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Inflation Causing Rise In Card Debt And Consumers Living Paycheck To Paycheck

An early December survey from U.S. News & World Report shows that more than eight in 10 Americans who have credit card debt are experiencing anywhere from a little to a lot of anxiety about it. Nearly 31% have at least $6,000…
Editorial News

Low-deposit mortgage scheme extended for a year

A mortgage guarantee scheme to help people get on the property ladder is to be extended by a year. The government said the programme, which was due to close at the end of December, would help buyers “navigate difficult times”.…
Bankruptcy News

Bankruptcy filings of US private equity-backed companies inch up in 2022

The number of bankruptcy filings by private equity-backed companies in the U.S. edged higher in 2022, with the consumer sector, battered by supply chain disruptions and surging inflation, leading the pack. Forty-nine private equity portfolio companies have filed for bankruptcy…
Legal News

Fed raises interest rates half a point to highest level in 15 years

The Federal Reserve on Wednesday raised its benchmark interest rate to the highest level in 15 years, indicating the fight against inflation is not over despite some promising signs lately. Keeping with expectations, the rate-setting Federal Open Market Committee voted…
Educational News

US Supreme Court to review President Biden’s student debt plan

The US Supreme Court has agreed to review the legality of President Joe Biden’s plan to cancel student loan debt for millions of borrowers. The programme will remain on hold until the case is heard, the court has announced. In…
Government News

Mortgage rates fall for the third week in a row as inflation fears ease

CNN —  Mortgage rates dipped again this week, marking the third straight week of falling rates. The 30-year fixed-rate mortgage averaged 6.49% in the week ending December 1, down from 6.58% the week before, according to Freddie Mac. A year ago, the…
Editorial News

US creditors can now DM debtors on social media

Debt collectors are now allowed to contact Americans on social media and by text message, according to new rules enacted by a US agency this week. The rule from the Consumer Financial Protection Bureau (CFPB) opens the door for creditors…
Bankruptcy News

Credit card debt is getting more expensive—here are 3 steps to help pay it off quicker

It’s getting more expensive to pay down credit card debt. The average interest rate on new credit card offers is now nearly 23%, according to LendingTree’s latest analysis. That’s up from about 22.4% in November. “Credit card interest rates are as…
Legal News

A phantom debt collection scam duped consumers out of more than $1 million. Here are 5 ways you can avoid falling victim

Almost 2,000 consumers who were conned into paying debts they didn’t owe are in the process of getting their money returned to them. More than $1 million, or an average of $516 for each payment, is being returned to the…
Educational News

‘Young adults are particularly vulnerable to delinquencies’ — 1 in 5 have debt in collections, new report finds

Americans across the board are struggling with credit card debt. Those just starting out are particularly vulnerable. With limited financial resources, lower wages and shorter credit histories, young adults are struggling to manage high-interest debt more than other age group,…