The latest on trans-friendly credit cards, lending algorithms, and how money comparisons help you save
Here are some favorite personal finance reads from around the web this week.
Inclusivity comes to credit cards: Mastercard creates ‘True Name’ for transgender, nonbinary customers
–The Washington Post
Mastercard is allowing transgender and nonbinary people to swap out their “dead name” with the name they identify with, under their new True Name program. It’s a first for the financial industry, but a necessity for cardholders who get harassed or are denied service because their IDs do not match their credit cards.
Former for-profit college students will have $168 million in student debt cancelled
—MarketWatch
Millions of dollars in student loan debt will be cancelled for more than 18,000 former students who attended ITT Tech, a for-profit college. The school and its partnering loan servicer were accused of a scheme in which students were misinformed or lured to take on debt that they couldn’t afford.
Fintech algorithms discriminate 40% less than traditional lenders
–Quartz
The U.S. housing market has long been biased against minorities, but according to a recent study of mortgages, algorithmic fintech lending companies (or “algos,” such as Quicken Loans), are 40% less discriminatory than traditional loan officers. It signals hope that the industry will provide fairer financing, but doesn’t address the persistence of widespread discrimination.
The case for having tightwad friends
–The Cut
“Upward social comparison” or seeing how you compare to those ahead of you financially might actually be helpful in saving money. An MIT study resulted in participants socking away more when they learned their savings lagged behind their peers. One caveat: You need to compare yourself against people similar enough to you so that goals seem accessible.
Craving more financial finds? Here are my latest blog posts!
The SECURE Act gives retirement savings a makeover
The House of Representatives passed the SECURE Act which will make major changes to retirement and 401(k) offerings with new rules for getting annuities. Here’s what that can mean for you.
14 ways your kid can earn cash this summer
School’s out! If your kid wants some extra cash this summer, encourage their entrepreneurial spirit with these creative money-making ideas.
Movies and books that can help teach tweens personal finance
There’s a lot of info out there for teaching younger kids about money, but what about those tricky middle schoolers? These books and films may do the trick.
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