July 6th, 2016
It is no secret that the price tag for owning a home varies wildly in different parts of the country. Even within the regional patterns, neighboring states have their own housing markets and average prices in the cities within those states can range from the highest to the lowest extreme within 100 miles of each other.
Credit Karma examined at the average mortgage debt for individuals from our 60 million membership who visited our site in the last year to find the cities in each region that carry the greatest and smallest debt burden for owning the title to home sweet home*. Mortgage size and affordability can depend on a number of factors, including size of down payment, interest rate, how much principal has been paid off, income opportunities and living expenses. They are, however an indication of what prospective homeowners can expect from the market. Here is what we found:
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March 31st, 2016
Your credit card utilization rate – your collective credit card balance divided by your collective credit card limit – is an important factor used by most credit scoring models to calculate your score. Generally, lenders see that if you’re using a greater amount of available limit, there is an indicator of a greater risk of not being able to pay your debts. In general, a credit card utilization rate of less than 30 percent is recommended.
February 26th, 2016
Student debt is fast becoming a fact of life for Americans: research has estimated that by 2020 as many as two-thirds of jobs require post-high school education or training, tuition continues to rise in all sectors of the education market, and students are taking on debt at an alarming rate. Student debt has more than doubled in the last 10 years and, according to MarketWatch, it grows by $2,726 each second in America.
February 3rd, 2016
Missing a utilities bill or credit card payment happens more than we’d like to admit. Letters requesting payment can be tossed in the recycling bin, caller ID can make it easy to avoid phone calls, but the debt does not disappear. After a few months it may be sent on, or sold, to a collections agency for payment, leaving a derogatory mark on a credit report that may stay there for seven years or longer.
January 21st, 2016
At Credit Karma, we define a “Credit Fumble” as being the phenomenon where young adults, new to credit and many without any financial education, make largely avoidable financial mistakes. When we finished our recent research into this pattern, even we were surprised to find out that more than two-thirds of young adults we surveyed experienced at least one Credit Fumble before they turned 30.
December 17th, 2015
A recent University of Michigan study showed that car ownership was declining in America, but with over 90 percent of households still owning a vehicle, it clearly still plays a major role in most people’s daily lives.
December 3rd, 2015
There’s a prevailing cliche that exists about Millennials: they’re prone to living beyond their means, credit-illiterate and slightly irresponsible, enjoying the spend-now, consequences-later era of their early youth.
October 22nd, 2015
It’s a well hashed-out narrative in the media today, which deepens with every new home sales report: the average age of first-time homebuyers is rising as Millennials face several obstacles in their path to home ownership.
October 14th, 2015
A lot of people are embarrassed to talk about their finances. At Credit Karma we want to change that. In August, we launched a new video series, “My Money Stories,” featuring real people talking about their journeys with finances, credit and debt. We’ve been posting new stories on YouTube across the last two months and wanted to update you on this new content.
October 9th, 2015
With student loan debt increasing by over $3,000 per second in the USA and the price of a college degree rising over the last 30 years at more than three times the rate of inflation, when they’re thinking about which universities to attend, students today are looking out at a much different economic landscape than their parents.