By Jacob Goss, Daniel Mangrum, and Joelle Scally – Federal Reserve Bank of New York On August 24, 2022, the White House released a plan to cancel federal student loans for most borrowers. In April, we wrote about the costs and who most benefits from a few hypothetical loan forgiveness proposals using our Consumer Credit Panel, based on Equifax credit …
How you manage your payroll process can reflect your business’s effectiveness and employees’ satisfaction. You might be in a situation where your business snowballs and you find it hard to keep your payroll operations running smoothly, or you have just started with a new business and want to get this task right from the very …
While it’s fine and well to move to a new country to permanently reside there, opening up your own business may be another story, especially if you are not used to how things are done there. However, if you arm yourself with the correct knowledge, there are ways to make your new residence the birthplace …
By Daniel Mangrum, Joelle Scally, and Crystal Wang Today, researchers from the Center for Microeconomic Data released the 2022 Student Loan Update, which contains statistics summarizing who holds student loans along with characteristics of these balances. To compute these statistics, we use the New York Fed Consumer Credit Panel (CCP), a nationally representative 5 percent …
By Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, and Wilbert van der Klaauw Total household debt increased by $312 billion during the second quarter of 2022, and balances are now more than $2 trillion higher than they were in the fourth quarter of 2019, just before the COVID-19 pandemic recession, according to the Quarterly Report …
Roadside assistance plans can help you to rest easy, knowing that you have a company to call and rely on should your car break down on your journey. But are roadside assistance plans worth the money? It can be challenging to make financial decisions based on what might happen, so this guide is designed to …
Did you know that only 25% of multilevel marketing program participants turn a profit, and 50% of participants quit after the first year? Multilevel marketing programs aren’t always the best idea, and you could end up spending more money than you earn through an MLM. Sometimes, MLMs are hard to spot, so people can quickly …
Owning a vehicle is getting more expensive. Apart from the actual car payments, rising fuel costs, and toll fees, you also have to pay for insurance coverage. In most states, minimum third-party liability coverage is required by law. But according to USAA auto insurance reviews, most car owners also opt for more comprehensive insurance coverage …
June 2022 marks the 250th anniversary of the outbreak of the 1772-3 credit crisis. Although not widely known today, this was arguably the first “modern” global financial crisis in terms of the role that private-sector credit and financial products played in it, in the paths of financial contagion that propagated the initial shock, and in …
Since most people don’t grow up with a complete understanding of how to manage their money, concepts like budgeting and personal finance can seem restrictive because they are. Listen to the Podcast You can subscribe to my podcast on any of these sites below. A concept that’s not commonly addressed is irregular income. …