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CNBC
3 days ago
- Business
- CNBC
Travelers are taking ‘a more frugal approach' to summer vacations this year, expert says
Earlier this spring, consumers were feeling good about their summer vacation prospects. More people were planning to take a trip compared to last year, and summer travel budgets were up, too, according to a new report from Deloitte. But just a few weeks later — after President Donald Trump announced widescale tariffs and the stock market dropped precipitously, bubbling up recession fears — some would-be vacationers abruptly scaled back their spending plans, a second round of the survey found. About 53% of respondents plan to take leisure vacations this summer, up from 48% in 2024, according to a new report by Deloitte. The report is based on two surveys: one was conducted between March 26 and April 1, 2025, and another between April 7 and April 9. The first survey reached 1,794 travelers and 2,132 non-travelers while the second reached 1,064 travelers and 880 non-travelers. Initially, Deloitte found, the average summer travel budget was set to grow 21% year over year, to $4,967. In the second round of the survey, travelers expected to spend just 13% more than last year, or about $4,606. When looking at budgets for their longest trip of the season, respondents initially planned to spend an average $3,987, 13% more than 2024. That anticipated budget declined to $3,471 in the second poll, an increase of less than 1% from a year ago. More from Personal Finance:Trade tensions drive consumers to cut backStudent loan borrowers brace for wage garnishmentHouse Republican tax bill favors the rich — how much they stand to gain, and why Deloitte conducted a second poll because the firm noticed "softness" in consumer spending across other areas of their research, said Kate Ferrara, the transportation, hospitality and services sector leader at Deloitte. "We still see a strong summer travel season, but perhaps with a more frugal approach," said Ferrara. Broadly, travel costs have declined, which may help travelers looking to stretch their budget. Hotel room rates are down 2.4% from a year ago, according to a recent report by NerdWallet. Rental car costs are also down 2.1% in that same timeframe, while airfares are down 7.9%. Round-trip domestic airfare for this summer is averaging $265 per ticket, according to the 2025 summer outlook by Hopper, a travel site. That's down 3% from $274 in 2024 and down 8% since 2019, the lowest level in three years. Travel costs for international travel are generally down, said Hayley Berg, the lead economist at Hopper. The average round-trip airfare between the U.S. and Europe, the most popular international destination, costs $850 per ticket this summer, down 8% from 2024, Hopper found. In spite of slightly lower prices for travel, people are generally spending more due to inflation, and might have less leftover money to spend on non-essential items like travel, said Deloitte's Ferrara. Of those who reduced their summer travel budgets, 34% of respondents plan to cut back on their in-destination spending activity, such as food or paid guided excursions, Deloitte found. About 30% plan to stay with family and friends instead of paying for lodging, and 21% chose to drive instead of flying to their destination. You can also save money this summer if you can be flexible with things like when you take the time off, your destination, what you do while you're there and your mode of transportation, experts say. "The root of all of our hacks for saving this summer is flexibility," said Berg. Airfare tends to spike or be higher during federal holiday weekends like the Fourth of July and Labor Day, Hopper found. This year, prices on these weekends will be about 34% higher compared to other weekends. Instead of flying in the middle of the summer, consider delaying trips toward the end of the season, in late August or even early September, Berg said. Both price and travel demand will typically drop off by then as the new school year starts and employees go back to regular work schedules, she said. What's more, flying in the middle of the week can help save as much as 20% on airfare, per the site's report. Traveling on a Tuesday or Wednesday can also help vacationers save about $67 on a round trip domestic flight this summer, Hopper found. That flexibility can help travelers save over $100 on international trips to Europe or Asia.
Yahoo
3 days ago
- Business
- Yahoo
Fortune Names Rate a ‘Best Mortgage Lender' of 2025
Recent honors from Fortune, NerdWallet, Forbes, and Motley Fool reflect Rate's momentum as a tech-forward, service-first home loan platform CHICAGO, May 30, 2025 (GLOBE NEWSWIRE) -- Rate, a leading fintech company, has been named a 'Best Mortgage Lender' for May 2025 by Fortune, a distinction that highlights the company's customer-first approach, industry-leading technology, and commitment to making homeownership accessible for more Americans. Fortune gave Rate the Best Overall spot for its smooth online mortgage experience, citing its innovative digital tools and impressive array of loan options. With same-day approvals and closings in as little as 10 days, Fortune positions Rate as a strong choice for borrowers seeking an expedited mortgage process. Other leading industry voices are taking notice as well. Forbes recently named Rate the Best Mortgage Lender of 2025 for First-Time Homebuyers, and NerdWallet awarded Rate Best Lender rankings across multiple categories, including FHA Loans, Home Equity Loans, Lower Credit Scores, and more. Motley Fool further recognized Rate as a Best Mortgage Lender of 2025, highlighting the platform's digital experience and down payment assistance. Taken together, these accolades underscore Rate's ability to meet the needs of both first-time homebuyers and seasoned homeowners looking to refinance their present mortgage and/or leverage their equity. With a broad loan portfolio, the nation's top Loan Officers, and unrivaled technology, Rate offers tailored solutions for virtually any borrower, with more ways to say 'yes' built into every part of the process. A standout example is the Rate App, which simplifies financial management by offering mortgage approvals in a day, personal loan applications in five minutes, insurance savings, 24/7 communication with your Loan Officer, and more—all designed to help users achieve their financial goals. This wave of industry recognition is mirrored by the growing interest in Rate from top-performing Loan Officers across the country, many of whom are choosing to join the Rate team. It's a clear sign that Rate has become both a magnet for industry talent and a trusted partner for consumers navigating today's housing market. 'This broad recognition is a result of the work our team puts in every day to make homeownership more cost-effective, simpler, faster, and more attainable,' said Victor Ciardelli, Founder and CEO of Rate. 'We're proud to be building a platform where trust and technology go hand in hand—and grateful to our customers for choosing us.' The accolades add to a growing list of milestones for Rate, including: The launch of Rate Intelligence1, the company's AI-powered mortgage platform The debut of Home Search, giving buyers a unified home shopping and loan experience Surpassing2 10,000 digital mortgage applications in Spanish, underscoring Rate's reach among first-time and diverse homebuyers Rate Insurance being named one of the Top 100 P&C Agencies in the U.S. by Insurance Journal 'For Loan Officers, Rate has become the place where they can truly do their best work,' said Shant Banosian, President of Rate. 'We've built a platform that differentiates LOs from a speed, price, and service perspective so they can grow their business and deliver a superior customer experience.' These accolades cement Rate's leadership as a modern, all-in-one homebuying solution trusted by both new buyers and seasoned homeowners. About Rate Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include: Top 5 Mortgage Lender by Inside Mortgage Finance for 2024; Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire's Tech100 award for the company's industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine's Lender of the Year for seven consecutive years; and Chicago Tribune's Top Workplaces list for seven straight years. Visit for more information. Media Contact:press@ 1 - Rate Intelligence refers to automated documentation verification. Underwriting experts provide final mortgage approvals. 2 - All negotiations and Mortgage Loan Transaction Documents will be conducted and provided in English. We suggest that you work with an interpreter of your choice. You can find more information about the loan process in Spanish at: Operating as Guaranteed Rate, Inc. in New York. Guaranteed Rate, Inc. D/B/A Rate; NMLS #2611 For licensing information visit Subject to Approval. Conditions may apply. Guaranteed Rate, Inc. D/B/A Rate; NMLS #2611; 3940 N Ravenswood, Chicago, IL 60613; 866-934-7283. For licensing information visit Equal Housing Lender. Conditions may apply. • AZ: 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254, Mortgage Banker License #0907078 • CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act • CO: Regulated by the Division of Real Estate • GA: Residential Mortgage Licensee #20973 • MA: Mortgage Lender & Mortgage Broker License #MC2611 • ME: Supervised Lender License #SLM11302 • NH: Licensed by the New Hampshire Banking Department, Lic #13931-MB • NJ: Licensed by the N.J. Department of Banking and Insurance • NY: Licensed Mortgage Banker - NYS Department of Financial Services, 750 Lexington Ave. Suite 2010, New York, New York 10022 • OH: MB 804160 • OR: Licensed and Regulated by the Department of Consumer and Business Services • PA: Licensed by the Pennsylvania Department of Banking and Securities • RI: Rhode Island Licensed Lender • WA: Consumer Loan Company License in to access your portfolio
Time of India
5 days ago
- Business
- Time of India
Credit cards are feeding young Canadians more than actual food; As wages stagnate and rent soars, debt becomes the only thing they can afford
Young Canadians are increasingly struggling with debt as the cost of living rises and job prospects remain uncertain. Delinquency rates among 18-25 year olds have surged, particularly on credit cards, fueled by unemployment, stagnant wages, and a lack of financial literacy. Experts advise budgeting, debt repayment strategies, and seeking financial guidance to avoid the debt trap. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Rise in unemployment Stagnant job market Lack of financial literacy Tired of too many ads? Remove Ads How to dodge the debt trap? As the cost of living continues to rise and job prospects remain uncertain, an increasing number of young Canadians are finding themselves ensnared in a cycle of debt they struggle to data from Equifax Canada reveals a troubling trend, individuals aged 18 to 25 have experienced a 15.1 percent increase in delinquency rates compared to the previous 90-day or more delinquencies on credit cards for this age group have surged by 21.7 percent, reaching a delinquency rate of 5.38 percent, significantly higher than the overall population's rate of 3.76 percent."Being able to balance the cost of living with debt levels is more difficult and more challenging, which is why through the numbers we are seeing that stress come through," said Kathy Catsiliras, vice-president of analytical consulting for Equifax Canada. "They are finding it more challenging to stay current on their debt obligation, married with the fact we're seeing unemployment rates increase."Canada's unemployment rate rose to 6.9 percent in April, according to Statistics Canada. This uptick in unemployment, coupled with stagnant wages, has left many young Canadians without sufficient income to manage their some are resorting to credit cards or loans to cover essential expenses like food and challenges are further compounded by a stagnating job market, partly attributed to the ongoing trade tensions with the United States. Due to President Donald Trump 's tariff policies, some companies have had to scale back hiring plans or lay off Terrell, a personal finance expert with NerdWallet, highlighted the multifaceted pressures facing young Canadians:"All of these factors combined can definitely make for a challenging financial situation in which your credit card is being used to bridge the gap, especially if you're someone who's living paycheque to paycheque," she situation is exacerbated by the fact that many young individuals are new to credit and may lack the financial literacy to manage it effectively. Matt Fabian, TransUnion Canada's director of financial services research and consulting, noted:"They're getting used to the fact if they charge a lot, those payments go up and they're going to owe a balance. Some of them, they're able to adapt and do just fine. Some of them, it's a bit of trial by fire, so we do see sometimes heightened delinquency."However, Fabian also pointed out a silver lining:"We do see a high 'cure' rate, however, with youth who may have a 'trip and fall' eventually understanding how debt works and not missing payments."A TransUnion Canada report showed youth are among two groups driving up the total debt of Canadians, with the group seeing their outstanding balances grow by 30.6 percent compared to the previous experts suggest that young Canadians facing debt challenges should consider developing a debt repayment strategy, exploring options like balance transfer credit cards or debt consolidation loans, and seeking guidance from financial is also crucial; ensuring that one can afford more than the minimum payment can prevent interest from accumulating and making debt repayment more difficult.
Miami Herald
6 days ago
- Business
- Miami Herald
Climate risk is real. Companies must be free to consider it, especially in Florida
More than 60 years ago, my parents fled Cuba for the United States, seeking freedom from an oppressive regime that dictated what businesses produced and how products were priced. They knew that a country without free markets could not offer the economic prospects and individual liberties they wanted for their family. In America, they found a land of opportunity, where hard work and entrepreneurial spirit were rewarded. Because of their brave decision, they were able to buy a home and provide a better life for our family in Miami-Dade. Our country has long been a beacon of freedom for people like my parents — people who believe in free-market principles, where business owners and their shareholders, not the government, make business decisions. That's why it is deeply troubling to see champions of free enterprise now working to undermine the very market principles they once defended — by opposing responsible, risk-based business decisions, including those that factor in the clear and growing economic impacts of climate change. As a long-time South Floridian, I know firsthand that the impact of extreme weather events on our state cannot be ignored. In the past five years alone, Florida has faced 34 weather-related disasters, each causing losses exceeding $1 billion. The total economic cost of these disasters is estimated at $200 billion. And the trend is intensifying — in 2024 alone, there were 11 weather events with total economic losses approaching $100 billion. These events are wreaking havoc on Florida homeowners. In 2023, 53,648 Florida households lost their insurance coverage — the same year eight billion-dollar disasters struck the state. That means 3% of all property insurance policyholders lost their coverage in a single year — triple the national average non-renewal rate. For those who have maintained coverage, the costs are staggering. According to NerdWallet, homeowners insurance in Florida now averages $2,625 per year for $300,000 in dwelling coverage — far higher than the national average of $1,915. The unique challenges of climate risk underscore why investors and companies must be able to consider these risks in decision-making. By 2050 — just 25 years away — the global economy could lose about 10% (or $23 trillion annually) of its total economic value due to the warming climate. These risks could increase the federal debt, cause sudden and chaotic changes in asset prices, or destabilize the financial system if markets fail to adapt to changes in policy, technology and consumer behavior. Despite these growing concerns, recent legislative efforts seek to limit the consideration of climate risk in financial decision-making. Some congressional Republicans have introduced restrictive policies that would prevent investors and companies from accounting for these very real economic threats. If enacted, such legislation would undermine two core American strengths — free markets and individual liberty. Since July 2023, more than 10 bills have been introduced in Congress, along with a dozen committee hearings targeting investor freedom, proxy voting rights, and the ability of banks and credit unions to consider climate risks in lending. Similar legislation passed in state legislatures has already cost taxpayers hundreds of millions of dollars through higher interest rates on municipal bonds and imposed unreasonable burdens on financial institutions. Ironically, these Republican-led efforts mirror longstanding efforts from the far left to dictate how individuals and companies should invest, operate and spend. If we want America to continue leading the world in innovation and economic growth, our companies must have the freedom to invest responsibly and account for climate risk. I don't want my daughters to live in a country or a state where businesses' inability to adapt to climate change has undermined their safety, limited their opportunities, or damaged their quality of life. We have a responsibility to encourage — rather than stifle — the innovation needed to mitigate these risks and create a sustainable future for the next generation. Our strength as a nation lies in our free and thriving capital markets. If we want to secure our future and the future of our children, we must continue to uphold the free-market system that makes our country home to one of the strongest economies on Earth. Carlos Curbelo, a Republican, represented Florida's 26th Congressional District in the U.S. House of Representatives from 2015-2019.
Yahoo
6 days ago
- Business
- Yahoo
Pennies are going away. Here's where to take your coin jar to cash them out in Florida
Have you checked your couch for change lately? Not as many people are using coins these days, and President Donald Trump has ordered the Treasury to stop minting pennies because their production cost exceeds their value. Pennies will still be legal tender, but cash prices will soon be rounded up or down to the nearest nickel (which cost even more to produce relative to their value than pennies). There are about 114 billion pennies in circulation, according to the Federal Reserve. Many Americans may never notice the loss. American consumers made only 16% of their payments in cash in 2023, according to the Federal Reserve. A 2022 Pew survey found that two-fifths of consumers never use cash at all, and experts say the pandemic kicked cashless payments into high gear. We throw away millions of dollars in coins every year. Certain groups of Americans – lower-income households, and those over 55 – still use plenty of cash, the Fed found, along with people who prefer to shop in person. But many others let coins roll away, get lost in the dryer, or drop them unceremoniously into a coin jar, never to be thought of again. So, what should we be doing with our piles of change? The loose coins lying around your house and between your cushions are still money, and it adds up more than you'd think. The typical household is sitting on $60 to $90 in lost or neglected coins, enough to fill a couple of pint-size beer mugs or a medium-sized piggy bank, according to the Federal Reserve. Coinstar, those coin-cashing machines in supermarkets and Walmarts, converts $3 billion in coins into spendable cash every year, one coin jar at a time. The average jar yields $58 in buying power. 'People underestimate the value of their jar by about half,' Coinstar CEO Kevin McColly said. 'It's a wonderfully pleasurable experience. People have this sensation of found money.' Granted, McColly has a vested interest. His company takes a small cut of the coins that consumers deposit, generally up to 12.9% of the total and 99 cents per transaction, according to NerdWallet. There are over 20,000 Coinstar locations around the world and you can exchange coins for cash, e-gift cards, tax-deductible charity donations and cryptocurrency. There is no fee if you opt for the e-gift cards, though. Some regional stores also take in coins. Publix supermarkets have their own coin sorting machines that provide receipts to exchange for cash at the Customer Service counter. The fee runs about 9-10% of your total and only allows you to exchange for cash. If you want every bit of your cash value, try your bank. 'You can go to your own bank or credit union and not pay any fee,' said Kimberly Palmer, personal finance expert at NerdWallet. However, Bankrate points out that some banks may charge a fee, and even the free ones may require you to roll the coins yourself. McColly says not to think of your coins as clutter. Think of them as recyclables. 'They're metal,' he said. 'And they have a long and useful life.' And if people gathered up their "idle" coins and recycled them back into the monetary system, we wouldn't have to make as many new ones. The Treasury still mints more than 5 billion coins a year, although the figure is dropping, according to the journal CoinNews. 'Those are just natural resources coming out of the Earth,' McColly said: Copper-plated zinc for pennies, copper-nickel alloys for nickels, dimes and quarters. Canada stopped minting pennies and even asked businesses to return them to financial institutions starting in 2012. The coins in circulation are still valid. Great Britain, Australia, Israel, Brazil, Norway, Finland and New Zealand are among nations that have either ceased to produce or have removed low-denomination coins, Reuters reported. 'We've been much slower than parts of Europe and Asia to adopt mobile payments and contactless credit cards,' said Ted Rossman, a senior industry analyst at Bankrate. The raw material prices of copper, nickel and zinc have risen in recent years, and the Mint has had to make more coins to cover the drop in inventory during the pandemic. The familiar copper-looking coin with Abraham Lincoln's profile on it runs about 3.7 cents to produce as of fiscal year 2024, according to the U.S. Mint's annual report. To make a nickel, it'll run you about 13.8 cents. Excited online headlines will blare "Lincoln Wheat Penny Worth $124M You Could Have at Home" at you, but don't believe the hype. The reality is most pennies are worth precisely one cent, or possibly a bit more. "There are million-dollar pennies, but there are no $100 million pennies," said Donn Pearlman, spokesman for the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the nation's rare coin experts. The most valuable U.S. coin ever, a $20 gold piece, a 1933 "Double Eagle" coin, sold for $18.9 million at auction in 2021. "Only a few Lincoln cents dated 1909 to 1958 with the wheat stalks design on the back ("wheat pennies") have sold for $1 million or more," Pearlman said. After that, pennies began displaying an engraving of the Lincoln Memorial. The most valuable pennies, which are rare but possibly still in circulation, are 1943 copper Lincoln wheat pennies, a few of which were produced accidentally as the U.S. mints were supposed to use zinc to save copper for the World War II effort, according to John Feigenbaum, publisher of rare coin price guide Greysheet. Most Lincoln wheat pennies are worth just a few cents more than one cent. However, some may escalate into the hundreds of dollars, depending on the condition and when minted. Certain vintages, especially with minting errors, may be worth thousands. One went for more than $200,000 at an auction in 2019. You can see the NGC price guide here. Still, all the ads shoved into your online browsing — most likely created by artificial intelligence to drive traffic to a website— have resulted in "coin shops being inundated with these folks who believe they have something rare, but they don't," according to Feigenbaum, along with people getting scammed on eBay and Etsy and counterfeit coins coming in from China. "If I've seen these coins ... somebody is every now and again being taken advantage of," Feigenbaum said. Even though the most valuable coins are usually in collections and have very publicly been "sold and resold," Feigenbaum said, sometimes people may inherit a cache of well-preserved coins or purchase some at an estate sale. Read up on your coins. While there are apps you can use to check on your coins, they aren't always accurate. But you can check the value of coins in "The 2026 Red Book: A Guide Book of United States Coins," available in book stores and online on and Barnes and Noble. "It answers all kinds of questions, like, 'Oh, if I'm thinking about collecting Lincoln cents, what can I expect to pay?" said Feigenbaum, one of the book's editors. "You'll see in that book there's no million-dollar cents." Go get your coins graded. You can have your coins authenticated at their value, just as jewelry is, from several services, including CAC, Numismatic Guaranty Company, and Professional Coin Grading Service. Whatever you do, don't just let your coins gather dust. This article originally appeared on Florida Times-Union: The penny is going away. Publix, Coinstar or your bank are options
