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U.S. hits its debt limit and now risks defaulting on its bills

Treasury Secretary Janet Yellen, in a letter to Congress on Thursday, said the U.S. has reached its debt limit, and has begun resorting to “extraordinary measures” so the government can continue paying its bills. Yellen had already previously warned the…
Editorial News

Retailers brace for tougher times and more frugal customers in 2023

January is typically an overlooked month for retailers. Shoppers make returns and exchanges. They come to stores with gift cards in hand. And they may spring for workout clothes or other items to follow through on New Year’s resolutions. But…
Bankruptcy News

Credit card debt reaches a record high among U.S. consumers

Credit card balances reached a record-setting $866 billion in the third quarter of last year, which represents a year-over-year increase of 19%. Personal loans and credit card debt reached record levels in 2022 due to financial pressures brought on by…
Legal News

Mortgage interest rates expected to drop in 2023—here’s by how much

After home financing costs nearly doubled in 2022, some relief is in sight for potential homebuyers in 2023. The interest rate for a 30-year fixed-rate mortgage in the U.S. is expected to drop to 5.25% by the end of this…
Educational News

Big questions on student loan forgiveness loom in 2023

Student loan borrowers are starting 2023 with a lot of uncertainty. The fate of President Joe Biden’s major student loan forgiveness program lies with the US Supreme Court, and it could be as late as summer before the justices rule on…
Government News

China’s recovery may mean the Fed will have to hike rates longer

As the end of China’s stringent Covid restrictions quickens the country’s economic recovery, concerns about pent-up Chinese demand — and the inflation that may follow — could mean bad news for the U.S. Federal Reserve. Economic data indicates that the Fed’s aggressive…
Editorial News

US jobs growth signals tough inflation fight ahead

Jobs growth in the US remained robust last month, while wages climbed sharply – signs that the world’s largest economy still faces a tough fight as it wrestles to rein in rising prices. Employers added 263,000 jobs, while average hourly…
Bankruptcy News

United States Debt Collection Agencies Industry Report 2022: Comprehensive Industry Data on the $15 Billion Market – ResearchAndMarkets.com

This bestseller by Marketdata examines the $15 billion business of debt collection agencies. Complaints by consumers about harassment by collectors still exists and tops the list of complaints to the FTC. Federal and state regulations have reduced recovery rates, resulting…
Legal News

December’s consumer prices are likely to be hot, but the peak could come soon

A key measure of consumer prices is expected to show that inflation at the consumer level spiked in December, the hottest increase in prices since the early 1980s. Economists expect the consumer price rose 0.4% in December, and 7% on…
Educational News

Supreme Court takes second case challenging Biden student loan relief

The Supreme Court on Monday agreed to hear arguments in a second case challenging the legality of the Biden administration’s ambitious student loan relief program. The case, originally filed in Texas, will be argued in February before the Supreme Court along with the first case the…