Essentials of Personal Finance
In the world today there are so many different things going on making the world a lot harder to survive in. The biggest thing in the world that is making life so hard is the economy. The economy is just so messed up right now to the point where it is extremely hard to find a job and to manage money. Our world was in a recession two years ago and we could be heading to our second recession if things do not change. According to the Competition Forum 2010, the unemployment rate is stuck at a percentage of 9.6 and the job creation is not growing sufficiently enough to absorb unemployed workers into the labor market. (Rutgers University, 2010)
The Chart book states that the economy began to grow in the middle of 2009, it grew 13 straight quarters in the third quarter of 2009.The pace of the recovery has been modest and the quarter was flat in the fourth quarter of 2012. This information stated that the economy is either expanding or contracting (Chart book 2013). The current interest rates on credit cards are different because of the different kind of credit cards, such as the cash back credit card the interest rate on that is 16.22%, balance transfer cards are 15.77%, low interest cards are 10.89%, and reward cards are 15.69% (Bank rate, 2013). The current prime rate in the U.S. is 3.25, the Wall street journal is one the most widely prime rates followed and quoted. Prime rates are rates that are used to price short term loans.
The current unemployment rate is at 7.8% and it has not changed. One thing that did happen was that employment opportunities in health care, food service, drinking places, construction, and manufacturing has increased (Bureau of Labor stats, 2013). The current inflation rate in the United States is at a 1.70%. Historically the inflation rate has been rising and dropping within a matter of a year (Bureau of labor stats, 2013). The...