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Credit card debt climbs to $1.26 trillion as ‘K-shaped’ divide persists, New York Fed research finds

Credit card balances are on the rise as of mid-2026, according to a new quarterly report on household debt from the Federal Reserve Bank of New York released Tuesday.  Balances rose by $21 billion in the second quarter to a collective $1.26 trillion…
Editorial News

U.S. budget deficit surged in July to highest level since March 2021

The U.S. budget deficit soared to its highest monthly level in more than five years amid a surge in Medicare costs and as interest on the federal debt continued to weigh on the nation’s fiscal picture, the Treasury Department reported…
Educational News

Student loan borrowers face steeper ‘marriage penalty’ under new repayment plan

Married student loan holders — and those soon tying the knot — face important tax and financial decisions, especially after recent changes to the federal lending system. The U.S. Department of Education’s new Repayment Assistance Plan, or RAP, increases the “marriage penalty” for…
Government News

U.S. Senate passes short-term funding bill to avert federal shutdown before election

The Republican-led U.S. Senate passed a temporary measure to fund federal agencies through December 11 on Saturday, in a move intended to avert a crippling federal government shutdown weeks before the November midterm elections. The Republican-controlled House of Representatives passed…
Editorial News

How much can debt forgiveness save on a $20,000 balance this August?

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. Borrowers have spent the last few years adjusting to higher borrowing costs amid elevated inflation and rising prices, but many…
Bankruptcy News

Capital One says it closed Trump Organization’s accounts after anti-money laundering probe

Capital One Financial hit back on Friday against a lawsuit over its decision to close the Trump Organization’s bank accounts years ago, stating that it did so after a review by anti-money laundering experts. The disclosure marks the first time a…
Educational News

States expand student loan options as new federal borrowing caps take effect — but they come with trade-offs

As borrowers come up against new federal limits on student debt, they may encounter financing options from an unexpected source: their state. But don’t assume these government-backed loans are a close substitute for federal student loans. Consumer advocates say state student loans are…
Legal News

Mortgage rates hit their highest level in over a year, causing demand to drop below year-ago levels

Mortgage demand continued to plummet last week, after mortgage rates rose to their highest level in over a year. Total mortgage application volume dropped 2.9% week to week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications were also…
Government News

Treasury yields are steady as Kashkari says time to raise rates, ADP jobs data is weak

U.S. Treasury yields held steady on Wednesday as traders mulled over the outlook for interest rates and weighed a weaker-than-expected jobs reading from payrolls processing firm ADP. The 10-year U.S. Treasury note yield — the main benchmark for mortgages, auto loans and credit card…
Legal News

450K borrowers say they were ripped off. Their student loans are being erased

The long legal battle to erase the debts of nearly half a million federal student loan borrowers who say they were defrauded by their colleges is finally coming to an end, after a recent court ruling in a lawsuit that…