Latest news with #economicclimate
CBS News
27-05-2025
- Business
- CBS News
3 timely debt relief myths to understand this June
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. The path to debt relief can be needlessly extended by believing some common (but timely) myths this June. Getty Images While it can be relatively easy to accumulate a lot of credit card and loan debt, erasing what you owe is considerably more difficult. And this is particularly true in the unique economic climate of May 2025. Currently, credit card interest rates are hovering just under a record 23% high. That's $23 in interest for every $100 borrowed. Personal loan rates, meantime, are better, but still comfortably in the double-digit territory, approaching 13% on average right now. So while it may be easy to swipe a credit card or borrow with a loan, the reality of paying either off right now appears increasingly difficult for many borrowers. Fortunately, there are multiple debt relief options available that are worth investigating. Some, like credit card debt forgiveness, could even result in borrowers having 30% to 50% of their debt load forgiven. But to pursue this help, borrowers will first need to admit to having a debt problem that's worth solving. And to understand which debt relief strategy works for them, it also helps to dispel some timely debt relief myths this June. Below, we'll dissect three worth knowing now. Start by checking your debt relief qualifications online here. 3 timely debt relief myths to understand this June Here are three timely debt relief myths worth dispelling this June: Myth: Rate relief will be offered soon Credit card interest rates are driven by a multitude of factors, of which the Federal Reserve's monetary policy is just one consideration. This is partially why credit card interest rates hit a record high last fall, amidst the Fed's latest interest rate cut campaign. It's a myth, then, to expect rate relief anytime soon, even though inflation has been consistently cooling. With only one or two rate cuts expected for later this year and even then in only small, 25 basis point increments, waiting for the rate climate to cool enough to alter your credit card interest rates doesn't make sense. Instead, take the appropriate steps now to reduce what you owe, and, hopefully, rates will cool down over time to help further. But the important thing is to act now and not be misled into thinking that rate relief is imminent. Explore your debt relief options today to learn more. Myth: A DIY approach will be sufficient For some borrowers, a do-it-yourself approach to tackling their debt may be sufficient. But it's a myth to think this applies to all borrowers or even most. Right now, the average credit card debt is around $8,000. That means many borrowers owe even more than that. Combined with that near-record-high credit card interest rate and the reality of compounding interest accumulating relatively quickly, it's a myth to think that a do-it-yourself approach in which you cut out your morning coffee run or subscription services will be all that's required to regain your financial freedom. Sure, this could work for some, but it's unrealistic (and potentially even financially dangerous) to think it will be sufficient for most borrowers, especially in today's unpredictable economy. Instead, explore debt relief strategies and programs that you can potentially utilize in conjunction with a DIY approach, possibly speeding up your debt payoff timeline as a result. Myth: Credit card debt forgiveness won't apply to my situation Credit card debt forgiveness, also known as debt settlement, may not seem applicable on the surface, as some borrowers think it will only be for those in extreme circumstances. But the reality is that qualifying for credit card debt forgiveness is relatively straightforward. Borrowers will need a debt load of $5,000 to $10,000, approximately, be behind on payments and be able to provide proof of financial hardship that's causing these payments to be delayed (or halted). While each servicer's criteria may be slightly different, the reality is that if you meet those three main qualifications, credit card debt forgiveness may apply to you. At a minimum, it's worth investigating, thanks to its ability to significantly reduce your debt load and, as a result, help put you back into a more manageable financial situation. Learn more about your credit card debt forgiveness options here. The bottom line Utilizing the right debt relief service and strategy can be the difference between regaining your financial independence and being mired in high-rate debt for the foreseeable future. But you won't know if debt relief is right for you and, more importantly, what type of debt relief is appropriate, if you don't understand how these services work, who qualifies and what's accurate and not. By understanding these three timely myths now, you can better determine your next steps and, possibly, get started with the right debt relief approach for your unique circumstances.
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Intuit Seeing Stable Environment for Consumers, Businesses While Tariffs Play Out
Intuit INTU 0.92%increase; green up pointing triangle is seeing a largely stable environment for consumers and businesses alike despite tariffs that have brought on a more uncertain economic climate. Sandeep Aujla, chief financial officer of the company behind TurboTax and Credit Karma, said that on the business side, a large majority of the businesses it serves tend to be services-oriented rather than being product-oriented, minimizing some of the tariffs' impact.
CBS News
21-05-2025
- Business
- CBS News
Investing in gold bars and coins now? Here are 3 tips beginners should know now.
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Gold coins and bars could be a worthwhile investment, even for beginners, in today's economic climate. Getty Images While inflation may be much cooler than it was in recent years, the damage from the latest cycle is already complete, and savvy investors who didn't have their portfolios properly secured have likely learned their lesson. In inflationary periods and after such times, it's generally smart to have a reliable hedge and portfolio diversification tool available. For many, gold has provided exactly those functions. And with a variety of types to choose from, it's relatively easy to get invested in. Gold bars and coins, specifically, are seemingly ubiquitous right now, whether seen on a television commercial or highlighted by investors as a safe bet in an otherwise tumultuous financial landscape. If you're new to gold investing, however, it helps to know a few tips before you start buying gold bars and coins, specifically. Since gold doesn't operate in the same manner that other assets do, the difference between having this knowledge and not could be costly. To that end, below we'll break down three timely tips beginners should know now, before investing in gold bars and coins specifically. Explore your top gold investing options here. 3 tips beginners should know about investing in gold bars and coins now Ready to add gold bars and coins to your portfolio (or home safe)? Here are three tips beginners should familiarize themselves with now: There are new ways to invest now The days of calling a telephone number advertised at the bottom of a TV commercial are long over. Gold bars and coins are easier to buy than arguably ever before. Not only can you visit your local jewelry store or pawn shop to get started, but you can also do so from the comfort of your home by exploring multiple gold investment companies online. And, in recent years, even big box retailers have gotten involved in the gold investing landscape. Walmart and Costco both offer gold bars and coins to shoppers, which they can inspect in the store or add to their online shopping cart right now. Beginners should understand all of the ways to invest in gold bars and coins, then, before completing a transaction. By reviewing all of their options, they can improve their chances of investing in gold in the right amount at an affordable price. Start reviewing your gold bars and coins options now. You don't have to pay today's top price Not accounting for some recent declines, gold's price is high right now. Recently having surpassed the $3,400 price record, gold prices have been on the rise for much of the last 18 months, specifically, seemingly putting the precious metal out of reach for many. But you don't necessarily have to pay today's top price to get invested in gold bars and coins. Fractional gold, for example, offers beginners all of the same safeguards a regular gold investment provides for a fraction of the cost. By investing in gold in amounts less than an ounce, for instance, beginners can get started at a lower price point and then build up their investment total over time. Just understand that a rising price will cause fractional gold prices to increase, too, so if you know you need the protection gold bars and coins provide, it can be beneficial to get started sooner rather than later. The price is likely to rise again Sure, gold's price is currently "lower" than what it was. But $3,302.23 per ounce isn't exactly cheap, either. As mentioned above, gold prices only increase over time, accounting for minor declines and fluctuations. So, waiting for the perfect gold bar or coin to appear isn't the right approach. Any number of factors – from inflation to interest rates to geopolitical tensions abroad and domestic policies at home – could cause gold's price to spike again, potentially permanently making it unavailable for your portfolio. So, don't let your research and exploration overwhelm the realities of the market. If you want to buy gold bars and coins now, then consider being aggressive as the price is likely to rise again, perhaps earlier than expected. The bottom line Investing in gold bars and coins can be a prudent decision for investors of all ages and experiences. For beginners, in particular, with broader investment horizons, it can be particularly advantageous to get started now. With this type of gold being broadly available, even at a reduced price, many may want to get started soon. Considering that the factors that caused gold's price to spike are still largely prevalent, the price could rise again, underlining the urgency of evaluating – and committing to – gold bars and coins promptly. Just be sure to keep them as a small but healthy portion of a diversified portfolio (experts recommend capping gold to 10% or less of your portfolio) to better ensure long-term investing success.
CBS News
20-05-2025
- Business
- CBS News
How to safely invest in gold right now
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. There are still safe ways to invest in gold, even in today's unique economic climate. Getty Images Gold investing has seemingly been in the news on a daily basis in recent years. Whether that was due to its well-known ability to hedge against inflation, diversify portfolios, a surge in investing interest, or simply thanks to a consistent, record-breaking price run, it's been difficult to avoid news about gold. And investors who got started with the precious metal as recently as 2024 or even early 2025 have seen a substantial return on their money. With gold starting 2024 priced at just $2,063.73 per ounce, it now sits at $3,250.56 for the same amount – a remarkable 57% increase in barely 18 months. With inflation still a concern for some Americans and the steady value gold offers in the face of this uncertainty, those who have not yet got invested in the yellow metal may be considering a move now. But gold doesn't work like many other assets and it comes with risks that will need to be strategically managed, particularly in today's unpredictable economic climate. This doesn't mean that a gold investment should be avoided (its benefits are especially timely now), but it does mean that investors considering the metal should first familiarize themselves with the safe ways to invest in gold right now. Below, we'll examine three ways to do so. Start by exploring your top gold investing options here. How to safely invest in gold right now Here are three ways to benefit from a gold investment without having to take any unnecessary risks right now: Limit your investment The traditional gold investing advice of limiting gold to a maximum of 10% of your overall portfolio is still applicable now, even with all of the changes in the gold market. So don't be tempted to overinvest while the price of the metal is on the rise. Keep gold as a small but important portion of an otherwise well-diversified portfolio. This will not only allow you to benefit from the protections gold can provide by maintaining and frequently rising in value over time, but it will also allow your other investments, like stocks, bonds and real estate, to perform as needed without being burdened by an overinvestment in gold. Gold, after all, is an income protector and not really an income producer, even with the recent changes in which investors can turn a quick profit. So, continue to follow the traditional advice of limiting your gold investment and you'll more safely benefit from its addition to your portfolio. Protect your money with a small layer of gold now. Keep clear of riskier types There are a variety of gold investment types to explore which, in general, is a benefit. But that doesn't mean all or even most of them will be advantageous to you. There will inevitably be riskier types of investments that will require more in-depth knowledge and a more involved approach. Gold mining stocks, for example, are generally not advisable for less experienced investors. Gold bars and coins, however, are. The same would apply to gold individual retirement accounts (IRAs), which can offer critical financial protection for your retirement savings and can be invested in relatively securely. In other words: Explore all your gold investing options, sure, but steer clear of the riskier types that require more knowledge and strategic input. Monitor the climate A gold investment can protect your money and, over time, potentially even offer you an opportunity to earn a profit by selling it for a higher price than you bought it for. Many investors have done just that in the past year, approximately. To know when to sell, however, and to ensure that gold maintains its ability as a hedge against inflation and a reliable diversification tool, investors will need to both monitor the economic climate and their portfolio. Don't just treat gold as a "set it and forget it" investment type, especially now when rare profit-earning opportunities are more prevalent. Instead, monitor the climate as you normally would to measure your other asset performances. This will both ensure that gold is working for you as intended and it will allow you to better determine potential selling opportunities. The bottom line Gold is one of the safer investment types to explore as it doesn't come with the same volatility and ebbs and flows that stocks, bonds and other asset classes do. But it also doesn't often come with the same rapid benefits, either. So you'll want to be securely invested in the metal by limiting it to a small portion of your portfolio, avoiding riskier types and monitoring the climate for any changes that can impact your gold negatively or positively. With this approach, you can more safely invest in the precious metal and enjoy the features it offers for the long term.
CBS News
14-05-2025
- Business
- CBS News
Investing in gold now? Here are 4 expert-driven strategies to use.
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Investing in gold requires a strategic approach, particularly in today's unique economic climate. Getty Images The price of gold has seen a notable increase in recent years as investors turn to the precious metal during a period of high volatility. With ongoing economic uncertainty, global and political instability, and lingering inflation, investors are flocking to this time-tested safe-haven asset. The price of gold per ounce now is hovering close to $3,300. Gold investing can provide portfolio diversification and more stability when the markets are particularly unpredictable. While adding gold to your portfolio can be a worthwhile addition, it's key to have a strategy. We spoke to various gold experts and financial professionals about smart gold investing strategies to consider in the current economic climate. Below, we'll break down four approaches they recommend investors take now. Start protecting your portfolio with gold here. Expert-driven gold investing strategies to use right now Whether you want to start investing in gold or already have some in your portfolio, here are four strategies to use now: Consider gold's price in context Gold is having a banner year. "This year, gold's performance year to date is off the charts," says Joshua Barone, wealth manager at Savvy Advisors. The gold price started this year close to $2,650 per ounce, while the price of gold today is now around $3,300, representing more than a 20% increase. A gold price rise of this level is eye-popping, but isn't necessarily typical. It's important to understand the historical performance of gold. If you're getting started with gold investing, don't expect this to be the norm. But if you're also timid about jumping in with prices so high, consider it in context. "If you're buying gold today, that can be a little scary. But the fundamentals of it are highly in place and suggest that it can go higher from here," says Barone. "And those fundamentals being that you're seeing huge purchases from foreign central banks, banks like India and China…In times of stress and uncertainty, it tends to be a bastion of safety." For those who feel that the high costs are a barrier and are waiting for a gold price drop, there are alternatives you can look into. For example, gold mining stocks. "If you're worried about the price of gold, then you can shift to buying gold mining companies," says Barone. Explore your gold investing options online to learn more. Understand the different gold investment types In today's gold investment market, you have various options to choose from if you want to invest in gold. While this flexibility can be appealing, it's important to be aware of the pros and cons of each. In addition, understanding the nuances of each gold type as an investment. For example, physical gold bars and gold coins give you direct ownership. But you also need to consider how you're going to store gold, look into insuring it and have a strategy. "As a previous financial adviser with almost 30 years of experience, I would always advise owning physical gold with a longer-term time horizon to manage any short-term volatility," says Paul Williams, managing director at Solomon Global and a specialist in the supply of physical gold bars and coins. "With physical gold, a 'buy and hold' strategy is often adopted as the asset is used as a long-term store of wealth," says Williams. "ETFs, on the other hand, can be used to gain short-term exposure to gold prices and to respond to market events. As such, ETFs tend to be more susceptible to market volatility than physical gold." If you're interested in gold investing, but don't want to deal with storage or insurance, gold ETFs can be an alternative to look into. Just be aware of the differences and the risks. "Our strategy has been to position gold in people's portfolios. We've been doing that with ETFs," says Barone. Look at liquidity For years, gold has shown it has staying power and provides numerous benefits to investors. "Gold is an effective hedge for the average portfolio that is weighted towards equities and bonds. Historically, it has acted as a hedge against inflation and tends to do well during periods of times of economic and geopolitical uncertainty," says John Berman, founder and chief investment officer of Berman Capital Group LLC, an investment management company. As an investment, though, it's essential to look at liquidity. "For the average investor looking for gold exposure, a physical gold ETF is likely the best option," says Berman. This can be a lower barrier to entry and gives you the option to buy or sell in the market fairly easily. Berman mentions that gold bars and coins "will be a less liquid investment and require more logistical complexity in storing them, where to source them, and how to sell them." Be tax aware Barone says it's important for gold investors to be tax aware and to understand how their gold investments are taxed. For example, physical gold is considered a collectible in the eyes of the IRS. Barone notes that physical gold can be taxed at the maximum collectibles rate of 28% for long-term capital gains. However, the IRS also includes some exceptions, including certain coins and bullion of a specific fineness that are held by a bank or approved trustee. Still, that's higher than the typical long-term capital gains rate, which caps out at 20%. It's important to understand how gold bars, gold ETFs, and gold stocks may be taxed. You can also look into a gold individual retirement according (IRA), which can provide some tax benefits. Learn more about investing in a gold IRA here. The bottom line Ongoing inflation and economic uncertainty led the Federal Reserve to keep the federal funds rate unchanged after its May meeting, leading to elevated interest rates. During times like this, investing in gold can provide diversification and may protect against the negative effects of inflation. To make the most out of your investment, understand potential tax consequences, the different forms of ownership and how you plan to include gold in your portfolio.
