Illustration created with assistance of ChatGPT.
Welcome to MoneyNerd! If you were hoping that 2026 would be a little quieter on the news front — we certainly were — well, the news hasn’t slowed down. Subjects we cover this week:
Mortgage delinquencies (they’re rising).
TrumpRx (it launched).
Government shutdown (yes, again).
Also this week:
Money habits that are dating dealbreakers (happy Valentine’s, BTW).
“Income stacking” (decoded).
Winter homebuying and selling (on our Smart Money podcast).
Money tips (and more!).
Mortgage delinquencies continue to rise
Mortgage delinquency rates continued their multi-year rise in the fourth quarter of 2025, according to the latest Household Debt and Credit report released this week by the New York Fed.
Delinquency rates have been rising across all income levels since 2021, but are rising fastest in lower income groups. Among the 25% of homeowners in the lowest-income ZIP codes, the percentage who were more than 90 days late rose from 0.5% in 2021 to nearly 3.0% in the last quarter of 2025. Across all income levels, about 1.3% of mortgage balances became “seriously delinquent” in 2025.
That’s a national average. Researchers for the Fed looked at regional variation and outlined their findings in a blog post. Here’s what they found:
Local unemployment rates: Counties experiencing the steepest increases in unemployment in the past year saw the sharpest climb in newly delinquent mortgage balances — rising as much as three times faster than in counties where unemployment has stayed stable or declined.
Falling house prices: House prices nationally climbed about 1% in 2025, but again there is regional variation, and some areas — such as the Gulf Coast of Florida — saw a decline. Again, there was an association between falling house prices and rising delinquency, but it was not as pronounced as the correlation with jobless rates.
As shown in the Fed report, delinquency rates are also climbing for other kinds of consumer debt. While it’s not yet time to push the panic button, the trend is concerning.
“The share of credit card and auto loan balances that are seriously delinquent have hit levels not seen since the years following the Great Recession. And while student loan and mortgage delinquency rates remain below where they were before the pandemic, the rate of those balances moving into delinquency is high and rising,” NerdWallet senior economist Elizabeth Renter says.
“When households are unable to manage their debt payments, they can become increasingly unable to manage their day-to-day expenses. And should a financial emergency arise, they may not have the credit to help manage the burden.”
Rx discounts — with strings attached
What TrumpRx is: President Donald Trump’s new federal “direct-to-consumer” prescription drug discount portal, which officially launched on Feb. 5. The White House says the prices listed on TrumpRx were brokered through “Most Favored Nation” agreements with pharmaceutical companies, a model that links U.S. prices to the lowest in other developed countries.
What TrumpRx is not: You can’t buy prescription drugs directly through TrumpRx.gov. Instead, it lists discounted prices and provides coupons to bring to a pharmacy or links to a manufacturer’s self-pay site.
Who TrumpRx may be helpful for: Uninsured consumers and people paying out-of-pocket. If you have private insurance you can use it, but you can’t run the prescription through insurance. It might be useful for you if you have a high-deductible plan or your insurer won’t cover a newer, brand-name drug.
Who TrumpRx is not for: Medicaid recipients or anyone else enrolled in a federal or state government-funded health or prescription program.
What to expect: Five major pharmaceutical companies are participating so far: AstraZeneca, Eli Lilly, EMD Serono, Novo Nordisk and Pfizer. So far there are 43 drugs listed on TrumpRx, and their discounts vary dramatically: The cheapest figure is $3.15, while the most expensive reaches more than $5,500. The administration says more offerings will be added.
For example, without insurance coverage, Zepbound — a weight loss medication — could be over $1,000 out of pocket; the discount price that’s listed on TrumpRx is $300. But there’s no coupon available, which means in order to get the discount people will need to go through LillyDirect, which owns Zepbound.
Some experts are skeptical about how many Americans will benefit. An analysis by STAT News, a health care news site, found that at least 18 brand-name drugs listed on TrumpRx have cheaper generic versions on other discount drug sites.
We compiled a list of prescription drug discount programs, charitable foundations and direct-to-consumer sale sites here.
Bottom line: TrumpRx may lower costs in specific situations, but compare your options — especially if you already have insurance. Your insurer’s website or app may have an online tool to estimate out-of-pocket costs, but the fastest way to check what a prescription will cost under your insurance plan is often to talk to your pharmacy directly. Once they have your prescription and insurance information, they can see your copay or coinsurance right away.
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What happens if there’s a ‘mini’ government shutdown?
The Department of Homeland Security (DHS) is poised to shut down as of 12:01 a.m. on Saturday, but Americans are unlikely to feel the effects immediately.
Lawmakers are once again at an impasse in negotiations over new restrictions to immigration enforcement practices, following killings in Minneapolis. All other government agencies are funded through Sept. 30. Without a deal on DHS funding, there’s likely to be a “mini shutdown.”
Earlier this week, Senate Democrats said they would not support another stopgap to keep the DHS open unless Republicans agree to a 10-point overhaul of ICE activities, as well as Customs and Border Protection (CBP).
If the government shuts down tomorrow, it would be the third funding crisis this fiscal year including a 43-day full shutdown that ended on Nov. 12 and a four-day partial closure that ended on Feb. 3.
What would happen to the DHS during a shutdown?
DHS workers would bear the brunt of the shutdown’s impact. Most DHS operations are considered essential and would continue without pay, including Border Patrol, TSA, FEMA, Secret Service and Coast Guard. All non-essential DHS workers would be furloughed without pay.
A shutdown wouldn’t impact ICE, which has $75 billion in supplemental funding as part of the One Big, Beautiful Bill Act passed last year.
While flights would operate, a prolonged shutdown could cause TSA staffing shortages leading to air travel disruptions. During the fall shutdown, TSA agents and flight controllers continued to work without pay, leading to widespread absences and a surge in flight delays and cancellations. There could also be backlogs in immigration processing.
We’ll be keeping a close eye on the shutdown saga here. You can also learn more about how a shutdown could impact travel.
- A.H.
Talking about money too much could cost you in a relationship
Saturday is Valentine’s Day, and love is in the air. But according to NerdWallet’s recent dating dealbreakers survey, landmines abound on the battlefield of love.
The vast majority of Americans (86%) identified at least one financial factor as a dating dealbreaker, with the top no-go being a partner who isn’t truthful about their financial situation (54%).
And while “lying is bad” might not be a shocking statistic, we also asked Americans about different scenarios that could be red, yellow or green flag behavior. We intentionally selected things that people could have different takes on — like talking about money early in a relationship or helping out loved ones financially.
Just 14% of Americans say talking about money a lot is a green flag, while 47% say it’s a red flag and 39% say it's a yellow flag, or iffy, behavior. While this is unfortunate for the Nerds’ dating prospects, we didn’t define what “a lot” means, and it’s understandable that some people may be less interested in chatting through financial optimization than others. That said, I was surprised that more than 2 in 5 Americans (42%) see talking about money early in a relationship as a red flag.
Romantic or not, our finances impact many aspects of our lives, including our relationships. And while you probably won’t be building a financial future with everyone you date, it’s good to be transparent about the aspects of your money life — like debt, income and savings — that could impact who pays for dates, the trips you can afford, and so on.
Join the NerdWallet Book Club: Join us as we read "My Mother's Money: A Guide to Financial Caregiving," by the financial journalist and certified financial planner Beth Pinsker. We will publish an interview with the author Feb. 20 and give away a copy of her book. To enter for a chance to win our book giveaway, send an email to [email protected] with the subject: “Book Giveaway” during the giveaway period. Entries must be received by 11:59 p.m. PST on Feb. 28. No purchase necessary. Learn more details here.
Is income stacking the key to building wealth?
Side hustles are nothing new, but they are picking up steam.
A study from Fiverr found that 67% of Gen Zers believe that having two or more ways to earn money — or “income stacking” — is essential for financial security.
That might not come as a shock. Life is getting expensive and job uncertainty is pervasive. But can adding an income stream go beyond making ends meet and put you on the fast track to wealth?
Financial planners say it’s possible — depending on how much money you bring in and what you do with it. Funneling extra cash into retirement savings or other investment accounts, for example, can make a difference over time.
Still, side gigs can involve more time and costs than you may realize (think taxes or car maintenance). Do your research and make a financial plan before you chase that paper.
Nerdy money tips
Looking for a new mattress? Shop Presidents Day sales. Retailers roll out some of their biggest discounts of the year during holiday weekends.
Take five minutes to cancel a subscription you don’t need. Audit your current subscriptions to see which ones you can do without. Paying for even one less subscription will equal more money in your wallet.
Set price alerts to catch cheaper flights. You don't have to check prices every day to save money on your next trip. Let travel tools notify you when airfares drop.
Smart Money: The winter homebuying advantage
News writer Anna Helhoski discusses winter homebuying and selling with mortgage writers Abby Badach Doyle and Kate Wood. They discuss why winter can mean less competition for buyers, what snow and cold weather can hide during a walkthrough or inspection, and why February can be the moment to get preapproved before the spring rush.
Watch below or get the audio version.
In case you missed it
Here’s a look at what Nerds covered this week:
Have you heard of money dysmorphia? Personal finance writer Kate Ashford covered the phenomenon and how to work through it.
It’s the 100th anniversary of celebrating Black history. Personal finance editor Pamela de la Fuente reported on how to build wealth as a Black HENRY.
One simple trick could save you hundreds. Insurance writer Elizabeth Aldrich explained how backdating your life insurance policy could help you lock in a lower rate for decades.
What can your wallet expect this year? Credit cards writer Sara Rathner covered five credit card trends to watch in 2026.
There are at least three habits that can help you set aside more money. Wealth writer Taryn Phaneuf wrote about how to go from being a high-earner who’s not rich yet to someone with high net worth.
The latest jobs report shows an unemployment rate decline and higher-than-expected job openings — along with the news that job growth stalled out in 2025.
Elsewhere in money news:
What’s closed on Presidents Day? (USA Today)
After 88 years, Gallup won’t be tracking presidential approval anymore. (The Hill)
Estée Lauder sued Walmart over allegations of counterfeit beauty products. (CNBC)
McDonald’s sold caviar kits this week. They sold out — and the website crashed. (ABC News)
Your MoneyNerd team: Courtney Neidel, Anna Helhoski, Rick VanderKnyff.
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Until next week,
