Americans are piling up credit card debt — and it could prove very costly

More Americans are leaning on their credit cards in the face of rising prices. And as interest rates continue to climb, that debt is getting a lot more expensive.

The average credit card user was carrying a balance of $5,474 last fall, according to TransUnion, up 13% from 2021.

That marks a reversal from the first year of the pandemic, when many Americans were able to pay down credit card debt, thanks to generous government relief payments and limited spending on travel and entertainment.

As credit card balances balloon again, they can cast a long shadow over family finances.

Here's what to know about rising credit card debt – and what you can do about it.

Read more at NPR 

What new supervised institutions need to know about working with the CFPB: Consumer Financial Protection Bureau

While the CFPB has longstanding supervisory relationships with many institutions, we also conduct exams or other supervisory activities at companies for the first time. Here’s what newly supervised institutions can expect from a supervisory relationship with the CFPB.

Under the Consumer Financial Protection Act of 2010, the CFPB conducts supervisory activities for the purposes of: (A) assessing compliance with Federal consumer financial law; (B) obtaining information about a supervised institution’s activities and compliance systems and procedures; and (C) detecting and assessing risks to consumers and to markets for consumer financial products and services.

Supervisory activities may help entities identify issues before they become systemic or cause significant harm. Effective supervision depends on the cooperation of company staff with the examiner’s requests for information, a collaborative relationship and clear communication on both sides. CFPB supervisory activities are confidential, promoting candid communication between supervised entities and the CFPB.

Read more at Consumer Financial Protection Bureau

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The renewable energy transition is creating a green jobs boom: WORLD ECONOMIC FORUM

• 12.7 million people now work in the global renewable energy sector, according to the International Renewable Energy Agency.
• It says the biggest growth has been in the solar photovoltaic (PV) sector, especially in Asia, which employs 79% of the global total.
• Wind and hydropower, as well as liquid biofuels make up most of the rest of the growth in renewable energy jobs.
• China dominates employment in most renewable energy sectors, however Brazil has the most biofuel jobs.
• The energy crisis is impacting billions of people around the world, as soaring prices have made it more expensive to power homes and businesses.

However, the current crisis has also accelerated the rush for renewable energy, as countries across the world scramble to develop more secure, as well as more sustainable power sources.

This is having a consequent knock-on effect on new job creation in the renewable energy field. Worldwide employment in the sector grew by 700,000 from 2020-2021, reaching 12.7 million jobs, according to the International Renewable Energy Agency (IRENA).

Read more at World Economic Forum

How To Protect Yourself From These 4 Banking Scams That May Target You

There are many benefits to keeping your funds in a bank account, but one of the main reasons many people keep their money at a bank rather than under the mattress is the added security this provides. However, some scammers have come up with clever ways to access your bank account information or to get you to send them money from your secure accounts.

Phishing Scams

Phishing is a type of scam that targets consumers by sending them an email or text that appears to be from a well-known source, such as their bank. These messages will often ask you to click on a link or enter personal financial information, which the scammer can then use to access your accounts.

For emails, you can often tell these are fraudulent by looking at the sender address. If it is from a Gmail, Hotmail, AOL or Yahoo account or includes a bunch of numbers or letters, you can be certain it is not from your bank.

However, if you receive a text or email that appears to be from your bank but you’re unsure of its legitimacy, it’s best to double-check by contacting your bank directly.

Read more at GOBankingRates

Here’s why the IRS would want to audit your taxes

After you file your taxes, you probably don’t want to think about them again until the next year. But if you’re too aggressive with certain deductions or credits, that could trigger an audit from the Internal Revenue Service (IRS).

If you get an IRS notice — official correspondence will only come through the mail — you should respond promptly with the requested documentation like bank statements or donation letters from charities.

Typically, if your taxes are under review, the IRS will first request more information by mail. For instance, more than three out of four of the agency’s tax reviews in 2021 were conducted by mail rather than in person.

You may also benefit from an audit. Over 17,000 of the 983,000 tax returns reviewed in 2021 resulted in additional refunds to Americans.

Here are the most common reasons the IRS may audit you.

Read more at YAHOO Finance

Food Stamps Schedule: January 2023 — When SNAP Payments Distribute

Recipients of SNAP, formerly known as food stamps, will receive their January payment soon, which includes the 12.5% cost-of-living adjustment (COLA) approved for fiscal year 2023. The COLA kicked in on Oct. 1, 2022 and will run through Sept. 30, 2023, which will help SNAP recipients offset rising food costs.

January’s payment should be the same as previous months, depending on your state’s SNAP schedule. SNAP is part of the U.S. Department of Agriculture, but the program is administered at the state level. Each state and U.S. territory has its own monthly deposit schedule for when payments are made.

SNAP provides food-purchasing assistance to low-income households. If you are eligible for SNAP benefits, they will be deposited monthly into your SNAP account. Payments are now made with Electronic Benefits Transfer (EBT) cards instead of food stamps, although some states might have a different name for the cards.

Read more at GOBankingRates

Wind Farms Deliver Economic Jolt to Rural Middle America: PEW

A wind power boom in the nation’s central corridor has been a financial windfall for some struggling rural areas.

Coke County, Texas, which has a population of about 3,300, had the biggest increase in economic output of any county in the country between 2019 and 2021, according to a Stateline analysis of Bureau of Economic Analysis statistics. Coke County’s gross domestic product, or GDP, increased from $128 million to $235 million, or 83%.

Including Coke County, seven of the top 10 counties with the largest GDP increases had significant recent wind farm construction, the analysis found.

On a per-capita basis, GDP went from about $39,000 to $71,000 for Coke County. Rural counties in Colorado and South Dakota saw similar increases, reflecting a record year for wind turbine construction in 2020. Landowners also get annual royalties for hosting the turbines, typically around $10,000.

Read more at Pew Charitable Trusts

Americans may get a tax refund shock this year

Millions of U.S. taxpayers could receive a shock when they see their 2023 tax refunds due to the expiration of many pandemic benefits that lawmakers had designed to help Americans weather the crisis.

That means families may see smaller refunds when they file their taxes for the 2022 tax year, said Mark Steber, chief tax information officer at Jackson Hewitt. The average tax refund in 2022 (for the 2021 tax year) was almost $3,200, a 14% jump from the prior year, according to IRS data.

The IRS on Thursday said it will start accepting tax returns on January 23, while the filing deadline is April 18, giving taxpayers an extra three days beyond the typical April 15 deadline to file. That's because April 15 falls on a Saturday, while Monday, April 17, is Emancipation Day in the District of Columbia.

Read more at YAHOO Finance