Personal finance

Collectively, Americans owe more than $1 trillion in credit card debt. Despite the strong preference for plastic, that burden is not felt across the board. Residents in some states are faring better than others when it comes to paying down their balances, according to a new report by WalletHub. Using the median credit card balance

If you work at a small business and don’t have access to a 401(k) savings plan, that could soon change. The Labor Department on Monday released a final rule that’s intended to make it easier for the nation’s smaller firms to band together to offer 401(k) plans to their workers. The move comes about a

When former vice president Joe Biden recently announced his plans for older Americans, he joined his fellow Democratic presidential candidates in calling for the expansion of Social Security. “We should be increasing, not decreasing, Social Security,” Biden said at a recent AARP Iowa forum. “It’s within our capacity to do so.” Former U.S. Vice President

Webb Institute Source: Webb Institute Even as college becomes increasingly unaffordable for many students and their families, it is still possible to graduate owing next to nothing. “There are so many college-bound students and their families that are nervous about assuming too much debt,” said Robert Franek, editor in chief at The Princeton Review. However,

LawrenceSawyer/Getty Images Samantha Jokela, a 21-year-old college student from Upton, Massachusetts, will be graduating from college a year earlier than expected, thanks to dual enrollment. Dual enrollment is a state-run program that allows students to take college-level classes, often through a local community college, while they are still in high school. As many as 3

You can’t listen to music, go to the movies, rent a car, stay in a hotel — or of course buy a plane ticket — without encountering some sort of extra fee. About 85% percent of Americans have come up against an unexpected or hidden fee over the past two years for a service they

Some pre-retirees know the conundrum well: Full-time work soon will be behind them and they’ll need income, yet they want to delay tapping Social Security for as long as possible to maximize those benefits. For people who have other assets available, some advisors recommend that rather than gradually withdrawing from those funds — such as

Photo: Wikicommons When Democratic presidential candidate Elizabeth Warren earlier this week unveiled the details of her bill to cancel student debt, she stressed how it would deliver significant financial relief to borrowers of color. “The day our bill gets signed into law, that black-white wealth gap would shrink by 25 points,” the Massachusetts senator said.

Ariel Skelley | Getty Images Want to retire in the city with the most sunny days per year? Or one with no state or local sales tax? A new list by SeniorAdvice.com — a housing referral service — ranks the best locations to spend your golden years. The site focused on mid-sized cities, since “most

Hero Images | Hero Images | Getty Images If you’re in your 20s or 30s without children, the need to purchase life insurance can seem unnecessary. Putting it off, however, may cost you. “The better health you’re in and the younger you are, the cheaper your insurance premium typically will be,” said certified financial planner

The Internal Revenue Services offices in Washington, D.C. Adam Jeffery | CNBC If you’ve been trading or mining cryptocurrency, the Internal Revenue Service is about to come knocking. The IRS on Friday announced that it’s sending letters to more than 10,000 taxpayers with virtual currency transactions who have potentially failed to report income and pay

Robert Exley, Jr., a CNBC staffer, now and at some possible future time. Robert Exley, Jr. | CNBC It’s fun, it’s Russian, it’s potentially dangerous. FaceApp, the amusing smartphone app that gives you a sense of what you might look like in 20, 30 or 40 years, can also help you better save for retirement.

Adrian Peterson Wesley Hitt | Getty Images Adrian Peterson will likely earn close to $100 million over the course of 12 seasons in the NFL. Now, he’s battling creditors in court over millions in unpaid loans. The Washington Redskins running back is making headlines again over a state supreme court case in New York. DeAngelo

Allison Shelley | Getty Images News | Getty Images A congressional debate on a bill to reform Social Security has turned to a key question: whether changes made to the system today will upend millennials’ retirement in the future. A committee hearing of the House Ways and Means Committee on Thursday focused on the potential

If you run into a big expense and are eyeing tapping your savings, make sure you know how the move would affect your finances. While there are benefits to paying cash for a big-ticket item or unexpected expense instead of financing it and paying interest on the borrowed money, doing so may cost you more

Thomas Barwick | Taxi | Getty Images The prospect of lower interest rates may put retirees in a bind: Contend with less growth on their “safe money” or consider taking more equity risk. The Federal Reserve is expected to lower the federal funds rate — the key interest rate banks charge to lend to each

Nils Hendrik Mueller | Cultura | Getty Images There’s a reason why you shouldn’t pile all your cash into your 401(k): You’ll be paying hefty income taxes in retirement. This is because the money you sock away in that account during your working years is tax-deferred. If your 401(k) makes up most of your savings,

There are a lot of things to think about when you switch jobs, including what to do with the money you may have accumulated in your employer-sponsored retirement account, or 401(k). In fact, that is the most important thing you need to decide, according to Ted Benna, who’s been dubbed the creator of the 401(k) about 40

Elizabeth Warren speaks at her campaign for the Democratic nomination for the 2020 United States presidential election Jeremy Hogan | LightRocket | Getty Images Sen. Elizabeth Warren, D-Mass., introduced a bill Tuesday that would forgive student loans for tens of millions of Americans. Three-quarters of borrowers would have their balances reset to zero. Warren, who is

Few purchases deliver a dose of sticker shock like the cost of college. Yet many families rarely pay the full amount. Tuition and fees for a four-year private college averaged $35,830 in 2018-19; at four-year, in-state public colleges, it was $10,230, according to the College Board. And that’s not even adding in room and board