Sora’s top personal finance news articles
Week of 10/31
Each week, we are giving you Sora’s weekly report highlighting top insights and relevant articles. This week’s roundup is about how the Fed’s latest rate hike affects your debt, rising car loan rates, end of the year strategies for your finances, and the social media viral investment: I-Bonds.
What the Fed’s Latest Interest Rate Hike Means for Your Debt, Savings, and Financial Plans (Julia Carpenter, The Wall Street Journal)
Credit card debt has never been so high, new home buyers are forced to sideline plans, and savings rates are on the rise. Financial advisors suggest adjusting your money’s strategic plan and ride out the high rate environment. Read more to learn what strategies may be effective.
Car Loan Rates Head for 14-Year High in New Barrier for Buyers (Craig Trudell, Bloomberg)
While supply-chain hold ups might be easing, car loans hit a 14 year high. This could mean that auto loan refinances could be huge in the next five years. “New-vehicle inventory might finally be improving, but the automotive industry is still on a long road to recovery because rising interest rates are creating a major barrier to entry for car shoppers,” Jessica Caldwell, executive director of insights for Edmunds, said in an email. Read more for insight on car loans.
Federal Reserve Chief Tells Market to Focus on Interest-Rate Endpoint (Greg Ip, The Wall Street Journal)
In September the Fed indicated the interest-rate target at the endpoint would be around 4.6%. After yesterday’s Fed meeting, Chairman Powell has indicated that the endpoint will likely be higher. Unsurprisingly, inflation is difficult to pin down. Read on further for Chairman Powell’s comments on the recent rate hikes.
Year-End Financial Checklist: Prepare Now, And You’ll Have Time to Adjust (Julie Virta, Kiplinger)
As the end of the year approaches, now is a great time to pulse-check your finances. Read on to go through your investment and retirement planning checklist and to see if you met your goals this year.
The Bond that Broke the Internet (Stacy Vanek Smith, Andrea Hsu, NPR)
If you tuned in last week you might remember reading about I-Bonds. Last Friday was the deadline to secure the 9.67% rate on the I-Bond and as you can imagine, consumers rushed to lock in this rate before it goes down. Read more to see how I-Bonds can benefit you.
