debt
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
For many older Americans, the dream of a peaceful and worry-free retirement can be clouded by the weight of carrying debt as they age. With limited income sources such as Social Security, retirement savings, and pension plans, handling retirement debt can seem overwhelming. Nonetheless, recognizing how debt affects your stability and employing strategies to address it directly can pave the way for a more secure and fulfilling retirement. Let’s delve into the forms of debt that retirees encounter, explore ideas for creating a plan to repay it, and discuss methods to avoid accumulating new debts...
Due
The pandemic has caused an increase in the number of people seeking financial advice in the US. Many seek help with repaying debt, budgeting, and retirement planning due to high living costs, slow wage growth, and economic uncertainty. Interestingly, even financial advisors face money challenges. Recently, financial guru Dave Ramsey shed light on how even registered certified financial planners (CFP) face massive debts and liabilities. He connected with a CFP carrying over $400,000 in debt, spread across mortgages, student loans, and personal loans from his family. The biggest challenge for th...
IBTimes
DJ, 33, and Adam, 37, live in rural New York and have been dating for three years. The main reason stopping Adam from getting married to DJ is her $15,000 credit card debt. She has been carrying the debt her whole life despite making $6,000 monthly. The couple's anxiety over the future led them to seek guidance from millionaire author and the host of Netflix's "How To Get Rich" show, Ramit Sethi. In his YouTube podcast, Adam shared that he made around $3,000 monthly and has no problem with the DJ's debt but her attitude towards money. He is all right if DJ isn't debt-free, given he had several...
IBTimes
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