personal finance

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How Will Fed's 'Great News for the Middle Class' Affect You?

Unusually hefty half-point rate cut will mean possible relief on car loans, mortgages, credit cards

(Newser) - Borrowing over the past couple of years has been a painful prospect for Americans, as high interest rates meant to curb inflation kept consumer payments steep. Now, after the Federal Reserve made its unusually large half-point cut on Wednesday, leading to a key interest rate of between 4.75% and...

TikTok's 'Loud Budgeting' Trend Appears to Have Legs

It's not about 'I don't have enough,' it's about 'I don't want to spend,' says its creator

(Newser) - Some TikTok trends have more staying power than others. Bustle catches up with one called "loud budgeting" that still has legs since being introduced in December by 26-year-old Lukas Battle of New York City. The idea is to help people save money, or more precisely, to prevent them from...

Squeezed Consumers Are Missing Credit Card, Auto Loan Payments

Analysts say problem is going to get worse in the months ahead

(Newser) - Americans squeezed by high prices and high interest rates are failing to make payments on credit cards and auto loans—and analysts expect loan delinquencies to keep rising before the situation improves for consumers, especially those on lower incomes. "The increase in delinquencies and defaults is symptomatic of the...

One Telling Stat Illustrates Americans' Money Worries

Nearly 8 in 10 in 'WSJ' survey aren't confident their kids will be better off than them

(Newser) - A new poll offers a snapshot of how Americans are feeling about their financial security, and the mood isn't a pleasant one. Maybe the most telling stat from the survey by the Wall Street Journal and the National Opinion Research Center:
  • 78% of respondents say they're not confident
...

Finances of 2 Groups Hit Hardest During Pandemic

Women, people of color more likely to report being worse off

(Newser) - Women and people of color are significantly more likely than white men to say they're worse off financially now than they were before the pandemic, according to a new Washington Post-ABC News poll . Of the 1,007 people surveyed by phone between April 18-21, 22% said they were worse...

How One Man Racked Up $1M in Student Debt

Orthodontist and his wife lived frugally but the bills kept piling up

(Newser) - Mike Meru has a staggering student-loan problem: He owes lenders $1,060,945.42. He is making payments, but still, his debt grows $130 every day. And the 37-year-old orthodontist is not alone. There are currently 101 borrowers who owe more than $1 million in student loans, and there are...

Your Date Cares a Lot About Your Credit Score

That number is a window into character and behavior

(Newser) - It may not sound romantic, but dating apps are offering researchers great insights into what most people tend to want in prospective partners. And multiple consumer surveys and academic studies have recently found that, at least when it comes to looking for a prospective partner, one's credit score is...

Millennials Taking Classes on How to Be Grown-Ups
New Millennial Trend:
Adulting Classes
in case you missed it
Mar 11, 2017 9:37 AM CST

New Millennial Trend: Adulting Classes

'Let's get these people together so they can learn this stuff'

(Newser) - Know how to fold sheets? Change a tire? Cook dinner? Balance your budget? What sound like basic life skills to some may actually be novelties to others, who for whatever reason didn't learn certain tasks generally associated with adulthood. And yes, now there are "adulting" classes and meet-ups...

John Oliver Is 2016's 'Financial Crusader'

He's champion of the year, according to 'Money'

(Newser) - "Financial crusader" John Oliver is riding a horse made of money on the latest cover of Money as its champion of the year. While Oliver recently joked that he's "wasting HBO’s resources," per Vanity Fair , Money notes he dedicated whole episodes of his third season...

Can You Pass a Basic Test on Finances? Probably Not

The vast majority of Americans answered barely half of the questions correctly

(Newser) - When it comes to finances, Americans are doing generally better than during the recession. But when it comes to financial literacy, the picture is grim. According to a new survey of 27,564 Americans called the National Financial Capability Study that was put out by the FINRA Foundation , roughly two-thirds...

Americans Are Way Too Eager to Buy Houses

Houses aren't great long-term investments, Catherine Rampell argues.

(Newser) - Last week, Gallup released a poll showing that Americans, in Catherine Rampell's words, "still financially fetishize homeownership." Despite the financial crisis, respondents still considered real estate the best long-term investment—which "baffles" Rampell because, by her calculations, home prices have risen at a compound rate of...

3 out of 4 Americans Living Paycheck-To-Paycheck
3 of 4 Americans Living Paycheck-To-Paycheck
Study Says
Jun 24, 2013 3:30 PM CDT

3 of 4 Americans Living Paycheck-To-Paycheck

27% have no savings at all

(Newser) - Thank God it's summer, because apparently few people in the US are prepared for a rainy day. A new study by Bankrate.com found 76% of 1,000 American adults surveyed don't have six months of expenses stashed away—enough to survive a job loss, medical emergency, or...

Personal Finance Tips for 2013
 Personal Finance Tips for 2013 
Dec 26, 2012 12:23 PM CST

Personal Finance Tips for 2013

Stop eating out, haggle with your cable company, and 'imagine you're dead'

(Newser) - The Wall Street Journal has some "smart money" tips on how to save in 2013:
  • Stop eating out: That $10 sandwich you ate for lunch today would have cost $2 if you made it at home. Unless you earn $96 an hour after taxes, then you should think about
...

10% of Adults Get Allowances

Including more than a third of Americans between 18 and 24

(Newser) - Around one in 10 American adults are on the dole—they regularly collect money or other financial assistance from their parents or relatives, reveals a poll from the Pew Research Center. The results showed no difference between gender or race, reports the New York Times , but the youngest adults were...

Feds Test Simplified Credit Card Agreement

Short form in plain English could become industry standard

(Newser) - The government's consumer finance watchdog has created a credit card agreement that's five times shorter than usual and written in plain English. The Consumer Financial Protection Bureau is asking for the public's feedback on the prototype, which can be viewed here . The agreement is just over 1,...

Gingrich Closed Tiffany Account

Sorry, Callista

(Newser) - Newt Gingrich's much-derided interest-free credit line at Tiffany & Co is no more, reports the Washington Post, citing personal finance records that were released today. In May, financial disclosure forms for his wife, Callista, indicated the family had a credit line between $250,000 and $500,000 with the...

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s...

Get Fit, Financially Speaking, in 2010

A 12-month guide to taking control of your finances

(Newser) - If your New Year’s resolution is to take control of your finances, you’re in luck: Brett Arends provides a handy month-by-month guide in the Wall Street Journal :
  • January: Max out your 401(k) contributions if your budget can handle it, or at least hit the company match level. Ideally,
...

Money Trouble May Signal Alzheimer’s

Financial advisers ponder meaning of 'competence'

(Newser) - The first sign of Arthur Packel's Alzheimer's was the call from the homeowner's association asking for unpaid fees. As his mind began its long slide, it turns out, the first thing he did was simply stop paying bills. When his wife tried to pick up the slack, she found much...

Debtor’s Prison Makes Its Ugly Return

Government 'shakes down' citizens for collectors

(Newser) - Strongly worded letters and menacing phone calls aren't enough, it seems, to whip America's debtors into shape. Instead, the country's collection industry is turning to civil courts, using taxpayer money and government resources to pursue "low level deadbeats," finds Reason . The process pits debtors against a system that...

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