Recessions are like natural disasters: They're inevitable, but smart preparation may reduce the impact on you. The U.S. economy has grown steadily since emerging from the "Great Recession" in June 2009, but expansions can't continue forever, and this one is already the second-longest on record. Only the expansion from March 1991 to March 2001 lasted longer.Recessions occur when growth stops and the economy starts to shrink. They vary in severity and length, but often jobs disappear, incomes decline and lenders make it harder to qualify for credit. Knowing what may be coming can help you fortify your finances to withstand a possible slowdown. Here are some steps to consider.Reduce your "must haves"The classic "50/30/20" budget suggests limiting your must-have expenses to 50 percent of your after-tax income, with 30 percent allocated to wants and 20 percent to debt payment and savings. Must-haves include shelter, transportation, food, utilities, insurance and minimum loan … [Read more...] about There’s always a “next recession” — here’s how to prepare for it
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Consumers with limited access to credit could benefit by having their monthly phone and utility payments be included as factors in their credit scores. That's the pitch behind a new offering from credit-rating agency Experian. Here's the catch: Anyone who signs up for the free service will need to hand over access to their bank account, a potential red flag in a climate of seemingly endless online security breaches that put personal data at risk. An online platform called Experian Boost gives consumers the option of granting access to their online bank accounts so the credit agency can identify and record utility and telecommunications payments, Experian said Tuesday in a news release. After the consumer verifies the data and confirms he or she wants it added to their credit, the person's FICO score is immediately updated, the company said.The service would be of no interest to consumers with excellent credit or to lenders that don't make subprime loans. Instead, it "expands … [Read more...] about A credit bump for those paying utility, wireless bills on time
PUBLISHED: 17:36 16 November 2018 | UPDATED: 17:36 16 November 2018 Getting debt under control now will give families a ‘buffer’ to absorb the unknown but likely increase in the cost of living Picture: Getty Images/iStockphoto AntonioGuillem With four months remaining until the UK’s official withdrawal from the European Union, and still no clear message on the Brexit deal – despite the dramatic events in Westminster this week - concerns are rising over future interest rates and the effect on house prices and debt levels. Now is the time to review mortgage arrangements and property portfolios. Ranald Mitchell, a director of Charwin Private Clients Picture: Lee BlanchflowerThis is what we know: the Bank of England’s Monetary Policy Committee (MPC) has frozen the base interest rate at 0.75pc. This is what we don’t know: the Brexit effect on interest rates, debt and house prices when we leave the EU at 11pm on Friday, March 29, 2019... exactly 130 … [Read more...] about Mortgages, debts and the Brexit effect – now’s the time to act
CAMBRIDGE, Ohio—The angry old white men in this no-frills meeting room in a $55-a-night hotel off Interstate 70 are mostly retired truck drivers and coal miners, the kind of blue-collar voters without college degrees who tend to get quoted in Rust Belt diners, defending President Donald Trump. They believe the system is rigged, that America has broken its promises to its working class, that the citizens who transport its goods, extract its energy, and shower after work rather than before have been shafted and forgotten. And while “economic anxiety” has become a punchline for pundits who believe Trump’s popularity with this demographic has more to do with racial resentment than trade or wages or health care, the economic anxiety in this room is real. These retirees are at risk of losing the pensions they worked for decades to secure, which is why they’ve gathered to hear the man they trust the most to fight for them in Washington. It’s not Trump. In … [Read more...] about Trump Flipped Ohio in 2016. Can Dems Flip It in 2018 By Going Old School?
Updated 8:07 am PDT, Monday, August 13, 2018 Photo: AP Image 1of/1 CaptionClose Image 1 of 1 FILE - This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File) FILE - This April 2017 file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website NerdWallet.com. (NerdWallet via AP, File) Photo: AP Your house isn't a piggy bank 1 / 1 Back to Gallery Your home equity could keep you afloat in retirement or bail you out in an emergency — but not if you spend it first. U.S. homeowners are sitting on nearly $6 trillion of home value they could tap as of May 2018, according to data provider Black Knight. Lenders are eager to help many do just that through home equity loans, home equity lines … [Read more...] about Your house isn’t a piggy bank