White House budget assumes student-debt forgiveness will move forward

White House budget assumes student-debt forgiveness will move forward

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Borrowers across the country are in financial limbo as they wait for the Supreme Court to decide whether the White House’s student-debt cancellation plan is legal. But the Biden administration’s own financial planning presumes the initiative will survive the courts.

As part of the Department of Education’s funding request to Congress for $2.7 billion for the Office of Federal Student Aid, officials took the costs and savings into account of President Joe Biden’s plan to cancel up to $20,000 in student debt for a wide swath of borrowers, Undersecretary of Education James Kvaal said on a conference call with reporters Thursday.

The “budget assumes that we will move forward,” with the plan, Kvaal said.

The fiscal-year 2024 funding request unveiled Thursday marks the latest salvo in a battle over the money Congress will give FSA. If the courts allow the Biden administration’s debt-relief plan to move forward, FSA would be charged with implementing it. That’s made FSA funding a flashpoint for congressional Republicans in recent months. But FSA is also responsible for almost every aspect of the financial-aid and student-loan system, something that could be put at risk if the office doesn’t get enough money from Congress.

Biden administration officials didn’t provide much detail on the call with reporters about how debt cancellation impacted the Department of Education’s request for funding for FSA. Implementing the debt-relief plan would likely be a cost, but wiping borrowers off the books could also save the agency money because there would be fewer accounts to deal with.

“My assumption is that if you take cancellation into account, the budget request would be smaller than it would be if you assume cancellation is not happening,” said Sarah Sattelmeyer, the project director for education, opportunity and mobility in the Higher Education Initiative at New America, a think tank.

That could create challenges if the court strikes down debt cancellation, she said. “The bottom line is, really we need to make sure there are sufficient resources for any situation that might happen with FSA,” she said. “That’s the most important because when there aren’t sufficient funds, students and borrowers bear the brunt of that.”

Like the IRS, FSA may not ‘seem sexy,’ but it’s important

Though FSA is not a household name, the office is in charge of all sorts of seemingly wonky tasks that touch almost every student and borrower. FSA oversees the Free Application for Federal Student Aid, which college students use to apply for loans and grants; it disperses student loans to borrowers; manages the companies collecting student-loan payments; monitors colleges for wrongdoing and more.

That’s why many researchers and student-loan borrower advocates were concerned when Congress level-funded FSA last year, despite a request from the Department of Education for an uptick of $800 million. Congressional Republicans touted the decision as providing “no new funding for the implementation of the Biden administration’s student-loan forgiveness plan.”

Dominique Baker, an associate professor of education policy at Southern Methodist University, compared FSA to the Internal Revenue Service. “It doesn’t always seem sexy,” to lawmakers to increase funding for these types of bodies, she said, but a lack of funds can have a real impact.

She cited delays in borrowers qualifying for relief under already existing programs as one impact of an underfunded FSA. Last year, the Department of Education said that student-loan servicers weren’t properly tracking the number of payments borrowers made toward qualifying for forgiveness under certain student-loan repayment plans.

“It is important to ensure that college is affordable,” Baker said. “It is sometimes easier to talk about funding pieces that make college more affordable than it is to talk about compliance and regulatory bodies that are ensuring that this one piece of paper that gets shuffled over to this other desk happens in a timely manner.” If it doesn’t, she added, “you will accidentally pay five months of extra loan payments past when your debt should have been canceled.”

Over the past few years, FSA has been asked to do even more than what’s typically required. Many of the Biden administration’s initiatives to improve the student-loan experience, including making it easier for borrowers to access Public Service Loan Forgiveness and proposing sweeping changes to the way borrowers repay their student loans, fall under FSA’s purview.

In addition, FSA is in the middle of overhauling its student-loan servicing contracts in an aim to provide a better experience for borrowers. Things like giving more direction to student-loan servicers about how they communicate with borrowers about their loans, and ensuring student-loan companies are more responsive to issues borrowers and regulators have raised in litigation, are part of that effort and will require resources, said Clare McCann, a higher-education fellow at Arnold Ventures.

“All of that is incredibly important to making sure borrowers are going to have a smooth transition back into repayment, when that does happen,” she said.

It’s too early to say which of these priorities could be at risk because of Congress’ decision to level-fund FSA last year, Sattelmeyer said. “We don’t have a great idea yet of the tradeoffs FSA is going to make, but they’re going to have to make tradeoffs,” she said.

For fiscal-year 2024, the Biden administration has asked for a $620 million increase over the amount that Congress enacted for fiscal-year 2023. And if FSA doesn’t get that funding increase, researchers and advocates worry the office will continue to have to make tradeoffs that could hurt students and borrowers.

“D.C. is and remains a political town,” Sattelmeyer said of the possibility that the department’s funding increase for FSA could fall victim to the same forces that scuttled it last year. “I can’t predict the future, but I can say that it is really important to message,” through the budget, “that FSA needs additional resources,” she said. “It’s also important for practitioners and advocates and others in this space to be pushing for additional resources.”

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GoFundMe fundraisers for college tuition are up by more than 50% over last year

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College students are increasingly turning to crowdfunding to help cover their education expenses, according to new data from the fundraising platform GoFundMe.

GoFundMe fundraisers for tuition money are up more than 50% compared to last year, and both college and trade school fundraising are up 30%, a GoFundMe spokesperson said.

The rise in students seeking donations comes as the cost of higher education is in the national spotlight. The U.S. Supreme Court this week heard arguments in two cases involving President Joe Biden’s stalled student-loan cancellation plan, which could help an estimated 40 million borrowers erase up to $20,000 each in student-loan debt.

The average published price for tuition, fees, room and board at a four-year private college is $53,430 for the 2022-23 school year, up from $51,690 in 2021-22, according to the College Board’s Trends in College Pricing and Student Aid report.

Tuition and fees at four-year private colleges are 4.5 times higher than they were in 1992-93. For in-state students at public four-year universities, the average published tuition, fees, room and board for 2022-23 is $23,520, up from $22,700 in the previous year.

Changes in the published price, or sticker price, “tend to garner the most media attention,” the College Board said in its report. “However, it is important to note that the majority of undergraduate students do not pay the full sticker price.”

College tuition hasn’t risen as fast as other prices amid roaring inflation, but higher education remains unaffordable in the U.S., and has been for a long time, said Robert Kelchen, a higher education professor at the University of Tennessee, Knoxville. The uptick in tuition-related GoFundMe campaigns is another sign that concern about college affordability is now “front and center” in Americans’ consciousness, more than it was five or 10 years ago, Kelchen said.

While schools have kept tuition increases relatively low over the past few years, other costs associated with college have shot up, especially living expenses, he noted. “Housing, dining, things like that, whether you’re on campus or off, they’ve both gotten more expensive,” Kelchen said.

Students use a combination of their own money, grants (which don’t have to be repaid), and loans to cover their education bills. More than half (54%) of bachelor’s degree recipients graduated with debt in 2020-21, and the average debt was $29,100, according to the College Board.

Reducing the financial burden

Reducing the financial burden created by higher education would require one or both of two major changes, Kelchen said. “You either have to give students more money to go to college, or you have to try to make providing an education less expensive, so spend less money per student on education.” He added, “It’s the same issue we run into with healthcare. The cost of providing it has gone up, and people don’t want to pay it. It’s expensive.”

The parallel to healthcare costs is relevant in the context of GoFundMe: people often turn to the platform for help paying medical bills, often after a surprise diagnosis or accident. Similar to how GoFundMe campaigns serve as financial Band-Aids for systemic issues, canceling student-loan debt would be a “temporary fix” that would not solve the root causes of why students take out debt, Kelchen noted.

GoFundMe promotes itself as a solution for cash-strapped students, referring to itself as “the leader in online education fundraising” on its site. It says it hosts more than 100,000 education fundraisers per year, raising more than $70 million annually. GoFundMe offers tips on how to host a successful fundraiser for college costs, suggesting that students promote their fundraiser to alumni of their school and share their “hopes and aspirations” in their fundraiser story.

Students considering using crowdfunding for college costs should first make sure they understand how their school will treat the money when calculating their financial aid package, said Karen McCarthy, vice president for public policy and federal relations at the National Association of Student Financial Aid Administrators. Donations made to personal GoFundMe fundraisers are generally considered to be “personal gifts” which, for the most part, are not taxed as income in the United States, a GoFundMe spokesperson said. GoFundMe charges a transaction fee of 2.9% + $0.30 per donation.

Students who’ve sought donations on GoFundMe recently include a Sacramento nursing student who said she needed to pay off a $4,600 balance before she could take her exit exam and graduate from her program; a sophomore art student in Santa Fe who said an “unexpected circumstance” left him with a $3,176 fee bill; and a student looking for $3,800 to finish her culinary degree at a Virginia community college.

Several of the tuition-related campaigns on GoFundMe appear to be for students in financial straits because of unanticipated setbacks. One silver lining of the pandemic is that colleges and universities have become more equipped to help students cope with such financial emergencies, McCarthy said. That’s because when federal pandemic relief money was flowing to college campuses, schools handed out emergency grants to students. In tracking how the money was spent, schools learned a lot about the types of surprise costs that can sometimes force students to drop out of college, McCarthy said.

Pandemic relief money is gone now, but some schools have set up their own emergency grant funds to help students bridge sudden financial gaps. “A lot of institutions really became aware of the emergency needs that their students have and how they might move forward in meeting those needs,” McCarthy said. “The development of some of those emergency-aid programs may help students meet those needs so they don’t have to resort to things like crowdfunding.”

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Report shows ‘troubling’ rise in colorectal cancer among US adults younger than 55 | CNN

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Adults across the United States are being diagnosed with colon and rectal cancers at younger ages, and now 1 in 5 new cases are among those in their early 50s or younger, according to the American Cancer Society’s latest colorectal cancer report.

The report says that the proportion of colorectal cancer cases among adults younger than 55 increased from 11% in 1995 to 20% in 2019. There also appears to be an overall shift to more diagnoses of advanced stages of cancer. In 2019, 60% of all new colorectal cases among all ages were advanced.

“Anecdotally, it’s not rare for us now to hear about a young person with advanced colorectal cancer,” said Dr. William Dahut, chief scientific officer for the American Cancer Society. For example, Broadway actor Quentin Oliver Lee died last year at 34 after being diagnosed with stage IV colon cancer, and in 2020, “Black Panther” star Chadwick Boseman died at 43 of colon cancer.

“It used to be something we never heard or saw this, but it is a high percentage now of colorectal cancers under the age of 55,” Dahut said.

Although it’s difficult to pinpoint a cause for the rise in colorectal cancers among younger adults, he said, some factors might be related to changes in the environment or people’s diets.

“We’re not trying to blame anybody for their cancer diagnosis,” Dahut said. “But when you see something occurring in a short period of time, it’s more likely something external to the patient that’s driving that, and it’s hard not to at least think – when you have something like colorectal cancer – that something diet-related is not impossible.”

The new report also says that more people are surviving colorectal cancer, with the relative survival rate at least five years after diagnosis rising from 50% in the mid-1970s to 65% from 2012 through 2018, partly due to advancements in treatment.

That’s good news, said Dr. Paul Oberstein, a medical oncologist at NYU Langone Perlmutter Cancer Center, who was not involved in the new report. The overall trends suggest that colorectal cancer incidence and death rates have been slowly declining.

“If you look at the overall trends, the incidence of colon cancer in this report has decreased from 66 per 100,000 in 1985 to 35 per 100,000 in 2019 – so almost half,” Oberstein said.

“Changes in the mortality rate are even more impressive,” he said. “In 1970, which was a long time ago, the rate of colorectal cancer death was 29.2 per 100,000 people, and in 2020, it was 12.6 per 100,000. So a dramatic, over 55% decline in deaths per 100,000 people.”

Colorectal cancer is the second most common cause of cancer death in the United States, and it is the leading cause of cancer-related deaths in men younger than 50.

Dahut said the best way to reduce your risk of colorectal cancer is to follow screening guidelines and get a stool-based test or a visual exam such as a colonoscopy when it’s recommended. Any suspicious polyps can be removed during a visual exam, reducing your risk of cancer.

“At the ACS, we recommend if you’re at average risk, you start screening at age 45,” Dahut said. “Usually, then your subsequent screening is based on the results of that screening test.”

For the new report, researchers at the American Cancer Society analyzed data from the National Cancer Institute and the US Centers for Disease Control and Prevention on cancer screenings, cases and deaths.

The researchers found that from 2011 through 2019, colorectal cancer rates increased 1.9% each year in people younger than 55. And while overall colorectal cancer death rates fell 57% between 1970 and 2020, among people younger than 50, death rates continued to climb 1% annually since 2004.

“We know rates are increasing in young people, but it’s alarming to see how rapidly the whole patient population is shifting younger, despite shrinking numbers in the overall population,” Rebecca Siegel, senior scientific director of surveillance research at the American Cancer Society and lead author of the report, said in a news release. “The trend toward more advanced disease in people of all ages is also surprising and should motivate everyone 45 and older to get screened.”

Some regions of the United States appeared to have higher rates of colorectal cancers and deaths than others. These rates were lowest in the West and highest in Appalachia and parts of the South and the Midwest, the data showed. The incidence of colorectal cancer ranged from 27 cases per 100,000 people in Utah to 46.5 per 100,000 in Mississippi. Colorectal cancer death rates ranged from about 10 per 100,000 people in Connecticut to 17.6 per 100,000 in Mississippi.

There were some significant racial disparities, as well. The researchers found that colorectal cancer cases and deaths were highest in the American Indian/Alaska Native and Black communities. Among men specifically, the data showed that colorectal cancer death rates were 46% higher in American Indian/Alaska Native men and 44% higher in Black men compared with White men.

The report also says that more left-sided tumors have been diagnosed, meaning an increasing percentage of tumors are happening closer to the rectum. The proportion of colorectal cancers in that location has steadily climbed from 27% in 1995 to 31% in 2019.

“Historically, we’ve been worried more about the tumors on what we call the right side,” said NYU Langone’s Oberstein.

“But the incidence increasing, especially among young people, seems to be happening not only in those worse tumors but the ones that we think are not as bad,” he said, referring to left-sided tumors. “It’s raising questions about whether something is changing about the risks and the future people who are going to get colon cancer.”

Looking forward, the researchers estimate that there will be 153,020 colorectal cancer cases diagnosed in the US this year and an estimated 52,550 colorectal cancer deaths, with 3,750 of them – or 7% – among people younger than 50.

“These highly concerning data illustrate the urgent need to invest in targeted cancer research studies dedicated to understanding and preventing early-onset colorectal cancer,” Dr. Karen Knudsen, CEO of the American Cancer Society, said in the news release. “The shift to diagnosis of more advanced disease also underscores the importance of screening and early detection, which saves lives.”

The report’s findings, including the rise in colorectal cancer in younger adults, are “troubling,” Dr. Joel Gabre, an expert in gastrointestinal cancers at Columbia University Irving Medical Center, said in an email.

“It reflects other recent published findings demonstrating a rising incidence of colorectal cancer in young people. Most concerning to me, however, is a lack of clear cause and patients being diagnosed late. I think this is an area where more funding for research is needed to understand this really concerning rise,” wrote Gabre, who was not involved in the report.

Gabre says he knows what it’s like to look into his young patients’ eyes and tell them they have colorectal cancer, and “it’s devastating.”

“They have young families and so much of their life ahead of them. That’s why I encourage my patients who are age 45 years and older to get screened,” Gabre said. “I also encourage people to let their doctor know if they have a family history of colon cancer. There is genetic testing we can do to identify some at-risk patients early before they develop cancer.”

The findings highlight the importance of colorectal cancer screening, Dr. Robin Mendelsohn, gastroenterologist and co-director of the Center for Young Onset Colorectal and Gastrointestinal Cancers at Memorial Sloan Kettering Cancer Center, said in an email.

“The age to start screening was recently decreased to 45, which will help in an effort to screen more people, but we still need to understand more why we are seeing this increase which is something we are actively looking into,” wrote Mendelsohn, was not involved in the new report.

Mendelsohn says she has seen an increase in advanced colorectal cancers and diagnoses among her younger patients, and she says to watch for symptoms such as rectal bleeding, abdominal pain and changes in bowel habits.

“Until we understand more, it is important that patients and providers recognize these symptoms so they can be evaluated promptly,” she said. “And, if you are at an age to get screened, please get screened.”

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11 minutes of daily exercise could have a positive impact on your health, large study shows | CNN

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Sign up for CNN’s Fitness, But Better newsletter series. Our seven-part guide up will help you ease into a healthy routine, backed by experts.

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When you can’t fit your entire workout into a busy day, do you think there’s no point in doing anything at all? You should rethink that mindset. Just 11 minutes of moderate-to-vigorous intensity aerobic activity per day could lower your risk of cancer, cardiovascular disease or premature death, a large new study has found.

Aerobic activities include walking, dancing, running, jogging, cycling and swimming. You can gauge the intensity level of an activity by your heart rate and how hard you’re breathing as you move. Generally, being able to talk but not sing during an activity would make it moderate intensity. Vigorous intensity is marked by the inability to carry on a conversation.

Higher levels of physical activity have been associated with lower rates of premature death and chronic disease, according to past research. But how the risk levels for these outcomes are affected by the amount of exercise someone gets has been more difficult to determine. To explore this impact, scientists largely from the University of Cambridge in the United Kingdom looked at data from 196 studies, amounting to more than 30 million adult participants who were followed for 10 years on average. The results of this latest study were published Tuesday in the British Journal of Sports Medicine.

The study mainly focused on participants who had done the minimum recommended amount of 150 minutes of exercise per week, or 22 minutes per day. Compared with inactive participants, adults who had done 150 minutes of moderate-to-vigorous aerobic physical activity per week had a 31% lower risk of dying from any cause, a 29% lower risk of dying from cardiovascular disease and a 15% lower risk of dying from cancer.

The same amount of exercise was linked with a 27% lower risk of developing cardiovascular disease and 12% lower risk when it came to cancer.

“This is a compelling systematic review of existing research,” said CNN Medical Analyst Dr. Leana Wen, an emergency physician and public health professor at George Washington University, who wasn’t involved in the research. “We already knew that there was a strong correlation between increased physical activity and reduced risk for cardiovascular disease, cancer and premature death. This research confirms it, and furthermore states that a smaller amount than the 150 minutes of recommended exercise a week can help.”

Even people who got just half the minimum recommended amount of physical activity benefited. Accumulating 75 minutes of moderate-intensity activity per week — about 11 minutes of activity per day — was associated with a 23% lower risk of early death. Getting active for 75 minutes on a weekly basis was also enough to reduce the risk of developing cardiovascular disease by 17% and cancer by 7%.

Beyond 150 minutes per week, any additional benefits were smaller.

“If you are someone who finds the idea of 150 minutes of moderate-intensity physical activity a week a bit daunting, then our findings should be good news,” said study author Dr. Soren Brage, group leader of the Physical Activity Epidemiology group in the Medical Research Council Epidemiology Unit at the University of Cambridge, in a news release. “This is also a good starting position — if you find that 75 minutes a week is manageable, then you could try stepping it up gradually to the full recommended amount.”

The authors’ findings affirm the World Health Organization’s position that doing some physical activity is better than doing none, even if you don’t get the recommended amounts of exercise.

“One in 10 premature deaths could have been prevented if everyone achieved even half the recommended level of physical activity,” the authors wrote in the study. Additionally, “10.9% and 5.2% of all incident cases of CVD (cardiovascular disease) and cancer would have been prevented.”

Important note: If you experience pain while exercising, stop immediately. Check with your doctor before beginning any new exercise program.

The authors didn’t have details on the specific types of physical activity the participants did. But some experts do have thoughts on how physical activity could reduce risk for chronic diseases and premature death.

“There are many potential mechanisms including the improvement and maintenance of body composition, insulin resistance and physical function because of a wide variety of favorable influences of aerobic activity,” said Haruki Momma, an associate professor of medicine and science in sports and exercise at Tohoku University in Japan. Momma wasn’t involved in the research.

Benefits could also include improvement to immune function, lung and heart health, inflammation levels, hypertension, cholesterol, and amount of body fat, said Eleanor Watts, a postdoctoral fellow in the division of cancer epidemiology and genetics at the National Cancer Institute. Watts wasn’t involved in the research.

“These translate into lower risk of getting chronic diseases,” said Peter Katzmarzyk, associate executive director for population and public health sciences at Pennington Biomedical Research Center in Baton Rouge, Louisiana. Katzmarzyk wasn’t involved in the research.

The fact that participants who did only half the minimum recommended amount of exercise still experienced benefits doesn’t mean people shouldn’t aim for more exercise, but rather that “perfect shouldn’t be the enemy of the good,” Wen said. “Some is better than none.”

To get up to 150 minutes of physical activity per week, find activities you enjoy, Wen said. “You are far more likely to engage in something you love doing than something you have to make yourself do.”

And when it comes to how you fit in your exercise, you can think outside the box.

“Moderate activity doesn’t have to involve what we normally think of (as) exercise, such as sports or running,” said study coauthor Leandro Garcia, a lecturer in the school of medicine, dentistry and biomedical sciences at Queen’s University Belfast, in a news release. “Sometimes, replacing some habits is all that is needed.

“For example, try to walk or cycle to your work or study place instead of using a car, or engage in active play with your kids or grand kids. Doing activities that you enjoy and that are easy to include in your weekly routine is an excellent way to become more active.”

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Saving water can help us deal with the climate crisis. Here’s how to reduce your use | CNN

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The reliability of our faucets providing water every time we turn them on can make water seem like a magical, never-ending resource.

But abusing the availability of this finite resource can contribute to water scarcity and harm our capacity to deal with the impact of the climate crisis.

“Four billion people today already live in places that are affected by water scarcity at least part of the year,” said Rick Hogeboom, executive director of the Water Footprint Network, an international knowledge center based in the Netherlands. “Climate change will have a worsening influence on the demand-supply balance,” he said.

“If all people were to conserve water in some way, that would help ease some of the immediate impacts seen from the climate crisis,” said Shanika Whitehurst, associate director of sustainability for Consumer Reports’ research and testing. Consumer Reports is a nonprofit that helps consumers evaluate goods and services.

“Unfortunately, there has been a great toll taken on our surface and groundwater sources, so conservation efforts would more than likely have to be employed long term for there to be a more substantial effect.”

Yes, businesses and governments should play a part in water conservation by, respectively, producing goods “water efficiently” and allocating water in a sustainable, equitable way, Hogeboom said.

But “addressing the multifaceted water crises is a shared responsibility. No one actor can solve it, nor is there a silver bullet,” he added. “We need all actors to play their part.”

Contrary to what you might think, the water used directly in and around the home makes up a minor portion of the total water footprint of a consumer, Hogeboom said.

“The bulk — typically at least 95% — is indirect water use, water use that is hidden in the products we buy, the clothes we wear and the food we eat,” Hogeboom said. “Cotton, for instance, is a very thirsty crop.”

Of the 300-plus gallons of water the average American family uses every day at home, however, roughly 70% of this use occurs indoors, according to the US Environmental Protection Agency — making the home another important place to start cutting your use.

Here are some ways to reduce your water footprint as you move from room to room and outdoors.

Since the kitchen involves dishwashing, cooking and one of the biggest water guzzlers — your diet — it’s a good place to start.

An old kitchen faucet can release 1 to 3 gallons of water per minute when running at full blast, according to Consumer Reports. Instead of rinsing dishes before putting them in the dishwasher, scrape food into your trash or compost bin. Make sure your dishwasher is fully loaded so you only do as many wash cycles as necessary and make the most use of the water.

With some activities you can save water by not only using less but also upgrading the appliances that deliver the water. Dishwashers certified by Energy Star, the government-backed symbol for energy efficiency, are about 15% more water-efficient than standard models, according to Consumer Reports.

If you do wash dishes by hand, plug up the sink or use a wash basin so you can use a limited amount of water instead of letting the tap run.

If you plan on eating frozen foods, thaw them in the fridge overnight instead of running water over them. For drinking, keep a pitcher of water in the fridge instead of running the faucet until the water’s cool — and if you need to do that to get hot water, collect the cold water and use it to water plants.

Cook foods in as little water as possible, which can also retain flavor, according to the University of Toronto Scarborough’s department of physical and environmental sciences.

When it comes to saving water via what you eat, generally animal products are more water-intensive than plant-based alternatives, Hogeboom said.

“Go vegetarian or even better vegan,” he added. “If you insist on meat, replace red meat by pig or chicken, which has a lower water footprint than beef.”

It takes more than 1,800 gallons of water to produce 1 pound of beef, Consumer Reports’ Whitehurst said.

The bathroom is the largest consumer of indoor water, as the toilet alone can use 27% of household water, according to the EPA. You can cut use here by following this adage: “If it’s yellow, let it mellow. If it’s brown, flush it down.”

“Limiting the amount of toilet flushes — as long as it is urine — is not problematic for hygiene,” Whitehurst said. “However, you do have to watch the amount of toilet paper to avoid clogging your pipes. If there is solid waste or feces, then flush the toilet immediately to avoid unsanitary conditions.”

Older toilets use between 3.5 and 7 gallons of water per flush, but WaterSense-labeled toilets use up to 60% less. WaterSense is a partnership program sponsored by the EPA.

“There’s probably more to gain by having dual flush systems so you don’t waste gallons for small flushes,” Hogeboom said.

By turning off the sink tap when you brush your teeth, shave or wash your face, you can save more than 200 gallons of water monthly, according to the EPA.

Cut water use further by limiting showers to five minutes and eliminating baths. Shower with your partner when you can. Save even more water by turning it off when you’re shampooing, shaving or lathering up, Consumer Reports suggests.

Replacing old sink faucets or showerheads with WaterSense models can save hundreds of gallons of water per year.

Laundry rooms account for nearly a fourth of household water use, according to the EPA. Traditional washing machines can use 50 gallons of water or more per load, but newer energy- and water-conserving machines use less than 27 gallons per load.

You can also cut back by doing full loads (but not overstuffing) and choosing the appropriate water level and soil settings. Doing the latter two can help high-efficiency machines use only the water that’s needed. If you have a high-efficiency machine, use HE detergent or measure out regular detergent, which is more sudsy and, if too much is used, can cause the machine to use more water, according to Consumer Reports.

Nationally, outdoor water use accounts for 30% of household use, according to the EPA. This percentage can be much higher in drier parts of the country and in more water-intensive landscapes, particularly in the West.

If you prefer to have a landscape, reduce your outdoor use by planting only plants appropriate for your climate or ones that are low-water and drought-resistant.

“If maintained properly, climate-appropriate landscaping can use less than one-half the water of a traditional landscape,” the EPA says.

The biggest water consumers outside are automatic irrigation systems, according to the EPA. To use only what’s necessary, adjust irrigation controllers at least once per month to account for weather changes. WaterSense irrigation controllers monitor weather and landscape conditions to water plants only when needed.

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Supreme Court rules 9-0 that bankruptcy filers can’t avoid debt incurred by another’s fraud

Post By Business Bankruptcy Figures, Breaking News: Politics, business news, california, Court decisions, Fraud and false statements, Laws, new york, Personal Finance, politics, real estate, San Francisco, United States, US Supreme Court

The Supreme Court in a unanimous decision Wednesday ruled that a California woman could not use U.S. bankruptcy code protection to avoid paying a $200,000 debt that resulted from fraud by her partner.

The court said that the woman, Kate Bartenwerfer, owed the debt even if she did not know about her husband David’s misrepresentations regarding the condition of a house when they sold it to San Francisco real estate developer Kieran Buckley for more than $2 million.

Buckley had sued the couple and won a judgment for those misrepresentations.

The 9-0 decision written by Justice Amy Coney Barrett resolves a difference of opinion between several federal circuit appeals courts on the question of whether an innocent party can shield themselves from debt for another person’s fraud after filing for bankruptcy.

The ruling cited and reinforces a Supreme Court decision in 1885, which found that two partners in a New York wool company were liable for the debt due to the fraudulent claims of a third partner even though they were not themselves “guilty of wrong.”

Barrett dismissed Bartenwerfer’s grammar-focused argument, which claimed that the relevant section of the bankruptcy code, written in the passive voice as “money obtained by fraud,” refers to “money obtained by the individual debtor’s fraud.”

“Innocent people are sometimes held liable for fraud they did not personally commit, and, if they declare bankruptcy, [the bankruptcy code] bars discharge of that debt,” Barrett wrote. “So it is for Bartenwerfer, and we are sensitive to the hardship she faces.”

The debt to Buckley, which was originally a court judgment of $200,000 imposed in 2012, since has grown to more than $1.1 million as a result of interest, according to Janet Brayer, the San Francisco attorney who represented Buckley in a lawsuit over the house sale.

Brayer said that debt is growing at a current rate of 10% annually and that it excludes attorney fees to which she is entitled to under California law.

“We have been working on this since 2008, and now finally have been vindicated and justice served for all victims of fraud, Brayer said. “Hence, I am a happy girl today.”

Iain MacDonald, a lawyer for Bartenwerfer, did not have an immediate comment on the ruling, saying he planned to discuss the decision with her.

Justice Sonia Sotomayor, in a concurring opinion joined by Justice Ketanji Brown Jackson, noted that the ruling involves people who acted together in a partnership, not “a situation involving fraud by a person bearing no agency or partnership relationship to the debtor.”

“With that understanding, I join the Court’s opinion,” Sotomayor wrote.

The ruling on Bartenwerfer’s case came 18 years after the events that triggered the dispute.

Bartenwerfer, and her then-boyfriend David Bartenwerfer, jointly bought a house in San Francisco in 2005 and planned to remodel it and sell it for a profit, the ruling noted.

While David hired an architect, engineer, and general contractor, monitored their progress and paid for the work, “Kate, on the other hand, was largely uninvolved,” Barrett wrote.

The house was eventually bought by Buckley after the Bartenwerfers “attested that they had disclosed all material facts relating to the property,” Barrett noted.

But Buckley learned that the house had “a leaky roof, defective windows, a missing fire escape, and
permit problems.”

He then sued the couple, claiming he had overpaid for the home based on their misrepresentations of the property.

A jury ruled in his favor, awarding him $200,000 from the Bartenwerfers.

The couple was unable to pay the award or other creditors and filed for protection under Chapter 7 of the bankruptcy code, which normally allows people to void all of their debts.

But “not all debts are dischargeable,” Barrett wrote in her ruling.

“The Code makes several exceptions to the general rule, including the one at issue in this case: Section 523(a)(2)(A) bars the discharge of ‘any debt … for money … to the extent obtained by … false pretenses, a false representation, or actual fraud,'” Barrett wrote.

Buckley challenged the couple’s move to void their debt to him on that ground.

A U.S. Bankruptcy Court judge ruled in his favor, saying “that neither David nor Kate Bartenwerfer could discharge their debt to Buckley,” the opinion by Barrett noted.

“Based on testimony from the parties, real-estate agents, and contractors, the court found that David had knowingly concealed the house’s defects from Buckley,” Barrett wrote.

“And the court imputed David’s fraudulent intent to Kate because the two had formed a legal partnership to execute the renovation and resale project,” she added.

The couple appealed the ruling.

The U.S. Bankruptcy Appellate Panel for the 9th Circuit Court of Appeals found that David still owed the debt to Buckley given his fraudulent intent.

But the same panel disagreed that Kate owed the debt.

“As the panel saw it [a section of the bankruptcy code] barred her from discharging the debt only if she knew or had reason to know of David’s fraud,” Barrett wrote.

Bartenwerfer later asked the Supreme Court to hear her appeal of that ruling.

In her opinion, Barrett noted that the text of the bankruptcy code explicitly bars Chapter 7 from being used by a debtor to discharge a debt if that obligation was the result of “false pretenses, a false representation, or actual fraud.”

Barrett wrote, “By its terms, this text precludes Kate Bartenwerfer from discharging her liability for the state-court judgment.”

The justice noted that Kate Bartenwerfer disputed that, even as she admitted, “that, as a grammatical matter, the passive-voice statute does not specify a fraudulent actor.”

“But in her view, the statute is most naturally read to bar the discharge of debts for money obtained by the debtor’s fraud,” Barrett wrote.

“We disagree: Passive voice pulls the actor off the stage,” Barrett wrote.

The justice wrote that Congress, in writing the relevant section of the bankruptcy code, “framed it to ‘focu[s] on an event that occurs without respect to a specific actor, and therefore without respect to any actor’s intent or culpability.’ “

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Tindered out? How to avoid creeps, time wasters and liars this Valentine’s Day

Post By Stock Advertising, Advertising/Marketing/Public Relations, Applications Software, article_normal, arts, bars, beverages, business, Business/Consumer Services, C&E Executive News Filter, commentary, Commentary/Opinion, community, computers, Computers/Electronics, Computing, Consumer Affairs, Consumer Products, consumer services, Content Types, corporate, Corporate/Industrial News, dairy products, divorce, electronics, Factiva Filters, food, food products, Food/Beverages, general news, hotels, Hotels/Motels, industrial news, Internet, Internet/Online Services, leisure, Leisure/Arts, lifestyle, living, Living/Lifestyle, Lodgings, Lodgings/Restaurants/Bars, market research, Market Research/Public Relations, Marketing, Marriage, Marriage/Divorce, Match Group Inc., Mobile Applications Software, motels, MTCH, online services, opinion, Personal Finance, Personal Technology, political, Political/General News, public relations, restaurants, society, Society/Community, Software, Technology, tourism

Michelle has had her fair share of bad dates.

A divorced mother of four children, Michelle, 52, resolved to maintain her sense of humor when she returned to the dating market, and signed up for Hinge, an online dating service that includes voice memos, in addition to audio and video functions that enable two interested parties to talk to each other without sharing their phone numbers.

Given that she had not dated since she was in her 20s, Michelle, who asked for her surname to be withheld, was thrown into the world of online dating, right swipes, ghosting, men who were actually living overseas, married men, men who lied about their age and men who posted photos that were 10 years old. She split from her husband of nearly two decades in 2014.

Hinge is part of Match.com’s
MTCH,
+1.22%
group of apps along with OKCupid, Tinder, Bumble, and Christian Mingle, among others. The company promotes itself as the app that is designed to be deleted by its users. It’s a bold statement in the era of online dating, when people scroll through profiles — swiping right for yes and left for no — in search of their perfect mate.

But Hinge, like many other dating apps, introduced a video function in 2020 to help push people to “meet” during the worst days of the coronavirus pandemic. Dating experts advise applying the same rules you would to a Zoom
ZM,
+3.06%
call: dress smartly, use an overhead light rather than a backlight that casts you in shadow, and don’t sit in front of yesterday’s pile of dirty laundry.

“‘It’s amazing how many guys use a picture from 10 years ago. You can barely recognize them when you meet them.’”

— Michelle, 52, a divorced mother of four who searched for love online

A video date will reveal a lot more than a profile picture. “It’s amazing how many guys use a picture from 10 years ago,” Michelle said. “You can barely recognize them when you meet them. I discovered that someone who is very quick to ask for your email address or your number is more likely to be a scammer. Unfortunately, there’s a lot of scamming on dating apps.”

She’s not wrong. Nearly 70,000 Americans lost $1.3 billion to romance scams through social media and dating apps last year, up from 56,000 the year before, according to the Federal Trade Commission. That’s broadly in line with the amount of money lost the previous year, but up significantly from the $730 million lost in 2020.

Through her work as a social worker, Michelle has learned to evaluate people and look for red flags. She has used those skills when online dating. She watches out for “goofy stuff” like a man who is writing like a character from a romance novel. “The Lifetime Channel Christmas Love Story is not happening on Hinge,” she said. “Those are the things that I kind of find funny.”

Other red flags: Someone who lies about their age, is unwilling to meet, won’t turn on the video chat function — what have they got to hide? — and a man who is cheap. “Why did I drive 45 minutes to meet you and you can’t even buy me a cup of coffee? I don’t want someone who is stingy. Either they’re really miserly, have poor judgment, or poor people skills.”

The perilous side of handheld love machines

Dating apps are the ultimate love machine, churning out potential partners every two seconds, someone who is taller, younger, hotter, richer, broader, slimmer, sexier, kookier, weirder — and the list goes on. All of life’s parade is a swipe away. Millions of people use dating apps — from Grindr for gay men to Facebook Dating for pretty much everyone.

There is a balance between keeping people swiping and helping them find love. It’s a numbers game, and can be as addictive as playing the slots. EHarmony promotes its Compatibility Score, while OKCupid asks users to answer an almost limitless number of questions in order to match with more appropriate people. But critics say it leads to the gamification of people’s love lives.

Jenny Taitz, author of “How to Be Single and Happy: Science-Based Strategies for Keeping Your Sanity While Looking for a Soul Mate,” said one of the most common complaints about dating apps is the constant game of cat and mouse. Each user is probably talking to several people at the same time, and it’s tough to get people off the apps and into the real world.

If you like someone, she says, move to a video chat to test the chemistry. “It’s time-consuming, but you need to move from a pen pal to an in-person meetup,” she said. “It could be something that you do all the time, so you really have to have limits. If you’re having four dates a week, does that mean you’re not making time for friendships where you have an investment?”

“‘The same person who volunteers at a soup kitchen might easily ghost someone. There is so much detachment.’”

— Jenny Taitz, author of ‘How to Be Single and Happy’

Anonymity can often lead to ghosting, when people just disappear or stop answering messages. “We need to treat people like they would treat their future child or best friend,” Taitz said. “Bad behavior is so pervasive, and people are not held accountable for their actions. The same person who volunteers at a soup kitchen might easily ghost someone. There is so much detachment.”

Some studies have linked dating apps with depression, while other studies have found that online dating has led to a string of robberies through hook-ups on Grindr, and can also make it easier for sexual predators to find victims. These problems obviously exist in the real world, but social media and dating apps can provide an easier path for bad actors.

Julie Valentine, a researcher, sexual-assault nurse examiner, and associate dean of Brigham Young University’s College of Nursing, analyzed 1,968 “acquaintance” sexual assaults that occurred between 2017 and 2020. She and her fellow researchers concluded that 14% of these sexual assaults resulted from a dating-app’s first in-person meeting.

“One-third of the victims were strangled and had more injuries than other sexual-assault victims,” the study found. “Through dating apps, personas are created without being subjected to any criminal background checks or security screening. This means that potential victims have the burden of self-protection.”

All those coffees take time and money

A spokeswoman for Match.com said it does not release data on how many people have actually used the video chat function. If people did use the function more often without sharing their phone number, it would in theory provide a layer of protection, help weed out bad actors, and help people decide whether a prospective date is compatible early in the process.

Cherlyn Chong, the Las Vegas-based founder of Get Over Him, a program to help women get over toxic relationships, does not believe the video chat function is as widely used as it should be. Chong, who describes herself as a dating coach and a trauma specialist, encourages her clients to use every method available to screen dates, in addition to meeting in a public place.

So what if a man did not want to video chat? “If they didn’t want to video, that’s fine,” Chong said. “But their reaction to the request would be a litmus test. We would know he is probably not someone to date, as he is not flexible. It’s also very telling if a woman explains that it’s a safety issue. The response of the guy in that situation would also be another litmus test.”

“Once you give someone their phone number, you don’t know what they are going to do with it,” Chong said. She said one of her clients encountered a man who shared her phone number with others, and sent it to a spam site on the internet. “You want to believe in the best of people,” she said, “but there are people who misuse your number because they can’t handle rejection.”

“‘A couple of cocktails in New York City? You’re looking at $60 to $100, or a few hundred dollars for a pricier meal.’”

— Connell Barrett, author of ‘Dating Sucks, But You Don’t’

Connell Barrett, author of “Dating Sucks, But You Don’t,” said video dates are a good first step. “You can see your date, and read their body language,” he said. “Because physical contact is off the table for a video date, it can free both singles to let go and not worry about the pressure about moving in for the first kiss. Good chemistry happens when there’s less pressure.”

Video dating also saves you time and money, especially if you’re the one who picks up the tab. “A couple of cocktails in New York City? You’re looking at $60 to $100, or a few hundred dollars for a pricier meal,” he said. Regular daters could end up spending up to $1,500 a month in bigger cities, if they’re dating a lot and eating out, Barrett added.

How much you spend will clearly depend on your lifestyle. Members of The League, a dating app that’s geared towards professionals, spend up to $260 a month on dates, followed by $215 a month for singletons using Christian Mingle, $198 for people signed up to Match.com, and $174 for Meta’s
META,
+3.03%
Facebook Dating subscribers, according to a recent survey.

A video call allows people to get a sense of the person’s circumstances and personality, and can avoid wasting an hour having coffee with someone you will never see again. Be fun, be playful, don’t ask about exes or grill the other person “60 Minutes”-style, Barrett said. “A big mistake people make in dating is trying to impress the other person,” he said.

Video dating goes back to the 1970s

Jeff Ullman created the first successful video-dating service in Los Angeles in 1975 called Great Expectations. People recorded messages direct-to-camera. “We started with Betamax, moved to VHS, and upgraded to CD-ROMs,” he said. “As long as there are adults, there will be the hunt for love, and there will be the longing for ‘I’m missing someone, I’m missing something,’” he told MarketWatch.

“The best and the brightest did not go into dating services in the 1970s and 1980s,” he said. “I only went into it because I wanted to change the world. What I wanted to do was turn pity to envy. Our videos were 5 or 6 minutes long. There were no stock questions. They had to be ad-libbed. The only similar question was the last one: ‘What are the qualities that are most important in a relationship?’”

He turned Great Expectations into a national franchise where customers paid $595 to $1,995 a year for membership ($1 in 1975 is around $5 today). “We did not hard sell you. We did a ‘heart sell.’ We had all kinds of Type As — doctors, lawyers, studio production chiefs, who all thought they were God’s gift, or God’s gift to womankind, but when they talked about their loneliness, they cried.”

People will always be searching for that perfect mate, Ullman said, whether it’s through videos, words, photos, psychological compatibility, A.I., or through arranged marriages or matchmakers. “But there is no perfect match. My wife Cindy and I are well matched. She’s not perfect. I’m not perfect. The moment either one of us begins to think we’re perfect is the moment we introduce negative forces.”

“‘What I wanted to do was turn pity to envy. Our videos were 5 or 6 minutes. There were no stock questions.’”

— Jeff Ullman, created Great Expectations, a video-dating service in Los Angeles in 1975

Before TikTok and Skype, people were not as comfortable in front of the camera, particularly if they had to talk about themselves. “We always hid the camera,” Ullman said. The 1970s decor of dark wood and indoor plants made that easier. “When we were finished, they’d say, ‘When are you going to start?’” But they were already on tape. They were, he said, happy with the first take 95% of the time.

Ullman required his franchisees to give members a three-day right to cancel for any reason — including “I’m not going to tell you” — if they changed their terms of service. “They just had to mail us or fax us their notice. Half of my franchisees were about to revolt.” Until, he said, they realized they could not afford to have a bad reputation in an industry where people were putting their hearts on the line.

It all started with a Sony-Matic Portable Videocorder gifted to him by his parents when he graduated from UC Berkeley in 1972. “They were very expensive, but they were portable. Whenever I went anywhere, whether it was a parade or a demonstration, which were common back then, they always let me in because they thought I was from “60 Minutes.” It gave us a sense of power.”

Fast forward to 2023: That power is in the hands of the $3 billion online dating industry and, perhaps to a lesser extent, in the hands of the singletons who are putting their own messages out into the world through words and pictures. In the 1970s, most people were still meeting in person. These days, your online competition is, well, almost every single person within a 50-mile radius.

Watching out for those ‘green flags’

Video dating has come in handy for singletons like Andrew Kneeshaw, a photographer and publican in Streete, County Westmeath, a small town in the Irish midlands. He’s currently active on three dating sites: Plenty of Fish, Bumble and Facebook Dating. In-app video calls have saved him — and his potential dates — time, gasoline and money spent on coffee and lunch.

“Even someone local could be 15 or 20 miles away,” he said. He’s currently talking to a woman in Dublin, which is more than an hour away. “Hearing someone’s voice is one thing, but seeing that they are the genuine person they are supposed to be on the dating site definitely does help.” He could spend upwards of 20 euros ($21.45) on coffee/lunch, excluding gasoline.

He did go on a dinner date recently without having a video call, and he regretted it. “Neither of us felt there was a spark,” Kneeshaw said. So they split the check as they would likely never see each other again? “That sounds terrible, but yes,” he said. “I go on a date at best once a week. If you’re doing it a few times a week, it does add up very quickly.”

Ken Page, a Long Beach, N.Y.-based psychotherapist and host of the Deeper Dating podcast, is married with three children, and has compassion for people like Kneeshaw who live in more remote areas. In New York, he said, some people won’t travel uptown if they live downtown, and many more people won’t even cross the river to New Jersey.

“‘If it’s a video chat, you have the opportunity to get to know them more, and have that old-fashioned courtship experience.’”

— Ken Page, a psychotherapist and host of the Deeper Dating podcast

He said green flags are just as important as red flags when deciding to move from a video date to an in-person date. “Is their smile warm and engaging? Are you attracted to the animation they have in their face? You just get tons more data when you see the person. You save money, and you save time before you get to the next step.”

In-person first dates can be brutal. “Your first reaction is, ‘they’re not attractive enough, I’ve got to get out of here,’” Page said. “If it’s a video chat, you have the opportunity to get to know them more, and have that old-fashioned courtship experience where attraction starts to grow. The ‘light attractions’ have more opportunity to grow without the pressure of meeting in person.”

Dating apps are a carousel of romantic dreams. The focus is on looks rather than personality or character. “There are so many people waiting online,” Page said. “That does not serve us. Unless the person really wows us, we swipe left. If you do a video chat, you will be more likely to get to know that person — instead of only getting to know the ‘9s’ and ‘10s.’”

And Michelle? The divorced Californian mother of four said she finally met a guy on Hinge last October, and they’ve been dating since then. “He’s just a fabulous guy. He actually moved slower than what I had experienced with other guys I had dated.” She kept her sense of humor and perspective, which helped. “He said, ‘You’re so funny.’ I didn’t have anything to lose.”

“It’s almost going to Zara
ITX,
+1.55%,
” she said. “Nine times out of 10 you may not find something you like, but one time out of 10 you do.”

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Here’s what the Federal Reserve’s 25 basis point interest rate hike means for your money

Post By Business Banks, business news, Central banking, coronavirus, Coronavirus: Personal Finance, covid-19, Credit card debt, Economic events, Economy, Federal Reserve System, Inflation, Interest Rates, Investment strategy, Jerome Powell, Lendingtree Inc, Mortgages, Personal Finance, Personal loans, Personal saving, Prices, U.S. Economy

The Federal Reserve raised the target federal funds rate for the eighth time in a row on Wednesday, in its continued effort to tame persistent inflation.

At its latest meeting, the central bank approved a more modest 0.25 percentage point increase after recent signs that inflationary pressures have started to cool.

“The easing of inflation pressures is evident, but this doesn’t mean the Federal Reserve’s job is done,” said Greg McBride, chief financial analyst at Bankrate.com. “There is still a long way to go to get to 2% inflation.”

What the federal funds rate means to you

The federal funds rate, which is set by the U.S. central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves do affect the borrowing and saving rates consumers see every day.

This rate hike will correspond with a rise in the prime rate and immediately send financing costs higher for many forms of consumer borrowing — putting more pressure on households already under financial strain.

“Inflation has shredded household budgets and, in many cases, households have had to lean against credit cards to bridge the gap,” McBride said.

On the flip side, “with rates still rising and inflation now declining, it is the best of both worlds for savers,” he added.

How higher interest rates can affect your money

1. Your credit card rate will rise

Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does, as well, and your credit card rate follows suit within one or two billing cycles.

“Credit card interest rates are already as high as they’ve been in decades,” said Matt Schulz, chief credit analyst at LendingTree. “While the Fed is taking its foot off the gas a bit when it comes to raising rates, credit card APRs almost certainly will keep climbing for at least the next few months, so it is important that cardholders continue to focus on knocking down their debt.”

Credit card annual percentage rates are now near 20%, on average, up from 16.3% a year ago, according to Bankrate. At the same time, more cardholders carry debt from month to month while paying sky-high interest charges — “that’s a bad combination,” McBride said.

At more than 19%, if you made minimum payments toward the average credit card balance — which is $5,474, according to TransUnion — it would take you almost 17 years to pay off the debt and cost you more than $7,528 in interest, Bankrate calculated.

Altogether, this rate hike will cost credit card users at least an additional $1.6 billion in interest charges in 2023, according to a separate analysis by WalletHub.

“A 0% balance transfer credit card remains one of the best weapons Americans have in the battle against credit card debt,” Schulz advised.

Otherwise, consumers should consolidate and pay off high-interest credit cards with a lower-interest personal loan, he said. “The rates on new personal loan offers have climbed recently as well, but if you have good credit, you may be able to find options that feature lower rates that what you currently have on your credit card.”

2. Mortgage rates will stay higher

Rates on 15-year and 30-year mortgages are fixed and tied to Treasury yields and the economy. As economic growth has slowed, these rates have started to come down but are still at a 10-year high, according to Jacob Channel, senior economist at LendingTree.

The average interest rate for a 30-year fixed-rate mortgage is now around 6.4% — up almost 3 full percentage points from 3.55% a year ago.

“Relatively high rates, combined with persistently high home prices, mean that buying a home is still a challenge for many,” Channel said.

This rate hike has increased the cost of new mortgages by around 10 basis points, which translates to roughly $9,360 over the lifetime of a 30-year loan, assuming the average home loan of $401,300, WalletHub found. A basis point is equal to 0.01 of a percentage point.

“We’re still a ways away from the housing market being truly affordable, even if it has recently become a bit less expensive,” Channel said.

Other home loans are more closely tied to the Fed’s actions. Adjustable-rate mortgages, or ARMs, and home equity lines of credit, or HELOCs, are pegged to the prime rate. Most ARMs adjust once a year, but a HELOC adjusts right away. Already, the average rate for a HELOC is up to 7.65% from 4.11% a year ago.

3. Auto loans will get more expensive

Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans, so if you are planning to buy a car, you’ll shell out more in the months ahead.

The average interest rate on a five-year new car loan is currently 6.18%, up from 3.96% last year.

The Fed’s latest move could push up the average interest rate even higher, although consumers with higher credit scores may be able to secure better loan terms or look to some used car models for better deals.

Paying an annual percentage rate of 6% instead of 4% would cost consumers $2,672 more in interest over the course of a $40,000, 72-month car loan, according to data from Edmunds.

“The ever-increasing costs of financing remain a challenge,” said Ivan Drury, Edmunds’ director of insights.

4. Some student loans will get pricier

Federal student loan rates are also fixed, so most borrowers won’t be affected immediately. But if you are about to borrow money for college, the interest rate on federal student loans taken out for the 2022-23 academic year already rose to 4.99%, up from 3.73% last year and any loans disbursed after July 1 will likely be even higher.

If you have a private loan, those loans may be fixed or have a variable rate tied to the Libor, prime or T-bill rates, which means that as the central bank raises rates, borrowers will likely pay more in interest, although how much more will vary by the benchmark.

Currently, average private student loan fixed rates can range from just under 4% to almost 15%, according to Bankrate. As with auto loans, they also vary widely based on your credit score.

For now, anyone with existing federal education debt will benefit from rates at 0% until the payment pause ends, which the Education Department expects to happen sometime this year.

What savers should know about higher interest rates

The good news is that interest rates on savings accounts are finally higher after the recent run of rate hikes.

While the Fed has no direct influence on deposit rates, they tend to be correlated to changes in the target federal funds rate, and the savings account rates at some of the largest retail banks, which have been near rock bottom during most of the Covid pandemic, are currently up to 0.33%, on average.

Also, thanks, in part, to lower overhead expenses, top-yielding online savings account rates are as high as 4.35%, much higher than the average rate from a traditional, brick-and-mortar bank.

Rates on one-year certificates of deposit at online banks are even higher, now around 4.75%, according to DepositAccounts.com.

As the Fed continues its rate-hiking cycle, these yields will continue to rise, as well. However, you have to shop around to take advantage of them, according to Yiming Ma, an assistant finance professor at Columbia University Business School.

“If you haven’t already, it’s really important to benefit from the high interest environment by getting a higher return,” she said.

Still, because the inflation rate is now higher than all of these rates, any money in savings loses purchasing power over time.

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FDA proposes new levels for lead in baby food, but critics say more action is needed | CNN

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The allowable levels of lead in certain baby and toddler foods should be set at 20 parts per billion or less, according to new draft guidance issued Tuesday by the US Food and Drug Administration.

“For babies and young children who eat the foods covered in today’s draft guidance, the FDA estimates that these action levels could result in as much as a 24-27% reduction in exposure to lead from these foods,” said FDA Commissioner Dr. Robert Califf in a statement.

The

Baby foods covered by the new proposal – which is seeking public comment – include processed baby foods sold in boxes, jars, pouches and tubs for babies and young children younger than 2 years old, the agency said.

While any action on the part of the FDA is welcome, the suggested levels of lead are not low enough to move the needle, said Jane Houlihan, the national director of science and health for Healthy Babies Bright Futures, a coalition of advocates committed to reducing babies’ exposures to neurotoxic chemicals.

“Nearly all baby foods on the market already comply with what they have proposed,” said Houlihan, who authored a 2019 report that found dangerous levels of lead and other heavy metals in 95% of manufactured baby food.

That report triggered a 2021 congressional investigation, which found leading baby food manufacturers knowingly sold products with high levels of toxic metals.

“The FDA hasn’t done enough with these proposed lead limits to protect babies and young children from lead’s harmful effects. There is no known safe level of lead exposure, and children are particularly vulnerable,” Houlihan said.

The director of food policy for Consumers Reports, Brian Ronholm, also expressed concerns. In 2018, Consumer Reports analyzed 50 baby foods and found “concerning” levels of lead and other heavy metals. In fact, “15 of them would pose a risk to a child who ate one serving or less per day,” according to Consumer Reports.

“The FDA should be encouraging industry to work harder to reduce hazardous lead and other heavy metals in baby food given how vulnerable young children are to toxic exposure,” Ronholm said in a statement.

Exposure to toxic heavy metals can be harmful to the developing brain of infants and children. “It’s been linked with problems with learning, cognition, and behavior,” according to the American Academy of Pediatrics.

Lead, arsenic, cadmium and mercury are in the World Health Organization’s top 10 chemicals of concern for infants and children.

As natural elements, they are in the soil in which crops are grown and thus can’t be avoided. Some crop fields and regions, however, contain more toxic levels than others, partly due to the overuse of metal-containing pesticides and ongoing industrial pollution.

The new FDA guidance suggests manufactured baby food custards, fruits, food mixtures — including grain and meat-based blends — puddings, vegetables, yogurts, and single-ingredient meats and vegetables contain no more than 10 parts per billion of lead.

The exception to that limit is for single-ingredient root vegetables, such as carrots and sweet potatoes, which should contain no more than 20 parts per billion, according to the new guidance.

Dry cereals marketed to babies and toddlers should also not contain more than 20 parts per billion of lead, the new FDA guidance said.

However, the FDA didn’t propose any lead limit for cereal puffs and teething biscuits, Houlihan said, even though the products account for “7 of the 10 highest lead levels we’ve found in over 1,000 baby food tests we have assessed.”

The limit set for root vegetables will be helpful, Houlihan added. Because they grow underground, root vegetables can easily absorb heavy metals. For example, sweet potatoes often exceed the 20 parts per billion limit the FDA has proposed, she said.

Prior to this announcement, the FDA had only set limits for heavy metals in one baby food — infant rice cereal, Houlihan said. In 2021, the agency set a limit of 100 parts per billion for arsenic, which has been linked to adverse pregnancy outcomes and neurodevelopmental toxicity.

There is much more that can be done, according to Scott Faber, senior vice president of government affairs for the Environmental Working Group, a nonprofit environmental health organization.

“We can change where we farm and how we farm to reduce toxic metals absorbed by plants,” Faber said. “We also urge baby food manufacturers to conduct continuous testing of heavy metals in all their products and make all testing results publicly available.”

Companies can require suppliers and growers to test the soil and the foods they produce, and choose to purchase from those with the lowest levels of heavy metals, Houlihan added.

“Growers can use soil additives, different growing methods and crop varieties known to reduce lead in their products,” she said.

What can parents do to lessen their child’s exposure to toxic metals? Unfortunately, buying organic or making baby food at home isn’t going to solve the problem, as the produce purchased at the grocery store can also contain high levels of contaminants, experts say.

A 2022 report by Healthy Babies, Bright Futures found lead in 80% of homemade purees or store-bought family foods. Arsenic was found in 72% of family food either purchased or prepared at home.

The best way to lessen your child’s exposure to heavy metals, experts say, is to vary the foods eaten on a daily basis and choose mostly from foods which are likely to have the least contamination. Healthy Babies, Bright Futures created a chart of less to most contaminated foods based on their testing.

Fresh bananas, with heavy metal levels of 1.8 parts per billion, were the least contaminated of foods tested for the report. After bananas, the least contaminated foods were grits, manufactured baby food meats, butternut squash, lamb, apples, pork, eggs, oranges and watermelon, in that order.

Other foods with lower levels of contamination included green beans, peas, cucumbers and soft or pureed home-cooked meats, the report found.

The most heavily contaminated foods eaten by babies were all rice-based, the report said. Rice cakes, rice puffs, crisped rice cereals and brown rice with no cooking water removed were heavily contaminated with inorganic arsenic, the more toxic form of arsenic.

After rice-based foods, the analysis found the highest levels of heavy metals in raisins, non-rice teething crackers, granola bars with raisins and oat-ring cereals. But those were not the only foods of concern: Dried fruit, grape juice, arrowroot teething crackers and sunflower seed butter all contained high amounts of at least one toxic metal, according to the report.

While buying organic cannot reduce the levels of heavy metals in infant food, it can help avoid other toxins such as herbicides and pesticides, Dr. Leonardo Trasande, director of environmental pediatrics at NYU Langone Health told CNN previously.

“There are other benefits to eating organic food, including a reduction in synthetic pesticides that are known to be as bad for babies, if not even more problematic,” Trasande said.

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‘I am angry’: I’m an unmarried stay-at-home mother in a 20-year relationship, but my boyfriend won’t put my name on the deed of our house. Am I unreasonable?

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I have been in my relationship for almost 20 years. For personal reasons, we are not married but we have a 10-year-old child.

When our child was born, we decided that I would be a stay-at-home parent because my low-paying job didn’t cover the costs of child care, and at the time, we were stretched. I have been an at-home caregiver and homemaker for a decade.

About two years ago, we finally saved enough to buy our first home. It’s a condo, but it’s ours. Since it was my first house purchase, I didn’t fully understand the process, so by the time my partner closed on the condo, I realized I was not on the deed.

When I asked why I was left out, my partner made some noises about loan applications, the cost, etc. My credit score is higher than his, so if I were part of the loan process for the mortgage, wouldn’t it have been beneficial to us?

In the two years since we’ve bought and moved into our place, we’ve had several tense “discussions” about adding me to the deed. For me, even though I’m not an earner, I am still a working member of this household, so having my name on the deed is about equality in the relationship and family.

“When our child was born, we decided that I would be a stay-at-home parent because my low-paying job didn’t cover the costs of child care.”

Through my labor as a homemaker, which includes meal preparation, cleaning, laundry and home maintenance — not to mention 24/7 childcare — I feel my role as a “stakeholder” in this family should include legally owning my home. Am I wrong?

Through the various discussions we’ve had, it seems my partner is unwilling to add me to the deed. First, he got angry whenever I tried to discuss it, and tried to make it sound as if I was being completely unreasonable. But now he says it’s because it’ll cost several thousand dollars, and that in the end, it “really shouldn’t matter.”

But it does matter. To me, not being on the deed is a direct correlation to how I am devalued for my time and labor. I feel like I am considered “less than” simply because I am a woman, an at-home parent, and a homemaker. I am angry about my situation.

Adding to the complication, we JUST purchased an upstairs neighbor’s condo with the intention of renting it out. After all the fuss about being excluded, my partner made sure my name is on the deed for this second unit. But because of this, my partner says having my name on the original home is “unnecessary.”

I want to continue to fight for my name to be added — to fully own BOTH properties. But my partner is still making me sound completely unreasonable, to spend thousands of dollars just for a “piece of paper.” I know we can afford the costs, and I feel the cost is worth it so I can be on equal footing in this family. And legally, it is not just a piece of paper to me.

Am I really being unreasonable? Will the costs really outweigh the benefits? What can I do?

We live in New Jersey.

Thank you.

Not on the Deed

Dear Not on the Deed,

Common-law marriage is not recognized in New Jersey, so it’s up to unmarried couples to manage their joint assets the old-fashioned way. The father of your child has certainly done his best to do that, and has tipped the scales in his favor.

You are either a committed couple in a long-term relationship with a view to sharing your lives, or you’re not. Not putting you on the mortgage — assuming he did so given your good credit — or the deed of your home is sharp practice. At this point, you would likely need to finance to put you on the mortgage, and may need to inform the lender to do the latter.

Put bluntly, you’re not being unreasonable. There is a huge amount of physical, mental and emotional labor involved in being a stay-at-home parent and homemaker, and an equal amount of time devoted to raising your son and taking care of your home while your partner attends to his 9-to-5 job.

Being in a long-term unmarried relationship can affect everything from taxes to real estate. “Unmarried couples do not have the same rights as married couples when it comes to estate planning,” according to the New Jersey-based Bronzino Law Firm.

“They aren’t eligible to inherit a portion of their partner’s estate, for example; and they don’t receive tax breaks on property that they plan to leave their long-term partner after their death, the way that married couples do,” the law firm writes.

“There is a huge amount of physical, mental and emotional labor involved in being a stay-at-home parent and homemaker, and an equal amount of time devoted to raising your son.”

Your partner would have to file a grant or warranty deed with the county clerk. This could come with ramifications for insurance and should be done in consultation with a lawyer. It should, in theory, only cost a few hundred dollars.

I say “in theory” as that does not account for the closing costs and, of course, if there is a significantly higher interest rate now than when the loan was first signed.

“Deeds are characterized by ‘guarantees’ the grantor makes about their interest in the property, and ‘promises” of future action the grantor will take if their representations are challenged,” according to the law firm of Earl White.

“Covenants are the defining feature of each type of deed,” he writes. “Sellers often guarantee a property is sold free and clear of mortgages and liens, and that the seller has authority to make the sale.”

Some broader context: A few years ago, Oxfam released a study that estimated women contributed $10.8 trillion to the world’s economy every year in unpaid labor. That’s three times the size of the world’s technology industry.

The cost of you pursuing this does not outweigh the benefits. Your time is valuable. Your contribution to your partnership is valuable. Your sense of worth is valuable. And your role as a homemaker and a mother is also valuable.

You can email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell:

• ‘I’ve felt like an outsider my whole life’: My father died without a will, leaving behind my stepmother and her 4 children. Do I have any rights to his estate?
• ‘He was infatuated with her’: My brother had a drinking problem and took his own life. He left $6 million to his former girlfriend who used to buy him alcohol
• ‘She had a will, but it was null and void’: My friend and her sister are fighting over their mother’s life-insurance policy and bank account. Who should win out?

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