Bob and Terri Wood, residents of Mobile, Alabama, are contemplating selling their home. The couple, who bought the spacious 5,000-square foot house with a pool nearly a decade ago, believes it’s time to downsize and be closer to their grandchildren in Tennessee. However, they face a dilemma. They currently hold a 3.125% 15-year fixed mortgage, …
The Federal Reserve Bank building Kevin Lamarque | Reuters The Federal Reserve has raised the target federal funds rate by a quarter of a point in its ongoing efforts to control inflation. In a move expected by financial markets, the Federal Open Market Committee of the central bank increased the funds rate to a target …
The United States is embarking on a new chapter in its economy with the Federal Reserve raising its benchmark interest rate. In July 2023, the federal funds effective rate surpassed 5%, marking a significant shift after four decades. Economists predict that as interest rates continue to rise, financial conditions will return to a more normal …
The Marriner S. Eccles Federal Reserve building in Washington. Stefani Reynolds/Bloomberg via Getty Images Experts anticipate that the Federal Reserve will likely raise rates by a quarter of a point at the conclusion of its upcoming meeting, following a pause last month. Fed officials have repeatedly expressed concern over the impact of rising costs on …
Damircudic | E+ | Getty Images The impending cessation of the temporary pause on student loan payments and interest, which was implemented during the pandemic, brings attention to a significant distinction between two types of debt: subsidized and unsubsidized loans. One of the primary differences between these federal loans, also known as Stafford Loans, which …
President Joe Biden and U.S. Secretary of Education Miguel Cardona, June 30, 2023. Demetrius Freeman/The Washington Post via Getty Images Understanding the Differences Between the Two Loan Forgiveness Actions The recently announced loan forgiveness action differs from the broad debt-cancellation plan originally proposed by the White House, which was struck down by the Supreme Court …
As Americans prepare to resume their monthly student loan payments and grapple with the Supreme Court’s decision against loan forgiveness, certain groups are exploring the potential for workplace solutions to aid borrowers. The Society for Human Resource Management (SHRM), representing HR professionals, has called on Congress and state legislatures to pass policies that benefit both …
A pedestrian in the Lagos Island district of Lagos, Nigeria, on Monday, Nov. 14, 2022. Bloomberg | Bloomberg | Getty Images SoLo Funds, a community lending platform, is expanding internationally for the first time to Nigeria. The platform aims to provide credit to the underbanked and American consumers who have faced discrimination in the loan …
Your spending habits are influenced by everything that makes up your personhood – your values, experiences, and culture. Financial psychologist Preston D. Cherry, a certified financial planner and founder of Concurrent Financial Planning, explains that financial psychology encompasses how people think, feel, and behave in relation to money throughout their lives. Cherry, a member of …
Jose Luis Pelaez Inc | Digitalvision | Getty Images Why having a credit card can be beneficial According to Ted Rossman, senior industry analyst at CreditCards.com, having a credit card and using it responsibly is a smart way to start building a strong credit score. Good credit is essential for qualifying for loans like mortgages …