Bankrate

Bankrate live from Chicago! 🎥 🏙 Last week, Bankrate Senior Economic Analyst Mark Hamrick attended SABEW’s Annual Conference alongside members of Bankrate’s editorial team and made some in-studio appearances along the way. Mark was seen on the set of NewsNation for a live hit on “Morning in America,” where he covered the Federal Reserve, inflation and the economy. He also joined John Williams on WGN Radio AM 720 to continue the conversation on how consumers are being impacted by inflation, and the economy, as well as how many rate cuts we could expect to see this year. Finally, Mark was live in-studio with ABC7 Chicago to further discuss the current state of the economy.  To finish off the week, team Bankrate attended the conference of SABEW, the association of business journalists. Senior Banking Reporter Matthew Goldberg is a current board member and Mark Hamrick is a former president. Bankrate Economic Analyst Sarah Foster was given the opportunity to ask Chicago Fed President Austin Goolsbee a question about more consumers falling behind on their credit card auto loan payments, which he described as an area of concern and measure in the economy that historically does not portend well. #SABEW24  

Congratulations to Bankrate Senior Consumer Banking Reporter Matthew Goldberg on his successful reelection to the SABEW Board of Governors! 👏

What is the American Dream? Over 3 in 4 Americans consider owning a home to be a part of the American Dream, according to a new Bankrate survey, but affordability remains the major obstacle. Nearly 7 in 10 Americans are willing to take steps to find more affordable housing. 🏡 Among those willing to take at least one step to find more affordable housing, these steps include: - Downsizing living space (44%) - Moving out of state (34%) - Buying a fixer-upper (34%) - Moving farther from family and friends (26%) - Taking on roommates and/or living with additional family members (24%) - Moving to a less desirable area (20%) - Moving farther away from work (17%) Read more of our latest survey: https://lnkd.in/dz9WnyKu #homeaffordability

Are you planning a vacation this summer? With Memorial Day and the unofficial start of the summer travel season just a month away, more than a third of those planning to take a summer vacation this year say they will take on debt to fund their travels (36%), according to a new survey from Bankrate. Just over half of U.S. adults (53%) plan to take a summer vacation this year. 36% plan to travel domestically 15% plan to travel internationally 12% are opting for a staycation 18% are not sure of their plans yet When planning your next getaway, Bankrate Senior Industry Analyst Ted Rossman recommends you take advantage of any credit card rewards, airline miles, and hotel points you’ve socked away. https://lnkd.in/gArrHxQh #SummerTravel

Bankrate and National Debt Relief, LLC launched 'Take it from me' featuring Dave, a former graduate of the debt relief program. Our partnership focuses on raising awareness and providing everyday people with access to financial answers and solutions. With Bankrate's Human First Debt Payment Journey, we support users every step of the way as they navigate, achieve, and exceed significant milestones on their journey to financial freedom. “When I first started going through the debt relief program I definitely had feelings of guilt and shame and I learned that finances are not necessarily about dollars and cents, it's about getting to a point where you can use the funds that you have for your own purposes. My perspective on debt changed when I first started working with National Debt Relief - I really got the sense that they were on my side.” Full video here: https://lnkd.in/epvtseFK Learn more about this on our Whole Human Finance page #WholeHumanFinance #Partnerships

April is Financial Literacy Month! Financial literacy entails having a solid understanding of money management so you can make good decisions when creating a budget, saving and investing money, managing debt and paying taxes. Why should individuals and households prioritize financial literacy? According to Bankrate Senior Economic Analyst Mark Hamrick: 1. Empowerment: Financial literacy helps us to make optimal decisions regarding our money. This can lead to better control of our financial well-being as well as a sense of actual empowerment. 2. Financial stability: By understanding concepts such as saving, investing, budgeting, and managing debt, money know-how provides individuals and households the ability to manage finances more effectively, preparing for emergency expenses while paving a path toward long-term financial success.  3. Avoiding financial regrets, making better decisions: Armed with financial knowledge, Americans can make sound decisions, avoid mistakes, navigate financial products, and assess risks. This leads to better financial and overall well-being for individuals, communities, and society. If financial freedom is the goal, financial literacy is how you get there. 💰 🧠 Learn more: https://lnkd.in/gH62uKmn #FinancialLiteracyMonth

Are you interested in receiving your MBA? 👨🎓 While an MBA degree helps you enter or expand a career in business, MBA concentrations allow you to specialize, preparing you to take on leadership roles and more demanding projects. Most MBA concentrations lead to careers with expected salaries in the six-figure range. 💸 Here are the top 10 MBA concentrations and their average base annual salary Management ($92,000) Entrepreneurship ($110,000) Finance ($106,000) Marketing ($99,000) Information technology ($116,000) Information security ($91,000) Human resources ($75,000) Healthcare management ($80,000) Real estate ($110,000) International business ($102,000) Read more: https://lnkd.in/ec3RTz2g

Buy now, pay later services are increasingly popular, but should you be using them? Nearly 2 in 5 Americans have used at least one buy now, pay later service whether it was through PayPal, Affirm, Afterpay, Klarna, or another installment lender. However, a new Bankrate survey found that 56% of BNPL users say that they have encountered at least one issue while utilizing these services. The most common problems include: - Spending more than they should have (29%) - Missing a payment (18%) - Facing difficulties with returning a purchase/ obtaining a refund (18%) Younger generations are more likely to have utilized buy now, pay later services and are more likely to have experienced issues. Bankrate Senior Industry Analyst Ted Rossman highlights while services like BNPL can be helpful, it is important to remain mindful of how much you’re spending as those payments can still add up quickly. https://lnkd.in/eyXsbsv9

Following a strong 2023 and a brisk start to 2024, many market watchers see stocks taking a breather over the coming 12 months, according to Bankrate’s First-Quarter Market Mavens Survey. Senior Economic Analyst Mark Hamrick shares, “It must be said that the U.S. economy has remained more resilient and robust than would have been expected after everything that has been thrown at it, including high interest rates. For most investors, who are taking a long-term perspective, a steady approach is key.” https://lnkd.in/e833rxGN

Why can't we have nice things, like a strong job market, and falling inflation? The latest snapshot of the job market suggests that we can. The March employment report includes an optimal mix of strong hiring, falling unemployment, rising wages, and increased labor force participation.   The Labor Department says hiring sprung forward last month with 303,000 jobs added, more than forecast. This matches the level last seen in May of last year. The last time payroll gains were more robust was in January 2023.   The nation’s unemployment rate was 3.8%, continuing the more than two-year-long streak below 4%, the longest since the 1960s. Another positive: More people were working and looking for work, taking the labor force participation rate up to 62.7%.    Wage growth remains above the recent pace of inflation. Average hourly earnings were up 4.1% from a year ago, marking a slight deceleration, which suggests the job market is not a key source of inflation overall.   A big question for the economy remains the mix of inflation and monetary policy. Federal Reserve officials can look at recent jobs data and remain confident that they’re satisfying the maximum employment component of their dual mandate. The other part of that mandate is stable prices. At issue, is when they begin to cut interest rates. As of this writing, investors are giving a very slight edge to a June rate cut, suggesting that there will be no change at the May meeting.   As they look for information that inflation is edging closer to their 2% target, FOMC officials will have additional data soon with the forthcoming CPI and PPI readings, covering prices at the retail and wholesale levels.   What about the outlook? Economists surveyed by Bankrate look for slower hiring over the next year and a slight rise in the unemployment rate to 4.2%.   Collectively, the economists put the odds of a recession over the next 12 months at 33% which matches the lowest level of risk since early 2022. Ultimately, recessions are inevitable in the long term. Their timing, duration, and severity are hugely difficult to predict. Here's more on our Bankrate survey written by my colleague Sarah Foster: https://lnkd.in/ekC4SFsA