Credit Card Delinquencies

Philadelphia Fed: Credit Card Delinquencies Highest Since 2012

Credit card delinquencies reached the highest levels in a long time, according to the Philadephia Federal Reserve. Consumers are feeling it as inflation continues to bite. Credit Card Delinquencies Rising In yet another sign that US consumers are tapped out, credit card delinquencies at the end of 2023 hit the highest levels since 2012. Check … Read more

401k Hardship Withdrawals Reach Record High

401(k) Hardship Withdrawals Reach Record High

All is not well in the economy right now. Credit card balances and 401(k) hardship withdrawals have all recently reached records highs. Throw in rising inflation, student loan payments restarting, and it’s no surprise that consumers are financially stressed. Check out the following from Investopedia: As inflation and high interest rates pressure household budgets, more … Read more

How to Get Equity Out of Your Home Without Selling

Home equity is a form of savings built up over many years of making mortgage payments, paying property taxes and insurance, and maintaining your home. It can often be advantageous to convert home equity into cash to pay off debt, do home improvements, etc. We’ll explain the ways you can potentially get equity out of … Read more

APY vs APR Image

APY vs APR: What’s the Difference?

The acronyms APY and APR sound similar, but they’re quite different. We’ll break down the differences between APY vs APR and explain how they impact you when you borrow and save money. What Is APR? APR, which stands for annual percentage rate, usually represents the total cost of borrowing on an annual basis expressed as … Read more

Daily vs Monthly Compounding Interest

Credit Card Daily vs Monthly Compounding: Does It Make a Difference In How Much Interest You Pay?

Credit card companies typically use daily or monthly compounding when calculating the interest bill on a credit card balance. Does it make a difference? Is one way more expensive than the other for the borrower? We’ll shed some light on how daily vs monthly compounding works. Credit cards are super convenient, but they can be … Read more