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House prepares to pass $1.9T stimulus bill with $1,400 stimulus checks: How the headlines can affect your money

Plus, why your credit score might be going up.

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U.S. House Speaker Nancy Pelosi, a Democrat from California, wears a protective mask while speaking during a news conference at the U.S. Capitol in Washington, D.C., on Thursday, Feb. 11, 2021.
Stefani Reynolds | Bloomberg via Getty Images

Markets post losses. The Covid-19 relief bill progresses but can't include a $15/hr minimum wage. Plus, why your credit score might be going up. Here's how the headlines could affect your money.

Markets post losses 

All three major indexes posted losses Thursday as traders worried about rising interest rates. The Nasdaq had its worst single day since October, dropping 3.5%. The Dow sank 1.8%, and the S&P 500 lost 2.5%. 

Markets were mixed midday Friday. 

House set to pass Covid-19 relief bill

The House is set to pass President Joe Biden's $1.9 trillion relief package on Friday. The proposal includes $1,400 stimulus checks, $400 per week unemployment insurance supplements, and a tax credit of up to $3,600 per child

However, a Senate official declared Thursday that a $15/hr minimum wage cannot be included in the next Covid-19 relief package. The Senate must now revise the bill to remove the minimum wage hike, and once passed, send the bill back to the House to be reapproved. 

Credits scores are rising 

In July, the national average credit score hit a record high of 711, because consumers are paying down debt and saving more than they have in decades. Economists attribute these behaviors to federal relief such as stimulus checks, unemployment benefits, and an extended pause on student loan payments. 

Making a list of your debts, including balances and interest rates, can help you figure out the most effective method of paying them down.

VIDEO2:1202:12
How balance transfer credit cards can help you pay off debt

Video by Ian Wolsten

Words you've heard: avalanche method 

One strategy for paying down debt is the avalanche method, in which you pay off the loans with the highest interest rates first. 

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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