This article explores secured and unsecured loans, comparing their pros, cons, and suitability if you have poor credit. It will also cover key factors to consider when choosing between the two and provide alternative financing options for those who may not qualify for traditional loans. Comparing Secured And Unsecured Loans What Are Secured Loans? A secured loan is a type of loan that requires collateral—an asset that you pledge to the lender as security. This collateral can be in the form of a car, house, savings account, or any valuable asset that reduces the lender’s risk. Because of this added…

Most people weren’t expecting the Federal Reserve’s Federal Open Market Committee to cut interest rates, and they didn’t. The benchmark federal funds range — the range of interest rates banks charge one another for overnight borrowing — remains 4.25% to 4.50%. The real news is in everything else. Where The Economy Was Going Until December 2024, the growing assumption was that after a period of swiftly growing inflation and then time with higher short-term interest rates the Fed used to control the price increases, the country was coming to a rare so-called soft landing, where inflation would finally return to…

For homeowners seeking to reduce their monthly mortgage payments without the hassle, credit checks, or expense of refinancing, mortgage recasting might offer a simple and cost-effective solution. But what exactly is mortgage recasting, and how does it differ from refinancing? This article breaks down the concept of mortgage recasting, compares it to refinancing, and explores the advantages and disadvantages to help you determine if it’s the right move for your financial situation. What Is Mortgage Recasting? Mortgage recasting allows you to reduce your monthly mortgage payments by making a large, one-time payment toward the principal balance of your loan. After…

When it comes to personal finance, there’s no end to the emphasis on how important it is to save. I’m part of that choir myself! You probably already know all the financial fundamentals for success, because they are repeated everywhere: Build an emergency fund. Set money aside for big goals. Keep cash on hand. But have you ever wondered if there’s a point at which you actually have too much cash on hand? If so, you’re asking a good and valid question, because the answer is yes. Yes, you can have too much of a good thing, and there’s a…

Social Security Fraud Prevention Could Effectively Deny (Or At Least Delay) Benefits To Millions A leaked Social Security Administration memo has unveiled a Trump administration plan that could upend the benefits system for millions of Americans. Obtained by investigative outlet Popular Information and corroborated by reports in The Washington Post and Axios, the internal memo outlines proposed changes that “would debilitate the agency, cause significant processing delays, and prevent many Americans from applying for or receiving benefits.”​ The document, dated March 13 and signed by Acting Deputy SSA commissioner Doris Diaz, is positioned as aiming to combat fraud within the…

Student loan borrowers are going on offense. On Tuesday, the American Federation of Teachers, a major national labor union, represented by the Student Borrower Protection Center and Berger Montague, filed a lawsuit against the Trump administration for preventing millions of borrowers from accessing affordable repayment plans and student loan forgiveness programs authorized by federal law. The lawsuit comes as the federal student loan repayment system is in turmoil. Millions of borrowers have been stuck in a forbearance for months due to a legal challenge associated with the SAVE plan, an income-driven repayment program launched by the Biden administration two years…

Permanent Fund Dividend Functions As An Alaska Stimulus Check Alaska’s Permanent Fund Dividend is often regarded as a yearly Alaska stimulus check for residents, injecting cash directly into households and the state economy. In 2024, the program marked its 43rd year of payouts, and state officials highlighted its significance: “The 2024 PFD will create an economic opportunity across all of our local communities,” noted the Peninsula Clarion, an Alaskan news publication. Even a relatively modest PFD can profoundly affect Alaskans’ finances. For example, even this year’s small dividend equates to more than $4,000 for a family of five and “makes…

As food prices keep rising, Americans are adjusting how they cook, shop, and dine. Food at a Price is an ongoing series exploring how inflation is shaping home cooking habits, grocery trends, and restaurant spending. Food is more than just a meal—it’s a reflection of how people are adapting to uncertain times. With rising costs and shifting spending habits, home cooking has become more than a choice; it’s a strategy. What we eat and how we prepare it tell a bigger story about resilience, resourcefulness, and changing consumer priorities. The Economic Backdrop—Why People Are Changing the Way They Eat With…

I love helping my clients maximize their tax-free retirement income streams. Converting a traditional IRA account to a Roth IRA is a fabulous part of a proactive tax-planning strategy to reduce the tax drag on your retirement income. However, many people forget about state taxes when developing the optimal Roth conversion strategy for their personal financial and tax-minimization needs. Most people focus on federal tax rates when choosing how large a Roth conversion to do each year. Ignoring state taxes could leave you without enough cash on hand to pay the taxes due on the Roth conversion. It could cause…

Investors as well as those interested in the impact of economics on the country and world — a large statistical universe — often look for data. The current artificial intelligence hype and inclusion of such capabilities into software, computer operating systems, and web browsers would seem welcome effort-saving additions. However, there is a problem: bad AI information. Here are three simple examples of how relying on the accuracy of what is handed to you can lead you to incorporate errors, whether tiny or significant, into your work, deliberations, and decisions. But first, some background. Not All AI Is The Same…