July 21st, 2014

Many Americans Have Less Than Three Months in Emergency Funds

Many Americans Have Less Than Three Months in Emergency Funds

Each month, Bankrate’s Financial Security Index attempts to capture the American financial climate. By asking survey respondents about their savings, their job security and their economic comfort levels, Bankrate tries to zero in on economic trends. While the results of their June survey show some improvement from prior findings, there is still a bit to be concerned about.

No Savings

The biggest, and most concerning, takeaway from the June survey is that half of Americans have no more than a few months’ expenses saved away. 26 percent of respondents replied that they had no emergency savings at all, and 24 percent had some but less than three months. Only 23 percent of respondents had more than six months’ worth saved away.

Having savings is, of course, critical to economic health, and the groups that lack it break down in predictable ways. Retirees were much more likely to have larger emergency savings pools than younger Americans, for instance. A concerning 36 percent of those with high school educations or less reported having no savings, compared with just 10 percent of respondents with college degrees, further driving home the importance of education to a healthy salary.

What makes the savings picture even bleaker is the apparent lack of improvement from prior findings. Three years ago, a combined 46 percent had less than three months in savings, meaning the total has actually risen a bit. 34 percent of June’s respondents said they feel less comfortable about their savings now than they did a year ago. Just 18 percent feel better.

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July 11th, 2014

New Study Shows More People Working Through Retirement

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Traditionally, retirement is viewed as a time of leisure, rest and relaxation. After working for 30 or 40 years, retirees expect to take a load off and do things that they enjoy. Now, though, more and more people are choosing to continue working after retirement.

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July 9th, 2014

U.S. Places 4th out of 15 Countries in New Retirement Study

U.S. Places 4th out of 15 Countries in New Retirement Study

It’s no secret that the nature of retirement is changing. In the wake of recent economic turmoil and in the context of concerns about the health of our Social Security system, it wouldn’t be too surprising to find many Americans feeling pessimistic about their retirement plans. The results of a new survey, however, might be cause for some optimism.

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July 9th, 2014

Spotlight on Success: How Leah Improved Her Credit Score by 100 Points in One Year

Spotlight on Success: Leah

Leah’s credit awakening happened at a critical time – while she and her husband were obtaining the mortgage for their first home, a cozy bungalow in Atlanta. Although Leah thought she had a great relationship with credit, she was alarmed to find that she actually didn’t have a score that would qualify her and her new husband for the best possible mortgage rates.

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July 3rd, 2014

Infographic: Home Mortgage Averages

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In honor of the start of summer, we decided to make the housing market the subject of our latest infographic. Check it out for details on average mortgage sizes and a glimpse at how widely the market can vary based on region.

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June 26th, 2014

Spotlight on Success: How Tommy Paid off $34,000 of Student Loan Debt Years Ahead of Schedule

Spotlight on Success: Tommy

Here at Credit Karma, we love success stories. We’re inspired when we hear from members who took control of their finances and made major improvements to their credit health. Tommy, an intensive care nurse from Canton, Texas, is a Credit Karma community member who paid off his student loans several years ahead of schedule. Read more to find out how!

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June 12th, 2014

For Most Americans, the Housing Crisis Isn’t Over

housing crisis

In the eyes of many economists, the housing and mortgage crisis of the late 2000s is in our national past. According to a recent survey by the John D. and Catherine T. MacArthur Foundation, however, a large majority of Americans don’t feel the same.

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June 6th, 2014

Consumers are Prioritizing Mortgages over Credit Cards

houses

For the first time since the housing crisis, consumers are now more likely to miss payments on their credit cards than their mortgage.

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May 19th, 2014

Volunteers Needed: Spotlight on Success

Volunteers Needed: Spotlight on Success

Hey there! Have you made great strides improving your credit? We want to hear from you! This summer, we’ll feature several Credit Karma community members who have worked hard to improve their credit health. If you’d like to be featured, send a brief email to blog@creditkarma.com introducing yourself. We’ll choose the best stories to be featured in our new blog series: Spotlight on Success. Thanks in advance!

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January 21st, 2014

How Improving Your Credit Health Is Like Making the Perfect Marshmallow

How Improving Your Credit Health Is Like Making the Perfect MarshmallowThe journeys to the perfect marshmallow and excellent credit health are remarkably similar. Check out the sweet parallels:

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