Quick Look The Federal Open Market Committee of the Federal Reserve hiked the closely watched federal funds rate by 25 basis points, or one-quarter of a percent, at its meeting in July 2023. Federal Reserve Chair Jerome Powell announced the move at 2pm Eastern Time on Wednesday, July 26. The FOMC’s July 2023 rate hike
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Credit cards can reward you handsomely when you use them responsibly. But they also come with special risks, including eye-watering interest rates that can quickly trap you in a spiral of debt. Learn how credit cards work and how to avoid their pitfalls.
Unpaid balances on credit cards can quickly build on themselves. Knowing the factors that contribute to the interest rate you’re paying is key to lowering your rate. Learn how to calculate your credit card interest rate — and why it’s so important to pay off those balances as quickly as you can.
Your high school curriculum probably didn’t cover compound interest, but you need to understand it nonetheless. Money builds on itself over time. Once you understand it, you’ll want to invest more of your money to put it to work on your behalf. Learn how compound interest works to build wealth.
You’ve decided on a legitimate reason to get a personal loan and determined that you’re probably eligible to apply. You’re now ready to begin the next phase of the loan application process: researching lenders. Naturally, you’ll want to look for lenders offering competitive terms and favorable personal loan interest rates to borrowers like you. Use an aggregator
For much of the past decade, interest rates have been at historic lows. Interest rates set by most lenders tend to go up and down based on the federal funds target rate, or the rate at which banks can borrow from other banks, which is set by the Federal Reserve. This rate has ranged from around
The consequences of “financial risk” became apparent to many investors during the two-year period from 2007 to 2009. The stock market (as measured by the S&P 500) plummeted from 1562.47 on October 10, 2007, to 752.44 on November 20, 2009. As a consequence, many people lost more than one-half of their retirement savings. The coronavirus
Have you ever wondered what an APR really is? Learn how to calculate it and — most important — how to use it to compare the cost of credit.
Student loan debt can be a huge burden that can take decades to pay off. On the bright side, if you’re looking for a way to pay off your student loans faster, there’s an app for that. These are the best apps to help you pay down your student debt faster.
Bad credit can happen for any number of reasons, and life rarely waits for your credit to improve. If you need to borrow money now, you have options — many online lenders offer installment loans to borrowers with limited or poor credit. Learn about the best online installment loans for bad credit.
A Ph.D. isn’t worth the cost of graduate school for everyone. Thus, it’s necessary to weigh your future salary and career prospects against your potential debt and lost earnings to decide whether getting a doctorate is worth the cost. Is it right for you?
There’s no single best way to invest $10,000, but having that much available to invest opens up a range of options for you to start building your nest egg and set the foundation for a bright financial future. Here are some of the best ideas for how to invest $10,000 to begin building wealth.