just too hard, that you can t manage that, you must contact your loan servicer to find out what your options are to get a more affordable payment going forward. to move some of that money out of the pool you normally count on and see how it goes for you. but michelle, if the court decides to keep the program in place and millions of americans do have their student loans forgiven, how do you think they should use that financial relief? well, we know what happened in the last almost, you know, three or four years, that people use it to pay other debts, high-interest credit card debt, they use it to pay down their car loans. they use it to build an emergency fund. so there s lots of things that people can do. the number one thing is if you ve got high interest debt, to put that money towards that debt, because we already know that the federal reserve has already signalled that there may be more rate increases in the future, which means if you have facial interest rate debt, it s
once a year but you might as well do it now with your family. where is the money coming in from, going out, can you cancel some subscriptions, do you have enough cash reserves. maybe a recession coming our way since 2023, a lot of people feel like we ve been in one since 2020, but you have to cancel the subscriptions you don t need. paying down high interest debt. i just did that. you have to reset yourself because it s going to be challenging. enough cash for a family with little kids like we have you have teenagers now, is different than someone who s single but what is enough cash on hand? what do you mean? we used to say three months of savings now we say six months potentially especially going into a year we may have a real economic downturn, unemployment rise so we like to see people holding more cash going into the year but the good news with the rising interest rates you re getting money from the bank.
we ve seen since the year 2000. some of that growth was naturally to slow and as we see declines and commitments for advertising, for example, as well as utilization of some of these technology tools as we shift our focus to things like travel and experiences, leisure and hospitality, bars and restaurants expected to do very well as they continue to make up that deficit from the decline in jobs during the pandemic. you know, just to button this up, people can t control what the feds do and people can t control whether there s going to be a recession or not. it s very academic, but what can they control, right? high interest credit card debt. high interest debt. these are the things that matter. what should people be doing right now? absolutely. trying to pay off that credit card debt which according to bankrate average for new offers for well-qualified, close to 19%. pay that down. pay it off. wow. for store cards it s as much as 29%. here we go into the holiday
you need to be paying down your high interest debt or any interest debt because rates will continue to rise. big day for both of you, we know you will be watching this very closely. facebook founding mark zuckerberg just sat down for three hours of an interview with joe rogan. we will tell you what he says about regulating bots and toxic content on the platform. cnn rides along with southern california s water police as some residents are forced to pay heavy fines for overusage, including some big name celebrities.