Wise Rise a New York City based company that has taken the Fintech world by storm. The Financial Consultants at Wise Rise specialize in funding, taxes, life insurance and retirement planning, recently launched a FREE budgeting and credit improvement software for people to manage both their budget and credit like a pro. Wise Rise offers a FREE consultation with a Financial Consultant to help create a personalized strategy for users of their FREE software.
Designed with millennials and zoomers in mind, WiseRise.net can be a good choice for those who went astray, as they were new to the world of finance. Most academic institutions do not cover credit in their academic curriculums, which is ironic. Today, the amount of student debt is alarming. Since 2019, the overall student loan balance increased by 12%—the largest annual growth rate of any debt type.
It turns out many Americans aren’t financially literate. And they’re stressed about it. In fact, a 2018 FINRA study found financial capability, stability, and confidence aren’t improving. Over 53% of adults say thinking about their financial situation makes them anxious. Forty-four percent say discussing their finances is stressful.
Younger Americans are feeling the greatest burden. The study found persisting and widening gaps between those who are struggling and those who are prospering financially — skewing generationally. Those between the ages of 18 to 34 have the highest levels of financial stress (63%) and anxiety (55%).
Americans owe a record high in credit card debt, topping $1 trillion, according to the Federal Reserve Bank. This has impacted young people especially hard. In fact, 10% of consumers ages 18 to 29 have credit card debt that is over 90 days late. Creditors report an account as delinquent once it reaches 30 days past due. So 90 days past due is marked as a serious delinquency.
Further, six out of 10 U.S. adults had credit card debt in the past year. And nearly two in five indicate that they carry balances from month to month, resulting in interest and late fees. Credit card debt is dangerous because the high-interest rates and low minimum payments can lead to a vicious cycle of debt.
Homeownership is a financial milestone — touted as a pillar of the American dream. But four out of five U.S. adults will experience financial barriers when trying to purchase a home.
Compared to last year, slightly more people are facing obstacles to homeownership. In fact, as many as 50% of Americans 18 and older have encountered setbacks.
The top five barriers to homeownership include, but are not limited to:
- Poor credit history or score
- Lack of savings for a down payment or closing costs.
- Pre-existing debt.
- Influx of adults to expensive cities, thus limited housing options in price range.
- Rising home prices.