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Biden touts ‘fixed’ student loan forgiveness programs in State of the Union. Here’s what he meant

In his State of the Union address Thursday night, President Joe Biden talked up his administration’s work to forgive the student debt of nearly 4 million people. “When I was told I couldn’t universally just change the way in which we dealt with student…
Government News

How Consumer Credit Trends Impact Debt Collection in 2024

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Economic Growth in 2023, But Slowdown Expected in 2024 Last year proved that the…
Editorial News

How New York State’s 2024 Plan Will Affect Debt Collection

On Tuesday, January 9, New York Governor Kathy Hochul delivered the 2024 State of the State address, discussing certain changes that will affect debt collection within the state. Hochul made it clear that the state will assist consumers in New…
Bankruptcy News

Fed holds rates steady and maintains three cuts coming sometime this year

The Federal Reserve on Wednesday held interest rates steady as expected and signaled it still plans multiple cuts before the end of the year. Following its two-day policy meeting, the central bank’s rate-setting Federal Open Market Committee said it will keep its…
Legal News

Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: ‘People are really struggling’

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal…
Educational News

Biden Will Try Again to Wipe Out Student Loan Debt for Millions of Borrowers

President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans,…
Government News

Mortgage Rates in U.S. Tick Down in Mid-March

Based on Freddie Mac’s latest Primary Mortgage Market Survey, the U.S. 30-year fixed-rate mortgage (FRM) averaged 6.74 percent as of March 14, 2024. “The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent…
Press Release

The Statute of Limitations in Freight Charge Collections: The Case for a Lengthier StateLaw Approach

I. Introduction The statute of limitations serves as a cornerstone in freight charge collections, decisively impacting the legal terrain of the transportation sector. While many perceive the 18-month window from the delivery date as the standard timeframe for carriers to…
Bankruptcy News

The cost of interest on U.S. debt is soaring

U.S. government net interest outlays as share of GDP The U.S. government’s debt is on track to rise to $54 trillion over the next decade, according to the Congressional Budget Office. The big picture: Raw numbers don’t tell you much about whether…
Legal News

Credit card debt hits a ‘staggering’ $1.13 trillion. Here’s why so many Americans are under pressure

Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances increased by $50 billion, or roughly 5%, in the fourth quarter of 2023,…