Medical debt should be fully removed from credit reports: Biden administration

Medical debt should be fully removed from credit reports: Biden administration

The Consumer Financial Protection Bureau is taking steps toward removing all medical debt information from Americans’ credit reports, a move meant to help the millions of Americans whose credit scores drop after bills for expenses like unexpected hospital visits go unpaid. While the information surrounding most unpaid medical debts has already been removed from credit…

With myriad banks danging 5% and up offers, 10 things to know before buying a CD

With myriad banks danging 5% and up offers, 10 things to know before buying a CD

Certificates of deposit have a long history of delivering steady, guaranteed returns. Now with rising interest rates and increased competition among banks and credit unions, CDs have become even more lucrative to depositors, with plenty paying APYs of upwards of 5% (see some of the highest CD rates you may get now here). But before…

A recession is an ‘increasing worry’ for Invesco, despite what the Fed is saying

A recession is an ‘increasing worry’ for Invesco, despite what the Fed is saying

The Federal Reserve’s interest-rate hikes are kicking in by slowing growth and cooling inflation, but also making a recession more of a threat, says Rob Waldner, Invesco’s chief fixed-income strategist and head of macro research. “We are increasingly worried about a recessionary environment,” Waldner told MarketWatch late Wednesday, despite what Fed officials said earlier in…

I’m 50 and went from being homeless to owning a home. Where do I invest $50,000?

I’m 50 and went from being homeless to owning a home. Where do I invest $50,000?

Dear Quentin, I have a question that might appear like a simple one, especially for all the advanced money-management folks out there and for people with more money than I have. I am 50, have very little savings, and I would like to invest $50,000. What is a good type of account to start with?…

Opinion: FTX whistleblower was unusual. Most witnesses are too afraid to speak up.

Opinion: FTX whistleblower was unusual. Most witnesses are too afraid to speak up.

“ Organizations bear the responsibility to foster an environment of transparency for their whistleblower programs to succeed. ” In the years leading up to the eventual collapse of the cryptocurrency exchange FTX, insiders blew the whistle about the company’s severe governance and regulatory issues. The flouting of internal control requirements and commingling of client funds…

I am disabled and lost everything in my divorce. Can I avoid financial collapse?

I am disabled and lost everything in my divorce. Can I avoid financial collapse?

Dear Quentin, I was involved in a workplace accident that rendered me disabled and recently received a lump sum of $185,000 after deductions for lawyer fees etc. In 2011, when I was injured, I was facing foreclosure and couldn’t take care of our minor children, so life for me fell apart. In 2014, I began…

PayPal and Dropbox stocks fall after downgrades, GM shares inch higher, and more stocks on the move

PayPal and Dropbox stocks fall after downgrades, GM shares inch higher, and more stocks on the move

Here are some of the most notable stock movers ahead of Monday’s Wall Street open. Stock gainers: MariaDB PLC shares MRDB, -1.36% jumped 9% in premarket trading on Monday after venture capital group Runa Capital said Friday it had offered to buy the system software group for 56 cents a share in cash, representing a…

Do you know your credit card’s interest rate? Here’s how much a few percentage points can cost you over time.

Do you know your credit card’s interest rate? Here’s how much a few percentage points can cost you over time.

The Federal Reserve has been on an inflation reduction campaign for about 19 months, influencing higher interest rates across the economy. The interest rate that could be affecting the greatest share of households is costly, and one they might have overlooked. Ask someone what their mortgage rate is and they’ll probably be able to tell…

Powell could still hammer U.S. stocks on Wednesday even if the Fed doesn’t hike interest rates

Powell could still hammer U.S. stocks on Wednesday even if the Fed doesn’t hike interest rates

The past six weeks have left investors with more questions than answers about the outlook for U.S. monetary policy and, by extension, financial markets. And although the Federal Reserve is expected to leave its policy interest rates on hold Wednesday, Chairman Jerome Powell could still rattle markets as he’s probed for clues about the central…

Would a UAW strike provide an opportunity for Tesla and push up used-car prices?

Would a UAW strike provide an opportunity for Tesla and push up used-car prices?

Car buyers are no longer contending with the chip shortages that led to a scarcity of new cars during the pandemic and sent used-car prices soaring, but anyone looking to purchase a car these days is still in for a bumpy ride. Nearly 13,000 U.S. auto workers went on strike early Friday after the Big…

These Americans are buying and selling their homes, despite high interest rates

These Americans are buying and selling their homes, despite high interest rates

Elsa Ortega and her husband, David, are expecting a child at the end of October, and the couple closed on a home in El Paso, Texas, this summer. But when they thought about selling their three-bedroom single-family home for a larger three-bedroom house, they initially were hesitant.  The listing went up on a Thursday. “I…

Household income rose in just 5 states last year. Is your state one of them?

Household income rose in just 5 states last year. Is your state one of them?

American workers are feeling the pinch. The median annual household income in the U.S. was $74,755 in 2022, a 0.8% decline from the previous year after adjusting for inflation, according to the latest data from the Census Bureau. The decline in income is “disappointing,” said Sharon Parrott, president of the Center on Budget and Policy…

‘Is my husband the cheapest man in America?’ We only eat out on our anniversary.

‘Is my husband the cheapest man in America?’ We only eat out on our anniversary.

My husband never goes out, and he only reluctantly takes holidays — except if we stay in a cabin in the mountains, and even then he doesn’t see why we should be paying for our mortgage and paying to rent somewhere else too. He has never bought me a single piece of jewelry in my…

Ex-bank exec gets six months of home confinement and probation for Wells Fargo fake-account scandal

Ex-bank exec gets six months of home confinement and probation for Wells Fargo fake-account scandal

Former Wells Fargo & Co. executive Carrie L. Tolstedt avoided jail time but was sentenced to three years of probation including six months of home confinement on Friday for her part in the bank’s fake-account scandal, which resulted in billions of dollars in fines and thousands of layoffs. Tolstedt’s sentence handed down in U.S. District…

Paid off your mortgage? Be careful — you’re at risk of title theft.

Paid off your mortgage? Be careful — you’re at risk of title theft.

Homeowners may be thrilled when they finally pay off their mortgage, but the accomplishment comes with risks.  Retirement Tip of the Week: Be vigilant in protecting your identity and assets, and be aware of how you could fall victim to various scams or theft associated with your home. With title theft, thieves transfer a house…

Opinion: Money management for couples 101: The CFO and COO strategy

Opinion: Money management for couples 101: The CFO and COO strategy

Managing finances is a crucial aspect of any partnership, especially in a marriage. Disagreements over money can strain relationships, causing stress and conflict. To mitigate such challenges, couples often find establishing clear roles and responsibilities beneficial when managing their finances.  One popular approach is to divide financial tasks into the roles of Chief Financial Officer…

The 1% down payment is here. Is it too good to be true for homebuyers?

The 1% down payment is here. Is it too good to be true for homebuyers?

Home buyers, beware. With mortgage rates at multi-decade highs, business has dried up for mortgage lenders. Few home buyers are keen to take on a 30-year mortgage with a rate of over 7%, and even fewer homeowners find the need to refinance, having secured ultralow rates from the pandemic days. To drum up business, some…

A Republican senator wants to limit credit-card APRs to 18%, but these credit cards are already capped that rate

A Republican senator wants to limit credit-card APRs to 18%, but these credit cards are already capped that rate

At a time when Americans are saddled with more credit-card debt and higher interest rates, a new bill is seeking to cap credit card annual percentage rates at 18%. Sen. Josh Hawley, a Republican from Missouri, this week unveiled the Capping Credit-Card Interest Rates Act, highlighting how APRs have been climbing. “Americans are being crushed…

My wife will retire at 62, and I’ll be ready at 59. My wife says it’s not fair.

My wife will retire at 62, and I’ll be ready at 59. My wife says it’s not fair.

My wife attended college the same year I was in high school. My wife is four years older than me. My family has never been on the university path so that was not an option for me. I joined the military after high school. In the same month (before we met) she graduated college and…

Student debt is not just for the young. Older adults are also struggling to repay school loans.

Student debt is not just for the young. Older adults are also struggling to repay school loans.

With student-loan payments resuming after a three-and-a-half-year pause, young people aren’t the only ones feeling the pressure. There are also a significant number of older borrowers who are not ready for payments to resume on Oct. 1, according to an AARP Foundation survey. People 50 and older make up 20% of all student-loan borrowers, yet…