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U.S. credit card debt jumps 18.5% and hits a record $930.6 billion

For most Americans, inflation and rising interest rates are a one-two punch. On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers…
Educational News

The $1.8 Trillion Student Debt Bubble Is Now The Supreme Court’s Problem

By Claire Ballentine, Ella Ceron and Mackenzie Hawkins The $1.8 trillion student debt bubble is about to burst. After a three-year pause, payments on federal student loans are set to resume in the next six months, and the economic consequences will be far-reaching: More…
Government News

Debt collectors re-evaluate medical debt furnishing in light of data integrity issues

A new CFPB report estimates that medical collections tradelines declined by 37 percent between 2018 and 2022. “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting” also found that medical debt constitutes a majority (57 percent) of all collections on credit…
Editorial News

Commercial Collection Agencies of America Gives Back

Contact: Annette M. Waggoner; awaggoner@commercialcollectiongenciesofamerica Commercial Collection Agencies of America Gives Back January 25, 2023-Chicago-Commercial Collection Agencies of America announced that through its initiative, Commercial Collection Agencies of America Gives Back, a portion of the proceeds of its annual conference…
Editorial News

U.S. Added 223,000 Jobs in December, a Slight Easing in Pace

The U.S. economy produced jobs at a slower but still comfortable rate at the end of 2022, as higher interest rates and changing consumer habits downshifted the labor market without bringing it to a halt. Employers added 223,000 jobs in…
Bankruptcy News

This Week In Credit Card News: Interest Rates Expected To Keep Rising; Credit Card Trends In 2023

Interest Rates on Mortgages, Cars, and Credit Cards Will Keep Getting More Expensive in 2023 Borrowing money to buy a house or a car won’t get any cheaper this year, the nation’s central bank just confirmed. On Wednesday, the Federal…
Legal News

What happens now the US has hit the debt ceiling?

The US has hit its debt limit, with the Treasury Department now taking measures to prevent a potentially devastating default. Reaching the debt ceiling means the government is not allowed to borrow any more money – unless Congress agrees to…
Educational News

Biden Administration Defends Student Loan Cancellation at Supreme Court

WASHINGTON — The Biden administration asked the Supreme Court on Wednesday to uphold its decision to forgive hundreds of billions of dollars of student loan debt for tens of millions of Americans, arguing that it was acting within its executive…
Government News

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…