Personal Finance News
Stimulus Checks for COVID-19 Relief
The phrase “stimulus check” is second only to “coronavirus” or “COVID-19” as something to talk about these days and people are definitely talking. About 159 million Americans have received the $1,200 check promised by the federal government, but millions more are still waiting to get stimulated. The IRS estimated that another 30-35 million consumers are […]
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Paycheck Protection Program
While Governors in several states are trying to crack open the door on the shuttered U.S. economy, the news from two key elements of a would-be revival – employment and money to pay small business workers – is still not good. The COVID-19 pandemic had another 3.8 million workers file for unemployment in the week […]
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How the New FICO Credit Scoring System Will Affect You
The announcement that FICO will put two new credit scoring models – FICO 10 and FICO 10T – into play this summer is the ultimate good news/bad news situation for consumers. The good news is that if you have a score anywhere above 680 – and continue to make on-time payments and use 30% or […]
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Why Credit Card APR’s Are Rising, Despite Fed’s Third Rate Cut of 2019
Typically, a decrease in the federal funds rate means your credit card APR should fall as well, but that’s not what is happening lately in the U.S. economy. Banks have backed themselves into a corner with an influx of cash-back and travel rewards credit cards, dishing out perks they can’t afford. Now, consumers are paying […]
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Personal Loans on the Rise
The loan business is getting personal. We’re talking personal loans, and they are exactly what they sound like. You borrow money from a lending institution and pay it back. The big difference from mortgages or car loans is that you don’t need collateral to get a personal loan. A lot of consumers must like that […]
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Payday Loan Alternative a Good (Or Risky) Thing?
If you’re one of the millions of Americans for whom payday can’t come soon enough, technology is catching up with your dreams. Uber, McDonald’s and Outback Steakhouse are among a growing number of employers that are offering workers an on-demand system that gives them access to their money the day after they earn it. The […]
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Financial Literacy a Tough Test for Most Americans
The latest trends in spending and debt indicate that America already has forgotten any lessons we might have learned when the bubble burst on the U.S. economy in 2008. The reputable and renowned Pew Charitable Trust says that 80% of American adults are in debt and the Federal Reserve Board says the amount we owe […]
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GPR Cards An Alternative To Banks, Credit Cards
If you like the convenience of a credit card, but lack discipline and overspend when using one, a general purpose reloadable (GPR) card could be the way to stabilize your finances. GPR cards, more commonly referred to as pre-paid credit cards, are safer than carrying cash and accepted almost everywhere because most are sponsored by […]
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How Credit Unions And Banks Are “Gamifying” Savings
Nobody wants to play games with their investment dollars, but what if the game was rigged so you couldn’t lose? Credit unions in five states have come up with a savings account – remember them? – that includes a chance to win monthly, quarterly and annual prizes in lottery-style drawings, while never touching the money […]
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3 Reasons To File For Bankruptcy
There aren’t many words in the English language less understood and more avoided than bankruptcy. “There definitely is a stigma attached to it,” Jeff Badgley said. “When people hear it, they get really uncomfortable.” Badgley sees the discomfort a lot. He is a bankruptcy lawyer who has to convince clients that going through the legal […]
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