After a string of nine interest-rate increases that took the Federal Reserve’s target rate from near zero in December 2015 up to a range of 2.25% - 2.5%, the Fed is poised to reduce rates for the first time since the Great Recession. Exactly what impact such a move will have on consumers’ wallets and the economy more broadly remains to be seen. But the hope is that lower rates will prolong what is already the longest economic expansion on record. At the very least, we can expect people with credit card debt to save hundreds of millions of dollars on interest.
To help shed some light on what we can expect from interest rates in the near future and how Americans feel about the prospect of a Fed rate cut, WalletHub conducted a nationally representative survey and assembled some relevant research. You can find the survey results below.
Summer is the perfect time to hit the open road: School’s out, the weather’s warm, and the possibilities are endless. The only dilemmas? Deciding on a destination and somehow affording everything you want to pack into your itinerary.
Gas prices might be one thing to worry about. They’ve been growing this year, with the national average rising 67 cents between January 1 and May 4. On top of that, you’ll need to consider accommodations, activities and dining. All of these certainly contribute to the more than $761 billion we spend on leisure travel each year.
2 points per $1 spent on dining and entertainment (1 point per $1 on everything else)
No foreign-transaction fees
CONS
$95 annual fee
No 0% intro rates
Above-average regular APR
The Verdict: Whether it’s truly a premier option is a matter for debate, but the Citi Premier℠ Card certainly represents a solid way to subsidize your travel expenses, assuming you have excellent credit.
Your earnings will always be worth 25% more when redeemed for airfare. That’s important to remember as you consider the 3 points per $1 spent on travel (including gas) that you’ll earn, in addition to 2 points per $1 on dining and entertainment, and 1 point per $1 on everything else. In other words, the card’s regular earning rates range from the points equivalent of 1% cash back up to 3.75% cash back, depending on where you make purchases and how you approach redemption. However you decide to use this card, carrying a balance from month to month should definitely be avoided. Citi Premier does not offer 0% introductory rates.
Fatherhood is a responsibility which changes over time. Back in 1960, 75% of American families relied on a single income, that of the dad, who spent much of his week at work while mom stayed home with the kids. Today, two-thirds of family households depend on two incomes. And the contemporary dad no longer fits neatly into the standard of the married breadwinner and disciplinarian.
Regardless of the changing identity and priorities of the modern dad, fatherhood remains an undisputedly tough job. And a father’s ability to provide for his family is central to his role. In fact, nearly 93 percent of dads with kids younger than 18 are employed, according to the Bureau of Labor Statistics. But some working dads, those who live in states with greater economic opportunity and quality of life, have it better than others.
Below-average customer service and claims satisfaction.
No online claims filing.
Limited coverage options and discounts.
Must purchase a policy through an agent.
Only available in 11 states.
Mercury Insurance Review Summary: Mercury car insurance is hard to beat when it comes to pricing, landing in 7th place out of 46 auto insurers in WalletHub’s cost comparison. But Mercury does not stray far from the basics when it comes to coverage options, discounts, and specialty auto insurance. As a result, Mercury is best for low-maintenance drivers looking for standard coverage options at an affordable price and nothing more.
People who require attentive customer care and quality claims processing are better off shopping for car insurance elsewhere. Mercury has received below-average ratings for both. One big reason why: Drivers do not have the option of purchasing a policy or filing claims online.
Convenient self-service mobile app and online claims filing.
CONS
Higher than average number of customer complaints.
No accident forgiveness.
Rideshare policy only available in California.
No availability of local insurance agents.
Esurance Review Summary: Esurance car insurance is designed for drivers who are not intimidated by the idea of shopping for, buying, and managing their auto policies completely online. With Esurance, the process of getting your insurance directly online is surprisingly painless thanks to the company’s straightforward, easy-to-use website.
Esurance has competitive rates, essential coverage options, and generous discounts. What more can you ask for? Some policyholders would say better customer service. But don’t let Esurance’s average customer service rating be a deal-breaker, as they make up for it with a highly-rated claims service process. Still, drivers who want a longer list of coverage options and a more personalized shopping experience might want to look elsewhere. Esurance is best for the self-sufficient, tech-savvy driver looking for a wallet-friendly rate.
Highly-rated claims service with online filing option.
Extensive coverage options.
Discount for hybrid cars.
Rideshare insurance.
Nationwide availability.
CONS
Complaints about high premiums.
Average customer service.
Not-so-user-friendly website.
Farmers Review Summary: Farmers auto insurance is a winner when it comes to coverage options and quality claims support. It receives especially high marks from customers in the areas of repairs and rental experience. Farmers is generous with discounts, too, offering savings for homeowners and for individuals who drive alternative fuel vehicles, among others. In terms of pricing, however, Farmers is pretty middle of the road, landing in 25th place (out of 46 insurers) in WalletHub’s ranking.
In the sections below, learn more about Farmers Insurance’s extensive coverage options, discounts, and how they compare against competitors like State Farm, GEICO, and Allstate.
Affordable option for high-risk drivers who struggle to buy coverage elsewhere.
Online claims filing by mobile app.
CONS
Limited coverage options and discounts.
Complaints about customer service, confusing website, and claims service.
No reward for safe driving.
The General Review Summary: The General is one of the few companies in the auto insurance industry that sells policies to drivers with a history of traffic violations and accidents. Not only that, but The General offers traditional auto coverage options at affordable prices, throwing a lifeline to drivers who might be struggling to purchase coverage elsewhere.
Although The General has competitive rates, it doesn’t have as many coverage options and discounts as its better-known competitors. Interestingly, given the high-risk drivers it insures, The General does not provide any incentives to promote safe driving habits. The General’s lackluster website also makes it hard to nail down coverage and discount details. Prospective customers must request a quote in order to learn more about their options.
Solid claims servicing support through Farmers Insurance.
CONS
Available only in California and Hawaii.
Not many coverage or discount options.
No accident forgiveness benefit
Complaints about high premiums and unexplained premium increases.
21st Century Review Summary: 21st Century auto insurance is more standard than standout. Auto insurance shoppers who want lots of choices and discounts may want to look elsewhere. You may be forced to, anyway, as 21st Century only serves California and Hawaii residents. Farmers Insurance, which owns 21st Century, is available to serve residents outside of those two states.
For those who are eligible, 21st Century’s limited coverage options and discounts do not guarantee low costs, unfortunately. Some customers have complained of high premiums and unexplained price increases.
Travelers Review Summary: Travelers auto insurance impresses with an extensive list of discounts and strong coverage options. Travelers is one of the few auto insurance companies that provide accident and violation forgiveness every three years as well as a policy discount for hybrid vehicles. However, an auto policy from Travelers can have a pretty high price tag. The company’s auto premiums come in at 28th place in WalletHub’s ranking.
All in all, Travelers auto insurance is a decent choice for drivers who prefer to purchase and bundle insurance policies from a company with a well established history in the industry.
Complaints about poor claims service and billing issues.
Website lacks details about coverage options.
Not many discounts.
MetLife Review Summary: MetLife auto insurance is ideal for good drivers looking for traditional coverage options at budget-friendly prices. MetLife’s standout coverage features include legal defense protection and major auto parts replacement.
Aside from these special add-ons, however, MetLife’s coverage options and discounts are rather limited compared to those available from other major car insurance companies. But this doesn’t have to be a deal-breaker, especially since MetLife’s auto insurance rates are competitive, ranking 13th out of 46 insurers in WalletHub’s price research.
Deciding on a place to call home can be a tough process. You’ll need to balance things like the cost of living with job opportunities, quality of education and safety. Personal preference also comes into the equation, as you’ll want to live somewhere with the types of attractions, recreational opportunities and weather that suit you. Luckily, there’s 50 states to choose from, from frigid Alaska to sunny Florida. Each has its own benefits and drawbacks.
If you do the math, some states clearly outshine others in various categories. To find out the best states to live, WalletHub compared the 50 states based on 51 key indicators of livability. They range from housing costs and income growth to education rate and quality of hospitals. Read on for the winners, additional insight from our panel of experts and a full description of our methodology.
Credit card debt statistics speak to the financial health of American households. They can also foreshadow over-borrowing bubbles, changes to lending standards, and other trends with the potential to impact our wallets.
Although we started 2019 owing more than $1 trillion in credit card debt, Americans repaid $38.2 billion in credit card debt during Q1 2019 – the fourth-largest quarterly payoff ever. Rather than a turning point in consumers’ addiction to overspending, however, the Q1 2019 paydown could actually be a sign that even more debt than expected is now in the forecast for the rest of the year. In fact, WalletHub projects a $70 billion net increase in consumer credit card debt for 2019 overall.
When it comes to Maryland, big things really do come in small packages. In 2016, the Free State charged the eleventh most expensive car insurance premiums in the country. That’s despite having little road to cover (under 18,000 lane miles), a traffic-related fatality rate lower than that of many states (550 in 2017) and minimum liability insurance limits just slightly higher than the national average. Maryland drivers must carry at least $30,000 of coverage per person and $60,000 per accident for bodily injury and $15,000 for property damage. They must also have $30,000 per person and $60,000 per accident in uninsured motorist bodily injury coverage, $15,000 in uninsured motorist property damage coverage and $2,500 of personal injury protection.
We all define “fun” a bit differently. And hopefully the place in which we live caters to our personal ideas of entertainment. But that’s not always the case, which may drive people to live somewhere new.
There are certain states where fun is not just an option but also a way of life. These states offer such a variety of activities that everyone will be able to find something that excites them.
Potentially High Regular APR Makes It Costly To Carry A Balance
Note: This card is no longer open to new applications. Information listed here is accurate as of June 7th, 2019.
The Verdict: Barclaycard Arrival® Plus World Elite Mastercard® (Barclays is a WalletHub partner) is the best travel rewards credit card on the market, largely because cardholders accrue maximum earnings on all purchases and have the freedom to redeem miles for any travel-related expense. It’s everything a 21st Century traveler needs in a credit card: straightforward, unmatched earnings with a no-strings-attached redemption policy that actually adds flexibility. So you should make sure to check it out if you haven’t already started packing your bags.
35K bonus points (worth roughly $300) for spending $2K in the first 3 months
Up to $100 in credits per year for fees charged by one airline
4 points per $1 spent at restaurants worldwide
4 points per $1 spent at U.S. supermarkets (up to $25K spent per year, then 1 point)
3 points per $1 spent on eligible flights
No foreign transaction fee
CONS
$250 annual fee
Points worth less than 1 cent, on average
Limited ability to carry a balance from month to month
The Verdict: The American Express® Gold Card offers lots of rewards, especially on travel and dining purchases. But it costs a pretty penny, too.
Amex Gold gives an initial bonus of 35,000 points for spending $2,000 in the first three months, up to $10 per month for dining with Amex dining partners, and up to $100 per year for fees charged by one airline. That’s not all, either. Amex Gold cardholders also earn 4 points per $1 spent at restaurants worldwide, 4 points per $1 spent at U.S. supermarkets (up to $25,000 spent each year), 3 points per $1 spent on eligible flights, and 1 point per $1 on everything else (American Express is a WalletHub partner). That’s the good news.
Gaming is serious business. Globally, it’s an over $130 billion industry. That’s unsurprising with the number of ways there are to enjoy video games in the present day, from consoles by Nintendo, PlayStation and Microsoft to gaming PCs and mobile devices to simply watching others stream on a platform like Twitch or YouTube. And professional esports are projected to have more viewers in total than all professional sports leagues except the NFL by 2021.
According to the Pew Research Center, 72 percent of male Americans aged 18-29 play video games “often” or “sometimes,” as do 49 percent of female Americans ages 18-29. And pro gaming, or “esports,” is growing into a viable career choice for those with the best mechanical skills. For example, the Overwatch League, run by Blizzard Entertainment, carries a $1 million prize pool and a minimum $50,000 salary for each player. The league entered its second season this year with eight new teams.
After experiencing a 5.7% loss in 2018, hedge funds have started to rebound, experiencing their best first quarter in 13 years. Total hedge fund capital stands at $3.18 trillion. To put that in perspective, only four countries, including the U.S., have a GDP higher than that. Furthermore, the median yearly earning for a hedge fund manager is now just under $350,000, but there are many who are billionaires.
So it makes sense that people pay attention to what they’re buying, selling and holding. We want to replicate their success. Hedge funds’ quarterly public disclosures, mandated by the Securities and Exchange Commission, give us a window into their recent activity.
With every new headline about a mass shooting, terrorist attack, hate crime or natural disaster, many of us fear for our safety and that of our loved ones. Just in 2018, the devastating Camp Fire killed 86 people, and hurricanes Florence and Michael took the lives of dozens each. And Louisiana led the U.S. in the homicide rate, averaging 12.4 per 100,000 people. Each state is safe from some dangers but falls prey to others.
Safety is a basic human need. We require some form of it, such as personal and financial protection, in every part of daily life. But we’re likely to feel more secure in some states than in others.
Credit card debt statistics speak to the financial health of American households. They can also foreshadow over-borrowing bubbles, changes to lending standards, and other trends with the potential to impact our wallets.
