHome-equity loans and Helocs—home equity lines of credit—are tools for borrowing from your home equity, or the portion of your property you actually own. To use a home-equity loan or Heloc, you need to start with a good amount of equity. Lenders generally require that you maintain at least 20% equity in the home after taking out a home-equity loan or Heloc. “With a home-equity loan or Heloc—depending on the amount of equity you have in the home—much higher amounts are available.”Home-equity loan or Heloc?

Persons: Aly J, Jeff Levinsohn, Helocs, “ We’ve, ”, Susan Waite, don’t, Zillow, Alex Madonna, Louis, ” Levinsohn, Kyle Enright, ” Madonna Organizations: Yale, Point Breeze Credit Union, Center for Joint Housing Studies, Mortgage, Association, New, ”, Federal Reserve Bank of St, “ Locations: Hunt Valley, Md, “

The Sesame Credit Builder card is available now, while the Sesame Ring credit-management platform launches on August 22. No credit check Check mark icon A check mark. Credit Sesame will not pull a hard inquiry on your credit report, so your credit score won't drop when you start using the Sesame Credit Builder. Credit Sesame will not pull a hard inquiry on your credit report, so your credit score won't drop when you start using the Sesame Credit Builder. Sesame Credit Builder is available now online or through the Credit Sesame mobile app.

Persons: Sesame, — Organizations: Community Federal Savings Bank, Sesame, Credit Locations: America

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