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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…
Editorial News

Lawmakers take aim at credit card interest rates, fees as cardholder debt tops $1 trillion

Some lawmakers and regulators are calling for interest rate caps and lower fees on credit cards as debt levels march higher. Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. The average interest rate for…
Bankruptcy News

US national debt hits $33T for first time in history

The U.S. national debt topped $33 trillion for the first time ever on Monday, crossing a critical milestone at a time when government spending is already under scrutiny. The national debt – which measures what the U.S. owes its creditors…
Legal News

‘The bond vigilante is coming back,’ UBS strategist says

The bond vigilantes are coming back as investors continue to sell amid the prospect of higher-for-longer interest rates and a growing fiscal deficit, according to Kevin Zhao, head of global sovereign and currency at UBS Asset Management. The yield on…
Educational News

Biden cancels $9 billion in student debt for 125,000 borrowers

President Joe Biden announced Wednesday that he approved $9 billion in student loan forgiveness for 125,000 Americans. The relief is a result of his administration’s fixes to a number of programs, including the income-driven repayment plans and Public Service Loan Forgiveness. More than $5 billion of the…
Government News

Supreme Court case may gut the CFPB: Consumer watchdog’s ‘future is on the line,’ group says

The Supreme Court is set to hear oral arguments Tuesday in a case with the potential to gut the Consumer Financial Protection Bureau, a watchdog agency created in the wake of the 2008 financial crisis. The case — CFPB v. Community Financial Services Association…
Editorial News

US graduates brace for return of student loan repayments

After a three-and-a-half year pandemic-era pause, US federal student loans start accumulating interest again from Friday, with repayments set to cut the monthly take-home pay of millions of Americans by hundreds, and in some cases thousands, of dollars. Joe Biden…
Bankruptcy News

US debt rises to $33 trillion as government shutdown looms

As the US national debt passes $33 trillion and a government shutdown looms, Wall Street feels defensive. That shutdown could sour sentiment and deal a blow to an economy already dealing with high gas prices, autoworker strikes and elevated inflation…