The importance of FDIC insurance
Credit Sesame discusses FDIC insurance and what it does and does not cover. FDIC insurance, also known as federal deposit insurance plays an important role in stabilizing the banking system in the United States. The most recent reminder of this came in early 2023 when bank failures remained limited to a few institutions rather than […]
Personal finance weekly news roundup June 24, 2023
Credit Sesame’s personal finance weekly news roundup for June 24, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. Home sales and prices down over the past year Existing home sales showed a slight gain of 0.2% in May. In the bigger picture, existing home sales volume is […]
Fed hits pause on Fed funds rate: what now?
Credit Sesame discusses the recent Fed fund rate announcement and what it means. The Federal Reserve made news by doing nothing. After raising interest rates in 10 straight meetings, the Fed announced it left rates unchanged after its most recent session. This decision made headlines, and the stock market responded with a strong rally the […]
Personal finance weekly news roundup June 17, 2023
Credit Sesame’s personal finance weekly news roundup June 17, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. Fed holds firm but signals more rate hikes to come On June 14, the Federal Open Market Committee (FOMC) announced that it would maintain the Fed funds rate in a […]
Why retiree finances slumped in 2022
Credit Sesame on retiree finances and why 2022 proved an especially tough year for older Americans. High inflation and falling financial markets made 2022 a difficult year for household finances. However, conditions were especially hard on some of the most vulnerable Americans. Older Americans have been especially hurt by the economy and financial markets. Part […]
Federal government Secure 2.0 Act for gig workers
Credit Sesame discusses the Secure 2.0 Act retirement law. Without the workplace retirement plans that full-time employees are often offered, freelancers, gig workers and other types of contract workers are usually left on their own to save for retirement. A new federal law is changing that by giving a “saver’s match” to help low- and […]
Personal finance weekly news roundup June 10, 2023
Credit Sesame’s personal finance weekly news roundup June 10, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. Vantage score usage increases The use of the VantageScore increased by 30% during 2022. VantageScore is an alternative to the traditional FICO credit score model. VantageScore is a joint venture […]
Continued job growth may be consumers’ greatest ally
Credit Sesame discusses how consumers may benefit from continued job growth. Prices are rising, debt is growing, and consumers are feeling the squeeze. However, they have one compelling thing on their side–a strong job market. The latest employment report from the Bureau of Labor Statistics (BLS) showed the job market continuing an impressive winning streak. […]
Personal finance weekly news roundup June 3, 2023
Credit Sesame’s personal finance weekly news roundup June 3, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. House and Senate pass debt ceiling bill An agreement between President Joe Biden and House Speaker Kevin McCarthy to suspend the debt ceiling passed easily through both the House and […]
Personal finance weekly news roundup May 27, 2023
Credit Sesame’s personal finance weekly news roundup May 27, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. Fed survey shows households losing ground financially The Federal Reserve’s annual Economic Well-Being of U.S. Households survey found that Americans generally took a step back financially last year. The percentage […]
Personal finance weekly news roundup May 20, 2023
Credit Sesame’s personal finance weekly news roundup May 20, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. BoA shows slower credit card spending Bank of America (BoA) reported that household credit card spending declined by 1.2% in April compared with a year earlier. BoA is one of […]
13 states that do not tax retirement income
Credit Sesame’s ABC of states that do not tax retirement income. Planning for retirement? Are you liable for tax on your retirement income? Some retirement distributions are considered income and taxed by the federal government. Some states do not tax retirement income. Some states do tax income of any kind. Here is our ABC os […]
How to get a mortgage with a 500 credit score
Credit Sesame on options for a mortgage with a 500 credit score. Your credit score is a significant factor when mortgage lenders underwrite your loan application. While very few mortgage programs exist for homebuyers with credit scores as low as 500, some options may be available to you: FHA home loans Non-prime loans Seller financing […]
The weird history of personal loans
Credit Sesame with a not-so-light-hearted look at the history of personal loans and borrowing through the ages. Think getting a personal loan requires a lot of effort today? Imagine being an ancient Sumerian. Back then, you needed something more tangible than a good credit report. They preferred silver for big expenses, such as land and […]
Personal finance weekly news roundup May 13, 2023
Credit Sesame’s personal finance weekly news roundup May 13, 2023. Stories, news, politics and events impacting the personal finance sector during the last week. 1. Consumers continue to pile on debt Newly-released figures from the Federal Reserve show that non-mortgage consumer debt hit a new record high in March. Consumers now owe a total of […]
