💰Savings on late fees

This week we’ve got some much-anticipated news about credit card late fees and a surprising update on the correlation between online shopping and downsizing retailers. As always, we are also giving you a plethora of tools that will help you make the most of your money, so read on until the very end. What other stories would you like to see in our newsletter? Hit reply to this email and let us know!

- Milan

IN THE KNOW

Putting A Cap On Credit Card Fees 

We’re kicking off this week’s newsletter with some great news, credit card late fees are coming down! The Consumer Financial Protection Bureau has finally declared a cap of $8 on late fees, coming down from a whopping average of $32. 

The move is anticipated to save nearly 45 million credit card users an average of $220 annually, giving eager citizens a little extra cash to weather them through these trying times. Previously, big banks used exploitative loopholes to charge borrowers with low credit scores an average of $138 in annual late fees per card. Relief of this nature will help borrowers pay off debt faster and more effectively. 

Improving your credit score will also help you get ahead of your money in a variety of different ways. Good news is that our credit repair partner can help you fix and build your credit score easily! Visit milansingh.co/smartcredit to learn more and get started! 

Retail Is Downsizing 

In the wake of pandemic-driven online shopping preferences, major retail chains are replacing large and often inefficient superstores with more compact and streamlined shops. Best Buy and Macy’s are the latest retailers to join the trend, with stores like Nordstrom, Bloomingdale’s, Target, Kohl’s, Whole Foods, and even Ikea making the switch.

For Best Buy, the smaller locations are anticipated to be streamlined, digital-first stores that are reimagining the chain’s physical footprint. For Whole Foods, the stores will offer a similar but limited assortment of goods for customers who are in a hurry. The move hopes to satisfy customers who have gotten comfortable with online shopping, prioritizing quick convenience over lengthy hours at the supermarket. 

If you’re looking to change up your shopping routine, we hope this helps. And if you want more ways to earn, save, and invest your money better, get your very own step-by-step money plan by taking our free quiz at milansingh.co/money-quiz

MONEY MYTH OF THE DAY

“Car Loans are the Only Way to Afford a Car”

Let's debunk a big myth – the idea that car loans are the only way to afford a car. Pump the brakes on that notion. First off, you can save up and buy a car with cash. Yes, it takes time, but no loans means no monthly payments and more money in your wallet.

Another option to consider is leasing. It's like renting a car for a few years with lower monthly payments. You even get a new ride more often! Lastly, there's the used car route. They're reliable, cheaper than new ones, and the depreciation hit is way less.

If you still feel like a loan is the best option, build your credit score to get a better rate and save thousands of dollars. Visit milansingh.co/smartcredit to get started. 

In a nutshell, there's more than one road to car ownership so don’t be afraid to explore your options!

VIDEOS YOU MAY HAVE MISSED THIS WEEK

Here are the top videos you loved the most this week. Which one was your favorite?