The Money Section | In the housing war, renters are striking back

͏Plus, over half of Americans stopped saving for later ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( November 2, 2022 • Issue #6 [The Money Section] This week, we’re talking about Americans cutting back on retirement contributions due to inflation, the Biden Administration’s recent changes to income-driven student loan repayment plans, and why we’re finally seeing rent prices falling across most major US cities. Cutting back on the future. [Saving]( Money; Getty Images The highest level of inflation in four decades is making it nearly impossible for over half of Americans to save for retirement, according to a survey by Allianz Life. For a period during the pandemic America's savings rate was soaring, but now the savings boom appears to be over. [Read more.]( 🦃 ‘Tis NOT the season for turkeys. Wholesale turkey prices reached $1.79 per pound in October, over 40 cents higher than last year’s peak price. Inflation is part of the cause for this price hike, but it isn’t the only reason [your turkey will cost more this Thanksgiving](. 📈 The Fed’s risky moves. The Federal Reserve is most likely going to raise interest rates by three quarters of a percentage point again on Wednesday, its fourth straight supersized hike. While some argue that this move will kickstart a recession, many experts agree that, to get inflation under control, [the Fed may have to blow up the economy](. An easier path to forgiveness. [Payment]( Money; Getty Images The Biden Administration recently announced permanent updates to the Public Service Loan Forgiveness (PSLF) program, making income-driven payment more flexible. These changes could impact millions of people, since 30% of all student loan borrowers are currently enrolled in income-driven payment plans. To see the full details and find out how you could benefit, [read the full story.]( 📅 Put it on the calendar! Even though the timeline for student loan forgiveness has been pushed back due to ongoing legal challenges, it’s very important you pay attention to the deadlines set by the government. [Here are the 7 dates you should know](. 📝 A ‘monumental’ relief. This week, the Education Department released final plans to improve student-loan forgiveness programs, including strategies to prevent interest from causing borrowers' debt to balloon. Here’s what you need to know about the [key improvements in store for millions of borrowers](. Rents are finally “cool” again. [Falling]( Getty Images Increasing vacancy rates in certain markets, the re-emergence of more normal seasonal moving patterns, and fears of an upcoming recession are causing rent prices to fall in most major US cities, according to research by rental listing site Zumper. Is this trend sustainable and where is rent dropping the fastest? [Read the full story.]( 7️⃣ The not-so-lucky number 7. The average rate on a 30-year fixed-rate mortgage loan came in at 7.08% this week, according to Freddie Mac’s weekly lender survey. That’s the highest average rate since 2002. [Here’s what mortgage rates soaring past 7% means for buyers, sellers and the housing market](. 🥊 Renters strike back! Affordability pressures and inflation are holding back tenants, forcing landlords to ease off big increases. In a dramatic reversal from just months ago, when people were fighting over a limited supply of apartments, [America’s renters have had enough](. Smart Money Move Are you in debt? Here’s how to pay less than you owe [Debt] [Debt]Struggling with any debt — credit cards, medical bills, personal loans, or others — can be very stressful. This is particularly true if your debt has been building and accruing interest for years on end. And while you can face these difficulties by yourself, you don’t have to. There are debt relief programs available to make the process less stressful and more streamlined and may allow you to pay less than you currently owe. The way it works is that specialists negotiate on your behalf so you can get the best possible terms from creditors. Some creditors may agree to lower interest rates and reduce or waive certain fees. To learn more about your options, simply click below. [View the Best Debt Relief Companies of 2022]( Stories we're reading this week - [The I Bond's New Rate Is Higher Than Expected. Here's How to Buy.]( - [Rich crypto executives really want voters to care about crypto. Good luck with that.]( - [Credit Card Usage Has Soared Back to Pre-Pandemic Highs.]( - [Spoiler alert: Twitter does not want to pay Elon Musk $20 for verification.]( - [Best Gold IRA Companies of 2022.]( - [Google Search is getting new shopping features to help you get a better deal.]( - [Disney to test early merchandise access for U.S. Disney+ customers.]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. Please [contact customer service]( if you have any questions or concerns. [Privacy Policy]( | [Terms of Service]( | [View in Browser]( Copyright © 2022 The Charlotte Observer. All Rights Reserved. 9140 Research Drive, Charlotte, NC 28262