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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…
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…