Today’s Financial News

Financial News
U.S. inflation edges up to 2.7% in June — Prices rose notably in goods like clothing and furniture due to tariffs, while core inflation remained at 2.9%. Economists warn this could delay Fed rate cuts Bankrate The Times+2The Wall Street Journal+2The Guardian+2.
Caution urged on credit usage — With interest rates and inflation high, FICO will begin including buy-now-pay-later (BNPL) data in credit scores next fall. Experts advise maintaining low balances and on-time payments MarketWatch.
FTSE 100 hits record intraday high — U.K.’s FTSE 100 briefly topped 9,016, powered by global market shifts—even as U.S. inflation tempered feed-through New York Post+15The Guardian+15The Times+15.
Fed consumer price data confirms inflation uptick — June CPI rose 0.3% month-over-month (~3.5% annual), reinforcing evidence of higher import costs Reuters+1Yahoo Finance+1.

💳 Credit Repair Tips

Here are five targeted strategies from Maximum Fico Score to help boost your credit score:

Dispute out-of-date collections — Check your credit report; anything over 7 years must be removed. File disputes with bureaus to eliminate these entries.
Challenge late payments — If you missed a payment due to illness or error, request a goodwill adjustment or dispute incorrect late marks.
Negotiate charge-off settlements — Settle charge-offs for “pay-for-delete” agreements so creditors remove the mark post-payment.
Handle repossessions smartly — Contact lenders to set up repayment plans or negotiate a deficiency balance settlement after repo.
Fix student loan issues — Confirm your loans are properly reported (e.g., in deferment/forbearance), negotiate rehabilitation, or consolidate to address defaults.

Support your financial journey with these proactive steps:

Set realistic budgets — Use a 50/30/20 rule (needs/wants/savings) to allocate income and plan payments.
Build emergency savings — Keep 3–6 months of living expenses to prevent reliance on credit.
Monitor and understand your credit reports — Regularly review credit reports and leverage free AnnualCreditReport.com checks.
Use secured credit cards wisely — A low-limit secured card can help establish or rebuild credit—just pay it off monthly in full.
Seek professional guidance early — Certified counseling can help with debt management plans before issues escalate.

Interest resumes August 1, 2025 — Nearly 8 million borrowers on the SAVE plan will start accruing interest again after a year-long pause due to court rulings CBS News+2ed.gov+2New York Post+2.
“One Big Beautiful Bill” overhaul — Signed July 4, it merges federal repayment plans, phases out SAVE/PAYE/IBR/ICR by July 1, 2028, raises payment amounts, caps graduate borrowing, and expands Pell eligibility criteria New York Post+6MarketWatch+6CBS News+6.
Plan your next move — The Dept. of Ed urges borrowers to switch plans or use the Loan Simulator, as SAVE will convert to the new Repayment Assistance Plan (RAP), with repayment obligations likely increasing New York Post+3ed.gov+3MarketWatch+3.

Compare new repayment plans — Use Loan Simulator to check the RAP vs IBR options.
Avoid penalties — Ensure on-time payments post‑August to prevent added interest charges.
Act before deadlines — Borrowers on SAVE, PAYE, IBR, or ICR must switch by July 1, 2028.
Rehabilitate or consolidate defaults — This can restore eligibility for income-driven plans.
Track changes closely — With student loan policy evolving, stay informed via StudentAid.gov or credible channels.