Personal finance

zimmytws | iStock | Getty Images The Social Security Administration faces a “record-breaking backlog” of open cases, leading to approximately $1.1 billion in projected improper payments to beneficiaries, according to a new report from the Social Security Administration Office of the Inspector General. The SSA OIG, which provides independent oversight of the agency’s programs and

The U.S. economy has remained remarkably strong even amid persistent inflation and high interest rates. And yet, 59% of Americans falsely believe that the U.S. is currently in a recession, according to a recent survey of 2,000 adults by Affirm in June. Citing higher costs and difficulty making ends meet, most respondents said they think

Brandi Schmitt and her family pose for a 2018 Christmas card in front of their Maryland home wearing protective gear, alluding to the water and mold damage in their home. Each year, Schmitt said they try to capture the family’s situation through their Christmas card. Courtesy: Brandi Schmitt When a nor’easter struck in 2018, intense

A flooded street caused by the rain and storm surge from Hurricane Debby on Aug. 05, 2024, in Cedar Key, Florida. Joe Raedle | Getty Images States in the southeastern U.S. were drenched with heavy rains and flash floods from Hurricane Debby this week. Though Debby has weakened to a post-tropical storm, it threatens to

Democratic vice presidential candidate and Minnesota Governor Tim Walz (L), and Republican Vice Presidential candidate Sen. JD Vance (R-OH). Getty Images With the major party tickets finalized, many voters are watching the candidates for personal finance policy that could impact their wallets.  Vice President Kamala Harris this week unveiled her running mate, Minnesota Gov. Tim

Alistair Berg | Digitalvision | Getty Images The Biden administration’s new affordable repayment plan, known as SAVE, may be on hold for months —or longer — amid a slew of legal challenges. The White House says roughly 8 million people are enrolled in SAVE, or the Saving on a Valuable Education plan. Here are a

Republican presidential nominee and former U.S. President Donald Trump holds a campaign rally in Harrisburg, Pennsylvania, U.S., July 31, 2024. Elizabeth Frantz | Reuters Former President Donald Trump this week repeated his plan to eliminate taxes on Social Security benefits for seniors. But the plan could deplete Social Security and Medicare trust funds sooner, policy

Job seekers attends the JobNewsUSA.com South Florida Job Fair on June 26, 2024 in Sunrise, Florida. Joe Raedle | Getty Images Renewed fears of a U.S. recession have put a spotlight on unemployment. However, the system that workers rely on to collect unemployment benefits is at risk of buckling — as it did during the

With college more expensive than ever and a new financial aid application that’s been problematic from the start, families are, understandably, having a hard time figuring out how to pay the tab. As a new academic year gets underway, more students and their parents are turning to a familiar resource: student loans. How families pay

Getty Images Nearly half — 48% — of student loan borrowers expect debt forgiveness in the future. Many of those borrowers anticipate that the government will excuse them from their education loans, according to Sallie Mae’s annual How America Pays for College report. (Between April 8 and May 14, global market research company Ipsos conducted the

Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly credit industryinsights report from TransUnion. Credit card delinquency rates are also higher

Jeremy Poland | E+ | Getty Images American consumers claimed $8.4 billion of Inflation Reduction Act tax breaks tied to boosting the energy efficiency of their homes in 2023, according to Internal Revenue Service data, a sum that exceeded officials’ projections. More than 3.4 million U.S. households claimed at least one of two tax breaks