MoneyWatch

Today’s high-rate environment has put a lot of pressure on borrowers, and that’s especially true for credit card users. Right now, the average credit card rate hovers above 21%, which means that if you’re carrying a balance from month to month, you’re paying a lot of money in interest on what you owe. That type of interest can cause your …

Homeowners have multiple ways to grow their wealth, from investing in the right assets to saving in the best accounts to refinancing when rates are advantageous. Those who have enjoyed the financial security of homeownership may also consider extending that support with a second home. Buying a second home can provide multiple financial advantages for homeowners if done smartly and …

The currentmortgage rates of 6% to 7% are understandably not very appealing to the majorityof U.S. homeowners who have rates below 6%. “Even though rates in the 7% range are normal today, they don’t feel normal to the consumer,” says Christopher M. Naghibi, Esq., executive vice president and chief operating officer of First Foundation Bank. “It’s more than double the …

With housing costs still high and a growing need for multi-generational living solutions, accessory dwelling units (ADUs) are becoming an increasingly popular option for homeowners. An ADU is a separate living space on your property with its own kitchen, bathroom and entrance — essentially a small apartment that can be used for a wide range of purposes, from housing elderly …

Not every investment is right for every investor. Multiple factors affect the value of a particular asset, including the personal financial situation of the investor, their age and their goals, both short and long-term. The timing is key and what may be beneficial for investors at one point in their life may not be as advantageous at another and vice …

When it comes to financial investments, the timing needs to be right. If you get started too late with a certain stock, for example, you may miss out on big returns. But if you get started too early, the return on your investment may be negligible. The timing needs to be right to earn substantial returns without sacrificing capital that …

If you’re trying to pay off high-interest credit card debt, the process can feel like an endless cycle of stress and mounting interest charges. And, that’s especially true right now. The Fed rate hikes that occurred over the last couple of years have caused credit card interest rates to climb, so if you’re carrying a balance from month to month, …

American homeowners are sitting on a significant sum of equity. In fact, the average homeowner has about $298,000 in equity, according to the data firm CoreLogic. That equity can be turned into cash using tools like home equity loans or HELOCs and used to renovate your home, pay off debts, or achieve other financial goals. Some homeowners even use these …

With news that inflation ticked up again last month, relief for borrowers again looks to be delayed. While hope for interest rate cuts was high at the start of 2024, disappointing inflation news has seemingly pushed those reductions off to an unknown time in the future. But while borrowers will need to contend with higher rates on mortgages, personal loans …

CD laddering is a popular savings strategy in which savers spread their CD investments across CDs with different maturities. For example, instead of opening a $5,000 5-year CD, you may decide to open five different CDs, like a 1-, 2-, 3-, 4- and 5-year CD, each with a $1,000 deposit. As each account matures over time, you have options: You …