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08/28/2023

Interested in purchasing an electric car? This 2023 tax credit could help!

Starting Jan. 1, many Americans will qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions.

But a complex web of requirements, including where vehicles and batteries must be manufactured to qualify, is casting doubt on whether anyone can receive the full $7,500 credit next year.

For at least the first two months of 2023, though, a delay in the Treasury Department's rules for the new benefit will likely make the full credit temporarily available to consumers who meet certain income and price limits.

08/28/2023

Dealers have cars and prices are stabilizing, but people still can't buy a car. Here's why:

More cars are finally available and prices are leveling off, but buyers now face borrowing challenges that could keep them from getting a new ride.

The Federal Reserve said the rejection rate for auto loans in June rose to 14.2% from 9.1% in February, the last time the survey was taken. That was the highest level since this data was first collected in 2013 and for the first time, exceeded the application rate.

Lenders are pulling back, leery of borrowers who have struggled with high inflation and a surge in interest rates the last couple of years, and have piled on debt to make ends meet. As consumers' credit balances grow, there’s a higher chance of default, especially in the market for auto financing, where the number of Americans paying at least $1,000 a month on new loans reached a record high of just over 17% in the three months ended June, according to Edmunds, the online car resource and information company.

08/28/2023

Why Working from Home Isn’t Working

A recent study showed massive productivity losses for those working at home.

Remote work isn’t working for companies. A recent working paper from the National Bureau of Economic Research corroborates this.
They find that working from home causes an immediate average 12% loss in productivity and accuracy, and the loss increases to 18% over time.

08/28/2023

08/28/2023

Get Expert Financial Advice and Reduce your Stress levels with a Debt Relief Service.

08/28/2023

Credit Card Debt Is On The Rise

Although the labor market is strong, the economy is growing, and consumer spending is increasing, persistently high inflation coupled with spiking interest rates have weighed down consumers — especially those who were not among the 14 million homeowners who refinanced during the pandemic, locking in ultra-low interest rates and extracting $430 billion in the process.

Earlier Tuesday, Bank of America reported that more people were tapping their 401(k) accounts because of financial distress. The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.