"One trillion dollars in credit card debt is staggering," said LendingTree chief credit analyst Matt Schulz. Credit card balances hit $1.03 trillion in the second quarter, up 4.6% from $986 billion in the preceding three-month period, according to the Federal Reserve Bank of New York's Center for Microeconomic Data. "Compared to other debt categories this…
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Aug. 12— When you retire, you hope that you'll be able to anticipate the events that could cause you financial challenges down the road. For one thing, most retirees are probably aware that, even if they remain healthy, their health care costs may rise, even if they're covered by Medicare or Medicare Advantage. In fact, 63% of retirees think the biggest financial shock…
–African-American families have known for generations that retirement at the age of 65 is often a mirage. Opportunely, a new research study by the Bipartisan Policy Center a Washington, DC based think-tank and investment manager BlackRock offer ideas and solutions that provide a wholistic approach to retiring, presenting a framework that any person– across…
6 social media do’s and don’ts for advisors
Financial advisors share their social media advice, including six do’s and don’ts for Facebook and LinkedIn.
 Cetera Financial Group announced today that it has completed its acquisition of the retail wealth and trust business of Securian Financial.
While a growing number of those properties may be valued at more than $1- million, the buildings really represent the middleclass owner's retirement nest egg. and in time, won't just about all North Side be properties be worth a million or more? Dubbed the "Mansion Tax," the Johnson proposal would hike the buyer's transfer tax on a $1- million property to 2.65%- or a…
The number— that magical figure showing what people think they need to have tucked away to live comfortably in retirement— went up to $1.8 million this year in Charles Schwab’ s annual survey of people with 401 savings plans. That’ s $100,000 more than last year, when inflation hit a 40- year high. "When inflation persists for an extended period of time, workers are…
Credit-card balances surpassed $1 trillion for the first time last quarter in data from the Federal Reserve Bank of New York, showing how even more widespread credit has become among American consumers as the U.S. economy recovered from the pandemic. Balances increased by $45 billion, the most of all debt types, to $1.03 trillion in the second quarter, the New…
The Volcker rule is named after the 12th Chair of the Federal Reserve, Paul Volcker, here pictured with former Fed Chairs Alan Greenspan and Ben Bernanke. Passed by Congress and signed into law by President Barack Obama on July 21, 2010, Dodd-Frank enacted sweeping reforms over the financial industry in the aftermath of the Financial Crisis of 2007– 2008, the…
But now, that household debt is taking on unprecedented levels that could sink the consumer economy, according to new data from the Federal Reserve Bank of New York. U.S. credit card debt rose by $45 billion to $1.03 trillion in the second quarter from the first quarter, a 4.6% quarterly increase. It's the first time in U.S. history that household credit card…
The widow of a former U.S. Senate candidate from Maine has filed a civil lawsuit alleging his campaign adviser defrauded the couple of more than $225,000 for a fake cryptocurrency venture. Max Linn's wife, Hanna Aquino, and Susan Englar, who represents Linn's estate, filed the complaint Monday in U.S. District Court in Maine against Matthew McDonald of Bar Harbor.
Interest grows in annuities as part of employer-sponsored retirement plans
Nearly 70% of participants in a recent survey would like more information about annuities as part of their employer-sponsored retirement plan.
Half of pre-retirees doubt Social Security viability
Half of pre-retiree question the long-term viability of Social Security, with 26% fearing the benefit will run out of funds in their lifetime.
Mr. Hirschfeld's seven children filed a 2017 lawsuit against Mary E. Hirschfeld, their father's second wife, that alleged she fraudulently transferred most of the assets from his nearly $3 million estate for her "sole benefit." Mr. Hirschfeld died in December 2014 at age 78. Mr. Hirschfeld and his first wife, Rita, were divorced in August 1998.
When a Naples man attended his church, he saw pews filled with investment fraud targets, the Securities and Exchange Commission says. And, an SEC complaint said, Brent Seaman ripped off $35 million from at least 60 of those people in what turned into a Ponzi scheme. “Many of these investors were elderly, retired, and connected to a Naples church where Seaman was an…
In response to the increasing acceptance and adoption of AI-based care, Nationwide is testing eldercare robots in homes of select policyholders with mobility issues.
After years of delays due to issues with payments to prosecutors and relocation debates, suspended Texas Attorney General Ken Paxton appeared in a Harris County court over criminal securities fraud charges on Thursday morning. During the short hearing, Paxton's defense attorneys and special prosecutors on the case stood before Harris County State…
—Americans with credit card debt are caught in the crossfire of the Federal Reserve's battle to bring down inflation. The Fed has hiked interest rates 11 times since March 2022, raising its baseline interest rate last week to a 22- year high. Caitlin Hogan, a 32- year-old case manager in central Kansas, told The Hill she had to put some unexpected expenses on one of…
Former Georgia resident on the lam after defrauding millions from Christian communities: Prosecutors
The U.S. Attorney’ s Office for the Southern District of Georgia on Tuesday said international fugitive Jason Gerald Shenk, 45, a former resident of Dublin, Georgia, is charged with multiple wire fraud and money laundering charges for redirecting the multimillions in donations for personal uses. Mr. Shenk is accused of soliciting millions of dollars of…
BRIDGEPORT, Conn.- A one-time millionaire real estate developer with past ties to corrupt Connecticut politicians was sentenced to more than five years in prison on Monday for fraud involving a failed hotel-condominium project in Florida and properties elsewhere. Robert Matthews requested a prison sentence of no more than 27 months, but instead got 65…
