Bankruptcy News

New YorkCNN —  It’s easy to see why many Americans would welcome former President Donald Trump’s proposal to cap credit card interest rates at less than half their current level — even if only temporarily. At $1.14 trillion, Americans’ credit card debt is…

Collectively, Americans now owe a record $1.14 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances rose by $27 billion in the second quarter of 2024, a 5.8%…

Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly…

Some of the largest United States banks are bracing themselves for some significant losses coming out of their portfolio of personal loans and credit cards as indicated by their financial reports covering the second quarter of 2024. JPMorgan Chase, one…

A U.S. bankruptcy judge on Friday approved Rite Aid’s restructuring plan, allowing the pharmacy chain to cut $2 billion in debt and turn over control of the company to a group of its lenders. U.S. Bankruptcy Judge Michael Kaplan approved Rite…

Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11. That’s a $46 billion increase in credit…

WASHINGTON, May 24 (Reuters) – Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy held what both sides called productive talks on Wednesday to try to reach a deal to raise the United States’ $31.4 trillion debt ceiling,…

NEW YORK, May 6 (Reuters) – Steward Health Care, which operates 31 hospitals in eight U.S. states, filed for Chapter 11 bankruptcy in Texas on Monday, aiming to secure a new loan from its landlord Medical Properties Trust (MPW.N), opens new…

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link.New YorkCNN —  America’s relentless…

The current high interest rate environment is putting a strain on many Americans’ finances. After years of keeping rates near zero to stimulate the economy during the pandemic, the Federal Reserve aggressively increased rates starting in early 2022 to cool stubbornly high inflation.…