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Who Has the Most Student Loan Debt?
Americans owe about $1.7 trillion in student debt. That’s more than for any other category of loans aside from mortgages. While the total owed has skyrocketed over the past three decades, new student debt has actually been receding in recent years. Indeed, the annual amount students take on in debt has declined steadily since enrollment in higher education peaked in 2010.
Homes Are Finally Selling Below List Price Again
The typical home is selling for less than its list price, which hasn’t been the case the last three summers. Homes sold for 0.3% less than the asking price over the four-week period ending June 23, according to a new report from Redfin. An increase in the supply of...
Trump and Biden on Inflation, Taxes and Social Security: Who Told the Truth at the First Debate?
Beneath the blather and accusations at the first 2024 presidential debate, money took center stage Thursday in Atlanta. President Joe Biden and former President Donald Trump faced off on topics including but not limited to Social Security, taxes, the cost of child care, housing affordability, inflation, jobs, tariffs, the price of eggs, Pell Grants, and more.
Carbon Monoxide Poisoning: What You Need to Know
Carbon monoxide, also known as CO, is a colorless, odorless gas that is poisonous to humans. Its toxic effects have been known since prehistoric times and, according to the CDC, more than 400 Americans die every year from unintentional CO poisoning. And that’s not even counting the 100k+ annual visits to the emergency room, and over 14k hospitalizations.
Nearly 60% of College Students Have Considered Dropping Out Because of Money
College students are so concerned about affording their education that they’re considering dropping out in droves. About 60% of current students said they have considered calling it quits on their degree due to financial stress, according to a survey released Wednesday by Ellucian, a higher education tech company. What's more, the firm found that many of them — 19% — actually did drop out, citing financial uncertainty as the leading cause.
Zillow vs. Redfin vs. Realtor: Why Do Home Value Estimates Differ So Wildly?
How much is your house worth? In an age where you can look up just about anything on the internet, homeowners — and prospective buyers — have grown accustomed to relying on sites like Zillow.com and Realtor.com to answer that question. Problem is, if you compare prices on multiple online estimators, you sometimes get conflicting figures.
Car Shoppers Can Expect 'More Discounting and Better Prices' in the Second Half of the Year
Get ready for good deals to return to the car dealership: The new vehicle market will likely improve for car shoppers in the second half of the year as rising inventory levels lead to lower prices. Experts at Cox Automotive expect “more discounting and better prices” as the year goes...
Biden Student Loan Plan Blocked: What’s Left of Debt Relief After Court Orders?
Two federal court orders are putting a halt to key provisions of President Joe Biden’s marquee student loan repayment plan. The Biden administration rolled out the Saving on a Value Education, or SAVE, repayment plan last summer after the U.S. Supreme Court struck down Biden’s first attempt at broad student loan forgiveness. About 8 million borrowers are enrolled, and more than half of them have had their monthly payments set to $0 while hundreds of thousands of other borrowers have had loans completely forgiven.
Are Soaring Home Insurance Costs Pushing Homeowners Into Foreclosure?
Foreclosure filings are rising in several Southern cities vulnerable to major storms, and the rising cost of home insurance has been blamed for the financial distress on homeowners. In Houston, foreclosure filings in the first quarter were up 36.5% year over year, according to data from ATTOM. Other large increases...
How to Start a Block Club or Neighborhood Watch
A good neighbor is worth their weight in gold. Need a trustworthy person to water your plants when you’re on vacation? Or an extra hand to shovel your front stoop after a heavy snow? Chances are, the right person for the job is just a few doors down. Cultivating...
The Average 401(k) Balance Rose 19% Last Year. How Do You Compare?
Workers saved for retirement in 401(k)s and other employer-sponsored plans at a record rate last year, and the average account balance rose nearly 20% thanks largely to a strong stock market. According to new data from Vanguard, the average deferral rate among plan participants was 7.4% in 2023, tying the...
Members of Congress Are Getting Rich Trading Stocks. Should That Be Illegal?
While most professional fund managers fail to consistently beat the market, one institution has proven it's capable of outpacing the benchmark S&P 500 index: Congress. Quiver Quantitative, a platform that aggregates alternative stock data from across the internet, reports that members of Congress routinely execute trades that outperform the market.
Home Renovations that Insurance Companies Love
Soaring insurance costs have left homeowners with some tough decisions to make. The average home insurance premium increased by more than 20% in 2023, and experts are expecting another 10% to 15% hike this year. In states like California and Florida, where homeowners face a growing number of wildfires, severe storms and other natural disasters, major insurance companies have stopped offering insurance policies altogether.
5 Easy Ways to Save on Travel This Summer
Inflation may be cooling, but taking a summer trip can still feel like a big swing financially. A recent Washington State University survey found that a whopping 96% of Americans say that current (or rising) prices will impact their travel plans, potentially affecting everything from destinations to activities. To help...
Most Millionaires Favor Tax Hikes... for Anyone Richer Than They Are
Most millionaires support imposing higher income taxes and a wealth tax, according to a new poll — as long as those tax increases are for people richer than them. About 6 in 10 millionaires surveyed in a YouGov poll released Monday said they would support a new marginal tax rate of 50% or more on annual income over $100 million. Currently, the highest federal tax bracket in the U.S. is 37% for earnings over $609,350.
A Record Number of Americans Are Spending More on Housing Than They Can Afford
Record numbers of homeowners and renters are spending more than they can afford on housing, according to Harvard researchers. In 2022, half of U.S. renters were putting at least 30% of their income toward housing costs, which include utilities. A record high 22.4 million met this definition of "cost-burdened," an increase of 2 million in three years.
Forget About Stocks — Young Investors Love Collectibles and Crypto
Stark differences of opinion between age groups is a tale as old as time. The latest instance is investing: Among younger Americans, stocks are losing favor as an asset class, with crypto and alternative investments gaining a significant share of portfolio allocations. This is according to Bank of America's recently...
Medical Debt vs. Student Loan Debt: Which Would You Cancel?
Americans would rather see the federal government forgive medical debt over student loan debt. A small majority, 51%, of Americans say it’s “extremely” or “very important” for the government to broadly forgive medical debt, while 39% say the same for student loans according to a recent survey from AP-NORC, a partnership between the University of Chicago and the Associated Press.
'Zombie' Mortgages Are Back With a Vengeance to Haunt Homeowners
As if paying for a mortgage today weren’t hard enough, some homeowners are getting collection notices for loans taken out over two decades ago. Major gains in home values have led to an unintended consequence: debt collectors coming after old, unpaid home loans, appropriately called “zombie mortgages.” The issue has become widespread enough that the Consumer Financial Protection Bureau issued an advisory opinion last April warning debt collectors that threatening to sue over expired debts like zombie mortgages was illegal. At that time, CFPB Director Rohit Chopra publicly expressed concern about the increasing number of complaints the agency had received over these belated collection efforts.
As Used Car Prices Fall, Here’s How to Get the Best Deal
This summer, there's good news if you're in the market for a used car: Prices are at their lowest point in three years. Used vehicle costs have dropped by more than 9% over the past year as the market normalizes in the aftermath of a supply crunch that caused prices to soar.
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