The Latest Breaking News from CFPB

Carrying a Small Credit Card Balance Won’t Improve a Credit Score

Carrying a small credit card balance from one month to the next will not improve a credit score. You can use a card, have activity reported to the credit bureaus, and build a positive payment history without deliberately leaving debt unpaid.

The Free Financial Advisor · Sep 21

What Happens When a Bank Account Sits Unused for Years?

An old bank account does not necessarily sit quietly forever. If you stop using a checking or savings account, the bank may eventually classify it as inactive or dormant, charge certain fees, close it, or transfer the remaining funds to a state as unclaimed property.

The Free Financial Advisor · Sep 21

Why Paying Off a Loan Can Make a Credit Score Drop Instead of Rise

Paying off a loan can leave you with less debt, one fewer monthly bill, and a credit score that suddenly moves in the wrong direction. That sounds backwards because eliminating debt represents a real financial accomplishment. Yet credit scoring models do not judge your finances the same way a person…

The Free Financial Advisor · Sep 21

8 Signs the Previous Owner’s DIY Renovation Will Cost You Thousands — Catch Them Before You Close

A fresh bathroom, finished basement, or newly opened kitchen can make a house look like a bargain. The problem starts when the renovation looks polished on the surface but hides electrical, plumbing, structural, or moisture problems underneath.

Clever Dude · Sep 20

The Fed’s September Decision Could Change What You Pay for Your Next Car

The Federal Reserve raised its target federal funds rate by a quarter percentage point on September 16, moving the range to 3.75% to 4%. That decision does not automatically add a quarter point to your next car loan, but it can put upward pressure on borrowing costs that eventually reach…

Clever Dude · Sep 20

The Average Car Payment Is Nearly $700 — What Salary Actually Makes That Affordable?

The average U.S. auto loan payment reached $697 in March 2026, according to Experian. That figure sounds manageable until the rest of the car’s monthly bill shows up.

Clever Dude · Sep 20

Pay Off a 3% Mortgage or Invest the Extra $1,000?

A 3% mortgage creates an unusually tempting money dilemma. Put an extra $1,000 toward the loan, and the balance drops faster. Invest that same $1,000, and the money stays available while potentially growing over time.

The Free Financial Advisor · Sep 20

What Happens to a Joint Bank Account When One Spouse Dies?

When a spouse dies, the checking account may seem like one financial detail that should be simple: both names are on it, so the surviving...

Saving Advice · Sep 19

Closing an Old Credit Card Isn’t Always the Smartest Way to Simplify Finances

Closing an old credit card can feel like a clean financial reset. One fewer account to monitor, one fewer statement to open, and one less piece of plastic cluttering the wallet. But an old card can quietly serve another purpose: It can provide available credit and preserve a long record…

The Free Financial Advisor · Sep 19

Paying Interest Does Not Help Build Credit — So Why Do So Many People Think It Does?

Paying interest on a credit card does not help build a credit score. The money goes to the card issuer as the cost of borrowing, while credit scoring models focus on information such as payment history, balances and how much available credit you use.

The Free Financial Advisor · Sep 19