Total household debt jumped $147 billion to top $17.94 trillion last quarter with balances increasing in mortgages, credit cards and auto loans, according to the latest data from the New York Federal Reserve released Wednesday. Not only are Americans borrowing more, it seems they’re not paying it off at an increasing rate, as credit delinquency inched up from 3.2% to 3.5% for the same period. These data serve as a wake-up call for many to get their financial books in order over the next six weeks and help prepare for a fresh start with the New Year — and who…

Bitcoin prices have gone up over 65% during the last few months. Even though Bitcoin is a recent invention, thousands of years ago, a storytelling slave named Aesop, told a fable that partly explains this recent trend. The Dog And His Reflection One day, a starving dog was searching for food. After weeks of hunger, he was desperate. While scavenging near a town, a kind butcher took pity on him and threw him a generous-sized bone. Thrilled, the dog took the bone in his mouth and hurried to his home in the nearby woods. As he walked past a river,…

Credit Card Debt Surges to Another Record High Americans’ credit card debt continues to climb, hitting a fresh record at the end of September, according to a new report from the New York Federal Reserve. Total credit card debt rose to $1.17 trillion during the third quarter, an increase of $24 billion from the previous quarter, according to the report. It marks the highest level on record in Fed data dating back to 2003. While still above pre-pandemic highs, credit card delinquencies did ease some last quarter to 8.8%, down from 9.1% from the previous quarter. [Fox Business] 28% of…

Fifteen years ago, I discovered minimalism. A lifestyle of intentionally owning fewer possessions has changed my life in many ways. But as one might guess, a shift in how I view spending money was among the top changes that took place. Letting go of unnecessary possessions frees us to pursue happiness in places where it can actually be found. When it comes to our personal spending habits, even for someone who doesn’t embrace a minimalist lifestyle, there is still important research that can guide our decisions into smart spending. Science shows that after our basic financial needs are met, there…

A problem exists when people experience it. The problem is sometimes personal when those feeling the impact are few and far between. You have a cold and others around you don’t. So long as you stay isolated, they’re fine even if you aren’t. Your bank account is overdrawn because you made an error tracking your accounts. That is painful, but you will likely resolve it, and others don’t realize. When millions of people experience the problem, it is likely no longer personal but systematic and maybe systemic, inherent in how the country operates and lives. However, a fix goes beyond…

Successful entrepreneurs do more than passively inspire the next group of founders, they actively enable the next generation to overcome the barriers entrepreneurial success. This is why Linda Rottenberg, who co-founded Endeavor, a platform that has supported more than 2,600 founders globally, created the Endeavor Multiplier Effect™, which allows early successful founders to fertilize what will later become thriving unicorn-breeding grounds and multiply entrepreneurial success by a large factor. The Breakdown You Need To Know: British economist John Maynard Keynes introduced the investment multiplier idea as a groundbreaking economic concept that shows how an original investment creates a cascading effect…

The fate of several student loan forgiveness and repayment programs remains uncertain as President-elect Donald Trump returned to Washington on Wednesday to meet with congressional Republicans and President Joe Biden. Key Biden administration student debt relief initiatives, including the SAVE plan and mass debt cancellation, appear to be in increasing danger. At the same time, some more targeted debt relief pathways may be safe. Meanwhile, the future of several other popular loan forgiveness programs that are more firmly rooted in federal law may be tougher for the incoming Trump administration to eliminate next year. Here are six critical updates on…

With the rising costs of higher education, navigating financial aid offers is essential for students and their families to make informed choices and avoid unnecessary debt. This article will walk you through the components of financial aid packages and provide practical advice for managing different offers to get the most out of available aid. What Is A College Financial Aid Offer? After receiving admission decisions, students are sent financial aid packages or award letters, which outline the funding available to help cover the costs of attending college. Financial aid may be classified as either need-based or merit-based. Need-based aid is…

Investing in a few home maintenance projects now could help reduce your costs when the cold weather hits. Not only can you trim your heating expenses, but you can also avoid unexpected emergency repairs later. “There are a lot of things you can do for free,” says Ethan O’Donnell, deputy editor of FamilyHandyman.com, a website about home improvement projects. That includes relatively simple steps like clearing the gutters and cleaning air filters in the HVAC system.There are also bigger investments that can pay off in the long run, like insulating the attic or buying a more energy-efficient water heater. In…

I tried the Instacart full-service shopper side hustle for a week and didn’t hate it. I found the level of activity involved — shopping and loading at grocery and other types of stores — to be more fulfilling than chauffeuring people around as an Uber driver or doing taco and smoothie deliveries with DoorDash. (I tried both of those gigs, too).Even though I liked it, I didn’t make much money, but that doesn’t mean you can’t. I chalk my struggle up to being a total Instacart noob and living in a relatively small town in Maryland. Also, I was filming…