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If the 3.5 million Americans taking out loans had bad credit, that difference in interest rate would cost them a cumulative $93 billion. See Insider's picks for the best personal loans »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. The cost of borrowing money with bad credit adds up fastWe don't know exactly how many borrowers have good and bad credit, so there's no way to be sure how much more Americans with bad credit are paying on the whole. In other words, bad credit could mean Americans would cumulatively pay as much as $93 billion extra this year. A recent Credit Sesame survey of 5,000 adults in the United States also found Black and Hispanic Americans had lower average credit scores than white Americans.

Identity theft is often a crime of opportunity, so reducing risk goes a long way to protect against identity theft. How to reduce the risk of identity theftEva Velasquez, president of the Identity Theft Resource Center, says it's best to take multiple steps to secure your identity. 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 website1. While this doesn't necessarily prevent identity theft, it does mitigate any potential damages as a result of identity theft. You can report identity theft over the phone; however, you will not receive an identity theft report.

Read our review Read Our Review A looong arrow, pointing rightThe U.S. Bank Cash+® Visa® Secured Card is one of the best secured credit cards for earning cash back. Review: Is the US Bank Cash+ Visa Secured Card the Best Credit Card for You? Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. How to Earn Rewards With the US Bank Cash+ Visa Secured CardThe U.S. Bank Cash+® Visa® Secured Card has a better cash back earning rate than you'll find on most credit cards — making it a screaming deal for a secured credit card. US Bank Cash+ Secured Visa Card vs Other Secured Credit CardsU.S. Bank Cash+® Visa® Secured Card Discover it® Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card Annual fee $0 $0 $0 Rewards rate 5% cash back on your first $2,000 in combined spending each quarter in two categories you choose* 5% cash back on prepaid air, hotel, and car reservations booked through the Rewards Travel Center 2% cash back on eligible purchases in your choice of one category** 1% cash back on all other eligible purchases 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases Minimum security deposit $300 $200 $200 Benefits Choose your payment due date Zero fraud liability Contactless payments Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Review Discover it Secured Credit Card review Capital One Quicksilver Secured card reviewUS Bank Cash+ Visa Secured Card Frequently Asked Questions (FAQ)Is the US Bank Cash Plus Visa Secured Card worth it?

Read our review Read Our Review A looong arrow, pointing rightThe $0-annual-fee U.S. Bank Altitude® Go Visa® Secured Card is an above-average secured credit card, with high earning rates in extremely common spending categories and a $15 annual statement credit to reimburse streaming purchases. Review: Is the US Bank Altitude Go Secured Credit Card the Best Credit Card for You? Let's take a look at the U.S. Bank Altitude® Go Visa® Secured Card card to see if it's right for your situation. Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Read our review Read Our Review A looong arrow, pointing rightFees and CostsThe U.S. Bank Altitude® Go Visa® Secured Card is a $0-annual-fee card.

Review: Is the Bank of America Customized Cash Rewards Secured Credit Card the Best Credit Card for You? You'll also want to compare the Bank of America® Customized Cash Rewards Secured Credit Card to other secured credit cards, such as the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card. Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Compare Bank of America Customized Cash Secured vs Other Bank of America Secured Credit CardsBank of America® Customized Cash Rewards Secured Credit Card Bank of America® Unlimited Cash Rewards Secured Credit Card BankAmericard® Secured Credit Card Annual fee $0 $0 $0 Minimum security deposit $200 $200 $200 Rewards rate 3% cash back* in one category you choose each calendar month*** 2% cash back at grocery stores and wholesale clubs* 1% cash back on all other purchases 1.5% cash back on all purchases N/A Card benefits Refundable security deposit Refundable security deposit Refundable security deposit*On the Bank of America® Customized Cash Rewards Secured Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back***Eligible Bank of America® Customized Cash Rewards Secured Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishingsBank of America Customized Cash Secured vs Secured Credit Cards From Other BanksBank of America® Customized Cash Rewards Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card Discover it® Secured Credit Card Annual fee $0 $0 $0 Minimum security deposit $200 $200 $200 Rewards rate 3% cash back* in one category you choose each calendar month*** 2% cash back at grocery stores and wholesale clubs* 1% cash back on all other purchases 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit Card benefits Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Review Capital One Quicksilver Secured card review Discover it Secured card reviewBank of America Customized Cash Rewards Secured Card Frequently Asked Questions (FAQ)What credit score do I need to be approved for the Bank of America Customized Cash Rewards Secured card? You don't need a good credit score to qualify for the Bank of America® Customized Cash Rewards Secured Credit Card.

Review: Is the Capital One Platinum Secured Credit Card the Best Credit Card for You? However, there are other secured credit cards that earn rewards and offer more perks, including the Capital One Quicksilver Secured Cash Rewards Credit Card and Discover it® Secured Credit Card. How the Capital One Platinum Secured Credit Card WorksSecured credit cards like the Capital One Platinum Secured Credit Card require you to put down a security deposit, which effectively acts as collateral against your credit line. Capital One Platinum Secured Credit Card Benefits and FeaturesThe Capital One Platinum Secured Credit Card is fairly bare bones when it comes to additional perks, but it does offer a few handy benefits. Compare Capital One Platinum Secured vs Other Capital One Cards for Building CreditCapital One Platinum Secured Credit Card Capital One Quicksilver Secured Cash Rewards Credit Card Capital One Platinum Credit Card Annual fee $0 $0 $0 Minimum security deposit $49, $99, or $200 $200 N/A Rewards rate N/A 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other eligible purchases N/A Card benefits No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Review Capital One Quicksilver Secured card review Capital One Platinum card reviewCapital One Platinum Secured vs Other Secured Credit CardsCapital One Platinum Secured Credit Card Discover it® Secured Credit Card U.S. Bank Cash+® Visa® Secured Card Annual fee $0 $0 $0 Minimum security deposit $49, $99, or $200 $200 $300 Rewards rate N/A 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1%) 1% cash back on all other purchases with no limit 5% cash back in two eligible categories of your choice, on up to $2,000 in combined spending each quarter (then 1%)* 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Travel Center 2% cash back at grocery stores, gas stations, EV charging stations, or restaurants 1% cash back on all other eligible purchases Card benefits No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit No foreign transaction fees Automatic consideration for credit line increases Refundable security deposit Refundable security deposit Review Discover it Secured card review*5% cash back category choices on the U.S. Bank Cash+® Visa® Secured Card are fast food, home utilities, TV, internet, and streaming services, department stores, electronic stores, cell phone providers, sporting goods stores, furniture stores, movie theaters, gyms and fitness centers, ground transportation, and select clothing storesCapital One Platinum Secured Credit Card Frequently Asked Questions (FAQ)Is the Capital One Platinum a secured credit card?

☆ Are we on the brink of a corporate credit crisis?
▼ + stars: | 2023-02-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Economists at S&P Global Ratings forecast that speculative-grade (perceived to have a lower level of credit quality compared to more highly rated, investment-grade, companies) corporate default rates in the US and Europe will double this year alone. So are we on the brink of a corporate credit crisis? Before the Bell spoke with Ruth Yang, managing director and global head of thought leadership at S&P Global Ratings to discuss what lies ahead for the corporate credit market. Before the Bell: What’s your big picture view of the credit economy right now? There will be slower growth with thinner margins and that’s going to change how people look at their investment opportunities.

☆ This is the best strategy to pay down credit card debt — but 37% of borrowers don’t know about it
▼ + stars: | 2023-02-13 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Thankfully, 0% balance transfer credit card offers — which are "one of the best weapons Americans have in the battle against credit card debt" — are even more plentiful than they were a year ago, said Matt Schulz, chief credit analyst at LendingTree. Yet 37% of those with credit card debt don't know that balance transfer offers exist, according to a recent Bankrate report. Credit cards are one of the priciest ways to borrowAt the end of 2022, total credit card debt hit a record $930.6 billion, a 18.5% spike from a year earlier, according to the latest report by TransUnion. From month to month, credit cards are one of the most expensive ways to borrow money. Card credit card annual percentage rates now stand near near 20%, on average, also an all-time high.

Since the start of the pandemic, Americans have been able to access free weekly credit reports. "Even when consumers are successful in having their complaint addressed, complaints call into question the underlying data contained in consumers' credit reports," the report read. Navigating the credit reporting system in the United States requires skill and often a good deal of patience. Democratic Rep. Maxine Waters of California, who chaired the panel at the time, said during the hearing that a public credit reporting agency "would be a major upgrade over today's broken, biased credit reporting system." Consumer advocates stress that not only should credit reports be easily accessible but that Americans should be able to scrutinize the information contained in credit reports.

☆ This loan calculator shows how quickly you can get out of debt
▼ + stars: | 2023-02-07 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Americans' credit card debt spiked last year as consumers tried to stay afloat amid high inflation and rising interest rates. Total credit card debt in the U.S. surged to a record $930 billion at the end of 2022, according to TransUnion's latest quarterly report. Nearly half of consumers say that inflation and rising costs caused their credit card debt to grow, according to Bankrate's latest poll. For loans with a set time horizon, such as a personal loan or car loan, enter the full amount of the loan into the calculator, as well as the term length and interest rate. For credit card debt, enter your credit card balance and interest rate.

Identity theft protection services can protect you against various forms of fraud, such as credit-related fraud or criminal identity theft. With three individual identity theft plans and additional options for families, Identity Guard can offer you the peace of mind that your identity is secured. Identity Guard ReviewIdentity Guard is an identity theft protection service owned by Aura, another credit monitoring and theft protection company that made it to our guide for the best identity theft protection services for the best family plan. Identity Guard Identity Theft PlansIdentity Guard has three plans: Value, Total, and Ultra. Identity Guard Frequently Asked Questions (FAQ)Does Identity Guard offer a trial period?

☆ Auto loan delinquencies are rising. Here's what to do if you're struggling with payments
▼ + stars: | 2023-02-04 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Fotostorm | E+ | Getty ImagesFor a rising share of car owners, monthly auto loan payments appear to be evolving into a problem. High prices, interest rates have led to bigger paymentsLoan delinquencies can harm your credit scoreWhile the auto loan delinquency rate is edging higher, the default rate is not, according to Cox. "If you're 30 days late, it impacts your credit score," said Brian Moody, executive editor of Kelley Blue Book. What to do if you're struggling with auto loan billsFor car owners who are pretty sure they're heading toward delinquency, it's important to try preventing the problem from snowballing. If you're struggling to keep up because you don't budget well, that's at least potentially fixable, experts say.

☆ U.S. credit card debt jumps 18.5% and hits a record $930.6 billion
▼ + stars: | 2023-02-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent. That helped propel total credit card debt to a record $930.6 billion at the end of 2022, a 18.5% spike from a year earlier, according to the latest quarterly report by TransUnion. For now, the unemployment rate is at a 53-year low, after a better-than-expected January jobs report. How to tackle high-interest credit card debt

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Personal Info Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Income Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Dependents Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Continue Deductions Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

A bad credit score with FICO is below 670, while a bad VantageScore credit score is below 661. FICO breaks its risk categories into the following:Poor: Below 580Below 580 Fair: 580-669580-669 Good: 670-739670-739 Very good: 740-799740-799 Excellent: 800 and aboveUnder FICO, any credit score below 670 is considered a bad credit score or a subprime credit score. What's the Difference Between Having a Bad Credit Score and No Credit Score? That's why having no credit score is, in many ways, better than having a bad credit score because you're starting from a clean slate. Bad Credit Score Frequently Asked Questions (FAQ)What goes into credit score calculations?

☆ Fed opts for small rate hikes, expects to deliver 'ongoing increases'
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +4 min

The decision lifted the benchmark overnight interest rate to a range between 4.50% and 4.75%, a move widely anticipated by investors and flagged by U.S. central bankers ahead of this week's two-day policy session. MARKET REACTION:STOCKS: U.S. stocks fell after the Fed statement, but the Nasdaq recovered, last flat on the day. RYAN DETRICK, CHIEF MARKET STRATEGIST, CARSON GROUP, OMAHA"The Fed threw no curve balls, as they did what was widely expected. The door is cracking open to end rate hikes, but they still have a chance for one more rate hike at the next meeting." How close are we now with ending the rate hike cycle, when it’s clear employment costs are slowing?"

☆ Here are Wednesday's biggest analyst calls: Apple, Amazon, Target, AMD, Exxon, Snap, Nike & more
▼ + stars: | 2023-02-01 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Morgan Stanley reiterates PayPal as overweight Morgan Stanley said it's standing by shares of PayPal but that Apple Pay is a formidable competitor for the company. Morgan Stanley initiates Rocket Pharmaceuticals as overweight Morgan Stanley said in its initiation of Rocket Pharmaceuticals that it likes the company's pipeline. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's bullish on Amazon's Buy with Prime service for merchants. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said growth remains strong for the Walmart's subscription service, Walmart+. " Morgan Stanley reiterates McDonald's as overweight Morgan Stanley said the fast food giant is well positioned for 2023 after it reported strong earnings on Tuesday.

☆ Here's what the Federal Reserve's 25 basis point interest rate hike means for your money
▼ + stars: | 2023-02-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +7 min

The federal funds rate, which is set by the U.S. central bank, is the interest rate at which banks borrow and lend to one another overnight. "Credit card interest rates are already as high as they've been in decades," said Matt Schulz, chief credit analyst at LendingTree. As the federal funds rate rises, the prime rate does, as well, and your credit card rate follows suit within one or two billing cycles. "A 0% balance transfer credit card remains one of the best weapons Americans have in the battle against credit card debt," Schulz advised. The average interest rate for a 30-year fixed-rate mortgage is now around 6.4% — up almost 3 full percentage points from 3.55% a year ago.

☆ Nasdaq climbs 2% as US stocks rise following smaller rate hike from the Fed
▼ + stars: | 2023-02-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US stocks rose in volatile trading on Wednesday after the Fed hiked interest rates 25 basis points. That brings the fed funds rate target to 4.5%-4.75%, the highest since 2007. Fed Chairman Jerome Powell hinted more hikes are coming and warned rates would need to stay high for "some time." The latest increase brings the fed funds rate target to 4.5%-4.75%, the highest since October 2007. "The FOMC announcement indicates that additional rate hikes may be appropriate, while markets are only pricing one more increase," Temple said in a statement.

Sign up for a credit monitoring service such as Credit Karma to keep tabs on updates to your credit report. Even the best identity theft companies and best credit monitoring services usually stop short of reporting errors on your credit report to the credit bureaus. Credit report dispute frequently asked questions (FAQ)How common are credit report errors? Experian credit freeze: To freeze your credit at Experian, you can visit Experian's online Freeze Center. TransUnion credit freeze: You can request a TransUnion credit freeze through their online portal.

[1/2] A logo of Meta Platforms Inc. is seen at its booth, at the Viva Technology conference dedicated to innovation and startups, at Porte de Versailles exhibition center in Paris, France June 17, 2022. REUTERS/Benoit TessierJan 25 (Reuters) - Former U.S. President Donald Trump's potential return to Meta Platform's (META.O) Facebook and Instagram is unlikely to change how advertisers spend money with the world's second-largest digital ad company, ad agency executives said. In a blog post on Wednesday announcing Trump's reinstatement, Meta said he will face "heightened penalties for repeat offenses." Trump's reinstatement, however, reinforces long-standing concerns about how social media platforms can ensure that ads don't appear next to content that marketers consider unsuitable, D'Altorio said. Ad spending on Twitter slumped in the last two months of 2022, according to Standard Media Index, which measures ad spending based on data from ad agencies.

A TransUnion survey found 5.8 million people opened their first credit account in 2021, up from 5.1 million in 2020. New credit users, primarily led by Gen Z, are recovering to pre-pandemic levelsThe TransUnion survey reports that 5.8 million consumers opened their first credit account in 2021, nearly reaching pre-pandemic levels. The survey found that credit consumers generally perform at comparable levels to more established credit consumers across the nine countries surveyed. In some cases, though not in the US, new credit consumers had lower delinquency rates than older credit consumers. High interest rates can make it challenging to build a positive credit history, but you need a positive credit history to qualify for lower interest rates.

If you're opening your first credit card or want to rebuild a tarnished credit history, the Discover it® Secured Credit Card is an attractive option if a regular credit card isn't available to you. Insider's Featured Secured Credit Cards Discover it® Secured Credit CardCapital One Platinum Secured Credit CardCapital One Quicksilver Secured Cash Rewards Credit Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. All three credit bureaus receive payment reports from Discover, and on-time payments with the Discover it® Secured Credit Card will help build a positive credit history. How to apply for the Discover it Secured cardWhen you apply for the Discover it® Secured Credit Card, your credit report will be reviewed. Discover it Secured card benefits and featuresFor a secured credit card, the Discover it® Secured Credit Card has a decent list of benefits.

☆ People aren't leasing cars anymore — and it means higher prices and worse choices for used car-buyers
▼ + stars: | 2023-01-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Vehicle leasing was down almost 50% last July, compared to January 2020. That means less supply going to the used vehicle market, keeping prices up and inventory low. What that means for used car pricesThat all means there will be fewer, low-mileage yet newer vehicles headed to the used market. Fewer used vehicles in the market, but with the same amount of demand, will keep used vehicle inventory low and their prices relatively high. Used vehicle prices have been up for several months now, and are just starting to creep downward, with the average cost at $27,143 in December, per Cox.

If your car is broken into, comprehensive and full coverage car insurance will cover damage or theft of the car. Car insurance, renters insurance, and homeowners insurance all come into play. Comprehensive car insurance covers theft from break-insThere are three main types of car insurance: comprehensive, collision, and liability. Steps to file a claim for car theft or break-insIf personal items are stolen from your car, comprehensive coverage car insurance, full coverage car insurance, and homeowners or renters insurance will cover your personal belongings. If your car itself has been stolen, you will need comprehensive or full coverage car insurance.

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