Recent interest rate cuts by the Federal Reserve have sparked conversations among potential homebuyers about whether now is the time to make a move. For those grappling with credit card debt or looking into personal loans, the outlook remains largely unchanged. According to financial experts, the best approach is still to tackle debt head-on with a structured repayment plan. A Growing Debt Challenge Americans are currently facing a significant credit card debt crisis, particularly among...

If you’re juggling credit card payments, it can feel tough to stay on track and get ahead. Through credit card debt consolidation, it’s possible to simplify the repayment process and merge multiple payments into one, ideally with a better interest rate. You do this by taking out a new loan. While credit card consolidation can be beneficial and may lower payments and the total amount of interest you owe, there are risks to consider. Below...

Earlier this year, I received life-changing news: my staggering $370,000 student loan debt was forgiven. For over a decade, this debt was a heavy weight on my shoulders. Seeing the enormous balance left me feeling sick every time. With a modest teacher’s salary, I had no idea how I’d ever pay it off. Managing monthly payments was a constant battle. A temporary break came during the COVID-19 pandemic, which paused payments and froze interest. While...

President Joe Biden has announced another wave of student loan forgiveness, with just a month remaining before his presidency concludes. On Friday, the administration confirmed the approval of $4.28 billion in student loan relief for 54,900 individuals under the Public Service Loan Forgiveness (PSLF) program. This initiative clears debts for government and nonprofit employees who make 10 years of qualifying payments. This new relief stems from recent improvements to PSLF, including a temporary adjustment that...

When January began, I knew it was time to address something I had been avoiding: my credit card debt. When I finally totaled it, the amount shocked me—it was worse than I expected. I owed $29,357, and my monthly payments were edging close to $1,000. If I heard this story about someone else, I’d probably wonder, “How did that happen?” The truth is, it crept up on me. I wasn’t splurging on luxuries or living...

Credit is important in many facets of most of our lives. Having good credit increases the likelihood of qualifying to borrow money and receiving low interest rates, in addition to influencing decisions made by insurance companies, landlords, utilities, and employers. There’s no better way to monitor the state of your credit than by regularly reviewing your credit report, and fortunately, federal law guarantees you the right to free annual credit reports—but the credit bureaus now...

Economic conditions can vary widely among states. It’s difficult to get a complete picture of a given area without taking all the key factors into consideration. In the case of credit scores, knowing the average can help residents of a state see how they compare to their neighbors—and make it simpler for those considering a move to that state to learn more about how they’d fit in economically. It can also be a factor in...

One thing that improves with age is creditworthiness. A study of average credit scores by generation shows that every major demographic group has an average credit score that is better than the generation before it. In an analysis from the credit rating agency Experian, scores show a slow but steady climb from the youngest Generation Z consumers through millennials, Generation X, and the baby boomer generation. And best of all is the so-called Silent Generation....

Studies of average credit scores show substantial disparities among different racial and ethnic groups. This article looks at those disparities and some possible reasons for them. Key Takeaways Credit scores do not factor in age, race, income, or place of residence. Other factors used to calculate credit scores can disproportionately affect certain racial groups. Credit scores generally favor mortgage holders over renters. White-Americans have the highest average credit scores, followed by Hispanics and then Blacks....

Most people are probably aware of the income disparities between men and women. But is there a gap between men and women when it comes to lending and credit scores? This is a difficult subject to gauge thanks to changes in regulations made by the Equal Credit Opportunity Act (ECOA) of 1974. This law bars lenders from discriminating against groups based on factors like race, color, nationality, religion, sex, age, and receipt of public assistance....