Sader Law Firm Blog - Kansas City Bankruptcy Attorney Blog

As the Federal Reserve continues to raise interest rates and with no reprieve in sight, Americans are beginning to feel the pressure. Consumers looking for home and auto loans are finding that their money gets them a lot less now than it did a few years ago. Simultaneously, consumers with credit card and other debt are also experiencing the impact of these higher rates. A recent report from the Wall Street Journal showed the significant increase in mortgage rates, which have jumped from about 3% just two years ago to a current rate of around 7%. This increase means that homebuyers could potentially pay hundreds of thousands of dollars more over the life of their loan compared to loans obtained just two years ago. Because of these higher rates, the National Association of Realtors calculates that the typical American family can no longer afford to buy a median-priced home. Mark…
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For many individuals and families, spending money in the moment may seem like the quick path to instant happiness, but down the line, purchases can have long-lasting impacts. A recent Bankrate study surveyed 3,700 adults and found that 74% experienced some level of financial regret. The largest percentage described not saving for retirement earlier as the No. 1 regret. The next most common regret was taking on too much credit card debt, followed by not saving enough for emergency expenses. The study additionally showed that almost half of Americans who have stress over financial regret have become increasingly more stressed this year compared to last year. This increased stress is most common among younger generations, with 60% of Gen Zers and 57% of millennials reporting higher stress levels in 2023. The older generations of Gen Xers and baby boomers have had more years to work toward accumulating wealth, leading to…
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