By Sandra Block From Kiplinger’s Personal Finance Carrying a balance has always been costly, but it’s particularly expensive now. The average credit card interest rate in mid-December was 19.42 percent, the highest rate since 1992. As the Federal Reserve Board continues to raise short-term interest rates to throttle inflation, average rates could rise even higher,…
Family Finances: Paying Down Your Credit Card Debt Is a Good New Year’s Resolution
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 10)
January 10, 2023
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Benchmark U.S. crude oil for February delivery rose 49 cents to $75.12 a barrel Tuesday. Brent crude for March delivery rose 45 cents to $80.10 a barrel. Wholesale gasoline for February delivery rose 4 cents to $2.33 a gallon. February heating oil rose 10 cents to $3.24 a gallon. February natural gas fell 27 cents…
Here’s Everything You Need to Know About 401(K) Contribution Limits for 2023
January 10, 2023
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By Entrepreneur Staff Contributing to a 401(k) may be one of the smartest things you can do to set yourself up for a comfortable retirement in your golden years. However, unlike simply stashing money in a savings account, you can only put so much into your 401(k) retirement plan each year due to 401(k) contribution…
Americans Finding It Difficult to Pay Credit Card Dues on Time, as Delinquency Rises Amid All-Time-High Interest Rates
A larger number of U.S. consumers are having a tough time paying off credit card dues every month in an environment of elevated inflation, with those making lower income less likely to clear their debts while accruing greater interest payments. Roughly 46 percent of credit card holders do not pay off their dues in full…
7 Tips for College Graduates Looking to Jump Into the Small Business World
By Joseph Camberato As a recent college graduate, you have your degree and possibly some experience from an initial job or internship. But now, you’re interested in acting on your entrepreneurial ambitions and starting your own business. Starting a small business is an increasingly popular option for young people, 17 percent of college graduates run…
Answers to Your Questions on Credit Unions, Banks and Deadbeat Parents
Credit Unions Versus Banks Dear Mary: What is the difference between a bank and a credit union? —Justina Dear Justina: Great question! A bank is a for-profit financial business run by paid board members that’s primary purpose is to make profits for the shareholders. A credit union is a nonprofit financial business that’s owned by…
Sneaky Ways Inflation Affects Your Money in 2023
January 9, 2023
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By now, you’re probably familiar with the more obvious ways inflation affects your finances. Your money doesn’t go as far at the grocery store, for example. Credit card and other variable-rate debt is getting more expensive as the Federal Reserve raises short-term interest rates to combat inflation. Rates are also rising, albeit more slowly, on…
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 9)
January 9, 2023
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Benchmark U.S. crude oil for February delivery rose 86 cents to $74.63 a barrel Monday. Brent crude for March delivery rose $1.08 to $79.65 a barrel. Wholesale gasoline for February delivery rose 5 cents to $2.29 a gallon. February heating oil rose 4 cents to $3.04 a gallon. February natural gas rose 20 cents to…
How to Use a Digital Wallet
That wallet in your pocket or handbag is probably stuffed with credit cards, store discount cards, insurance cards, etc. Every transaction you can think of likely can be made using your wallet’s contents. Keeping it safe is the priority. A digital wallet also holds everything you need to make a transaction. The difference between a…
Mortgage Buy-downs—A New Trend for 2023?
January 9, 2023
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With interest rates currently hovering around 7 percent, many lenders across the country have seen a resurgence of the mortgage buy-down—a plan that allows potential homeowners to save money on monthly mortgage payments. The National Association of Mortgage Brokers (NAMB) describes a mortgage buy-down as a type of financing that provides lower interest rates for…
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