The latest on payday loan rollbacks, surprise tax bills, and student debt at 60
Here are some favorite personal finance reads from around the web this week.
Trump administration rolls back payday loan protections, which could affect millions of young people
Consumer protections for payday loans are now being rolled back by the Trump administration, making it easier for people, especially millennials, to access these costly, high-risk loans. New leadership at the Consumer Protection Financial Bureau found the protections, which required lenders to verify an applicant’s ability to pay the loan back, too restrictive.
Early tax filers were surprised to find that rather than getting their usual tax refunds, they instead owed money to the IRS. Why? Because under the 2017 Tax Cuts and Jobs Act, the Treasury Department had adjusted taxpayers’ withholdings. Now, many taxpayers owe more in taxes than what was withheld by their employers.
–The Wall Street Journal
While many people think of millennials when it comes to student debt, Americans 60 years and older owe a collective $86 billion in student loans. And there’s been a 161% increase in the past seven years, the largest for any age group. Two main reasons why seniors took on more debt: To help pay for their kids’ college costs and to go back to school for better employment opportunities after the Great Recession.
Women who have incarcerated partners often have to face their finances alone. These women learned how to budget, manage their debt, and support their families while their partners are away.
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If you’re saving for an emergency fund or a down payment on a home, park your cash in one of these safe savings accounts.
Personal finance basics often come with an added burden for women due to issues such as the pay gap and the mommy penalty. Here’s how women end up with less in their financial lives.
Despite some protections from the Affordable Care Act, women often face extra health care costs and are more likely to lack insurance due to inequality and their caregiving obligations.
Women are routinely denied or charged higher interest rates for mortgages and small business loans. One area where they do borrow more? Student loans.
From the cars they drive to the shampoo they buy, women pay more of a premium than men for a whole range of products and services.
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