🧹 Sweep away your debt: 3 ways to pay it off.

Saturday,
May 13, 2023

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The week in review

• The unemployment rate fell to 3.4% in April, compared to market expectations of an increase to 3.6%. The figure matches the 50-year low previously seen in January. The US economy unexpectedly added 253,000 jobs, notably surpassing forecasts of 180,000, though still below the six-month average of 290,000. The bulk of the jobs came from services, health care, and hospitality sectors.

• Consumer inflation expectations on a one-year horizon fell to 4.4% in April from the previous month’s 4.7%. However, inflation expectations three and five years out increased to 2.9% and 2.6%, respectively.

• The NFIB Small Business Optimism Index fell from 90.1 to 89 in April, its lowest level since January 2013. Labor quality was the top-cited problem for businesses, as owners struggled to find qualified workers. The second most common pain point was inflation.

• Headline CPI fell from 5% the previous month to 4.9% in April. Core CPI saw a similar decline from 5.6% to 5.5%. Increases in shelter, gasoline, and used vehicles were the most significant drivers, while price decreases for fuel oil, new vehicles, and food at home helped offset those pressures.

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Sweep away your debt: 3 ways to pay it off.

Like clutter in your house, carrying debt can stress you out and weigh you down. Here’s how to eliminate it and feel more financially free.

Consolidate credit card debt. Credit card debt can be especially costly because the interest on what you owe can be so high. One way to deal with it: Consolidate it by taking out a personal loan to pay off all your cards. Personal loans usually offer lower interest rates than credit cards. The less you pay in interest, the more money you can put toward reducing the debt.

Pay off student loans. Student loans can be a drag on your monthly budget. Paying them off can free up cash that will make it easier to save for the future. One strategy for doing that is refinancing into a new loan with a lower interest rate. However, keep in mind that refinancing federal student loans with a private lender could mean losing some of the benefits and programs associated with federal student loans.

Get a side hustle. Making some extra money, whether from tutoring in the evenings or dog walking on weekends, can help you earn some bonus cash that you can put directly to paying down your debt.

Paying down debt can be a long and grinding process. Need help staying motivated to whittle down your debt and take control? Try these 15 smart strategies.

This week’s top stories

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Streaming may have ushered in the Golden Age of TV, but it’s stuck in the Stone Age of user-friendliness.
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Deep dives from SoFi Learn

Money mistakes happen all the time. Here are 15 poor financial decisions and tips to overcome them.
We have all made bad financial decisions in the past, but that means there is ample room to grow and learn from poor financial choices.
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If you want to spend less, save more, and lower your money stress, giving financial minimalism a try could help.
Becoming a minimalist with money doesn’t mean you live a deprived lifestyle. Instead, you choose to include only those things in your life that are meaningful to you and align with your values and minimalist belief.
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To tip, or not to tip?
When it comes to travel, especially abroad, tipping customs vary greatly by location. This guide can help you budget wisely, based on your destination and the local etiquette.
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