Content Type: Service

Subterms

    Latest story

    88 Shares14 Views

    How to Pay Off Credit Card Debt

    by

    A new report finds that people are spending more on their cards and paying down less. Financial experts offer tips for reducing that debt, starting with looking at your spending habits.Credit card debt is weighing on many Americans.The share of credit card holders making just the minimum monthly payment is at a 12-year high, the Federal Reserve Bank of Philadelphia reported last month. People are spending more on their cards but paying off less, increasing the amount of debt carried month to month and paying more in interest. And more people are late in paying their monthly card bill.“Credit card performance is showing signs of consumer stress,” the bank’s report said.Adding to the stress is the fact that interest rates on credit cards have risen in recent years. The average rate was more than 21 percent at the end of last year, the Federal Reserve said, compared with about 15 percent in 2019.So whether you observe “frugal” February or try a “no spend” challenge, now is a good time to make a plan to chip away at your balances.Right after the new year, “people have so many things on their mind,” said Charlestien Harris, a financial counselor in Clarksdale, Miss., with Southern Bancorp Community Partners. “By February, a person has a chance to settle down. You can begin to focus more and name a goal or two.”If you’re worried about your card debt, there are options that can help you get it under control — such as transferring your balance to a lower-rate credit card, if you qualify. But the first step is to get a clear picture of your spending habits, said Daniel Yerger, a fee-only financial planner in Longmont, Colo.“Before you consolidate or refinance the debt, you have to address the ‘why’ of what’s happening,” Mr. Yerger said. If you are consistently spending beyond your means, moving the debt to a new card isn’t likely to help in the long run. “We can shuffle it around,” he said, “but you want to get ahead of it.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 88 Shares189 Views

      in Elections

      How to Make the Best Baked Potato

      by

      A simple trick yields crisp outsides and fluffy insides, ready to be topped in three smart, exciting ways from Eric Kim.Turns out, the baked potato has always been big and great.In 1909, Hazen Titus, the dining car superintendent on the Northern Pacific Railway, had a vision: Having learned of a surplus of oversize spuds, he’d ordered them up and placed them on his menu. His “Great Big Baked Potato” became a hit, to be ordered, appropriately, on a train route of the same name.Recipes:Aglio e Olio Baked Potatoes | Caramelized Kimchi Baked Potatoes | Hot Honey Baked Sweet PotatoesThese days, a long Idaho tuber, split down the middle like a hot dog bun to reveal fluffy white starch, a pat of butter nestled into the left side, is still big and — more important — great, with its perfect creamy-crunchy-fresh combo of sour cream, chives, cheese and bacon.I spent the past year baking pounds and pounds of potatoes to come to a simple conclusion: The baked potato is worth celebration. There may be no better (and easier) way to gather than by building on a reliable but never boring base and delighting in each turn of the flavor wheel.Here are my tips for success:1. Set up a bar (and really load up on toppings)Aglio e olio, the simple yet satisfying combination of garlic and oil, pairs beautifully with a split-open spud.Christopher Testani for The New York Times. Food Stylist: Simon Andrews.Cooked down with butter and sesame oil, kimchi mellows its sharp, tangy edges in this riff on a classic baked potato.Christopher Testani for The New York Times. Food Stylist: Simon Andrews.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares159 Views

      in Elections

      Holiday Tipping Guide: Whom to Tip, and How Much

      by

      Consumers have said they are confused and frustrated with tipping expectations generally. But, one expert says, “people generally want to feel more generous around the holidays.”The tradition of holiday tips to thank service workers endures, even as Americans have gotten tired of the regular requests for tips the rest of the year.More people said they planned to tip workers like housekeepers, child care providers and trash collectors at the holidays this year than in previous years, according to a survey published this week by the financial website Bankrate, which began polling in 2021. A significant majority of those surveyed said they tipped “to say thank you.”“Holiday tipping has held its own,” said Ted Rossman, a senior industry analyst at the site, even though the typical amounts people expected to give were mostly flat with previous years. (The online survey of about 2,400 adults was conducted in late October and early November.)The subject of tipping has become more fraught in recent years. Surveys show that consumers are confused and frustrated with tipping expectations generally. That’s particularly true for the suggested amounts on payment screens that confront patrons of coffee shops, delivery services, food trucks and ride sharing companies. The Pew Research Center published a survey last year in which most Americans said that tipping was expected in more places than it was five years earlier. And a separate Bankrate survey last summer found that a third of those responding considered tipping culture in the United States to be “out of control.”Yet misgivings about tipping apparently carry an asterisk when it comes to the December holidays. “A lot of people are fed up with tipping, but it does seem the holidays are a special case,” Mr. Rossman said.Academic research backs that up — at least, when it comes to tipping in sit-down restaurants. Sit-down meals are one area where there is some agreement, the Pew survey found. More than nine of 10 respondents said they “often” or “always” left a tip in that setting.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares99 Views

      in Elections

      The Fed Is Stuck Fighting the Last War

      by

      Mired in a battle to contain surging prices, the central bank also needs to be nimble enough for the economic downturns to come, our columnist says.The battle against inflation during the Biden years is almost behind us. But we’re in danger of learning the wrong lessons from it.The Federal Reserve, holding its last meeting of the year this coming week, has been fighting runaway consumer prices for nearly three years. So far, at least, it has managed an unusual feat: The rate of inflation has dropped sharply from its peak and there has been no recession.Yet the Fed is stuck in a difficult place. With prices still rising faster than the central bank’s 2 percent target, the incoming Trump administration will be hypersensitive about inflation, which was a decisive factor in the November elections. At the same time, the new administration’s policies on tariffs and immigration could set off another inflation surge. So the Fed must remain acutely vigilant on the inflation front.But it will have to keep experimenting, to be ready for the curve balls coming from future recessions. Some economists believe the Fed would gain flexibility if it reconsidered its 2 percent inflation target, though they say the central bank can’t take that step now because it is under too much pressure to preserve its own institutional independence.Still, a single-minded focus on inflation could leave the Fed without the right tools for coping with economic downturns ahead.The Fed’s predicament reminds me of a general who is endlessly fighting the last war — conscientiously dissecting the tactics of recent battles and failing to prepare properly for the next ones.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares149 Views

      in Elections

      It’s Not Too Late to Rein In Holiday Spending

      by

      Research suggests that you’ll spend less than you otherwise would by setting a strict budget — even if you go over the budget.Black Friday and Cyber Monday have come and gone. So you may think that setting limits on holiday spending is a lost cause, right?Not so, said Jamie L. Clark, a certified financial planner in Seattle. The December holidays are still weeks away. “It’s never too late to make a plan.”Chuck Howard, an associate professor of business administration at the University of Virginia’s Darden School of Business, said research suggests you’ll spend less by setting a holiday budget that’s “optimistically low.”That’s because even when compliance with budgets is weak, setting stricter, even somewhat unrealistic budgets tends to lead to lower spending, according to a study he helped write on the influence of budgeting on personal spending.Dr. Howard cited this example. Say you usually spend $500 a month dining out. You may think a realistic budget is $400 a month. But if you really want to cut back, you should set a budget of, say, $250. That way, if you spend $350, you’ve still spent much less than you used to.A tight holiday-spending limit serves as a reference point, he said, and even if you surpass it, you’ll probably spend less than if you had set a higher limit or hadn’t set a budget in the first place.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 63 Shares109 Views

      in Elections

      Can Exercise Help a Hangover?

      by

      If you overdid it last night, here’s how to know whether it’s wise to sweat through it.Electrolyte drinks, ibuprofen, a bagel overflowing with bacon, egg and cheese — everyone has their own way of nursing a hangover. There are also plenty of products that claim to make the experience less miserable, with little evidence to support them.But what about exercise? Some people swear that a workout can help cure, or blunt, a hangover. If it can, what type of movement could be most helpful?“There’s very few settings where exercise is not beneficial,” said Dr. Andy Peterson, a team physician at the University of Iowa. It’s “the closest thing we have to a miracle drug in medicine.”That includes hangovers — with some caveats — he said. Here’s what experts advise if you are thinking about sweating through a rough morning.How does a hangover affect your body?After a night of drinking, several things happen to your body at once, said Dr. Shaan Khurshid, a cardiologist at Massachusetts General Hospital. You might be dehydrated and you might experience sleep disturbances, digestive issues or a spike in anxiety.While hangover symptoms and their severity can vary a lot between people — and even for the same person at different times — no one is going to be at their physical peak after drinking a substantial amount of alcohol, Dr. Khurshid said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 100 Shares159 Views

      in Elections

      High-Yield Savings Accounts Are Still a Good Deal

      by

      Interest rates have been falling, but deposits are earning more than inflation.You’ve probably been discouraged to see the interest rate on your high-yield savings account fall during the past couple of months. But your money is still earning much more than it would in a traditional savings account — and more than inflation.Rates paid on cash in savings accounts have been dropping since the Federal Reserve began cutting its key interest rate in September as inflation cooled. The central bank cut rates again, by a quarter point, at its meeting this month, and another cut in December is seen as likely, though not certain because of a recent uptick in inflation.Banks are following the Fed’s lead in gradually reducing interest rates. Even so, the rates paid on federally insured high-yield savings accounts, many offered by banks that operate solely or mostly online, are still beating inflation, which was 2.6 percent on an annual basis in October.“High-yield savings accounts are still attractive relative to traditional savings accounts,” particularly for emergency or “rainy day” funds that savers want to be able to tap into quickly, said Alan Bazaar, chief executive and co-chief investment officer at Hollow Brook Wealth Management in Katonah, N.Y.Online banks were offering rates of 4 percent or higher this week, compared with a national average rate of just 0.56 percent for all types of savings accounts, according to the financial site Bankrate. If you put $5,000 in a savings account for a year at the average rate, you’d earn just $28, compared with about $200 with a high-yield account. (At some of the biggest national banks, which are offering just 0.01 percent, you’d end up with a measly 50 cents.)Just a few years ago, savers were getting 1 percent on their deposits at best, so 4 percent is nothing to scoff at, said Ted Rossman, a senior industry analyst at Bankrate. High-yield accounts can also be attractive for funds needed in the not-so-distant future — say, for a child heading to college or for retirees looking to set aside cash for living expenses.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares149 Views

      in Elections

      Leonids Meteor Shower: When and How to Watch Its Peak

      by

      The event produces some of the year’s fastest meteors, although the nearly full moon may make them challenging to spot.Our universe might be chock-full of cosmic wonder, but you can observe only a fraction of astronomical phenomena with your naked eye. Meteor showers, natural fireworks that streak brightly across the night sky, are one of them.The latest observable meteor shower will be the Leonids, which have been active since at least Nov. 6 and are forecast to continue through Nov. 30. They reach their peak Nov. 16 to 17, or Saturday night into Sunday morning.Meteors from the Leonids can be spotted in the constellation Leo, and they will be visible from both the Northern and Southern Hemispheres. The Leonids produce some of the fastest meteors each year, at 44 miles per second, with bright, long tails. But this year, spotting them may be difficult during the peak because of the nearly full moon.To get a hint at when to watch, you can use a meter that relies on data from the Global Meteor Network showing when real-time fireball activity levels increase in the coming days.Where meteor showers come fromThere is a chance you might see a meteor on any given night, but you are most likely to catch one during a shower. Meteor showers are caused by Earth passing through the rubble trailing a comet or asteroid as it swings around the sun. This debris, which can be as small as a grain of sand, leaves behind a glowing stream of light as it burns up in Earth’s atmosphere.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares99 Views

      in Elections

      Why States Are Offering Workers at Private Companies Access to I.R.A.s

      by

      With the plans, workers are automatically enrolled and contribute through payroll deductions. The goal is to help more Americans save for retirement.Traditional pensions are increasingly rare. About half of employees at private companies don’t have access to a retirement plan. And retirees themselves say they haven’t saved enough.That is why states have decided to step in and offer retirement accounts for private-sector employees, helping workers to save more and, new research shows, perhaps even spurring companies to offer their own workplace retirement plans.Automatic individual retirement account programs, known as “auto-I.R.A.s,” typically require private employers that don’t offer workplace retirement plans like 401(k)s to register for state-run plans.Workers are automatically enrolled in I.R.A.s, often with 3 to 5 percent of their income deducted from their paychecks, but can change the amount or opt out if they prefer. The employers — typically small businesses and nonprofits — provide access to payroll deductions to ease worker contributions, but don’t oversee the plan or pay fees.Auto-I.R.A.s are now available in 10 states, including New Jersey and Delaware, which started plans this summer, and soon will be in seven more, according to the Georgetown University Center for Retirement Initiatives. At the end of October, there were more than 930,000 accounts with $1.7 billion in savings for the eight plans for which data was available, according to the Georgetown center.Workers can, of course, open an I.R.A. on their own at a bank or brokerage. But few workers do so, perhaps because of inertia or because they are intimidated about making investment choices.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More