Tim Maxwell

1 week ago | cbsnews.com | Tim Maxwell |Angelica Leicht

For the past few years, elevated interest rates have benefited savers with higher yields, but they've made borrowing significantly more expensive. Many well-known borrowing options are costly now. The Federal Reserve reports the average annual credit card rate now stands at nearly 22%, and it's not uncommon for credit card APRs to approach 30%. Personal loans aren't exactly a bargain either, with average rates now near 12%.

2 weeks ago | cbsnews.com | Tim Maxwell |Matt Richardson

Despite near record-high average interest rates—21.91%, according to Federal Reserve data—credit card debt remains an issue. The average credit card debt is around $8,000 now. This number is understandable given the current economic environment, and many cardholders are carrying balances over $10,000. These statistics illustrate a concerning picture: Inflation and consumer prices are not coming down fast enough for Americans struggling to make ends meet.

3 weeks ago | cbsnews.com | Tim Maxwell |Angelica Leicht

The U.S. economy is showing mixed signals this spring. Inflation is easing and is currently at 2.4% year-over-year (as of the latest reading), but it's still sitting above the Federal Reserve's 2% target rate. And, while interest rate cuts appear possible this year, the rate environment remains elevated for now. Meanwhile, the stock market has been volatile over the last few months.

3 weeks ago | experian.com | Tim Maxwell

Types of 3% Down MortgagesThe Federal Reserve Bank of St. Louis reports the median home price for new houses in the United States is now $414,500. That makes it tough to save for a traditional down payment, but 3% down conventional loan programs like those below may lower the barrier to buying a home. There are a few types of 3% down mortgages available. Conventional 97 home loans are fixed-rate mortgages you may qualify for with just 3% down to finance the remaining 97%.

3 weeks ago | experian.com | Tim Maxwell

Are Zombie Mortgages Common? Statistics for zombie mortgages are hard to come by, likely because many homeowners are unaware they have one. A National Public Radio investigation found that over 500 second mortgages in Maryland that had been dormant for more than a decade have recently been reactivated and begun foreclosure proceedings. The report shows that while zombie mortgages aren't extremely common, more homeowners are dealing with them than you might expect.