Stay updated on financial news, market trends, and economic changes that affect your money. From interest rate hikes to government policy shifts, we break down what’s happening now—and what it means for your finances.
In this week’s State of the Union address, President Barack Obama recommended the minimum wage be incrementally increased to $9.00 per hour and be tied to the inflation rate after that. Having the Federal minimum wage indexed to inflation would help make sure that employees are paid a wage that keeps up with increased cost … Read more
The U.S. Postal Service announced on Wednesday its plans to drop Saturday letter delivery to street addresses beginning in August. The move is expected to save the financially ailing agency an estimated $2 billion per year. “The Postal Service is advancing an important new approach to delivery that reflects the strong growth of our package … Read more
Americans who were able to get a mortgage and bought a home last year took advantage of the low prices and great mortgage rates in the most affordable housing year on record. Housing affordability set an annual record in 2012, the National Association of Realtors reported on Wednesday. In 2012, the NAR’s National Housing Affordability … Read more
Almost two-thirds of Americans admit that their financial troubles are of their own doing, according to a December poll by the National Foundation for Credit Counseling. Of poll respondents, 63% said their financial woes self-inflicted for reasons such as overspending or being financially unorganized, and 37% said their problems were caused by events beyond their … Read more
Ten U.S. banks have agreed to pay $8.5 billion to settle charges that they wrongfully foreclosed on millions of homeowners in the aftermath of the housing bust, the Federal Reserve reported on Monday. Banks involved in the settlement are Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells … Read more
The number of adults living in shared housing and the number receiving food stamps increased since before the beginning of the recession through 2011, but the there was little change in the number receiving public assistance, according to a U.S. Census Bureau report released on Wednesday. The Census Bureau defines shared housing as a home … Read more
Hurricane Sandy slammed the Northeast on Tuesday and left devastation in its wake. Dozens of human lives were lost, millions more have been affected by flooding and power loss, and property has suffered billions of dollars in damage. But the losses don’t end there. After any major disaster, the climate is perfect for the lowest … Read more
The government’s unemployment figures reported for September reflect that the nation’s jobless rate fell a whopping 0.3 percent and brought the unemployment rate to its lowest level since January 2009. The unemployment rate fell from 8.1 percent in August to 7.8 percent last month, the Labor Department reported on Friday. The big decline was unexpected … Read more
Refunds will be sent this week to consumers who were swindled by a telemarketing scam that promised “free” goods and services such as gift cards, gas cards, and resort vacations, the Federal Trade Commission reported on Thursday. Consumers who were victimized by the alleged scam were misled into thinking the caller was from the consumers’ … Read more
Earlier this month, the U.S. Census Bureau reported that last year the nation’s median income slipped 1.5 percent to $50,502, the percent without health insurance coverage fell by 0.6 percentage points to 15.7 percent, and the poverty rate roughly held steady at 15 percent. On Wednesday, the Bureau released its findings on states, cities, and … Read more
