Consumers are cutting back on Christmas gift purchases amid higher inflation

Consumers are cutting back on Christmas gift purchases amid higher inflation

Inflation weighs heavily on the holidays this year. About half of shoppers will buy fewer items because of higher prices, and more than a third said they will rely on coupons to cut costs, according to a recent survey of more than 1,000 adults by RetailMeNot. While the survey found that many consumers are also … Read more

The Supreme Court again declines to block Biden’s student loan plan

The Supreme Court again declines to block Biden’s student loan plan

Supreme Court nominee and US Appeals Judge Amy Coney Barrett on Capitol Hill in Washington, Oct. 21, 2020. Ken Cedeno | Reuters The Supreme Court on Friday rejected another request to block the Biden administration’s student loan debt relief program. Judge Amy Coney Barrett denied an emergency motion to block the program filed Tuesday by … Read more

Fidelity is the latest employer to offer free college education to workers

Fidelity is the latest employer to offer free college education to workers

Despite growing economic uncertainty, employers are still waging a war for talent and employees are on the rise. Now, more companies are expanding their benefits offerings with free college programs to attract and retain employees. Most recently, Fidelity Investments said it will offer fully funded bachelor’s degree programs to 18,000 employees, including entry-level customer service … Read more

What the Fed’s fourth rate hike of 0.75 percentage points means for you

What the Fed’s fourth rate hike of 0.75 percentage points means for you

The Federal Reserve on Wednesday raised its benchmark interest rate by 0.75 percentage points for the fourth time in a row, marking an unprecedented pace of rate hikes. The U.S. central bank has raised the benchmark short-term lending rate a total of six times this year, including increases of 75 basis points in June, July … Read more

Affluent shoppers embrace secondhand shopping

Affluent shoppers embrace secondhand shopping

Bid hunting is certainly not new. But with the Covid pandemic came an increase in “thrifting,” or the buying and selling of used goods. At first, some families under financial pressure saw second-hand purchases as a way to save. Then it became mainstream. More from Private Finance:66% of workers are worse off financially than a … Read more

The Department of Education is reviewing the federal student loan system

The Department of Education is reviewing the federal student loan system

Chip Somodevilla | Getty Images News | Getty Images The U.S. Department of Education on Monday announced sweeping new changes to the federal student loan system, including additional consumer protections for borrowers and limits on the amount of interest that can accrue on the debt. “Today is a monumental step forward in the Biden-Harris team’s … Read more

Here are some tips to help stretch your paycheck amid high inflation

Here are some tips to help stretch your paycheck amid high inflation

Skyrocketing prices make it difficult for many Americans to pay expenses each month. Costs are rising for almost every major expense from housing and food to medical care. The employees’ salaries are not included. It is becoming more and more common for the money that comes in each month to go out just as quickly. … Read more

How the Federal Reserve’s rate hikes affect your borrowing costs

How the Federal Reserve’s rate hikes affect your borrowing costs

From credit cards to mortgages, borrowing money is suddenly much more expensive. The Federal Reserve has raised its benchmark short-term interest rate by 3 percentage points since March in a bid to curb relentless inflation, with a second rate hike likely to follow next week. “Borrowers are feeling the squeeze from both sides, as inflation … Read more

New rules for forgiveness of public service loans

New rules for forgiveness of public service loans

Borrowers can get credit for late, partial payments Under these new rules, which take effect July 1, 2023, federal student loan borrowers can get credit for payments that were previously ineligible. These may include partial, late or lump sum payments, payments made under a different repayment plan and credit for periods of deferment and forbearance. … Read more

More Americans are living paycheck to paycheck as inflation outpaces income

More Americans are living paycheck to paycheck as inflation outpaces income

As rising prices continue to outpace wage increases, families are finding less cushion in their monthly budgets. In September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% all-time high hit in March. A year ago, the number of adults who felt stressed was closer to … Read more