Christmas is one of the most popular holidays in the United States, and it can be one of the most expensive. Decorations, food, cards, gifts, travel, and more can add up fast. Americans are expected to spend a record amount for the holidays in 2022, between $943 billion and $960 billion.
It’s one of the biggest frauds unleashed on the American public: high gas prices despite falling oil prices. As consumers prepare to vote, it’s often the high gas prices that are on their minds. Recently, I wrote about price gouging: about one-third to half of the current inflation in the U.S. is being caused by corporations making excessive profits.
For years, I’ve suggested that consumers consider banking with a credit union rather than a bank. Why? Consumers often can’t trust banks not to gouge them with high interest rates and fees. It was great to listen to President Biden speak on the radio and on television about the action his administration is taking on “junk fees.”
Michelle Singletary, financial writer for The Washington Post, has been recommending buying Series I Bonds for months now. Singletary says for investors with money to spare and who are looking for safety, inflation has been good for Series I Bonds, which the Treasury Department announced will be paying 9.62 percent until the end of October.
Americans are being challenged by the highest inflation in 40 years. It’s everywhere. At the grocery store, the gas pump, in rent checks, when you buy prescription drugs, and more. With the mid-term elections coming up soon, I thought everyone would be talking about price gouging and inflation.
College debts are one of the largest financial burdens for Americans. They make up the second highest type of household debt after mortgages, totaling $1.61 trillion. That’s about $37,000 per borrower. High balances with payoff times that lasts into middle age force graduates to delay other financial goals.
With the likelihood high that the Federal Reserve will raise interest rates by half a point on May 4, people with credit card debt will spend an additional $3.3 billion on interest in 2022, according to WalletHub. “People generally have a negative opinion on Fed rate hikes,” said Delaney Simchuk, analyst.
In 2021, Congress expanded tax benefits and made other advanced payments in response to the covid-19 pandemic and the resulting financial impact. This may increase the amount of money you’ll receive through your tax refund. You also may be eligible to access other benefits when you file a tax return.
It’s a question that comes up frequently these days. Where’s a cheaper place to live? Using safety, affordability, quality of life, health-related factors, and more than 40 other categories, WalletHub, a personal finance website, compared the 50 states to help retirees find the best way to retire.
