The Money Section | Worst fears = avoided (for now)

͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( August 03, 2023 • Issue #44 [The Money Section] This week, we’re looking at how fintech companies can offer a potential solution to the high cost of education, why we’ve managed to avoid our collective worst fear (for now), and why The White House is going after medical credit cards. The housing market won’t budge. [Students]( Money; Getty Images As student loan payments resume, potential homebuyers will face challenges in one of the least affordable housing markets in US history. While the student loan moratorium helped some borrowers save for a down payment, skyrocketing home prices and interest rates continue to keep homeownership a dream for many. [Read more.]( 🎓 One less burden for students. Congressional Democrats have presented the Student Loan Interest Elimination Act, which seeks to permanently set student loan interest rates at zero percent. The bill would enable current federal student loan borrowers to refinance their loans at this favorable rate within the federal system. [Here’s what you need to know.]( Fintech 😲 Students. Congressional Democrats introduced the Student Loan Interest Elimination Act to permanently eliminate student loan interest as payments resume. Fintech companies are providing innovative loan products with lower interest rates and better evaluation methods, [offering a potential solution to the high cost of education.]( Another day, another rate hike. [Rate]( Money; Getty Images The Fed raised interest rates by another quarter-point, bringing the target range to between 5.25% and 5.5% – the highest level in over two decades. This is the 11th rate hike so far, which means investors should probably look into diversifying their portfolios as interest rates may continue to be high for some time. [Read more.]( 😬 Worst fears = avoided (for now). Despite pessimism and fears of impending recessions, Germany is the only major economy to have experienced a mild recession in 2022. The Federal Reserve's commitment to raising interest rates has been taken seriously by investors, leading to a more stable financial environment. [See which companies are making a strong comeback in the stock market.]( 🙌 Lending conditions are getting tighter. According to the Federal Reserve's Senior Loan Officer Opinion Survey, lending conditions at U.S. banks are tight and expected to become even stricter in the future. The survey also reveals there is declining demand for loans, especially in consumer lending and commercial and industrial lending. [Here’s what the tightening has been attributed to.]( The White House vs medical credit cards. [Medical Cards]( Olive Burd / Money; Getty Images Medical credit cards, designed to pay for medical expenses not covered by insurance, are drawing scrutiny for their high interest rates, aggressive late fees, and potential to exploit patients. [Here’s what you need to know about The White House’s ongoing investigation.]( 🍗 Food prices refuse to budge. Major consumer brands like Coca-Cola, PepsiCo, and Unilever have been aggressively raising prices this year, leading to strong profits even as product volumes either declined or remained flat. The Federal Reserve faces a challenge in taming inflation with its main tool of raising interest rates, [but food prices remain stubborn.]( 💰 Affordable living. GOBankingRates ranked 100 U.S. cities with above-average median and mean household incomes based on the 2020 American Community Survey. They calculated itemized living costs, such as housing, groceries, healthcare, utilities, and transportation, to determine the average monthly living expense for each city. [Here’s where your paycheck will stretch the furthest.]( Smart Money Move [College Ave]( Child heading to college this fall? College Ave Student Loans can help. [College Ave] [College Ave]College Ave Student Loans offers private student loans and parent loans to unlock your child's future success. With flexible and affordable loan options specifically designed to help students and their families, you can breathe easy knowing your college expenses are covered for the year thanks to College Ave. Click [here]( to get started with a better student loan experience. Stories we're reading this week - [Fitch cuts US credit rating to AA+; Treasury calls it 'arbitrary']( - [The 3 Best Money Moves to Make This August]( - [You Can Sign up Now for Biden's New Student Loan Repayment Plan]( - [You Can Sign up Now for Biden’s New Student Loan Repayment Plan]( - [Mega Millions winner could net $1.25 billion as top lottery prize is still up for grabs]( - [Homeowners With This Mortgage Rate Are Twice as Likely to Sell]( - [How Expanding Your Family Impacts Your Finances, By US Metro Area]( 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 or newsletters 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. 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