Every year on Martin Luther King Jr. Day, you’re bound to hear some old clips of the activist speaking about racial inequality, boycotts, and nonviolence. But there is one topic related to inequality he talked about that isn’t covered as much as others — money. In fact, King was always passionate about fighting for economic equality. In 1966 he worked on the Freedom Budget, which planned to wipe out poverty and create “economic justice for all people in the United States.” Although the proposal never passed, King spoke about fighting for economic freedom throughout his life. Here are four othe ..read more

Americans set a new record with their holiday debt: It’s now the lowest it’s been in six years. Online marketplace LendingTree has been polling Americans on their holiday spending since 2015. The results of its latest holiday debt survey shows a 34% drop from $1,549 last year to $1,028 this year. This may sound like a positive turn of events. But LendingTree’s chief credit analyst Matt Schulz isn’t convinced the results show all good news. “Debt can be a sign of financial confidence,” he says. “Someone who feels great about their financial situation may be willing to take on a little extra deb ..read more

In 2024, I’ll celebrate a decade as Debt.com’s editor. Well, “celebrate” is too strong a description.  It’s not that I hate my job. I actually love it. People are the problem.  While I feel a warm glow helping individuals get out of debt, I’m irked at the millions of U.S. adults who keep making terrible financial decisions – even though help is so easy to find. Here are the facts that frustrated me in the first four days of 2024. Fatal (and fatalistic) finances This morning, WalletHub released a new poll. I know people there, and they’re cool, so I don’t doubt its accuracy, but come ..read more

Summing up 2023 and looking ahead to 2024 With wars on two continents, 2023 was dominated by dismal world news. The economic news closer to home was only a little better. But how we sum up 2024 by this time next year will depend entirely on you. Why 2023 was a weird year economically Many economists were confused by 2023. Was there a recession or not?  In July, the World Economic Forum declared, “U.S. may already be in recession.” Six days later, CNBC ran this headline: “Fed staff economists no longer forecasting U.S. recession, says Jerome Powell.” It wasn’t just the experts who were con ..read more

Now that the holidays are upon us, packages are piling up on doorsteps in nearly every neighborhood — and “porch pirates” are ready to steal them. These crafty criminals are ramping up in hopes for a big bounty this holiday season. Porch piracy surged during the pandemic when many consumers avoided grocery and retail stores to stay healthy. And package thieves are still out there in full force. Product review website Security.org polled more than 1,000 Americans in October 2023 about their experiences with this crime. They found that… More than 2 in 5 of those polled (44%) have had a package ..read more

Are you still paying off last year’s holiday gifts, even as you draw up a new gift list for this holiday season? If so, you’re not alone. Nearly 3 in 4 holiday shoppers plan to use a credit card this year, says the 2023 Holiday Shopping Report by Nerd Wallet.[1] The personal finance site had the Harris Poll survey 2,000 U.S. adults on their purchasing plans for the winter holidays. Nearly a third of those respondents still haven’t paid off last year’s balance. Don’t beat yourself up for racking up too much debt in the spirit of the holidays last year. Use these tips to start the New Year ..read more

Move over ghouls, goblins, and ghosts. Americans say rising prices are the real monsters hiding in their closets. Personal finance site WalletHub conducted a weird little online poll asking “What’s the scariest thing about this Halloween?” Most respondents replied “inflation.” “Perhaps the scariest thing about inflation compared to traditional sources of Halloween fright is the fact that it won’t just go back to normal in a day,” says WalletHub analyst Cassandra Happe. “Our current issues with inflation clearly aren’t transient.” Debt.com first covered Americans’ fear of inflation mo ..read more

’Tis the season to go into debt. And if you’re like many Americans, you won’t pay off your holiday debt till next winter. (Seriously, poll after poll shows a third of us go into one holiday season still owing money from last holiday season.) My holiday gloom started early this year. WalletHub released a new poll last week with this distressing nugget: “1 in 4 people think winter travel is worth going into debt for.” The WalletHub poll doesn’t ask why a quarter of us are willing to spend more on holiday travel than we have in our bank accounts. But after a decade as Debt.com ..read more

It’s more expensive than ever to buy a home. That’s the main takeaway from a “Housing Market Update” by Redfin. The real estate services company has been analyzing the housing market for nearly two decades, but it’s not the only one. Over three weeks, four organizations released studies that show housing affordability is near crisis level: Low inventory is driving up home prices.[1] The average monthly mortgage payments are at an all-time high.[2] Landlords are jacking up rents to offset rising costs.[3] Interest rates are at 23-year high.[4] Let’s break this down further… Low supply means h ..read more

What’s scary about Halloween? How much we’re willing to pay for one day of the year. Americans will spend a record $12.2 billion this Halloween. All the ghouls, goblins, ghosts and spooky creatures make October the time for fears and frights. But some horrors follow us year-round – like terrifying financial nightmares that will make you sleep with one eye open. Is there a financial boogeyman haunting you? Here are 10 financial horrors, and how to conquer them… 1. Running from a boulder of student loan debt What it means: You’re graduating from college and face a massive student loan tab you h ..read more