Saturday,
April 29, 2023
Top Story
The week in review
• After reporting earlier this week, First Republic (FRC) shares continued to slide amidst the ongoing search for a rescue deal. The company is looking to sell off assets and raise capital to avoid being taken over by the FDIC.
• US durable goods orders rose by 3.2% in March, beating expectations of 0.7%. The increase can largely be attributed to a 9.1% rise in demand for transportation equipment. It’s the first positive reading since December.
• US GDP grew 1.1% in the first quarter, slowing from the previous quarter’s 2.6% expansion While in positive territory, it was the weakest growth since the second quarter of 2022, suggesting interest rates are indeed slowing the economy.
For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Paying off credit card debt: Here’s how to pay your cards in full.
Paying off credit card debt can save you money on interest and may even help your credit score. Not sure how to tackle it? Consider one of these strategies:
Debt Avalanche: To do this, you pay off the card with the highest interest rate first, and make the minimum payments on your other accounts. Once that card is paid off, you move on to paying off the one with the next highest rate, making minimum payments on the others, and so on until all your debt is paid off. The major benefit of this strategy is that you’ll save on interest payments. And then, you could consider a new credit card that’s a good fit for your financial goals.
Debt Snowball: Using this strategy, you make the minimum payments on all your cards by the payment due date. Then, you put any remaining funds toward paying off the card with the lowest balance. Once that’s paid off, you move on to the card with the next lowest balance. The main advantage of this method is that it keeps you motivated to stick with it because it feels good to get a card paid off.
Recommended reading: Understanding Your Credit Card Statement
