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Biden administration to forgive $4.8 billion in student loan debt for 80,300 borrowers

The Biden administration announced Wednesday that it would forgive an additional $4.8 billion in student loan debt, for 80,300 borrowers. The relief is a result of the U.S. Department of Education’s fixes to its income-driven repayment plans and Public Service Loan Forgiveness program. “Before…
Government News

US National Debt Hits Record $34 Trillion as Congress Gears up for Funding Fight

WASHINGTON —  The federal government’s gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America’s balance sheet in the coming years. The U.S. Treasury Department issued a report Tuesday…
Editorial News

U.S. consumer credit card debt at highest levels ever, ahead of the holidays

KNOXVILLE, Tennessee — The Federal Reserve Bank of New York has been tracking credit card debt since 1999. Credit card debt in the U.S. is at the highest level it’s been since then, with the total amount of debt in the third…
Bankruptcy News

WeWork forced to file for bankruptcy in the US

WeWork, the shared office firm that was once valued at $47bn (£38bn), has been forced to file for bankruptcy in the US. The decision follows the meteoric rise – and fall – of a company which was once seen as…
Legal News

Fed gave no indication of possible rate cuts at last meeting, minutes show

Federal Reserve officials at their most recent meeting expressed little appetite for cutting interest rates anytime soon, particularly as inflation remains well above their goal, according to minutes released Tuesday.  The summary of the meeting, held Oct. 31-Nov. 1, showed that…
Educational News

CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) is proposing to supervise larger nonbank companies that offer services like digital wallets and payment apps. Driven largely by Big Tech and other large technology firms, digital payment apps and wallets continue…
Government News

Instant view: US Treasury increases size of most of its debt auctions

Nov 1 (Reuters) – The U.S. Treasury Department on Wednesday said it plans to “gradually” increase the size of most of its debt auctions in the November 2023 to January 2024 quarter and expects it will need one more additional quarter of…
Editorial News

Understand how the CFPB’s Debt Collection Rule impacts you

If you have a debt in collection, it’s often a challenging time. You may be having a difficult time financially and that can be frightening. And if a debt collector contacts you about your debts, you may have concerns about…
Bankruptcy News

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…