Are you 1 in 7 who have missing money waiting on you?
November 02, 2023 | Read Online | | | | Advertisement | | | The Fed decided against another interest rate hike yesterday. Have rates already peaked? Find out later in the email. | | 💵 Today’s Top Stories | | | Did you know one in seven people have money sitting in a database waiting to be claimed? Here are six free ways to check if any of those billions of dollars belong in your bank account. Read more. |
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| | | Team Clark’s deal experts created a guide to help you shop online like a pro. Here’s how to find the best deals and get the lowest price – just in time for your holiday shopping. Read more. |
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| | | Seeing your young adult child traveling abroad can make any parent nervous. Clark explains the degree of danger, how to avoid bad situations and how to evaluate places to stay. Read more. |
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| | | You know you need auto insurance. But the details may be fuzzy. What’s the difference between liability and full coverage? And at what point is your vehicle not worth enough for full coverage? Read more. |
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| | 💵 Where Are Interest Rates Headed in the Next Year? | The Fed didn’t hike interest rates this week. It marks back-to-back meetings with no rate hikes. The target rate has remained 5.25 to 5.50% since July 26. | Ho-hum, right? | Interest rates on credit cards remain at all-time highs (well above 20%). The average 30-year mortgage rate is more than 8%. The average auto loan interest rate for a 48-month loan on a new car is more than 7.5%. New federal student loans charge 5.50%. | It’s great if you want 5% on your high-yield savings. If you’re looking to borrow money in any way, you’re probably saying wake me up when the Fed actually cuts rates. | When will that happen, exactly? | Right now, the market predicts June 12, 2024. There’s a 36% chance of a target of 5 to 5.25% (the most prevelant odds of any rate). That’s down 0.25% from the current number. | Fast forward to Nov. 7, 2024, about one year from now, and there’s a 13.5% chance rates will be at least 1% lower than they are now and a 67.8% chance they’ll be at least a half-point lower. | Have we reached peak interest rates for this cycle? Maybe. Is the Fed poised to cut rates aggressively anytime soon? Probably not. | But there’s only a 5.1% chance that rates will be at least as high as they are now at the conclusion of the Fed’s final 2024 meeting (Dec. 18, 2024). | What does that tell us? | If you’re wanting to lock into CDs at good rates or take advantage of savings accounts, now is the time. And if you’re waiting to borrow money at more favorable terms, you should get at least marginally better rates by the end of next year. |
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| | 📊 Stat of the Day | | | 💰️ Deal Alert: Today’s Top Deals | | | | | 🎙️ Podcast | | Full Show: Holiday Donation Tips and Shopping for Furniture |
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| Americans are incredibly generous, especially during the holidays. How do you know your money is going to a legitimate charity? Clark shares the tips you need to know to make a safe donation. Also, the furniture industry has shifted to cheap and somewhat disposable construction. But Clark has been doing something for years that has helped him save big bucks on good-quality pieces. | | | ☎️ Need Money Help? | The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information. | | Advertisement | | | | | |
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