Personal finance

Americans are racking up more and more credit card debt. Collectively, consumers owe a record $1.21 trillion on their credit cards, the Federal Reserve Bank of New York recently reported. The average balance per consumer now stands at $6,580, up 3.5% year over year, according to a separate quarterly credit industry insights report from TransUnion. Despite the

monkeybusinessimages | Getty There are signs that the housing market is swinging to favor buyers. However, renewed worries about the economy are holding some buyers back. On the upside for homebuyers, home price growth has slowed and mortgage rates have retreated from recent peaks. The median sale price for homes was $375,475 in the four

U.S. Sen. Elizabeth Warren (D-MA) speaks to a crowd gathered in front of the U.S. Treasury Department in protest of Elon Musk and the Department of Government Efficiency on Feb. 4, 2025 in Washington, DC. Anna Rose Layden | Getty Images In response to a request from Sen. Elizabeth Warren, the Federal Deposit Insurance Corp.

Elon Musk speaks as one of his young sons and President Donald Trump listen in the Oval Office of the White House in Washington, D.C., Feb. 11, 2025. Kevin Lamarque | Reuters As Elon Musk continues to look for ways to cut federal spending through the Department of Government Efficiency, he has raised questions as

President Donald Trump‘s order to suspend all U.S. foreign aid, which was announced on January 20, is currently on hold amid a legal review. But for nonprofits, charities and public service organizations that rely on federal funding, some damage has already been done. “Foreign assistance programs don’t operate with an on/off switch,” said Mitchell Warren, executive director

Busà Photography | Moment | Getty Images There’s no shortage of social media influencers sharing real estate advice, and some make renting out your home seem like a clear “yes” when you move elsewhere. Managing a rental property, however, can be complicated — and changing your primary residence could impact your taxes later, experts say. 

While inflation and high interest rates are still taking a toll on consumers, more Americans are able to set aside money in an emergency fund, according to a recent report. This year, 30% of adults said they have more emergency savings now compared to one year ago, the report by Bankrate found. More than half

Former U.S. President Joe Biden speaks about student loan debt relief at Madison Area Technical College in Madison, Wisconsin, on April 8, 2024. Andrew Caballero-Reynolds | AFP | Getty Images A U.S. appeals court on Tuesday blocked the Biden administration’s student loan relief plan known as SAVE, a move that will likely lead to higher

Martin Barraud | Ojo Images | Getty Images As U.S. home equity climbs, owners are more likely to face capital gains taxes from selling property. But a lesser-known tax strategy could help shrink your bill, experts say. When selling your main home, there’s a special tax break that shields up to $250,000 of profits for

President Joe Biden after he signed the Social Security Fairness Act at the White House on Jan. 5 in Washington, D.C.  Kent Nishimura | Getty Images News | Getty Images The biggest changes to Social Security in years were signed into law on Jan. 5. For more than 3.2 million individuals, that will mean bigger

The Trump administration has already begun carrying out its plans to close parts or all of the Department of Education, which is responsible for underwriting student loans, disbursing college aid and ensuring equal access to education. President Donald Trump campaigned on a pledge to “find and remove the radicals who have infiltrated the federal Department of Education,” and suggested

Maria Korneeva | Moment | Getty Images As millions of taxpayers file returns, many worry that certain claims could boost their chances of being picked for an IRS audit.  After an infusion of funding, the agency said it aimed to more than double the audit rate for the wealthiest taxpayers. But the IRS’ future priorities are unclear amid changing

Artistgndphotography | E+ | Getty Images As millions of Americans gather paperwork to file their returns, many could see a tax form for business payments “for the first time ever,” according to the National Taxpayer Advocate. For 2024, if you had more than $5,000 in business transactions from apps such as PayPal or Venmo, along

Prapass Pulsub | Moment | Getty Images If you have a tax bill or bigger than expected refund this season, it may be time to update your paycheck withholding, which can be tricky, experts say.   Typically, there’s a refund when you overpay taxes throughout the year, and a tax bill when you don’t pay enough.

Sanja Radin | E+ | Getty Images It seems that love is in the air, and so is the spending as more people are apparently getting into the Valentine’s Day spirit this year. Americans shopping for their significant others are expected to spend $14.6 billion this year, according to the latest annual survey by the

Nurphoto | Nurphoto | Getty Images Sorry, lovebirds, but that chocolate you’re buying for your sweetie this Valentine’s Day probably comes with a bigger price tag. Candy is the most popular Valentine’s Day gift, beating out other tokens of affection like flowers, cards and jewelry, according to the National Retail Federation. Additionally, chocolate accounts for

Cavan Images | Cavan | Getty Images More than 3.2 million individuals scored a legislative victory due to a new law that will increase the Social Security benefits for which they are eligible. However, many of those individuals now face a lengthy wait for the extra benefit money coming to them. The Social Security Fairness

Asiavision | E+ | Getty Images Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven in part by holiday spending, and

People walk by a sign for Freddie Mac headquarters on July 14, 2008 in McLean, Virginia. AFP Photo/Paul J. Richards (Photo credit should read PAUL J. RICHARDS/AFP via Getty Images) Paul J. Richards | Afp | Getty Images Fannie Mae and Freddie Mac — the two giant mortgage finance firms controlled by the federal government

Elon Musk speaks next to President Donald Trump, not pictured, in the Oval Office of the White House in Washington, D.C., Feb. 11, 2025. Kevin Lamarque | Reuters Staffers from Elon Musk‘s secretive government slashing effort, DOGE, have pushed the highest-ranking officials at the Department of Education — even those recently appointed by President Donald