Financial News Features

The current health measures to prevent the spread of COVID-19 has caused unemployment to skyrocket, highlighting how crucial it is to reduce spending and focus on saving. GOBanking Rates spoke to financial and consumer experts to get their insight on which expenses to trim during the pandemic. and has forced many businesses to close or reduce workers hours.

A survey of purchasing habits and frequently used payment methods was conducted by FinanceBuzz. Contrary to popular belief the younger generations have not rendered cash and checks obsolete, even as mobile wallet issuers add incentives and rewards with the hope of attracting new users.

There is more than one reason to keep your credit cards open and active. Find out from a selection of experts how a closed card might impact your overall credit and how and when to avoid having it closed.

Finance professionals give their expert opinions in response to Elizabeth Warren's 50/30/20 Spending Rule from her 2005 book "All Your Worth: The Ultimate Lifetime Money Plan." Almost fifteen years later, financial experts delve into whether this rule still applies or how to follow its mission for those carrying debt.

Lenders, like credit card companies and banks, use credit scores to assess possible risks associated with lending out money to consumers. The goal is to reduce losses due to bad debt by evaluating your score, which can be determined by several factors, like paying your bills on time. Keeping your credit utilization low is another smart strategy toward increasing your score.

Financial goals can sometimes be at odds with one another, especially when faced with the dilemma of whether to prioritize debt repayment or savings. The reasoning to opt for one over the other, or even maintain a balance between the two is determined by the financial situation. Learn more from the experts on why each is crucial for your financial security so you can make the best decision for your case.