Sometimes a life raft can look a lot like a credit card. In an economy that has produced the highest inflation rate since the early 1980s, Americans are struggling to keep up with day-to-day expenses and are increasingly relying on credit cards to stay afloat. Amid a dramatic rise in the cost of living, credit card balances jumped 13% in
Personal finance
Rep. John Larson, D-Conn., and other lawmakers discuss the Social Security 2100 Act, which would include increased minimum benefits, on Capitol Hill on Oct. 26, 2021. Drew Angerer | Getty Images News | Getty Images Social Security crossed a new milestone when it reached its 87th anniversary on Sunday. The program was signed into law
Skynesher | E+ | Getty Images Consumers looking to buy a new car may need to clear more room in their budgets for it. For new vehicles, the average auto loan is for 70.4 months (less than two months shy of six years) and monthly payments have climbed past $700 for the first time ever,
seksan Mongkhonkhamsao Personal bankruptcy filings have fallen dramatically since the beginning of the coronavirus pandemic, but with interest rates rising and government relief waning, filing numbers will likely pick up through this year, say experts. “I’ve had more calls in the last few weeks than the previous six months,” said Charles Juntikka, a New York-based
WASHINGTON, DC – JULY 27: Student loan debt holders take part in a demonstration outside of the white house staff entrance to demand that President Biden cancel student loan debt. Jemal Countess | Getty Images Entertainment | Getty Images A number of big changes are coming for borrowers pursuing public service loan forgiveness. That program,
Getty Images The Inflation Reduction Act, passed by House Democrats on Friday and headed to President Joe Biden’s desk for his signature, is the most ambitious climate spending package in U.S. history — and households that take steps to improve their energy efficiency stand to reap financial benefits. The package would pump $369 billion into
Brothers91 | E+ | Getty Images Depending on how you get your health-care coverage, you may soon get a rebate from your insurer. An estimated 8.2 million policyholders are expected to receive a piece of $1 billion in rebates by Sept. 30 from various insurers, according to an estimate from the Kaiser Family Foundation. The
Families, parents and caregivers call on Congress to include paid family and medical leave in the Build Back Better legislative package during an all-day Nov. 2, 2021 vigil in Washington, D.C. Paul Morigi | Getty Images Entertainment | Getty Images Missing a week of work due to illness, child care or other obligations during Covid-19
Despite some indications of an economic slowdown, the job market remains remarkably stable, and many workers have reaped the benefits. In fact, a record number of employees quit their jobs, found new positions and renegotiated along the way. But not everyone who joined the so-called Great Reshuffle is better off. More than a quarter —
Evgenia Tsvirko / Getty More than a third of U.S. adults are dipping into their savings accounts to help them afford higher prices, new research shows. In the face of high inflation, 36% of people say they have withdrawn an average of $617 from their savings during the first six months of this year, according
Andrew Biggs, senior fellow at the American Enterprise Institute American Enterprise Institute When Andrew Biggs, senior fellow at the American Enterprise Institute, was nominated by President Joe Biden to be a member of the Social Security Advisory Board in May, it came at an important inflection point for the program. A report subsequently released by
Customers shop for back-to-school supplies at a Target store in Colma, California. David Paul Morris | Bloomberg | Getty Images As parents know all too well, it’s hard to cut back when it comes to the kids. Despite more households living paycheck to paycheck, this year’s total back-to-school spending is expected to match last year’s
Fizkes | Istock | Getty Images Almost 2,000 consumers who were conned into paying debts they didn’t owe are in the process of getting their money returned to them. More than $1 million, or an average of $516 for each payment, is being returned to the victims either via PayPal or a mailed check, the
Fluxfactory | E+ | Getty Images Travelers saw prices fall for big-ticket pieces of their vacation budgets in July, offering at least a temporary reprieve after soaring costs earlier this year. Airfares fell nearly 8% from June to July, while prices for rental cars and lodging like hotels declined 9.5% and about 3%, respectively, according
The Biden administration has promised to make a decision on student loan forgiveness within weeks, or even days. And yet, college affordability will remain an issue for years to come, experts say. Increasingly, high school students are rethinking the value of a four-year degree. Many now say it’s just not worth the sky-high cost. “More
In this article WFC Gzorgz | Istock | Getty Images “It was the best of times, it was the worst of times.” With those classic words, author Charles Dickens famously opened his historical novel “A Tale of Two Cities.” He could easily have been describing the stock market. A new Wells Fargo analysis looked at
Senate Majority Leader Chuck Schumer, D-N.Y., discusses the Inflation Reduction Act on Aug. 7, 2022 in Washington, D.C. Kent Nishimura | Los Angeles Times | Getty Images Senate Democrats curtailed a tax break for certain pass-through businesses as part of the Inflation Reduction Act passed Sunday. A pass-through or flow-through business is one that reports
Federal student loan payments, most of which were paused during the pandemic, are set to resume in September. And yet, 93% borrowers say they are not financially prepared to restart payments, according to a survey by the Student Debt Crisis Center and Savi. With no break in sight for rising prices, many Americans are simply stretched too
FatCamera | E+ | Getty Images Households that get help paying for health insurance through the public marketplace are likely to continue qualifying for more generous subsidies under a congressional bill moving closer to final approval. The Inflation Reduction Act, which cleared the Senate on Sunday, includes an extension of temporarily expanded health insurance subsidies
Sen. Kyrsten Sinema, D-Ariz., and Sen. Joe Manchin, D-W.V., on Capitol Hill on Sept. 30, 2021. Jabin Botsford | The Washington Post | Getty Images Senate Democrats passed a historic package of climate, healthcare and tax provisions on Sunday. But one proposed tweak to the tax code — a modification of so-called carried interest rules
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