Posts Tagged ‘household’

Does Your Credit Score Affect Your Love Life?

Posted on September 08, 2017 by Laura Lam

It turns out credit scores have much more meaning than the likelihood you’ll repay a loan, according to a number of recent surveys.  One study looked at consumer credit data and found that the higher the year-end credit score, the likelier the person was to form a romantic relationship over the next year. Now comes a survey from Discover Financial Services and Match Media Group, parent of Tinder and other dating sites, that shows just how appealing a good credit score can be. Financial responsibility was ranked as a very or extremely important quality in a potential mate by 69% of the 2,000 online daters surveyed. That…

Does Record Credit Card Spending Signal a New Recession?

Posted on September 07, 2017 by Laura Lam

Wallet Hub’s latest Credit Card Debt Study, based on Federal Reserve data, revealed that we’ve returned to our pre-recession bad habits with regards to credit cards: average debt is climbing faster than we are paying it off, meaning that we are on track to top $1 trillion in credit card debt by the end of 2017. The Great Recession that started nearly a decade ago was largely triggered by high debt loads, and while mortgage debt may have been the primary culprit, credit card debt was a significant factor. Americans were spending more than they earned, believing that the stock…

Labor Day 2017: Facts and Figures

Posted on September 04, 2017 by Laura Lam

Today is Labor Day – the holiday will be celebrated by families around the country with picnics, barbecues, road trips, and sports events.  It is the last blast of the summer vacation season.  Labor Day is a federal holiday and most Government offices, schools, and, businesses are closed.  Here are 10 Labor Day Facts. Labor Day in Canada began in 1872 in Toronto but quickly made its way south to the U.S.  Originally it began as a significant demonstration demanding rights for workers. The first U.S. Labor Day was celebrated on Tuesday, September 5, 1882, in New York City, planned by the Central Labor Union. …

2017 Back-to-School Spending to Reach $83.6 Billion

Posted on August 18, 2017 by Laura Lam

With consumer confidence rising and more young people in school, back-to-college spending is expected to hit an all-time high this year while back-to-school spending is expected to see its second-highest spending level on record, according to NRF’s annual survey conducted by Prosper Insights & Analytics. Total combined spending is expected to reach $83.6 billion, an increase of more than 10% over last year’s $75.8 billion. U.S. parents are expected to spend an average of $688 on back-to-school items this year, an increase over 2016 spending of $674. The best deals will be available to parents who shop either very early…

Homeownership Up From 50-Year Low

Posted on August 09, 2017 by Laura Lam

The U.S. homeownership rate climbed in the second quarter, a signal that the sharp downward spiral that began after the housing crash is finally reversing.  The homeownership rate hit 63.7% in the second quarter, the Census Bureau said, a jump of nearly a full percentage point from a year ago, when it touched a 50-year low of 62.9%. The share of Americans who own homes has climbed steadily since then.  The homeownership rate also edged up from the first quarter, when it sat at 63.6%. “The damage the [2007-09] great recession has done to the homeownership rate is likely reversing course,” said…

The Cost of Attending a Wedding in 2017

Posted on June 16, 2017 by Laura Lam

Wedding season is upon us.  According to theKnot.com, the average cost of a wedding in 2016 rose to an all-time high of $35,329.  But modern weddings aren’t just ultra-expensive for the happy couple, they’re actually a serious, wallet-emptying affair for guests as well. According to the Knot’s 2016 Wedding Guest Study, the average bridesmaid/groomsman spent just over $1,500 last year, while wedding guests spent $888.  Here’s a breakdown of the costs: Average bridesmaid and groomsmen spend per wedding: $1,154 Wedding gift spend: $177 Wedding attire: $207 Wedding travel: $342 Wedding accommodations: $293 Average wedding guest spend per wedding total: $888…

Homeowner Equity On the Rise

Posted on June 15, 2017 by Laura Lam

Homeowner equity increased significantly in the first quarter of 2017, according to the Q1 2017 home equity analysis from CoreLogic.  Homeowners with a mortgage, about 63% of all homeowners, saw their equity increase by 11.2% for a total of $766.4 billion since the first quarter last year. The average homeowner gained about $13,400 in equity over the last year. The total number of mortgaged residential properties with negative equity decreased 3% from the fourth quarter to 3.1 million homes, or 6.1% of all mortgaged properties. This is a drop of 24% from 4.1 million homes in the first quarter last year….

American Households Spend 53% of Its Income On These Expenses

Posted on May 19, 2017 by Laura Lam

If there’s one fairly steady theme over the past couple of decades, it’s that consumers are saving less of their income and their household budgets are being pushed to the limit.  According to the St. Louis Federal Reserve Bank’s February data, the personal saving rating in America was a paltry 5.6%. Comparatively, U.S. workers were socking away more than 12% of their paycheck 50 years ago.  At the same time, a number of household expenses have largely outpaced the inflation rate and wage growth. These include healthcare costs, college expenses, and in recent years housing costs, since home prices have…

Renters Finally Turning Toward Homeownership

Posted on May 04, 2017 by Laura Lam

The homeownership rate has been on the decline ever since the peak of the housing bubble a decade ago.  However, last month, the Census Department said American home ownership was 63.6% in the first quarter, down a bit from the fourth quarter of 2016, but up from a year ago, which is economists’ preferred way to gauge the data. According to Trulia Chief Economist Ralph McLaughlin, the number of owner-occupied households rose more quickly than renter households for the first time since 2006. The number of new owner households was up 850,000, compared to a 365,000 increase in the number of…

Subprime Student Loans Resemble Pre-Crisis Mortgage Loans

Posted on April 28, 2017 by Laura Lam

Millions of U.S. parents have taken out loans from the government to help their children pay for college … now a crushing bill is coming due.  Hundreds of thousands have tumbled into delinquency and default. In the process, many have delayed retirement, put off health expenses and lost portions of Social Security checks and tax refunds to their lender, the federal government. Student loans made through parents come from an Education Department program called Parent Plus, which has loans outstanding to more than 3 million Americans. These loan applications ask almost nothing about its borrowers’ incomes, existing debts, savings, credit…