News from The Financial World
Malerapaso | Istock | Getty Images 1. Most people should avoid 401(k) withdrawals Withdrawals from 401(k) accounts before age 59½ are subject to a 10% penalty and taxes. That means if you needed $15,000, you’d have to take out close to $24,000, after accounting for those charges, according to Fidelity. Of course, any cash you…
In the U.S., credit scores can affect every aspect of someone’s life. This three-digit number can determine the interest rate you get on a mortgage, the APR you receive on a credit card and the rates you pay for car and homeowner’s insurance. There are three major credit bureaus — Experian, Equifax and Transunion —…
President Joe Biden and Secretary of Education Miguel Cardona. The Washington Post | The Washington Post | Getty Images It’s been almost three years since people with federal student loans have had to make a payment on their debt, and the Biden administration recently announced that borrowers have even more time. In March 2020, when the…
Personal loans are a common way to pay for large expenses like weddings, funerals and home renovations. In fact, personal loan balances are up 31% from last year, according to a TransUnion report. But they can also be used to float the costs of a major emergency or hardship. This is especially handy since sometimes these…
This week, the Federal Reserve will likely raise rates for the sixth consecutive time to combat inflation, which is still running at its fastest pace in nearly 40 years. The U.S. central bank has already hiked its benchmark short-term rate 3 percentage points since March, including three straight 0.75 percentage point increases ahead of its…
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. According to the Q2 2022 TransUnion Credit Industry Insights Report, total personal loan balances have increased…
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. Personal loans are a popular way to fund large expenses because they typically carry lower interest rates…
For most Americans, the surging cost of living is weighing heavily on their wallets. “Wage growth has failed to match the dizzying pace of rising prices, which the Federal Reserve has effectively identified as ‘monetary policy enemy No. 1,’” said Mark Hamrick, senior economic analyst at Bankrate.com. After the Fed raised interest rates for the first time…
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. If you’ve already filed your tax return this year, you may have experienced the shock of…
Select’s editorial team works independently to review financial products and write articles we think our readers will find useful. We earn a commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. Being denied approval for a credit card you’ve just applied for can be frustrating, especially since…