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Recession odds within next year now 30%, survey shows

Source: site The odds of a U.S. recession within the next year are steadily rising. The probability of a recession over the next 12 months is now 30%, the highest since 2020, according to the latest Bloomberg monthly survey of economists.…
Educational News

Federal Student Loan Interest Rates Set To Rise In July

Source: site Borrowing federal student loans is about to get more expensive. Federal student loan interest rates are tied to the 10-year Treasury note and determined using a formula set by federal law. After Wednesday’s 10-year Treasury note auction, interest rates…
Legal News

CFPB And FTC Continue To Take Action Against Debt Settlement Companies

Source: site On April 29, the CFPB filed a proposed order in federal court seeking final judgment against three California-based defendants for engaging in unlawful fee-charging practices and deceptive telemarketing. According to the complaint, the defendants, a student loan debt relief business…
Government News

United States Settles Suit Against VoIP Service Providers for Facilitating Millions of Illegal Telemarketing Calls about COVID-19

Source: site Voice over Internet Protocol (VoIP) service providers, VoIP Terminator Inc. and BLMarketing Inc., and their owner, Muhammed Usman Khan, agreed to a court order resolving Federal Trade Commission (FTC) allegations that they facilitated tens of millions of illegal telemarketing…
Educational News

NY Bars Transcript Withholding Over Student Bills

Source: site Colleges in New York State are now barred from withholding transcripts as a means of collecting student debt. Democratic governor Kathy Hochul signed legislation Wednesday prohibiting the practice known as “transcript ransoming,” calling it in a statement “an unfair, predatory practice…
Bankruptcy News

Consumer Debt Soared By $52 Billion In March

Source: site San Francisco CNN Business — Americans are racking up debt at record rates. Consumer debt levels for March 2022 climbed by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data released Friday. Revolving credit, which…
Educational News

Student Loan Debt Climbs Higher as Biden Weighs Debt Forgiveness

Source: site As President Joe Biden considers using executive action to cancel some federal student loan debt, the financial burden on today’s students continues to rise. According to the College Board, which tracks trends in college pricing and student aid, average tuition and fees for the…
Legal News

CFPB Sues TransUnion on Credit Reporting Violations

Source: site Although debt collection has been a longtime leading issue reported to the Consumer Financial Protection Bureau (CFPB), during the COVID-19 pandemic, another issue emerged as the nation’s number one consumer concern: credit reporting. Of the more than 800,000 credit…
Legal News

CFPB Supervisory Report Finds Issues in Several Financial Institution Practices

Source: site On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021. The Supervisory Highlights detail issues identified by CFPB examination teams across…
Editorial News

U.S. consumer spending rises sharply, but inflation climbs almost as fast

Source: site By Jeffry Bartash Incomes are falling after inflation is factored in The numbers: Consumer spending rose a sharp 1.1% in March, but the increase barely outpaced another surge in inflation as Americans confront the biggest price increases in 40…