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Stat Of The Day
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7.82%
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Home equity line of credit (HELOC) rates just hit their lowest point since March 2023. According to Bankrate, the average rate on a $30,000 HELOC slipped to 7.82%.
Homeowners often use HELOCs for renovations, debt consolidation, or big expenses – like medical bills. If you’re thinking about tapping into your home’s equity, now might be a good time to explore whether it makes sense for you. In an unsure job market, they also double as solid back-pocket emergency cushions.
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This Week In Your Wallet
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The real culprit behind the widening gender pay gap might not be RTO mandates – it could be 10 p.m. emails. As economist Corrine Low of the University of Pennsylvania writes in The New York Times, narrowing the gap might come down to something simple – clearer boundaries. "The effect is that people can set plans with child care providers, partners, friends and family members," writes Dr. Low. "They can build a life outside work, knowing that they won’t be interrupted at a moment’s notice. It’s not a matter of working remotely, during which personal life and work life can seep into each other, nor of simple flexibility. It’s about a clear delineation between work and every other aspect of life." Need help setting those boundaries and building a better work-life balance? Dr.Low explains how on the HerMoney
Podcast.
Losing a spouse is heartbreaking – and even harder when they were the only one handling your family's money. That was the case for 75-year-old Alice Stone Nakhimovsky, profiled in The Wall Street Journal, whose story shows the risks of leaving one partner in charge of household finances. The issue hits women hardest – they tend to live longer and are more likely to have let their partners manage investments. "Once or twice a year, she [Alice] would panic and ask him to walk her through their finances," writes the WSJ. "The spreadsheet he created was a mess of account numbers and annotations that only he could understand, Alice said. The couple always figured they could discuss their portfolio at some other time."
🤝 Pro tip: If you and your partner haven’t tackled your finances together yet, there’s no better time to start. A trusted financial professional can help you organize, plan and feel confident about your next steps – and our friends at Wealthramp make finding the right one easy.
Few things are more frightening than discovering someone is impersonating you online. It happened to Kim Porter and she’s sharing her story with HerMoney. "The ordeal didn’t involve a few fraudulent charges on my credit card or a robocall scam. Instead, a stranger began impersonating me using a fake website he built," writes Porter. Read her harrowing account to see how she fought back and took steps to strengthen her online privacy for the future.
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Things That Save You Time
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What Andrew Ross Sorkin Wants You To Know About The Next Big Crash
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This year, one question has quietly buzzed beneath the surface of an otherwise soaring stock market: Are we on the verge of another crash?
On the HerMoney Podcast, Jean Chatzky sits down with Andrew Ross Sorkin, New York Times bestselling author of Too Big to Fail and the new bestseller 1929: Inside the Greatest Crash in Wall Street History—And How It Shattered a Nation. As he explains, the causes of crashes may change over time, but the patterns remain the same. While he hopes we won’t see a crash like 1929, he thinks some kind of pullback is almost inevitable – similar to the 1999 internet bubble.
"When you look at what’s happening today in our economy and a lot of the imbalances…the excitement and euphoria around artificial intelligence and all of the frankly, indiscriminate spending that’s going on in that space is similar to what was happening in the late nineties," says Sorkin. "It wouldn’t be surprising to me if there was a big pullback of some sort."
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Ask Jean
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I’m thinking about refinancing a private student loan. Right now, I’m being told I need a co-signer due to my debt-to-income ratio. Should I refinance and if I do, what are the big things I need to be aware of as I go through the process?
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Refinancing a private student loan can make sense if you qualify – either on your own or with a co-signer – for a lower fixed rate and favorable terms. "A lower rate can reduce your monthly payment and total interest, but be sure to compare offers carefully, watching for fees, variable rates that can rise, or longer repayment terms that add cost," shares Martha Kortiak Mert, Chief Operating Officer at Saving for College. A student loan refinancing calculator can help you estimate the impact on your monthly and total payments.
Because you’re refinancing a private loan, lenders will weigh your credit, income and debt-to-income ratio heavily. "Private lenders are likely to look for a debt-to-income ratio of under 50%, a minimum credit score of 650, and a steady job or consistent income," she adds. "If you can’t yet qualify for a strong offer, it may be worth improving your credit or income before applying."
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Submit your questions to Jean here.
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