debt
In June 2024, Drea purchased her first Tesla, thrilled to own a prized electric car. However, she soon discovered a significant financial pitfall: she hadn't purchased gap insurance. This crucial coverage bridges the gap between a car's depreciated value and the remaining loan balance if an accident occurs and the car is written off. Drea's lack of gap insurance became a harsh reality when she was involved in an accident. Despite having standard insurance, the payout was insufficient to cover the remaining loan balance. This left her with $700 monthly payments for a car she could no longer dri...
IBTimes
Jim and Dana, both 58 and five years into their marriage, are facing significant lifestyle changes as they approach retirement. The couple is concerned about their financial future, mainly whether they have saved enough to retire comfortably. However, a shocking revelation about their finances led to a breach of trust, which came to light while planning their budget. To get their finances in order, Dana and Jim turned to Ramit Sethi's podcast, "I Will Teach You To Be Rich." As they delved deeper into financial advice from the millionaire author, Dana discovered an additional, undisclosed debt ...
IBTimes
In 2024, the federal budget deficit is estimated to reach nearly $2 trillion, according to new projections released by the Congressional Budget Office (CBO) this week. In February, the agency predicted that the deficit would only be $1.58 trillion. However, spending increases have caused the projected deficit to increase by $400 billion, a staggering 27 percent hike. According to the CBO, 80 percent of the spike in the deficit can be blamed on four sources of government spending. The largest source, responsible for $145 billion of the increase, is changes to the federal student loan program th...
Reason
High interest rates and elevated inflation since the US Federal Reserve's aggressive monetary tightening campaign have translated to more missed payments and rising debt levels. Moreover, last year's average FICO credit score declined for the first time in a decade, as outstanding credit card balances transitioning to delinquencies have continued to increase since 2022. A credit score determines your creditworthiness. Lenders check your credit profile to understand how you carry and repay debt responsibly. Factors like missed payments, high utilisation of your credit balance, and applying for ...
IBTimes
Government overspending, an activity the Biden administration has taken to a new level, has sent the country into an inflationary spiral. Through trillions of dollars in COVID-19 relief programs, infrastructure spending, vote-buying student loan forgiveness programs, and a political "Build Back Better Agenda," the White House has flooded the economy and decimated consumers' purchasing power. We're paying more and getting less for everything from energy to food. According to the House Budget Committee, the average family of four is paying around $1,143 more each month than it was in early 2021 ...
Reason
No matter what President Joe Biden and former President Donald Trump promise you, and no matter its past as the untouchable "third rail" of American politics, Social Security will be modified one way or another within the next 10 years. While both candidates are misleading their voters, the party with the most to lose from ignoring Social Security's troubles is the GOP. First, some background. It doesn't matter that some people continue to believe the money for Social Security is in an account with their name on it, or that they trust Biden's and Trump's word not to touch the program. If Congr...
Reason
Many Americans are unhappy about years of higher-than-normal inflation that have sapped buying power and reduced standards of living. Now, the Congressional Budget Office (CBO) demonstrates that a difficult culprit will make you feel poorer over the next few decades: The nearly $35 trillion (and growing) national debt. At its current trajectory, the rising national debt—and the increasing burden of making interest payments on it—will reduce Americans' future income growth by 12 percent over the next 30 years, the CBO projects in a new report. That means the average person will earn about $5,00...
Reason
ValueWalk
Fresh Del Monte Produce Inc. doesn't just offer an impressive array of canned fruits and veggies but now has a rare pineapple with a shocking price tag: $395.99. This new product comes as many Americans struggle to afford groceries, some even going into debt to put food on the table. The Rubyglow pineapple, cultivated for its eye-catching red exterior and intense sweetness, costs $395.99 at Melissa's Produce, a California-based seller of speciality fruits and vegetables. Del Monte spent over a decade developing this ruby-red fruit, with a small batch debuting in China earlier this year. Now, D...
IBTimes
Sarah, 38, and Kevin, 43, collectively earn $250,000 annually and have been married for 14 years with three kids. Sarah dreams of buying land and building a house while ensuring their children get the best education. Like all parents, they want the best for their kids, but their poor money habits have led them to a very financially vulnerable situation. The couple recently sold their house to clear $200,000 in debt, but in six months racked up $50,000 in credit card debt. They currently have $180,000 in debt and pay $55,000 annually for their girls' education. Over the decade, they are expecte...
IBTimes
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