Illustration by Hunter Newton/Bankrate When Jessica Lee bought her townhome in Nashville, Tennessee, the builder offered 5% in closing costs if she’d borrow from their preferred lender. The 28-year-old financial analyst felt if she didn’t use the lender, she wouldn’t get the house. “If the builder is offering it, it’d…
Images by GettyImages; Illustration by Hunter Newton/Bankrate The Federal Reserve doesn’t set mortgage rates outright, but its decisions do play a role in the percentages lenders offer would-be homeowners. And even if the Fed keeps its benchmark rate unchanged, mortgage rates can still fluctuate. Here’s how the Fed’s monetary policy…
PM Images/GettyImages; Illustration by Hunter Newton/Bankrate Credit unions are not-for-profit, member-owned institutions that commonly offer savings accounts with above-average rates, low minimum deposit requirements and low (or no) fees. While some credit unions restrict membership to those of a certain location or occupation, others make it easy for anyone to…
Images by Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Mortgages make up the highest percentage of household debt nationwide, with the average American owing $258,214. Millennials have the highest average mortgage debt at $320,027, with Gen X close behind at $286,574. The District of Columbia, California and Hawaii have…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
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Ariel Skelley / Getty Images Key takeaways Interest rates on federal student loans are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year. Borrowers with existing federal student loans will not see any changes when…
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Try to Offer Advice or Support Instead of Criticism While younger generations are often criticized for their lack of financial literacy, getting into…
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For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
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Image by GettyImages; Illustration by Bankrate Key takeaways Unsecured loans are debt products that do not require collateral but may come with higher interest rates and stricter credit requirements. There are various unsecured loans, including personal loans, student loans, and credit cards. When determining eligibility for an unsecured loan, lenders…
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that…
When your home experiences damage from a covered disaster, your insurer uses one of two methods for determining the payout for damages and lost belongings. Actual cash value, or ACV, takes depreciation into account, and pays out based on what your belongings are worth now, in their depreciated state. Replacement…
In South Carolina, a lead foot can come with a lasting price tag. A simple speeding ticket might seem like no big deal at first — but even a minor violation could cost you more than you’d expect. In towns like Summerville, for example, fines start around $75 for going…
Did the holiday season leave your finances in the red? A temporary setback doesn’t have to become a permanent burden. This is where a financial reset can help. A 2026 financial reset is a strategic plan designed to help you recover from holiday overspending and realign your budget for the…
10’000 Hours/Getty Images New Jersey drivers pay an average cost of $3,254 for full coverage car insurance and $1,413 for minimum coverage as of November 2025. These potential costs may put an undue financial burden on some New Jersey residents who have limited budgetary resources. For those individuals, there may…
There has been a lot of buzz in the news recently about President Trump’s proposed 10% cap on credit card interest rates and what it could mean for people struggling with high balances. While this is still a proposal, the bigger question for consumers is simple: If your interest rates…
Key takeaways Savings accounts are deposit accounts available at banks and credit unions. They allow you to keep your money safe while it earns interest. Online banks tend to offer the highest interest rates for savings accounts. You can withdraw your money from a savings account at any time, though…
Prioritizing debt in January starts with reviewing all balances, understanding monthly expenses, and redirecting available cash toward debt repayment so holiday balances do not continue to grow. With 37% of Americans accumulating an average of $1,223 in holiday debt, according to LendingTree, many households begin the year looking for a financial reset. A…
Key takeaways Several airline credit cards offer discounts on tickets for your traveling companions when you meet certain criteria. Available discounts range from flat-rate fares to fully comped tickets (minus taxes and fees). Take note of your card’s eligibility requirements so you can maximize your companion discount benefits. If you…
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