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Educational News

The 5 biggest student loan updates from 2023—and what’s coming in 2024

Whether it has been a good or bad year for student loan borrowers depends on who you ask.  While a large number of borrowers got life-changing emails this year saying their loans had been forgiven, plenty of others received bills in October…
Government News

CFPB Shuts Down Commonwealth Financial Systems for Illegal Debt Collection Practices

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. Under the order issued today,…
Editorial News

Developing Countries Paid Record $443.5 Billion on Public Debt in 2022

Poorest countries face risk of debt crises as borrowing costs surge WASHINGTON, Dec. 13, 2023—Amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5 billion to service their external public and publicly guaranteed…
Bankruptcy News

US ‘buy now, pay later’ splurges raise holiday debt hangover risk

LOS ANGELES/NEW YORK, Dec 20 (Reuters) – Roxanne Ross of Florida is one of a growing number of Americans dodging higher interest rates on credit cards by instead turning to “buy now, pay later” services as they shop for holiday…
Legal News

US bankruptcy case counts expected to continue climbing in 2024: Report

US bankruptcy filings rose 18% in 2023 due to higher interest rates, tougher lending standards, and the continued end of pandemic-era support measures, according to data from bankruptcy data provider Epiq AACER. The report said commercial Chapter 11 business reorganisation filings increased…
Educational News

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…