Advertisement
|
| |
|
| |
|
|
|
💵 Today’s Top Stories
Most of us want to build wealth, if only for financial freedom. Here are six decisions you control that may be getting in your way, according to Clark. Read more.
LifeLock is a household name with consistent advertising built around protecting you from identity theft. But it’s a waste of money, Clark declares. Here’s what you should do instead. Read more.
This cell phone provider taps into Verizon’s tower network to offer cheap monthly cell phone plans (starting at $35 per month). Here’s a chart breaking down what you get from each plan. Read more.
Apple offers a high-yield savings account paying 3.40% interest. But you must be a (literal) card-carrying part of the Apple ecosystem to get access. Read more.
🚨 It’s a Great Time To Re-Read Clark’s Auto Loan Rule
If you’re getting a car loan, Clark suggests you follow at least one rule: Never get an auto loan with a term longer than 42 months.
That’s 3.5 years for those scoring at home.
Why?
The longer your loan, the more you’ll pay in interest, often thousands of dollars.
The longer you stretch out your payments, the more you’re likely to finance.
You’ll be at greater risk of being “upside down” on your loan. In other words, you may owe more money on your loan than the vehicle is worth.
“If you can’t afford the payment on a 42-month loan, then you should buy a cheaper car,” Clark says.
It’s a great time to reiterate that lesson. Nearly one in four auto loan customers agreed to a term of 84+ months in Q2. That’s seven years, or twice as long as Clark’s maximum.
Drop down to 73+ months and you account for 36.5% of shoppers in Q2 (up from 27.3% 10 years ago).
The average amount financed jumped $1,768 year over year to a new record of $44,156. Average monthly payments hit a record $777. More than 20% are spending $1,000+ on monthly payments.
As you can see, Americans are spending more money than ever on vehicle financing, often on super-long loan terms. One of the best ways you can play defense for your finances is by refusing a loan term of longer than 3.5 years.
📊 Stat of the Day
🔌 $3,600: Average price increase for used hybrids and EVs through the first six months of 2026. That’s an increase of 11.9%. Used vans and minivans are up $2,000. Used pickups, luxury cars and SUVs have jumped $1,500. And used cars are up “just” $1,350 on average.
💰 Deal Alert: Today’s Top Deals
🎙 Podcast
The mattress industry is in absolute chaos, and major brands like Sleep Number are facing bankruptcy. Clark breaks down how the mattress market became incredibly oversaturated and why traditional mattress stores are seeing their business models become completely obsolete. While online shopping and warehouse clubs have revolutionized how we buy beds, the wave of recent bankruptcies poses a massive risk to you as a consumer. Clark reveals his ultimate rule for buying a new mattress safely. Also, Clark addresses the looming crisis in higher education as federal student loan interest rates spike to 6.5%. With college costs and inflation stretching family budgets to the limit, Clark explains why you should never sacrifice your own retirement savings or saddle your children with a lifetime of crushing debt just to attend a "dream" school. Clark delivers a heavy dose of tough love and practical strategies for parents, explaining why it is entirely okay to say "no" to an unaffordable school and how utilizing the community college junior-transfer route can save your family tens of thousands of dollars.
☎ Need Money Help?
The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.
Advertisement
|
| |
|
| |
|
|
|
