Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates moved up once again this week, with the 30-year fixed rate averaging 6.44%, up from 6.27% last week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week…
Missing a tax filing deadline can feel like a minor slip, but the financial consequences can snowball quickly. The IRS imposes strict penalties on taxpayers who fail to file on time, and those penalties grow with every month that passes without action. Knowing how these penalties work, whether you owe…
Image: Getty Images; Illustration: Bankrate A big drop in HELOC rates in the latest week. The $30,000 home equity line dropped 13 basis points to 7.04%, its lowest level since 2022, according to Bankrate’s national survey of lenders. In contrast, the five-year $30,000 home equity loan was unchanged, holding at…
Key takeaways A reverse mortgage allows homeowners who are (typically) 62 and older to tap their home’s equity for tax-free payments. The loan comes due when you no longer live in the home, either because you move or pass away. To qualify, you must own or have nearly paid off…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
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Prepare to File Your Taxes in March Whether you decide to go DIY or not for filing your taxes, start sooner rather than later. By the first week in March you should have all necessary tax forms from your employer, including your T4, T4A, T5,…
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Try to Offer Advice or Support Instead of Criticism While younger generations are often criticized for their lack of financial literacy, getting into…
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When people begin searching for help with credit card debt, they often come across a wide range of options labeled “debt relief.” Debt settlement companies, consolidation loans, balance transfers, auto title loans, credit repair services, and bankruptcy are frequently presented as potential debt relief options. However, these alternatives work in…
Mirian Fuentes has big plans for her future. The 30-year-old Mexican-American has been dating her partner, Andres, since 2024, and knew early on that he was “the one.” The couple dreams of getting married, starting a family and buying a home — a key step toward building generational wealth as…
Images by Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Mortgages make up the highest percentage of household debt nationwide, with the average American owing $258,214. Millennials have the highest average mortgage debt at $320,027, with Gen X close behind at $286,574. The District of Columbia, California and Hawaii have…
Key takeaways Home equity loan and HELOC closing costs and fees vary, depending on the lender, and can range from 1%-5% of the total loan amount. HELOCs have fewer closing costs than HELoans, but often carry ongoing fees for account maintenance, inactivity or rate lock-ins. Ways to reduce home equity…
Key takeaways Your credit card APR can go up if the prime rate changes, you paid your credit card bill late, your intro APR offer ended or your credit score dropped. If your APR increases, you can work on paying down your balance or transfer your balance to a card…
Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates moved up once again this week, with the 30-year fixed rate averaging 6.27%, up from 6.19% last week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week…
Key takeaways APR reflects the total annual cost of a personal loan, including both fees and interest. Many lenders state their APR online to make it easier to compare before you apply. Your APR will be based on your credit score, income and other financial factors. The annual percentage rate,…
Bloomberg Creative/Getty Images Key takeaways The federal funds rate impacts how expensive it is for lenders to loan money, so consumer loan rates typically change when the federal funds rate changes. During the Federal Open Market Committee’s December meeting, the regulatory body announced it would drop the target rate by…
Ariel Skelley / Getty Images Key takeaways Interest rates on federal student loans are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year. Borrowers with existing federal student loans will not see any changes when the Fed lowers interest rates.…
Even the most carefully planned budget can develop small leaks over time. Subscriptions renew automatically, outdated service plans linger, and everyday habits slowly chip away at your financial progress. While these expenses might seem minor on their own, together they can quietly drain hundreds of dollars from your budget each…
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