‘We took a loan to pay off credit cards — and we maxed them out again’: Couple drowns in $100k credit card debt because husband can’t stop spending. Ramit Sethi responds Like many Americans, Ashley and Brandon turned to a debt consolidation company to manage their growing pile of credit card debt. Unfortunately, the consolidation
The Federal Reserve is poised to cut its benchmark interest rate next month from its 23-year high, with consequences for consumers when it comes to debt, savings, auto loans and mortgages. Right now, most experts envision three quarter-point Fed cuts — in September, November and December — though even steeper rate cuts are possible. “The
Tightening of loan criteria in response to the Bank of Thailand (BOT)’s responsible lending policy has resulted in large contractions in new loans in the first four months of this year, says the National Credit Bureau (NCB). Introduced in January to combat soaring household debt, the responsible lending policy aims to curb non-performing loans (NPLs)
Horse sense says that retiring with debt is a bad idea. Mortgage and credit card debt, however, are a cold reality for over a quarter of retirees, according to new research from the Nationwide Retirement Institute, Many are “feeling the financial heat with inflation, which may be exacerbating the debt some retirees are still carrying,”
Prices of everyday essentials are getting more expensive. According to a recent CNET survey, 93% of US adults are concerned about the cause behind it: inflation. More specifically, they’re concerned about rising prices for groceries, gas, dining out, and utilities. In fact, 77% of Americans surveyed are experiencing “sticker shock” when buying groceries. Despite inflation showing
Key takeaways Your credit score is determined by a number of factors, and some carry more weight than others. An exceptional credit score isn’t necessary — most loan providers offer favorable terms and rates to those with credit scores of 670 or higher. Raising your credit score requires time, patience and responsible credit usage. As
Shares of consumer-finance companies including Capital One and the parent of Rocket Mortgage dropped on Thursday after the Supreme Court ruled that the Consumer Financial Protection Bureau is funded legally. The ruling is a win for consumer-protection advocates and a setback for conservative groups and the Community Financial Services Association of America, the industry lobbying
Bread Financial Holdings (NYSE:BFH) shares are up more than 55% over the past 12 months. Prior to its recent first-quarter update, the consumer finance company had outperformed consensus earnings estimates for six consecutive quarters. Given the momentum, the former $300 stock may seem like a worthwhile investment. However, a challenging consumer spending environment may continue
A DEBT-FREE man has been advised not to pay off his mortgage early, even though he could afford it. Financial guru Dave Ramsey told him it would be better to remain patient and not deplete his savings too quickly. A caller to The Ramsey Show was eager to pay of his house earlyCredit: Getty But
The cart doesn’t lead the horse, which is why payments innovations tend to check the boxes that end users need most. And sometimes the smallest boxes, or micro moments, can have the biggest impact. “Embedded finance solutions need to be embedded in the consumer’s flow in order to capture those micro moments when a consumer