Millions of people have become dependent on credit as one way to get themselves through tough economic times, let alone do something normal, like buying a house or car. Now credit rejections are at a record high. News out of the Federal Reserve Bank of New York is bad. It has become harder than ever before to get approved for credit. Not necessarily for all time, but at least for as long as the New York Fed has run surveys on the topic, which is since 2013, not long after the Great Recession when millions faced financial problems. Dependence on…

Having a baby is a joyful and transformative experience, but it also introduces significant financial responsibilities that require careful planning. As first-time parents with a 15-month-old, my wife and I discovered just how quickly the costs can add up and how important budgeting for a baby is in reducing financial stress. From essentials like diapers and baby gear to ongoing expenses such as childcare and medical costs, the financial demands can quickly add up. Budgeting for a baby helps new or expecting parents stay financially stable by outlining clear strategies for managing these costs while identifying opportunities to save. Creating…

The holiday season is a time for joy, connection and celebration, but it can also be expensive if not managed properly. A well-planned holiday budget ensures you can enjoy the festivities without financial stress. By proactively budgeting for Christmas or other holiday expenses, you can prioritize spending on what truly matters. This article offers actionable strategies to help you stay financially secure during the most wonderful time of the year. Whether it’s gifts, decorations or parties, learn to allocate funds wisely while keeping holiday cheer alive. Holiday Budgeting Strategies Holiday spending can quickly add up, with the average American planning…

There are few morally worse things to do than gaslight people. It is a crime against the psyche and soul, ultimately meant to drive the victims mad and watch them lose connections to reality. Millions of people cannot afford to buy a home, which has been seen as part of the American Dream. A chance to build some wealth rather than paying for someone else’s. Safety in a place of your own where someone can’t typically tell you to move on. The explanations run rampant from economists, politicians, and pundits. Wait until the Federal Reserve lowers rates enough and watch…

After interviewing financial and food experts about how to keep Thanksgiving costs down, I discovered a few recurring themes: Choose seasonal ingredients, avoid speciality items and repurpose dishes into new meals to fully leverage leftovers. The advice coincided perfectly with my decision to host a Thanksgiving meal for 10 family members for the very first time. Our guests include children and vegetarians, so I had to make sure there were plenty of options beyond the main event (the turkey). By applying the basic principles the experts shared with me, I set the goal to keep my total cost for feeding…

“In general, Thanksgiving is one of the cheapest holidays to host. The foods are so cheap — potatoes, squash, carrots, apples, turkey,” says Andrea Dekker, who publishes simple home organization and cooking tips on her eponymous website. Indeed, the American Farm Bureau Federation, an agricultural industry group that tracks food prices, reports that in 2024, the classic Thanksgiving meal for 10 costs just over $58. That’s a decrease of 5% from last year, but 19% higher than five years ago. In addition to selecting the right ingredients, the following strategies can also make it easier to host Thanksgiving on a…

Home equity lines of credit (HELOCs) have been having a moment, with balances skyrocketing to $387 billion between mid-2023 and 2024 as homeowners look for budget-friendly ways to cash in on their home equity. And while HELOCs can be a savvy way to fund home improvements or pay down high-interest debt, using them recklessly—like splurging on luxury vacations or risky investments—can leave you in a financial mess. With your house on the line, it’s important to understand the risks before turning your home into a personal ATM. Why HELOCs Can Be A Risky Loan Option A HELOC allows you to…

The banking and finance industry is evolving, and leading the charge are women. Women executives are breaking barriers, driving innovation, and inspiring others. Their advice on finances, career growth, and leadership offers valuable lessons for anyone at any stage. Here’s what some of the Most Powerful Women in Banking and Finance shared with me when it comes to money and career success. Holly O’Neill: Start Early and Take Calculated Risks Holly O’Neill, President of Retail Banking at Bank of America, highlights the importance of building financial habits early. “Start saving early, set a budget and plan, and don’t spend money…

While it’s well off its peak, manufacturing remains one of the largest sectors of the U.S. economy, contributing to about 10% of the country’s overall output. But global supply chain dynamics make it difficult to measure precisely which products qualify as “made in America,” according to the U.S. Commerce Department. That’s because much domestic manufacturing relies on foreign parts and materials that are imported into the United States for assembly. Those assembled consumer products may then be sold in the U.S. or exported to other countries. But some products are still produced entirely in the U.S. U.S. manufacturers source 69%…

Elizabeth Warren Backs 10% Cap on Credit Cards The incoming top Democrat on the Senate Banking Committee threw her support behind a 10% cap on credit card interest rates. Sen. Elizabeth Warren (D-Mass.) told reporters she saw an opportunity to work with President-elect Donald Trump to cap card rates. Trump promised on the campaign trail to do just that. “Bring it on,” Warren said. [Punchbowl News] Credit Crunch Crushes Dreams: Millions Face Loan Rejections, NY Fed Reports Credit is getting harder to come by, especially for auto loans, mortgages and those with low credit scores. Amid an environment where lenders…