What you can do to prepare your finances for a recession

Jamie Grill | Getty Images All the talk about a looming recession may have you worried about your finances. You aren’t alone: ​​Some 74% of US consumers are concerned about a recession, according to a new survey from Empower Retirement and Personal Capital. In addition, 85% are worried about inflation and 56% are already seeing … Read more

Student loan payments could restart in September. How to prepare now

Carol Yepes | Moment | Getty Images It’s right there on the US Department of Education’s website: Student loan payments to restart after Aug. 31, 2022. Skeptical? It’s understandable. The Education Department has repeatedly set an end date for the payment break on federal student loans, which began in March 2020, and then revised it … Read more

More than half of Americans live paycheck to paycheck amid inflation

With inflation at 40-year highs, workers across all income levels are having a harder time making ends meet. As of May, 58% of Americans – roughly 150 million adults – live paycheck to paycheck, according to a new LendingClub report. That’s down slightly from 61% who reported living paycheck to paycheck in April, but up … Read more

How to save money on gas, with or without a federal gas tax holiday

The recent run-up in gasoline prices is now being felt nearly across the board. The national average for a gallon of gas is currently $ 4.94 after topping $ 5 per gallon for the first time ever earlier this month, according to AAA. Last year at this time, the price was $ 3.07 per gallon. … Read more

High inflation prompts older Americans to tap savings, take on debt

MStudioImages | E + | Getty Images For many older Americans, record high prices are jeopardizing their financial security just as they approach or live in retirement, according to a recent survey from The Senior Citizens League, a nonpartisan senior group. The online survey was conducted online in the first quarter and included 3,056 participants, … Read more

Here’s what the Fed’s highest rate hike in 28 years means for you

What the federal funds rate means to you The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day. … Read more

The next frontier for buy now, pay later is plastic

In the face of rising inflation, higher interest rates and slowing economic growth, there’s more competition than ever for consumers’ dollars – and even how their purchases are made. During the pandemic, most shoppers showed a preference for buy now, pay later when it came to payment and still do: Installment buying has exploded in … Read more

Credit card balances spike after stimulus checks helped reduce debt

For many Americans, the pandemic-induced slowdown offered a rare opportunity to better their financial standing. Government stimulus checks and fewer opportunities for spending drove the personal savings rate to a level not seen since World War II, with many consumers using the cash they had on hand to pay down debt – primarily their credit … Read more

Here’s why the NAACP keeps talking about student loan forgiveness

NAACP President Derrick Johnson Courtesy: NAACP At the end of May, word circulated that the Biden administration was leaning toward a student loan forgiveness plan of $ 10,000 per borrower. Officials at the NAACP were livid. The association’s president and CEO, Derrick Johnson, said in a statement soon after the news broke that $ 10,000 … Read more

Wealthier Americans live paycheck to paycheck after inflation spike

With inflation still hovering near 40-year highs, it’s getting harder for workers across all income levels to make ends meet. The Consumer Price Index, a key inflation metric, increased 8.3% in April from a year ago, according to the latest data from the US Department of Labor. Although it was down slightly from the March … Read more