Latest Personal finance News

Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%

Jan. 30, 2025 13:03 PM EST

The average rate on a 30-year mortgage in the U.S. eased for the second week in a row, but remains just below 7%, little relief for prospective home shoppers looking ahead to the spring homebuying season. The rate fell to 6.95% from 6.96% last week, mortgage buyer Freddie Mac said...

Asset allocation when you have enough

Jan. 28, 2025 06:06 AM EST

I recently chatted with a retired couple who were looking for a second opinion about their portfolio’s asset allocation. The key question: Is 65% in stocks too high for someone in their situation? Here, I’ll walk through some ideas about how to think through these issues. First,...

Trump says he will 'demand' that interest rates come down, but it won't be that simple

Jan. 23, 2025 17:03 PM EST

WASHINGTON (AP) — President Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep. Economic growth is solid, driven by healthy consumer spending. And budget deficits are huge and...

How to organize your financial life ahead of natural disasters

Jan. 21, 2025 12:23 PM EST

NEW YORK (AP) — If you live in a part of the world prone to wildfires, floods, blizzards, tornadoes, or earthquakes, there are ways you can make sure you're financially prepared for disaster, beyond insurance. The Federal Emergency Management Association and the Red Cross advise...

What to do with your 401(k) when you retire

Jan. 14, 2025 13:34 PM EST

For many employees, what to do with a 401(k) plan at retirement has been a foregone conclusion: Roll it over. The opportunity to hang on to assets after employees retire — and in turn keep costs down for the whole plan—isn’t lost on defined-contribution plan advisors. In  a...

Struggling To Survive: Hawaii Residents Take On Debt, Think About Leaving

Jan. 14, 2025 11:45 AM EST

Money is tight pretty much all the time. So after paying their rent, Puaʻena Vierra and her wife rack up credit card debt for groceries, medical expenses and other necessities. They are among a quarter of households in Hawaiʻi who spent more than their income in 2024. ...

Here's what you need to know about credit card defaults

Jan. 09, 2025 14:07 PM EST

NEW YORK (AP) — Credit card defaults are on the rise for Americans, reaching the highest level in 14 years. U.S. credit card defaults jumped to a record $46 billion from January through September 2024, according to the Financial Times, citing data analyzed by BankRegData. With...

How removing unpaid medical bills from credit reports could help consumers

Jan. 07, 2025 16:52 PM EST

NEW YORK (AP) — Lenders will no longer be able to consider unpaid medical bills as a credit history factor when they evaluate potential borrowers in the U.S. for mortgages, car loans or business loans, according to a rule the Consumer Financial Protection Bureau finalized Tuesday. ...

Biden administration bans unpaid medical bills from appearing on credit reports

Jan. 07, 2025 08:33 AM EST

Unpaid medical bills will no longer appear on credit reports, where they can block people from mortgages, car loans or small business loans, according to a final rule announced Tuesday by the Biden administration. The Consumer Financial Protection Bureau rule will remove $49 billion...

Consumer watchdog says Berkshire Hathaway unit ignored red flags in manufactured home loans

Jan. 06, 2025 17:30 PM EST

OMAHA, Neb. (AP) — The federal Consumer Financial Protection Bureau says in a lawsuit that a unit of Warren Buffett's Berkshire Hathaway “ignored clear and obvious red flags” that borrowers couldn't afford the mortgages they were given to buy manufactured homes from another Berkshire company,...