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30% of student loan borrowers have gone without essentials, like food and medicine, CFPB finds

Nearly a third, 30%, of federal student loan borrowers say they’ve gone without food, medicine or other necessities because of their monthly bills. That grim finding comes from a new survey by the Consumer Financial Protection Bureau, conducted between October 2023 and January 2024, and including more…
Editorial News

US sovereign credit default swaps rise on election, debt ceiling jitters

NEW YORK, Oct 24 (Reuters) – The cost of insuring exposure to U.S. government debt has climbed to its highest in nearly one year, suggesting investors are getting nervous about a U.S. presidential election outcome that could make the government…
Bankruptcy News

28% of credit card users are still paying off last year’s holiday debt. How to get this season’s tab under control

For some shoppers, the upcoming holiday season may lead to significant credit card debt. Meanwhile, some people are still paying off debt from last year’s gift buying. In fact, 28% of shoppers who used credit cards have not paid off the presents they…
Legal News

2 in 5 U.S. credit card holders have topped out their spending limit, report finds

Inflation may be cooling, but when it comes to credit card debt more than a third of cardholders are finding themselves in hot water. Roughly 2 in 5 credit cardholders, or 37%, have either maxed out a credit card or…
Educational News

Biden-Harris Administration Approves Additional $4.5 Billion in Student Debt Relief for 60,000 Public Service Workers, Bringing Total to Over 1 Million Public Servants

Latest relief under Public Service Loan Forgiveness (PSLF) Program brings total loan forgiveness approved by the Administration to over $175 billion for more than 4.8 million Americans The Biden-Harris Administration announced today the approval of approximately $4.5 billion in additional…
Government News

CFPB Targets Double Billing in Medical Debt Collection

The Consumer Financial Protection Bureau (CFPB) is targeting illegal practices among medical debt collectors. The practices include “double-dipping” to get paid for services covered by insurance, harassing consumers to pay “fake or exaggerated charges,” misrepresenting consumers’ rights to contest bills, and collecting debts without…
Editorial News

Treasury likely to keep debt plans in place before US elections

NEW YORK, Oct 28 (Reuters) – The Treasury Department may offer fresh guidance on expected increases in its 2025 debt auctions when it announces its updated refunding plans this week, though uncertainty over the Nov. 5 U.S. elections likely means any details…
Bankruptcy News

FTX creditors will make money on bankruptcy: $1.19 for every dollar

Almost all of the creditors of failed crypto company FTX will end up profiting from the money they put into the exchange, a federal bankruptcy judge ruled Monday. Nearly two years after FTX spiraled into bankruptcy, a Delaware judge approved the…
Legal News

Treasury Announces Marketable Borrowing Estimates

WASHINGTON – The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the October – December 2024 and January – March 2025 quarters.  During the October – December 2024 quarter, Treasury expects to borrow $546…
Educational News

More students are eligible for college aid, but fewer high schoolers enroll — ‘there’s still work to do,’ official says

More students are eligible for federal financial aid, but fewer high schoolers are pursuing a four-year degree. Increasingly, college is becoming a path for only those with the means to pay for it, many studies show.  “We know there’s still work to do and people…