Top Story
Retail earnings taught us something very important this week
Americans are still spending, which is key for economic growth, but they have become more selective.
US stocks finished lower on Thursday
• The 10-year Treasury yield rose nearly 10 basis points Thursday to 3.86%, pressuring equities, ahead of a key speech by Fed Chair Jerome Powell.
• The FDA approved new Covid vaccines from Moderna and Pfizer amid a rise in infections. Both stocks fell on the news, with Moderna down by 6.5%.
What to be on the lookout for today
• Fed Chair Jerome Powell’s Jackson Hole speech.
• We’ll also get new home sales data for July.
Is it better to pay off student loans or credit cards first?
Not all debt is created equal, and when you're looking to pay it down, the order in which you do so is important. Two common types of debt are student loans and credit cards. Are you wondering if you should pay off student loans or credit cards first?
Different ways to pay down debt
One of the first things to do when looking to pay down debt is to list out all of your amounts due. Gather the totals owed, the interest rates, the monthly payments, and all other information for each of your different debts. Then, you can make a plan for how to eliminate them.
Learn more about two popular methods – the snowball and the avalanche. The exact method you choose for paying down debt is less important than making a plan that you'll stick to.
In most cases, it makes sense to pay off your credit cards first
There is no blanket answer for whether it's better to pay off student loans or credit cards first, but credit cards often have higher interest rates than student loans.
When it comes to money matters, it’s natural to have questions — lots of them. At SoFi Learn, you’ll find answers, plus tools, guides, calculators and more.
Today’s top stories
Why today’s speech by Fed Chair Jerome Powell matter so muchHis speech at the Jackson Hole Economic Symposium comes at a particularly critical time for the central bank and the economy.
Read more >> Americans really, really like clean energy tax creditsMore than 3 million Americans took advantage of tax credits for solar panels and the like in 2023.
Read more >> How to turn a saving mindset into practiceMany would agree saving money is important, but sometimes it’s easier said than done. These 33 tips can help.
Read more >>Other news that caught our eye
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First-time applications for unemployment benefits ticked up more than expected last week even as their level remains in line with pre-pandemic levels. Economists are watching this weekly data closely as they monitor the health of the U.S. jobs market.
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A court order revealed the investors in Elon Musk’s X, including venture capital firm Andreessen Horowitz, a Saudi prince, embattled rapper Sean “Diddy” Combs, and Twitter founder Jack Dorsey.
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U.S. business activity hit a four-month low in August, as companies contend with higher costs and Americans are increasingly price conscious.
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Walmart+ members now get discounts at Burger King, as the retail giant is stepping up its competition with Amazon. The promotion includes 25% off digital orders at the fast food chain and a free Whopper burger with orders once every three months.
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Two Canadian freight railroads shut down amid labor negotiations, which could potentially disrupt supply chains for U.S. agriculture companies, automakers, and more.
Financial planner tip of the day
“Once money has been contributed to a retirement account, it’s time to invest that money. To say 'saving for retirement' is a bit misleading—really, it can be considered to be 'investing for retirement.”
Brian Walsh, CFP® at SoFi