Personal finance

Sdi Productions | E+ | Getty Images The student loan crisis has made it clear that many borrowers have gotten in over their heads, said Sheila Bair, who has served as both a bank regulator and college president. She blames the lack of transparency and confusion around this category of loan. About 44 million Americans

Anchiy | E+ | Getty Images Certain “junk” fees often levied by debt collectors are illegal under federal law, the Consumer Financial Protection Bureau said Wednesday. Debt collectors charge so-called “pay-to-pay” fees, also known as convenience fees, when consumers make a payment online or over the phone, according to the federal agency. These fees violate

Ric Edelman, founder of the Digital Assets Council of Financial Professionals. Heidi Gutman | CNBC Bitcoin’s recent rout — including its recent drop below $20,000 — has given some cryptocurrency naysayers an “I told you so” moment. “How do you make a million? Invest a billion in bitcoin,” one panelist joked at a conference for

In this article TREE Some shoppers say “buy now, pay later” may not be all it’s cracked up to be. After experiencing explosive growth during the pandemic — spending on BNPL in the U.S. soared 230% since the start of 2020 — the hype around installment buying is fading as costs for everyday items rise

Halfpoint Images | Moment | Getty Images At a macro level, the job market is still hot and companies aren’t yet shedding jobs in earnest. Layoffs were at a historic low in April, unemployment claims are around pre-pandemic levels and the unemployment rate is hovering near a five-decade low. But cracks are emerging. Recruiters think

AscentXmedia / Getty Record high inflation and gas prices have many Americans hoping for financial relief. And in California, that’s exactly what approximately 23 million residents stand to get, thanks to the state’s new budget deal, which is slated to give qualifying taxpayers new direct payments. Democratic California Gov. Gavin Newsom and Democratic legislative leaders

Getty Images Baby boomers aren’t the only generation focused on retirement. Millennials are almost twice as likely to be thinking about retiring early compared to Gen Zers and almost three times as likely as Gen Xers, according to a recent study by Northwestern Mutual. When asked what age people expect to retire, millennials had the most

Getty Images Americans are increasingly turning to side hustles to make more money amid economic uncertainty and persistent high inflation. Some 44% of Americans are working at least one extra job to make ends meet each month, according to survey from Insuranks, a small business insurance marketplace. The online survey of more than 1,000 adults

Dougal Waters | Getty Images Despite the economic and professional gains made by women over the last 50 years, gender gaps persist — and not just in rate of pay. Retirement readiness and financial know-how are key areas with notable gaps, according to two studies recently released by the TIAA Institute. For example, among workers

The Good Brigade | Digitalvision | Getty Images If you get your health insurance through the government Health Insurance Marketplace, you may want to brace for higher premiums next year. Unless Congress takes action, enhanced premium subsidies (technically tax credits) that have been in place for 2021 and 2022 will disappear after this year. The

In this article GS There’s a silver lining to higher interest rates: Stashing some cash finally pays. Soaring inflation, which pushed the Federal Reserve into hiking its benchmark rate, is having an effect on the return savers stand to get on their money, at long last. While the Fed has no direct influence on deposit rates, they

Photo by Mike Kline (notkalvin) | Moment | Getty Images Just three years after the Secure Act ushered in the first major changes to the U.S. retirement system in more than a decade, a slew of additional modifications could be on its way. With recent committee approval of proposals in the Senate and an already-passed

d3sign There has been a lot of chatter recently about the possibility of a recession. Yet what exactly does that mean — and what would a potential downturn look like? A recession is defined as “a significant decline in economic activity that is spread across the economy and that lasts more than a few months,”

Sporrer/Rupp | Image Source | Getty Images The biggest piece of advice that people in retirement would pass along to their younger selves is simple: start saving earlier for the end of your career. Roughly 70% of retirees said that changing their habits to save or invest more and earlier is the top advice they’d

A Social Security Administration office in San Francisco. Getty Images A new Social Security trustees report points to a slightly longer time horizon for the program’s trust funds. But even with a new depletion date of 2035 — a year later than projected last year — the program still faces a 75-year deficit. A one-year

President Joe Biden remarks on efforts to lower high gas prices at the Eisenhower Executive Office Building in Washington, D.C. on June 22, 2022. Jim Watson | AFP | Getty Images President Joe Biden has called on Congress to put a three-month federal gas tax holiday in place to help ease the financial pain drivers

Abortion rights activists hoist their signs near the U.S. Supreme Court in Washington on June 24, 2022. Olivier Douliery | AFP | Getty Images The Supreme Court’s decision to overturn Roe v. Wade on Friday may cause financial hardship for many women, especially those already facing economic instability, research shows. The court’s decision, ending 50

Trevor Williams The 60/40 portfolio is under fire. But should investors sound the death knell for the classic investment strategy? Financial advisors and experts don’t think so — but it likely needs a tweak. “It’s stressed but it’s not dead,” said Allan Roth, a certified financial planner based in Colorado Springs, Colorado. More from Personal

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. The increase has put a severe

If there is one investment every person should have right now, it is a series I bond, according to personal finance expert Suze Orman. The bond’s variable interest rate is based on inflation, which means the asset currently has a high yield. The Consumer Price Index rose 8.6% in May, the highest rate since 1981.