The Fed and You: How Interest Rates Affect Your Personal Finances

The future of the ‘federal funds’ rate does not only carry important consequences for Wall Street, but it also affects you too. Before the momentous decision taken by the British people to leave the EU, interest rate hikes appeared to be on the horizon for Janet Yellen and the Federal Reserve. However, uncertainty has returned after Brexit, as an increase in interest rates is now very unlikely in the near future.

But if and when a hike comes, what does it mean for you and the millions of others who don’t work on Wall Street?

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Banks Earn a Ton in Credit Card Fees: Here’s How to Avoid Them

Credit cards are very lucrative products for banks. Despite numerous laws passed to regulate credit cards over the last several years, issuers still generate over $200 billion in credit card fees and interest each year. But many people, especially those who consider themselves money savvy, never pay a dime to their credit card issuer. Here’s a breakdown of where that money comes from, and how you can avoid paying more than you should. Continue Reading

How to Pay Off Student Loan Debt After Graduation

With graduation day and commencement now in the rear view mirror for many, it is important that new college graduates start thinking about their financial future. That means don’t delay on tackling any student loan debt you might have accrued.

After graduation, you may be beginning your first full-time job, renting an apartment, or even purchasing your first vehicle. Either way, you will now be faced with a new monthly bill – your student loan repayment. While some parents are pitching in to manage the payments, not everyone has that luxury. According to a recent survey conducted by the student loan division of Discover Financial Services, 52 percent of parents said they are likely to help their child repay student loan debt in 2014, down from 58 percent the previous year.

In 2015, the average recent college graduate had $35,000 in student loan debt and the 2016 projection is only going up. The college graduation student loan debt is projected to increase 5.7% to $37,000, according to Mark Kantrowitz, a financial aid expert at Cappex.com.

While paying off your student loan debt can be overwhelming, here are a few tips to conquering your student loan debt.

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Marketplace lending

The Rise of Marketplace Lenders

Just as Amazon makes it convenient to shop online and deliver the products you need, marketplace lenders are trying to do the same for loans. Their goal is to offer consumers better credit options and to do so in a more efficient way. Through prioritizing the borrower and by using technology to simplify the application process, marketplace lenders are creating a strong case for why their businesses may be here to stay.

According to a recent PWC report focused on marketplace lending, the firm sees them as viable businesses with enough promise that many traditional financial institutions big and small have taken notice and are beginning to actively respond. Furthermore, they note how marketplace lenders are evolving from consumer and small business loans into other consumer lending needs while exploring new forms of innovation beyond the traditional lending market.

What exactly is marketplace lending?

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financial myths, financial facts, personal finance

Financial Facts vs. Fiction: 5 Money Myths You Should Avoid Falling Victim To

Think your family can decide how to split your wealth after you pass away? If you answered yes, think again… 

Sadly, the recent loss of music legend Prince is a good reminder of this harsh reality. Prince left behind an estate that is estimated to be between $150 million to $350 million. But, he did not have a will, which would have outlined exactly how he would have liked that money to be distributed. Now, without that document, the court will decide how to split up his fortune.

Whether you are rich or poor, famous or not, personal financial management is extremely important.

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Protect Yourself Against Identity Theft

In the last six years, $112 billion have been stolen by identity thieves. To put that in perspective, for every minute that passes, another $35,600 is stolen. By this measure, it would take just about 4 minutes to pay for 4 years of college. These are the chilling facts published in the most recent identity theft report by Javelin Strategy and Research.

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