On September 1, 2023, Charbel S. Joseph, a construction contractor, filed for Chapter 7 bankruptcy relief in the U.S. Bankruptcy Court for the Eastern District of Kentucky. His petition revealed a staggering financial imbalance, with liabilities exceeding $10 million while claiming only $21,095 in assets. This significant discrepancy prompted the…

On December 18, 2024, U.S. Federal Reserve Chairman Jerome Powell announced a quarter-point reduction in the federal funds interest rate, bringing it to a range between 4.25% and 4.50%. This move comes amid fluctuating concerns regarding inflation and uncertainty about the economic policies of President-elect Donald Trump. The Federal Open…

Federal prisoners typically rely on financial support from friends and family to supplement their inadequate job earnings while incarcerated. Recent scrutiny of prisoners’ commissary accounts has heightened attention to this issue, especially following reports that high-profile inmates, like Larry Nassar and R. Kelly, were found to hold substantial sums—often tens…

As the year draws to a close, many employees anticipate a year-end bonus as a reward for their hard work. In December 2023, the average bonus was $2,447, a notable financial incentive that could significantly impact one’s financial situation if planned thoughtfully. While the thrill of receiving a bonus often…

Increasing your retirement savings is essential for ensuring financial security in your later years. With well-planned strategies, you can enhance your savings significantly in 2025. This guide outlines practical steps to maximize your contributions, focusing on key areas like understanding contribution limits, leveraging employer matching, and automating savings. By adopting…

When a spouse passes away, the complexities of their financial situation can present a daunting challenge to the surviving partner, particularly if the surviving spouse is unfamiliar with estate planning and tax regulations. Understanding spousal inheritance planning becomes crucial in protecting accumulated wealth and ensuring a smoother transition during a…

Mortgage rates are currently experiencing a mixed trend. According to Zillow’s latest data, the average rates for a 30-year fixed mortgage have seen a slight uptick of four basis points, reaching 6.67%, while the 15-year fixed mortgage rate has increased by five basis points to 6.03%. Conversely, the 20-year fixed…

In recent years, savings account interest rates have witnessed a significant increase, largely due to multiple rate hikes instituted by the Federal Reserve. However, a shift occurred in late 2024 when the Fed implemented three rate cuts, leading to a decline in savings interest rates. This trend underscores the importance…

Certificate of Deposit (CD) interest rates have reached some of their highest levels in over a decade, primarily due to multiple rate hikes by the Federal Reserve. However, with the Fed recently cutting its target rate, consumers may face a limited window to secure competitive CD rates. Shopping for a…

Between March 2022 and July 2023, the Federal Reserve implemented a series of rate hikes, elevating its benchmark interest rate a total of 11 times in response to escalating inflation. This aggressive monetary tightening was designed to combat surging prices and stabilize the economy. In this context, money market accounts…

On December 20, 2024, a major legislative move occurred in Washington, D.C., as the House of Representatives approved a stopgap funding bill aimed at preventing a government shutdown. This bill extends federal funding into mid-March and includes essential disaster relief provisions. However, it notably omits the debt ceiling suspension that…