Personal finance

Inverse Couple Images | Moment | Getty Images Consumers have been hearing a lot about inflation in the U.S. economy since early 2021, and rightfully so. At their pandemic-era peak, consumer prices were rising faster than at any point in 40 years. But the dynamic seems to have shifted. Inflation has been declining gradually, which

Without broad-based student loan forgiveness, some colleges have a new strategy to keep students from drowning in debt.   Roughly two dozen schools have introduced “no-loan” policies, which means they are eliminating student loans altogether from their financial aid packages. “College is expensive — we have to make sure we keep it accessible,” said Nicole

Creatas | Creatas | Getty Images Before the pandemic, the federal student loan system caused borrowers frustration and confusion. As the Biden administration resumes payments this month for some 40 million Americans after more than a three-year reprieve, the situation has been especially difficult. Borrowers describe receiving incorrect bills and spending hours on the phone

Sen. Tim Scott, R-S.C., speaks to a crowd during a presidential campaign kickoff event at Charleston Southern University on May 22, 2023. The Washington Post | The Washington Post | Getty Images At a campaign event earlier this month in Fort Dodge, Iowa, Sen. Tim Scott of South Carolina said former president Ronald Reagan had it

Jose Luis Pelaez, Inc. | Getty Images Caregiving can require a significant investment of time and money, no matter your background, but Latino caregivers — particularly Latinas — tend to have more burdensome expenses. Lea este artículo en español aquí. It’s worth being aware of those financial effects, experts say, because caregiving is an important touchstone

If you’re making $80,000 per year, the thought of racking up $1 million for retirement might seem daunting. But with a little dedication and the right timing, it’s likely within reach — if you stick to a clear plan. As a rule of thumb, most financial advisors suggest that you save 10% to 15% of

IRS Commissioner Daniel Werfel testifies before the Senate Finance Committee on April 19, 2023. Chip Somodevilla | Getty Images Roughly one year after Congress approved tens of billions in IRS funding, the agency has unveiled plans to crack down on tax preparers with “questionable practices.” The news comes amid heightened scrutiny of a popular small

Getty Images If you want a good deal on airfare for the fall and winter holidays, get ready to book. “The best time to book is between today and the second week of October, as prices are low and there are a lot of seats left to book,” Hayley Berg, lead economist at Hopper, said Thursday.

Between inflation and economic instability, Americans have depleted most of what they had in their savings accounts. More than half of all Americans now live paycheck to paycheck and most adults — 57% — cannot afford a $1,000 emergency expense, a Bankrate survey from earlier this year found. Meanwhile, experts say having a cash reserve is

In this article CAMLX Follow your favorite stocksCREATE FREE ACCOUNT Ascentxmedia | Istock | Getty Images WASHINGTON — Millions of Americans look forward to claiming Social Security retirement benefits after years of paying into the program. But Social Security beneficiaries face the possibility of an across-the board benefit cut of at least 20% in the

Members of the United Auto Workers (UAW) union hold a practice picket in front of Stellantis headquarters in Auburn Hills, Michigan, on September 20, 2023.  Bill Pugliano | Getty Images Regardless of the outcome, the United Auto Workers strike threatens to cause already high car prices to escalate. After the Big Three automakers — Ford,

Bloomberg | Bloomberg | Getty Images The “summer of strikes” needs a new name — there is no sign of a slowdown in workers walking off the job this fall. Some 362,000 workers have gone on strike so far in 2023, compared with 36,600 over the same period in 2021, according to data by Johnnie

Credit cards are practically charging “loan shark interest rates” after hitting historic highs this year, said Barry Glassman, a certified financial planner and member of CNBC’s Advisor Council. A credit card’s interest rate is the price consumers pay to borrow money. It’s most commonly expressed as a yearly rate — the annual percentage rate, or

The Consumer Financial Protection Bureau headquarters in Washington, D.C., on May 14, 2021. Andrew Kelly | Reuters The Biden administration wants to remove medical debt completely from consumer credit reports, so the Consumer Financial Protection Bureau on Thursday outlined its proposed rules to keep unpaid medical bills from affecting patient’s credit scores. One in 5

Westend61 | Getty Images By now, most student loan borrowers have accepted that, after a three-year break, their payments will restart in October. Some people, however, may actually have more time. CNBC spoke to several borrowers who say have statements from their servicer showing their first payment’s due date is in November or December. That’s

Jose Miguel Sanchez | Istock | Getty Images Federal student loan repayment is set to restart in October following a pandemic hiatus that has been in place since March 2020. Millions of Americans will be on the hook to make monthly payments on those debts, including some Social Security beneficiaries. But if those debtors fall

A sign marks the location of the University of Phoenix Chicago Campus in Schaumburg, Illinois. Getty Images The Biden administration announced on Wednesday that it would cancel nearly $37 million in student debt for more than 1,200 students who attended the University of Phoenix. The relief will go to many borrowers who applied for borrower

Thomas Barwick Life goals and other financial priorities can get in the way of saving for retirement. Long-term, those competing priorities — dubbed the “financial vortex” — may reduce U.S. workers’ retirement savings by up to 37%, according to new research from Goldman Sachs Asset Management. That’s even as more U.S. workers — 65% —

Maskot | Maskot | Getty Images For savers, choosing how to best allocate money among a stream of account types may seem an impossible task. There are 401(k) plans, individual retirement accounts, 529 plans, high-yield savings accounts, taxable brokerage accounts, flexible spending accounts, health savings accounts and so on — a veritable hodgepodge of letters,

IRS Commissioner Daniel Werfel testifies before the House Small Business Committee on July 17, 2013. James Lawler Duggan | Reuters The IRS is shifting how it examines tax returns of lower earners as part of its broader effort to fix inequity in enforcement.  Starting in fiscal year 2024, the agency will “substantially” reduce the number