When people hear the phrase debt management program, there’s often confusion, hesitation, or even fear attached to it. As a credit counselor, I see this every day. Many individuals know they’re overwhelmed by debt, but they don’t fully understand what their options are or what credit counseling actually does. I…
Key takeaways Savings accounts are deposit accounts available at banks and credit unions. They allow you to keep your money safe while it earns interest. Online banks tend to offer the highest interest rates for savings accounts. You can withdraw your money from a savings account at any time, though…
Prioritizing debt in January starts with reviewing all balances, understanding monthly expenses, and redirecting available cash toward debt repayment so holiday balances do not continue to grow. With 37% of Americans accumulating an average of $1,223 in holiday debt, according to LendingTree, many households begin the year looking for a financial reset. A…
When your home experiences damage from a covered disaster, your insurer uses one of two methods for determining the payout for damages and lost belongings. Actual cash value, or ACV, takes depreciation into account, and pays out based on what your belongings are worth now, in their depreciated state. Replacement…
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The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
Historically Black colleges and universities are on the frontlines of the One Big Beautiful Bill Act’s new limits on parent…
The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
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A retirement budget compares expected income with planned expenses to see whether spending fits within available income. This process begins by listing income sources and savings and estimating how much they can provide each year. To show how a retirement budget works, let’s break down…
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Tip 3: Learn How to Create a Better ‘To Do’ List When we make resolutions, we tend to resolve to do certain things.…
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These entrepreneurs, traders and investors are making an outsized impact in fintech, crypto and traditional financial services.By Jeff Kauflin, Hank Tucker and Nina…
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Key takeaways Many lenders state their credit score requirements, helping you narrow down small business loans for bad credit Some loans focus less on your business credit history and more on future sales or revenue from invoices Offering assets or collateral can make you less risky and improve your chances…
Images: Getty Images; Illustration: Bankrate Key takeaways A mortgage prequalification helps potential homebuyers know how big of a loan they might qualify for. Getting prequalified does not negatively affect your credit score — but getting preapproved does. While a prequalification is faster and easier to get than a preapproval, it’s…
Reaching age 65 doesn’t automatically change how the IRS taxes your 401(k) withdrawals. Instead, it taxes distributions from a traditional 401(k) as ordinary income, just like wages or Social Security benefits. Your tax rate depends on your total taxable income and filing status in the year you make the withdrawal,…
Key takeaways Built-in budgeting tools help automatically track and categorize spending without needing separate budgeting apps. Most major banks now offer some form of automated expense tracking, making budgeting more accessible than ever. Your bank may offer advanced personal finance hubs, providing insights into spending habits, tracking savings progress, and…
When your financial life involves more than one country, taxes can get complex. This is true for expats, dual citizens, digital nomads and business owners with activity abroad. A cross-border tax accountant can help you handle international filing rules and reporting obligations. They work with issues like double taxation, foreign…
Many businesses, even those that are profitable and well-run, might occasionally need to carry debt. Balance transfer credit cards can help you consolidate high-interest debt and work on paying it off over time at a lower or 0 percent APR. But be warned, balance transfer offers on business credit cards…
A Roth IRA is one of the best retirement accounts to have. While a Roth doesn’t offer an up-front tax break, your contributions grow tax-free and when you withdraw your money in retirement, it’s all tax-free — including any investment earnings. You can build a nest egg that the government…
Hinterhaus Productions/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Secured lines of credit require collateral. Unsecured business lines of credit do not require collateral, but a personal guarantee may be needed. Consider business needs, qualifications, credit score and assets when choosing a line of credit. According to the 2024…
For high-income earners, balancing a demanding career with the rising costs of childcare can quickly become a financial juggling act. Even families earning six figures can find that daycare, nannies or after-school programs absorb a surprising portion of their budget. That’s where a Dependent Care Flexible Spending Account (FSA) comes…
Debt is often discussed in negative terms, but debt isn’t just good or bad. It falls on a spectrum, and how you manage it plays a big role in how it impacts your finances. Bad debt is usually high-interest credit cards that quickly accrue interest if you only make minimum…
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