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The Federal Reserve Bank of New York began tracking credit card consumer debt in 1999. In 2024, it recorded the highest level of revolving consumer debt since records began, topping $1.17 trillion. For perspective, that number represents an average of over $7,200 per credit card holder. The trend shows no signs of slowing down, with […]
Retirement accounts are a key component for Americans to build wealth for their post working years. High net worth Americans report more than half their wealth is in accounts like 401(k)s and IRAs. And this trend is bringing more workers into the millionaire category, with nearly 500,000 “401(k) millionaires” in the U.S., according to Fidelity. […]
Inflation and unemployment reports are solid. Recent reports have brought encouraging news on two critical fronts of the economy, including inflation and unemployment. Both indicators have shown improvement. On Oct 4, the unemployment rate fell to 4.1%, down from 4.2% a month ago, while the rate of inflation dropped to 2.53%, down from an annual […]
The Department of Justice sued Visa Inc. on Tuesday, September 24, sending the company’s stock downward by 5.5%. Today, a company in Florida followed up with a visa class action lawsuit, which alleges that visa has monopolized the market, in what could be the start of several copycat class action filings in the near future. […]
Two weeks ago, Central Bank Fed Chair Jerome Powell announced the Fed was cutting interest rates for the first time since the pandemic when the Federal Open Market Committee approved a reduction to the overnight borrowing rate of 50 basis points, or one-half of one percent. Speaking today in Nashville, Powell stated that he and […]
Learning the distinction between revolving credit and installment credit provides a better understanding of how credit works in general and can help you make better financial decisions. Installment loans and revolving credit are the two primary credit types available to consumers. While they both involve borrowing money and paying it back monthly, there are important […]
USAA vs Nationwide Primary Differences While Nationwide and USAA offer similar products and services, they differ in a few key areas. The most significant difference is that USAA only works with current and former military members and their families. The other is that Nationwide doesn’t operate in every state, though it’s available in most. USAA […]
How long does it take to get a home equity loan? A home equity loan is a loan available for homeowners who borrow against their existing home equity, using the house as collateral for the loan. The available loan amount is based on how much equity you have achieved with your house. Equity is based […]
10 helpful tips for budgeting for seniors. Learn how to manage and stretch your budget and enjoy financial security during your glorious retirement years. Why is Budgeting for Seniors Essential? After retirement, budgeting can feel like a monumental task. Suddenly, your income is fixed, and while you’re looking forward to enjoying your golden years, you’re […]
BestMoney.com reviews are few and far between. The company simply doesn’t have BBB or many other online reviews. Much of the company’s website appears focused on achieving search engine-friendly keyword rankings rather than delivering insights and useful information. What is Bestmoney.com? BestMoney.com is an online marketplace for lenders to offer financial products including home insurance, […]