Matt Richardson

2 days ago | cbsnews.com | Melanie Lockert |Matt Richardson

In an effort to curb inflation, the Federal Reserve has once again decided to keep the federal funds rate the same after its May meeting. As inflation and economic uncertainty persist, so do elevated interest rates. This has created a challenging borrowing environment for people who need extra funding. Credit cards, while convenient, now have interest rates above 20%. Personal loans, which offer flexibility, are closer to 12%.

1 week ago | cbsnews.com | Matt Richardson |Angelica Leicht

All eyes will once again turn toward the Federal Reserve on May 6 and May 7 when the central bank meets yet again to determine monetary policy and the future of the interest rate climate. The bank didn't meet in April but in it's previous 2025 meetings in January and March it elected to keep the federal funds rate frozen at a range between 4.25% and 4.50%. That left interest rates on a variety of products that take direction from the Fed in limbo.

1 week ago | cbsnews.com | Angelica Leicht |Matt Richardson

Receiving a court summons for a lawsuit over an unpaid debt can be jarring — even if you're well aware that your debt issues have been compounding. Whether it's due to a credit card balance that spiraled out of control or a personal loan you couldn't keep up with, seeing your name on a legal complaint can transform what felt like a financial challenge into a potential crisis.

1 week ago | cbsnews.com | Angelica Leicht |Matt Richardson

If you've found yourself struggling to afford your debt payments recently, you're far from alone. A significant percentage of borrowers are facing increasing financial strain in today's unusual economic climate, and there are a few big reasons for that. One is that credit card rates are closing in on an average of 22% currently, making it easy for balances to spiral despite your best efforts.

1 week ago | cbsnews.com | Matt Richardson |Angelica Leicht

According to a report released in early March, the average home equity amount currently sits at $313,000. While that may be down from the $327,000 level it hit in the second quarter of 2024, it still represents a large, six-figure sum of money available to homeowners now, even accounting for the traditional 20% equity threshold many lenders will require borrowers to keep in their homes.