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US, China are still committed to global debt efforts, IMF strategy chief says

WASHINGTON, Oct 15 (Reuters) – Top U.S. and Chinese officials will join Wednesday’s meeting of the Global Sovereign Debt Roundtable, where a key topic will be the lack of transparency about bank loans that have complicated developing countries’ debt restructuring efforts. International Monetary Fund…
Bankruptcy News

Credit card debt in the U.S. hits all-time high of $930 billion—here’s how to tackle yours with a balance transfer

Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11. That’s a $46 billion increase in credit…
Editorial News

US creditors can now DM debtors on social media

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors…
Legal News

Fed approves quarter-point interest rate cut and sees two more coming this year

WASHINGTON – The Federal Reserve on Wednesday approved a widely anticipated rate cut and signaled that two more are on the way before the end of the year as concerns intensified over the U.S. labor market even as inflation is…
Educational News

Millions of student loan borrowers at risk of default as late payments climb

For months, experts have warned that student loan borrowers who are behind on their payments may trigger a “default cliff.” Recent reports show that cliff is now looming. The resumption of federal student loan delinquency reporting on consumers’ credit earlier this year caused a…
Legal News

US national debt reaches a record $37 trillion, the Treasury Department reports

The $37 trillion update is found in the latest Treasury Department report issued Tuesday, which logs the nation’s daily finances. The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross…
Editorial News

New home sales soar 20% in August to a three-year high

Sales of newly built homes rose a much larger-than-expected 20.5% in August compared with July to the highest level since January 2022, according to the U.S. Census. It is also the largest one-month gain since August 2022. Sales were 15.4%…
Government News

Debt struggles are hitting consumers at all income levels — it’s a ‘tipping point,’ expert says

As credit card debt ticks higher, there are more signs that consumers — even those with higher incomes — are struggling to manage their balances. Credit card debt hit $1.21 trillion in the second quarter, in line with last year’s all-time high, according to…
Bankruptcy News

Credit card debt reaches $1.21 trillion — in line with last year’s all-time high, NY Fed finds

Credit card balances are ticking higher in 2025, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Balances rose by $27 billion in the second quarter to a collective $1.21 trillion — in line with…
Educational News

Here’s who qualifies for the Trump administration’s latest round of student loan forgiveness

In recent weeks, some federal student loan borrowers have received welcome news: The U.S. Department of Education will soon cancel their remaining debt. “You are now eligible to have some or all of your federal student loan(s) discharged because you have reached…