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Credit card balances spiked in the third quarter to a $1.08 trillion record. Here’s how we got here

Americans now owe $1.08 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances spiked by $154 billion year over year, notching the largest increase since 1999, the New…
Legal News

Credit Card Delinquencies Continue to Rise—Who Is Missing Payments?

This morning, the New York Fed’s Center for Microeconomic Data released the 2023:Q3 Quarterly Report on Household Debt and Credit. After only moderate growth in the second quarter, total household debt balances grew $228 billion in the third quarter across all types, especially credit…
Educational News

Biden-Harris Administration Announces Framework for Student Loan Servicer Accountability To Protect Borrowers Nationwide

The Biden-Harris Administration is fully committed to supporting student loan borrowers as they navigate return to repayment and fixing problems in the student loan system. To further the goal of protecting borrowers nationwide, the Biden-Harris Administration is taking steps to…
Government News

Agencies Extend Comment Period on Proposed Rule to Require Large Banks to Maintain Long–Term Debt

Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability.  The agencies extended the comment period to allow…
Editorial News

‘The Donald Trump show is over,’ AG says after ex-president leaves New York fraud trial

New York Attorney General Letitia James declared that “the Donald Trump show is over” after the former president left his $250 million civil business fraud trial in the middle of proceedings Wednesday. “I will not be bullied,” James said at Manhattan Supreme…
Bankruptcy News

Rite Aid files for bankruptcy amid slowing sales, opioid litigation

Rite Aid filed for Chapter 11 bankruptcy protection in New Jersey on Sunday and said it would begin restructuring to significantly reduce its debt. The company said it reached a deal with creditors on a restructuring plan that includes evaluating its…
Legal News

Mortgage rates just hit 8%—should you still buy a home?

With average rates on 30-year fixed-rate mortgages hitting 8% on Wednesday, you might be thinking twice about buying a home, even if you can afford one. But if you’re trying to decide between buying now or waiting, remember that there’s no…
Educational News

Blocking Medical Debt from Credit Reports Harms Doctors, Says New Lawsuit

A California Dermatologist recently filed a class action lawsuit against the three major credit reporting agencies (CRAs), alleging the CRAs’ decision to stop reporting medical debt below $500.00 has caused him and other medical professionals nationwide irreparable financial harm. Further, he claims…
Educational News

Inaccurate bills, hours on the phone: Student loan borrowers reenter ‘a very messy system’

Amberlee McGaughey, a librarian in Pennsylvania, was not worried about the restart of student loan payments. She was done with her debt, or so she thought. In August, she applied for the Public Service Loan Forgiveness program with her loan servicer, MOHELA, or the…
Government News

Supreme Court tax case could have sweeping federal policy effects, experts say

As the Supreme Court starts a new term, experts are closely watching a case that could have sweeping effects on the U.S. tax code, including corporate revenue and future wealth tax proposals. This summer, the high court agreed to hear Moore v. United States, a case…