Key takeaways On average, Black Americans earn less than their white counterparts, which adds extra hurdles to accumulating wealth. The racial wealth gap has its roots in slavery and racist policies that Black families are still catching up from. Navigating this racial wealth gap means people of color will have…
Key Takeaways Home equity loans and HELOCs are becoming popular again, thanks to a combination of high property values and high mortgage rates. Lenders are innovating new types of home equity products, such as bank statement loans, HELOCs for investment properties, and HELOC-HELoan hybrids. These new products have different features…
High-yield bonds can offer a way for investors to earn higher returns if they’re comfortable taking on additional credit risk. High-yield bonds are issued by entities with low credit ratings from bond rating agencies such as Moody’s, Standard & Poor’s and Fitch. Bonds with ratings below a certain threshold are…
Photography by Getty Images; Illustration by Bankrate In late 2024, Diana Muro paid $350,000 for a townhouse in Charlotte, North Carolina. When she closed on the home, she hit two milestones: Firstly, the software engineer achieved homeownership at age 27. But Muro also became a first-generation homebuyer. Her parents, immigrants…
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Technology has transformed some parts of the daunting homebuying process–making it easier to search and compare properties online, to prepare…
The Covid pandemic crushed immigration and demand for Nova Credit’s tech. Then its founder discovered a second line of business.…
A perfect storm is brewing for millions of federal student loan borrowers, who may experience dramatic increases in their monthly…
As the Biden administration exits Washington, President-elect Donald Trump inherits a federal student loan system that looks much different than…
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Precious metals are having a moment, with safe-haven assets looking a lot more attractive lately thanks to growing macroeconomic uncertainty and inflation fears. But if the soaring price of gold — at nearly $3,000 per ounce, an all-time high — is too rich for your…
Dept Managmnt
Debt settlement is when you negotiate with creditors to reduce the amount you owe in exchange for a lump sum payment. It might…
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F or private financial technology companies, last year was a quiet one for fundraising. Fintechs raised $34 billion in 2024, down from $42…
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Key takeaways The Southwest Companion Pass is attainable by using Southwest credit card welcome bonuses to meet the 135,000-point requirement. Applying for a…
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Key takeaways The number of bank accounts you should have depends on your individual situation; only open accounts you need. It’s important to have at least one checking and savings account to stay on top of your finances. Research all the details of any account before opening it. Different deposit…
Key takeaways Cash advance apps offer a short-term solution to cover unexpected expenses for those living paycheck to paycheck. Cash advance apps generally charge lower fees than traditional payday loans but should be used with caution, as there are still costs involved. Building an emergency savings fund is a more…
Thomas Barwick/Getty Images Key takeaways A purchase APR is the interest rate your issuer applies to your regular credit card purchases. Other APRs — such as an introductory APR or balance transfer APR — may take precedence over your purchase APR for a limited time. Knowing the purchase…
Key takeaways If you feel the need for additional financing for your side business, a business credit card could be a good option. As your business expands and you take on more travel opportunities, a business credit card could help you better meet your financing needs. You will need a…
Key takeaways A memo ordering a freeze on federal funding programs and services has been rescinded. The freeze did not include federal student loans or grants, and it’s unlikely Trump will pause this funding in the future. While announcements of major changes like this can be jarring, most require further…
On Jan. 2, 2025, the California Department of Insurance began accepting pre-application materials that would change how home insurance companies can price policies. Five days later, Los Angeles erupted in flames. The full scope of the damage is still being calculated, but insured loss estimates hover around $40 billion. If…
No one can predict the future direction of interest rates for certain, but some prescient economic prognosticators have been successful.Case in point: Just prior to the Federal Reserve’s announcement on Jan. 29 that it maintained its benchmark federal funds rate at a range of 4.25-4.5 percent, nearly all professional investors…
Investing as a young adult is one of the most important things you can do to prepare for your future. You might think you need a lot of money to start investing. After all, the average Gen Zer said they’d need to earn $200,000 a year to feel financially comfortable,…
Key takeaways ACH transfers and wire transfers are both types of electronic funds transfers (EFTs). ACH transfers are typically free but may take a couple of days to process, while wire transfers are faster but can be more expensive. There are alternatives to ACH and wire transfers, such as peer-to-peer…
Key takeaways When comparing checking accounts, it is important to understand monthly fees and other benefits of each account. Opt for a checking account that offers FDIC insurance and has minimal or no fees. Beyond that, choose an account that offers perks based on your preferences, such as a sign-up…
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