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1 week ago | 
money.usnews.com | Gina Freeman |Peter Warden |Ray Frager
On May 6, the Consumer Financial Protection Bureau announced it will no longer prioritize enforcement actions taken on buy now, pay later transactions, in accordance with a Biden-era rule that classified BNPL providers as credit card issuers subject to the Truth in Lending Act.
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2 weeks ago | 
money.usnews.com | Gina Freeman |Ray Frager |Whitney Blair Wyckoff
Key Takeaways The term "debt relief" or "debt resolution" generally refers to several ways you might restructure debt to make it more affordable. Debt relief options include debt consolidation, debt management, debt settlement (also called debt resolution or debt negotiation) and bankruptcy. Some debt relief solutions are riskier or more drastic than others. It's generally best to choose the most conservative option that will solve your problem.
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2 weeks ago | 
money.usnews.com | Sarah Brodsky |Gina Freeman |Ray Frager
Key Takeaways A rate and term refinance replaces your previous mortgage with a new loan that has a different rate, a different term or both. You can use a rate and term refinance to switch from one type of loan to another, such as going from an FHA loan to a conventional loan or from an adjustable-rate mortgage to a fixed-rate mortgage. If you want to use your refi to consolidate debts or access money for repairs or other expenses, consider a cash-out refinance or limited cash-out refinance.
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2 weeks ago | 
money.usnews.com | Erika Giovanetti |Gina Freeman
Getty ImagesMortgage rates typically decline during a recession, but that may not be enough to lure homebuyers back into the market. Key Takeaways Mortgage rates usually drop in a recession, but by exactly how much depends on the circumstances of the economic downturn. Although interest rates on mortgages may trend lower in a recession, lending standards become tighter – making it more difficult to qualify for a mortgage. Historically, recessions don't always mean that home prices will crash.
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1 month ago | 
usnews.com | Melanie Lockert |Gina Freeman |Mark Evitt
Key Takeaways Now is a good time to buy short-term and long-term CDs before the Federal Reserve cuts rates. In the current environment, you'll likely see higher short-term CD rates. CDs may have a minimum opening deposit and come with early withdrawal penalties. In the current economic climate, putting your money in a certificate of deposit account can provide some stability.
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1 month ago | 
money.usnews.com | Mary Beth Eastman |Ray Frager |Gina Freeman
Mortgage defaults have ticked up slightly since last year, primarily among FHA borrowers. Late or missing mortgage payments can seriously affect your credit history and could even lead to foreclosure. To avoid default, consider refinancing, using a home equity loan or line of credit, or asking your lender for forbearance or a loan modification. Mortgage defaults have risen slightly since this time last year, according to data from the Mortgage Bankers Association.
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1 month ago | 
money.usnews.com | Gina Freeman |Whitney Blair Wyckoff
Editor’s NoteDebt settlement, sometimes called debt relief or debt resolution, is a service in which companies negotiate with your creditors to reduce the total amount you owe. It can be expensive and have tax implications. Make sure you exhaust other options, including working with a nonprofit credit counselor or even negotiating with your creditors directly, before considering debt settlement.
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1 month ago | 
money.usnews.com | Gina Freeman |Ray Frager |Whitney Blair Wyckoff
Key Takeaways If you're charged with a crime, you may be required to post bail to get out of jail before your court date. Three common types of bail bonds include cash, surety bonds and property bonds. Bail bonds are not loans. They are guarantees. Being charged with a crime is probably not going to make your day. But the experience gets worse if you find yourself navigating the bail system.
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1 month ago | 
money.usnews.com | Gina Freeman |Whitney Blair Wyckoff |Ray Frager
Key Takeaways Adjustable-rate mortgages, or ARMs, can save you money when their starting rates are lower than fixed mortgages. In atypical economic conditions, ARM rates can be higher than fixed rates. When rates drop, borrowers with ARMs can benefit without refinancing. When interest rates rise, homebuyers look for ways to make their purchases more affordable. And that means adjustable-rate mortgages, or ARMs, are on the table. But today's ARM rates are all over the place.
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1 month ago | 
money.usnews.com | Sarah Brodsky |Ray Frager |Gina Freeman
Key Takeaways A deed of trust is a legal instrument that is similar to a mortgage in that both documents allow financed property to be seized and sold if the borrower defaults. With a deed of trust, a trustee holds title to the property or has a lien on the property until the loan is paid off. A deed of trust generally allows the trustee to foreclose and sell the property without going through the court system.
