Credit card debt is surging as average American owes $6,218
New data published Thursday by TransUnion shows the average debt per borrower hit $6,218 at the end of the first quarter, an 8.5% increase from one year ago.
Veteran who sacrificed his savings to pay for son's college calls student loan forgiveness a 'bitter pill'
Amid the renewed student loan forgiveness push, Daniel French said he feels as though people like himself, who sacrificed so their kids could remain debt-free, are left out of the conversation.
Texas judge stops Biden Administration rule that caps credit card late fees at $8
The Biden Administration is trying to stop junk fees, but a judge put a stop to a rule capping credit card late fees at $8.
Amid rising debt levels, some borrowers face increased stress: NY Fed
A new report from the Federal Reserve Bank of New York found that higher debt household debt levels with elevated interest rates have created more financial stress for borrowers.
Americans are carrying a record amount of household debt
New York Federal Reserve data released Tuesday shows household debt hit a fresh record in the first quarter of 2024 amid a surge in mortgage balances.
Poorer Americans beg Fed to cut interest rates amid soaring prices: 'We're trapped'
Lower-earning Americans are practically begging the government to cut interest rates as they struggle to get out of financial hardship, according to a new report.
Gen Z lean on credit more than millennials did and racking up more debt
Gen Z adults ages 22-24 are taking out more credit lines and racking up more debt than millennials of the same age did a decade ago, and experts are concerned the problem could get worse.
New retirement rule will help protect retirement savings of Americans already struggling to save
Americans getting help from financial planners will appreciate a new rule that makes sure they're getting sound retirement advice.
A majority of student loan borrowers are worried about their ability to repay their loans
Many student loan borrowers struggle to repay their debts, despite more relief from the Biden Administration.
Many personal loan borrowers rely on loans for everyday expenses as cost of living grows
14.5% of borrowers use personal loans for everyday expenses as everyday costs grow.
Rising number of workers depend on side jobs
More and more Americans, particularly younger Americans, rely on side hustles to pay their bills.
How much will taxpayers foot for Biden's student loan handouts? A half-trillion, UPenn's Wharton School says
According to the Wharton School of the University of Pennsylvania, taxpayers have to pay over $500 billion to afford President Biden's student loan handouts.
White House announces $7.4B student debt cancellation to give 'breathing room,' takes dig at House GOP
The White House on Friday will announce it is canceling an additional $7.4 billion in student loan debt for 277,000 borrowers.
Students of all political views believe government should help with student loan debt
Students dealing with high student loan debt want government support, no matter their political affiliation.
A million simulations show US debt is on an 'unsustainable' path
The U.S. is on an "unsustainable" course with regard to its debt-to-GDP ratio, which is expected to hit 123% in 2024, according to a million simulations.
Millions of borrowers to see student loan payments drop in July after SAVE adjustment
Instead of calculating student loan payments using 10% of a borrower's income, they'll be calculated using 5% of a borrower's income starting in July.
Consumers spend more than $1 trillion on interest payments, largely due to increasing credit card debt
Consumers paid over $1 trillion in interest payments, most of which when toward high-interest credit card debt.
Credit scores decreased for first time in a decade as borrowers miss payments
Missed payments and high levels of inflation has led to lower credit scores for consumers.
These 10 states have gotten the most student loan forgiveness under Biden’s SAVE Plan
States with higher populations and more borrowers saw the largest amount of student loan forgiveness.
High debt is causing more consumers to live paycheck-to-paycheck
Both high-income and low-income consumers are facing higher levels of debts, causing more people to live paycheck-to-paycheck.