Today’s top news headlines feature data showing more consumers are securing 401(k) loans and gift ideas for Father’s Day. Plus, find out why some financial experts think the U.S. economy may face another recession.
Rising College Costs Too Much for Medium-income Families
Families throughout the country are having trouble affording college as a result of rising tuition and fees. Mark Kantrowitz of FinAid.org and FastWeb.com told the news source that low- and medium-income families will continue to struggle paying for a college education as long as “out-of-pocket” expenses continue to rise at a more rapid pace than personal income.
More Consumers Using Retirement Funds to Secure Loans
A new report from Aon Hewitt shows that during the past few years there has been an increase in the number of consumers who are securing loans against their 401(k) accounts . In addition, TIAA-CREF, a provider of retirement plans for nonprofits, told the news source that 401(k) loans rose about 19 percent year-over-year in 2010.
Survey Shows Some Experts Fear Another Recession
In a recent CNN Money survey, financial experts said they think there is a roughly 15 percent chance that the United States will face another recession.
Father’s Day Gift Ideas
With Father’s Day just around the corner, last-minute shoppers may be scrambling to think of a unique gift idea. Credit.com suggests that families who have a rewards credit card may want to think about ways they can get the perfect perfect while earning points at the same time. For example, with a Sony-branded card, families can purchase a new HDTV or Blu-ray collection and earn 5 points per dollar spent. The card earns buyers 5,000 points after their first purchase and does not have an annual fee.