Medical debt may still plague millions of American families, but the pandemic years brought a marked decline in the number of people struggling to cover their health costs, the Centers for Disease Control and Prevention reported on January 17, 2023.. By the numbers: 10.5 million fewer people were in families having problems paying medical bills in 2021 than in 2019 - a 3.2 percentage point decline, according to National Health Interview Surveys. Women were likelier to have problems paying medical bills, and the percentage of people in families struggling with bills was higher among those with children aged 0–17 years (11.5%) and adults ...
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The average rate for a 30-year fixed rate mortgage has topped 7% for the first time in 20 years - almost double the rate 12 months ago - making it much harder for would be home buyers. Further, the pace of home sales has declined for eight consecutive months as frustrated buyers give up, unable to afford higher payments. The weekly average for a 30-year fixed rate loan is now 7.08%. That's the highest level since April 2002. Rising rates have also slammed the lid on home prices, which have declined 1%, according to the latest reading of a closely watched home price index. This trend will likely accelerate in the coming months. ...
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Inflationary pressure is pummeling consumers from every angle, so it’s more important than ever to get yourself financially fit to best deal with what could be coming in the months ahead. All of our everyday items, from the simplest grocery items to the weekly fuel fill up for your car -even the movement of stocks on the NASDAQ Index – these all have huge flow-on effects to the American consumer, especially for small business owners. As we move from a global pandemic to the highest inflation rate in years, there’s no wonder why the cost of living is increasing. As we emerge from the restrictions from COVID-19, it’s paramount to get ...
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House Judiciary Committee Chairman Jerrold Nadler (D-N.Y.) and Rep. David N. Cicilline (D-R.I.), Chair of the Subcommittee on Antitrust, Commercial, and Administrative Law, have introduced a bill that would give Americans overwhelmed by student loan debt the option of obtaining meaningful bankruptcy relief. According to a press release, the "Student Borrower Bankruptcy Relief Act of 2022" proposes to eliminate the section of the Bankruptcy Code that makes private and federal student loans nondischargeable, allowing these loans to be treated like nearly all other forms of consumer debt. "This legislation updates the federal bankruptcy ...
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Employees’ 401(k) accounts may have taken a hit during recent market volatility, but that’s not the only reason balances may be down. A new study from Morgan Stanley finds 62% of employees have reduced their short- and long-term savings contributions amid high inflation and concerns about a possible recession. Almost one-third of respondents reduced contributions to their 401(k) plans. Meanwhile, 26% said they’ve cut back on paying down debts, 25% reduced their long-term savings, 24% scaled back emergency and short-term savings, 19% whittled down contributions to health savings accounts and 13% reduced contributions to a college savings ...
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There is life after bankruptcy. Try these three suggestions to develop new financial habits: First: Change how you talk about money To truly know your “money self,” pay attention to what you say and hear about it on the job, at home, while out with friends. There is often a tendency to focus on the negative. Change your language if you want to change your money attitudes, which is the first step in improving money’s place in our lives. Start by using positive language around money today. Begin saying “I choose not to” buy this item or “That is not a financial priority.” This demonstrates that you are making conscious choices. ...
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With tens of millions of Americans relying on unemployment benefits during the pandemic, many may face a tax bill — or smaller refund — this season if they haven't withheld enough during the year. Unemployment benefits are taxable and have to be reported on your 2020 taxes, both on federal and on state returns. They are considered earned income and are taxed the same way. "People receiving unemployment benefits are hard on cash and don't put aside the money for the unemployment income,” Lewis Taub, a certified public accountant and New York director of tax services at Berkowitz Pollack Brant Advisors, told Yahoo Money. “They do get hit ...
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