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19 hours ago | 
cbsnews.com | Angelica Leicht |Matt Richardson
In today's tough economic landscape, Americans are leaning on their credit cards more than ever before. Case in point: the total amount of credit card debt nationwide reached a staggering record of over $1.21 trillion in the fourth quarter of 2024, according to the latest Federal Reserve data. This represents a significant increase in card debt over the last few years, reflecting the financial pressure many households have been facing.
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20 hours ago | 
cbsnews.com | Angelica Leicht |Matt Richardson
Amid today's economic hurdles, Americans are increasingly finding themselves at a financial breaking point. As a result, interest in personal bankruptcy is climbing. According to the latest data from LegalShield, a legal services company, bankruptcy inquiries surged nationwide in the first quarter of 2025, hitting the highest level since early 2020.
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21 hours ago | 
cbsnews.com | Matt Richardson |Angelica Leicht
A home equity line of credit (HELOC) has traditionally been a cost-effective way to borrow money. With the home in question serving as collateral, borrowers tend to be offered lower interest rates than they'd otherwise secure with unsecured debt like personal loans and credit cards.
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23 hours ago | 
cbsnews.com | J.R. Duren |Matt Richardson
Savers looking for signs about where certificate of deposit (CD) interest rates are going likely have an eye on May's scheduled Federal Reserve meeting, where the Fed could provide hints about its benchmark rate strategy for the rest of the year. Fed rate decisions tend to impact CD rates; rate cuts usually lead to lower CD rates and vice versa.
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23 hours ago | 
cbsnews.com | Matt Richardson |Angelica Leicht
Many Americans are familiar with the process of borrowing money via the swipe of a credit card. Others are well-versed in what it takes and what it costs to take out a personal loan. But borrowing money via home equity can be less familiar to homeowners. Yet now is an optimal time to do so, with interest rates on home equity lines of credit (HELOCs) and home equity loans materially lower than those on credit cards and personal loans.
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1 day ago | 
cbsnews.com | Sharon Wu |Matt Richardson
Homeowners continue to face financial challenges in 2025. Inflation and interest rates remain elevated, and the stock market is seeing a spike in volatility as recession fears mount. All of these factors create uncertainty for anyone managing a mortgage. Yet this economic turmoil may offer an unexpected benefit for some homeowners. Mortgage interest rates have started to decline after reaching their highest point in years.
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1 day ago | 
cbsnews.com | Angelica Leicht |Matt Richardson
Credit card debt is a growing issue nationwide and it is weighing heavily on many households as we move through the second quarter of 2025. For example, recent data shows the average cardholder is carrying nearly $8,000 in credit card debt, while credit card interest rates remain stubbornly high at nearly 22% on average. This combination creates a challenging environment for cardholders who are carrying a balance while trying to stay afloat financially.
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1 day ago | 
cbsnews.com | J.R. Duren |Matt Richardson
A home equity line of credit (HELOC) can give you a way to turn your home's equity into a line of credit you can use when needed. HELOCs have several key benefits that make them a solid borrowing choice in today's market. They operate like a revolving line of credit, giving homeowners flexibility they wouldn't have with a lump sum of equity borrowed. And the average interest rate is 8.02%, making them one of the most affordable ways to borrow money right now.
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1 day ago | 
cbsnews.com | Matt Richardson |Angelica Leicht
The remarkable price surge gold has experienced in recent years appears to be continuing unabated in 2025, the latest record coming this week when the price of the precious metal surged past $3,400 per ounce. Now priced at $3,441.13 per ounce, gold is up an astounding 66% from the $2,063.73 price point it was listed at in early 2024. And there's a strong possibility that this price rise will continue into the summer and possibly beyond.
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1 day ago | 
cbsnews.com | Angelica Leicht |Matt Richardson
If you've ever been in a situation where you have tax debt with the Internal Revenue Service, you know how stressful it can be. The letters from the IRS keep coming, the penalties and interest continue to accrue and the stress of owing money to the government adds to the issue. In other words, dealing with tax debt can take a real toll on your peace of mind. The good news is that you do have options if you're dealing with this problem, and some of them may offer more flexibility than you think.
