The recent decision by the Federal Reserve to leave interest rates unchanged has created a ripple effect in the market, impacting consumers in various ways. The move has dashed hopes of immediate relief from sky-high borrowing costs, as inflation continues to prove stickier than expected. The market’s expectation of multiple rate cuts has now been
Personal
The Biden administration recently announced a monumental decision to forgive over $6.1 billion in student debt for more than 300,000 former students of The Art Institutes. This move comes after a thorough review of evidence provided by the attorneys general of Iowa, Massachusetts, and Pennsylvania, which highlighted the deceptive practices carried out by the schools
With the recent rise in inflation, it seems that higher interest rates are here to stay for the foreseeable future. This development may have a significant impact on individuals looking to earn returns on their cash savings. According to Greg McBride, chief financial analyst at Bankrate, the current environment offers some of the best opportunities
The U.S. Department of the Treasury recently announced that Series I bonds will offer a 4.28% annual interest rate from May 1 through October 2024. This rate is linked to inflation and represents a decrease from the 5.27% annual rate offered since November. Current owners of I bonds will also see their rates adjust based
In today’s society, discussions around money are often considered private, with women being among the most hesitant to engage in financial conversations. However, experts argue that avoiding asking the necessary questions can hinder women’s financial progress. This reluctance to seek financial guidance led to the creation of Savvy Ladies, a women-focused nonprofit founded over 20
In the United States, higher costs and limited wage growth have resulted in a significant portion of the population facing financial insecurity. United Way’s United For ALICE program coined the term “ALICE,” which stands for Asset Limited, Income Constrained, Employed, to describe households that earn above the poverty line but still struggle to make ends
As wedding and engagement season approaches, many couples will begin to think about their future together, including how they will manage their finances. Money is often a sensitive topic, but it is crucial for couples to have open and honest conversations about how they will handle their expenses. Studies have shown that a significant percentage
The new U.S. Labor Department rule regarding retirement investment advice, issued on April 23, is set to bring about significant changes in the realm of financial recommendations, particularly when it comes to rolling over funds from 401(k) plans to individual retirement accounts (IRAs). Legal experts have highlighted that this “fiduciary” rule is aimed at raising
Social Security is facing a crisis that cannot be ignored. With trust funds projected to run out within the next decade, the future of this critical program is uncertain. The implications of this are profound, as more than half of peak baby boomers are expected to rely primarily on Social Security for income in retirement.
During this tax season, over 140,000 taxpayers took advantage of the IRS Direct File program, a free tax filing service offered by the IRS. The U.S. Department of the Treasury and the IRS reported that the program was successful in helping filers in 12 states save an estimated $5.6 million in tax preparation fees for