September 12th, 2014
According to the Conference Board Consumer Confidence Index, consumer confidence improved for the fourth straight month in August. The new confidence total is the highest the monthly index has found since October 2007, indicating a growth in positive financial sentiment across the United States.
The survey, based on a sampling of Americans, offers more positive news for those weary of gloomy reports and poll results. A secondary highlight of the Conference Board’s findings is a rise in the number of consumers who see jobs as “plentiful.” While the fact that just 18.2 percent of respondents see jobs as plentiful may seem meager to some, this is the highest total since 2008. This finding coexists well with recent data from the U.S. Labor Department that shows decreasing competition for new job openings.
September 9th, 2014
It’s no surprise that raising a kid is expensive, but just how expensive is it? According to the U.S. Department of Agriculture, raising a child born in 2013 until they turn 18 will cost about $245,000 on average. The good news is that this is only a 1.8 percent increase from 2012, which makes it the smallest increase since 2009.
September 4th, 2014
According to the Federal Reserve Bank of New York, Americans added $101 billion dollars in new auto loans in Q2, the biggest quarter of new growth in almost eight years.
September 3rd, 2014
The CFPB recently reached a settlement with First Investors, an auto lender, which will pay a $2.75 million fine for illegal credit reporting practices. According to the CFPB, First Investors violated the Fair Credit Reporting Act by knowingly providing incorrect information about their borrowers to credit bureaus.
August 29th, 2014
Earlier this month, Manhattan District Attorney Cyrus R. Vance, Jr. brought charges against a Tennessee-based businessman and the 12 companies he allegedly created to offer payday loans to New Yorkers at illegally high rates.
August 26th, 2014
More Americans than ever are unsure that life will be better for their children’s generation than it is for theirs, according to a new poll conducted by the Wall Street Journal with NBC News.
August 25th, 2014
According to a recent Gallup poll, students with $50,000 or more in student debt fall short of those with no debt in three key areas of well-being: financial security, physical health and sense of purpose. The study surveyed more than 11,000 people who graduated from college between 1990 and 2014 to ask whether they felt they had purpose to their lives, supportive relationships, financial security, a sense of community and physical health.
August 22nd, 2014
The U.S. Department of Education recently proposed changes to the PLUS loan program that would relax credit standards for potential borrowers.
August 20th, 2014
According to the Federal Reserve, the economic recovery may not be going as smoothly as some might insist. A newly released study indicates that, as of late 2013, 68 percent of American households hadn’t seen significant financial improvement since 2008. Overall, in fact, there were more households that reported further deterioration than those that reported improvement.
August 19th, 2014
A new study by the Consumer Financial Protection Bureau found that opting in to debit card overdraft services costs the average consumer around $250 per year in fees. While the ability to charge your account into the red may be seen as a temporary convenience for those who are short on cash and need it now, the practice of overdrawing your checking account can be costly and inefficient.