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  • Current Event
    23 hours ago
    by Petrox
    +16 +1

    The US government is set to spend more on its debt than on the military within a decade

    The US federal government could soon spend more on interest for its debt then on the military, The New York Times reported. Interest payments are expected to make up 13% of the federal budget a decade from now, up from 6.6% in 2017. Tax cuts, spending increases and rising interest rates will make it more difficult to respond to future recessions or spend on other needs, the Times said.

  • Current Event
    2 months ago
    by zritic
    +9 +1

    The Student Debt Problem Is Worse Than We Imagined

    Millions of students will arrive on college campuses soon, and they will share a similar burden: college debt. The typical student borrower will take out $6,600 in a single year, averaging $22,000 in debt by graduation, according to the National Center for Education Statistics. There are two ways to measure whether borrowers can repay those loans: There’s what the federal government looks at to judge colleges, and then there’s the real story. The latter is coming to light, and it’s not pretty.

  • Current Event
    2 months ago
    by jedlicka
    +13 +1

    How to Pay Off Debt: 6 Strategies That Work

    In more ways than one, debt can be a four-letter word. When it gets out of control — whether from medical bills, shopping sprees, or unexpected emergencies — it becomes an albatross that affects your emotional and physical health. Although it might feel overwhelming, you can tackle any debt the same way: one step at a time. Here’s how to pay off debt — and how to pay off credit card debt, in particular — even when it seems impossible.

  • Current Event
    2 months ago
    by Chubros
    +2 +1

    The Subprime Mortgage is Back on the Market, and Has a Brand New Name

    A little more than a decade ago the economy collapsed, and at the center of that collapse was the subprime mortgage. These loans, often made to borrowers with bad credit, no job, and no income turned into a systemic risk that eventually sent the world into its worst economic crisis since The Great Depression. Fast-forward to 2018, and according to a report from CNBC, the subprime mortgage is back--this time with a new name: nonprime. Of course, that's just a change in brand. Like subprime mortgages, nonprime mortgages are offered to customers with credit scores as low as 500.

  • Current Event
    1 month ago
    by Apolatia
    +3 +1

    Just 96 of 30,000 people who applied for public service loan forgiveness actually got it

    Earlier this month, CNBC tracked down one of the first people to qualify for student debt cancellation under the public service loan forgiveness program, which allows certain not-for-profit and government employees to have their federal student loans scrubbed after 10 years of on-time payments. "I feel pretty lucky," Kevin Maier, a tenured professor at the University of Alaska Southeast, had said. He really should.

  • Interactive
    3 years ago
    by imokruok
    +24 +1

    Debt by Degrees

    New data from the U.S. Department of Education shows in unprecedented detail how much federal student loan debt college students from low-income families are being saddled with. Use this interactive database to search among 6,000 schools in the U.S. to see how much they support their poorest students financially.

  • Expression
    2 years ago
    by imokruok
    +18 +1

    The Labor of Sound in a World of Debt

    Now, even less than in decades and centuries past, it cannot be denied that sound and music are deeply embedded in economic and material networks of exponentially increasing complexity. Sound and music are not abstract concerns, floating free from a politically charged context of labor, power and society, and neither are the messages and joys they bring. It is dependent on, determined by, and reflective of the work that made it and the world into which it is born.

  • Current Event
    2 years ago
    by geoleo
    +17 +1

    Class of 2015 has the most student debt in U.S. history

    As college graduates begin to enter the real world this month, they can take cold comfort in the fact that just like the last several classes before them, they’ll have the most student debt in history. The class of 2015 will each graduate with $35,051 in student debt on average, according to an analysis from Mark Kantrowitz, the publisher of Edvisors.com, a website that provides information to parents and students about college costs...

  • Analysis
    2 years ago
    by zyery
    +33 +1

    Embarrassed Americans underreport credit card debt by $415 billion

    It’s not uncommon to fudge some of life’s most sensitive numbers, such as age or weight. But according to a NerdWallet study, consumers aren’t just fibbing a little when it comes to their credit card balances. In fact, government data show them reporting a total of $415 billion less than they actually owe. As of December 2013, lenders reported about $683 billion in outstanding credit card debt, according to the Federal Reserve Bank of New York.

  • Current Event
    2 years ago
    by zritic
    +31 +1

    More Than 40% of Student Borrowers Aren’t Making Payments

    More than 40% of Americans who borrowed from the government’s main student-loan program aren’t making payments or are behind on more than $200 billion owed, raising worries that millions of them may never repay. The new figures represent the fallout of a decadelong borrowing boom as record numbers of students enrolled in trade schools, universities and graduate schools. While most have since left school and joined the...

  • Expression
    2 years ago
    by FivesandSevens
    +22 +1

    How Technology Helps Creditors Control Debtors

    From software that records your every keystroke, to GPS tracking, to ignition kill switches—lenders have more power over their customers than ever. 

  • Current Event
    1 year ago
    by ubthejudge
    +19 +1

    U.S. to Forgive at Least $108 Billion in Student Debt in Coming Years

    The federal government is on track to forgive at least $108 billion in student debt in coming years, according to a report that for the first time projects the full cost of plans that tie borrowers’ payments to their earnings. The report, to be released on Wednesday by the Government Accountability Office, shows the Obama administration’s main strategy for helping student-loan borrowers is proving far more costly than previously thought. The report also presents a scathing review of the Education Department’s...

  • Download
    1 year ago
    by AdelleChattre
    +34 +1

    Promises, Promises: A History of Debt

    Anthropologist David Graeber explores the ways debt has shaped society over 5,000 years. [Audio, region-free]

  • Current Event
    1 year ago
    by AdelleChattre
    +15 +1

    Stanford historian uncovers a grim correlation between violence and inequality over the millennia

    Professor Walter Scheidel examines the history of peace and economic inequality over the past 10,000 years.

  • Current Event
    1 year ago
    by TNY
    +18 +1

    Student loan debt up for private sale

    The government has started the process of selling more student loan debt to the private financial sector. It has announced that loans made to students in England between 2002 and 2006 will be put up for sale - to be followed by other pre-2012 loans - with the aim of raising £12bn. Universities Minister Jo Johnson said the sale would have "no impact on people with student loans".

  • Current Event
    1 year ago
    by gottlieb
    +7 +1

    Survey shows half of college students think student loans will be forgiven

    A new survey highlights overwhelming misconceptions current U.S. college students have about their student loans, including the fact that they will actually have to pay them back. Americans owe nearly $1.3 trillion dollars in student loan debt, spread out among a 44.2 million borrowers. According to Student Loan Hero, the average Class of 2016 gradate has $37,172 dollars in student loan debt. That number is up six-percent from last year. The student loan delinquency rate is 11-percent.

  • Current Event
    1 year ago
    by Nelson
    +13 +1

    Millennials have an average student debt of $41,286.60

    A survey conducted online in February by research agency TNS found that 59 percent of millennials polled have “no idea” when they will be able to pay back their student debt. The survey found millennials, defined as those between the ages of 18 and 35, have an average student debt of $41,286.60. That’s significantly higher than the national average amount of debt for college graduates, which the Department of Education determined is $29,400.

  • Current Event
    1 year ago
    by larylin
    +1 +1

    Home Foreclosure Rates are Hitting Record Lows in the U.S.

    Foreclosure rates have dropped by nearly 85% from their 2009 high in the United States. Data released by the Federal Reserve reveals that there were only about 85,000 foreclosures throughout the country during the last quarter of 2016. To put that in perspective, there were around 550,000 foreclosures during the first quarter of 2009.

  • Analysis
    1 year ago
    by geoleo
    +18 +1

    A record 107 million Americans have car loans

    Americans went on a massive shopping spree for cars and trucks in recent years. Many paid for their vehicles by taking out a loan. A record 107 million Americans have auto loan debt, according to data released this week by the Federal Reserve Bank of New York. That's about 43% of the entire adult population in the US. It's an eye popping number. Auto loans have been growing rapidly.

  • Analysis
    1 year ago
    by ilyas
    +28 +1

    Americans Are Paying $38 to Collect $1 of Student Debt

    Student loan defaults are a bonanza for the debt collection industry.

  • Current Event
    1 year ago
    by spacepopper
    +40 +1

    400,000 were promised student loan forgiveness. Now they are panicking

    More than 400,000 student loan borrowers may have placed their faith in a government program with an uncertain future. The Public Service Loan Forgiveness Program promises to cancel any remaining student debt for those who work for the government or nonprofits if they have been making on-time payments for 10 years. Many teachers, public defenders, Peace Corps workers, and law enforcement officers fit the qualifications.

  • Current Event
    1 year ago
    by Apolatia
    +1 +1

    $5bn in US student debt could be wiped off because of lost paperwork

    Tens of thousands of people who took out private loans to pay for college in the US but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing. The troubled loans, which total at least $5 billion, are at the centre of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

  • Current Event
    1 year ago
    by Chubros
    +2 +1

    U.S. Credit-Card Debt Surpasses Record Set at Brink of Crisis

    U.S. consumer credit-card debt just passed an ominous milestone, beating a record set just before the global financial system almost collapsed in 2008. Outstanding card loans reached $1.02 trillion in June, data from the Federal Reserve show, as lenders including Citigroup Inc. and JPMorgan Chase & Co. compete to sign up cardholders who may carry balances -- a relatively lucrative business in a prolonged period of low interest rates.

  • Current Event
    1 year ago
    by sasky
    +12 +1

    More seniors are taking loans against their homes — and it’s costing them

    As she was getting on in years and her resources dwindled, Virginia Rayford took out a special kind of mortgage in 2008 that she hoped would help her stay in her three-bedroom Washington rowhouse for the rest of her life. Rayford, 92, took advantage of a federally insured loan called a reverse mortgage that allows cash-strapped seniors to borrow against the equity in their houses that has built up over decades.

  • Current Event
    1 year ago
    by rawlings
    +28 +1

    We're racing towards another private debt crisis – so why did no one see it coming?

    This is a call for a public inquiry on the current situation regarding private debt. For almost a decade now, since 2007, we have been living a lie. And that lie is preparing to wreak havoc on our economy. If we do not create some kind of impartial forum to discuss what is actually happening, the results might well prove disastrous.

  • Current Event
    1 year ago
    by rhingo
    +23 +1

    U.S. cracks down on debt collection of private student loans

    The U.S. consumer financial watchdog on Monday ordered National College Student Loan Trusts and its debt collector, Transworld Systems Inc, to pay at least $26.1 million for attempting to collect on possibly non-existent or out-of-date loans. The Consumer Financial Protection Bureau alleged that the companies sued borrowers without being able to prove the debt was owed or pursued collection on loans that were too old to sue over, and relied on false and misleading legal documents.

  • Current Event
    1 year ago
    by zyery
    +2 +1

    Student Loan Creditor, Fined for ‘False’ Lawsuits, Must Halt Collections

    One of the nation’s largest holders of private student-loan debt must refund millions of dollars to borrowers and temporarily stop many of its collection activities, under a settlement with federal regulators announced on Monday. The creditor, the National Collegiate Student Loan Trusts, holds $12 billion in student loans that were originally made by banks. In Monday’s settlement with the Consumer Financial Protection Bureau, the trusts agreed to pay nearly $19 million in penalties and borrower refunds — and could be on the hook for millions in additional payments and forgiven loans.

  • Current Event
    1 year ago
    by wildcat
    +19 +1

    Calgary man pays off $85,000 in debt by living in travel trailer for years

    A Calgary man who decided to save money by living for years in a travel trailer named Wanda — even when temperatures plunged to –40 C — has finally paid off $85,000 in debt.

  • Expression
    12 months ago
    by imokruok
    +14 +1

    Snake Plissken’s Letter to Sallie Mae Student Loan Services By Evan Calder Williams

    Snake Plissken explains to Sallie Mae why he will not be repaying any of his accumulated debt and why they can burn in hell.

  • Current Event
    11 months ago
    by yuriburi
    +11 +1

    When Unpaid Student Loan Bills Mean You Can No Longer Work

    Fall behind on your student loan payments, lose your job. Few people realize that the loans they take out to pay for their education could eventually derail their careers. But in 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts. Another state, South Dakota, suspends driver’s licenses, making it nearly impossible for people to get to work.

  • Current Event
    11 months ago
    by grandtheftsoul
    +15 +1

    S Korea to pay off debts for 1.6m people

    South Korea is to write-off the debts of as many as 1.6 million people in a move designed to ease the financial burden on low-income individuals. The scheme is open to certain Koreans who have struggled to repay debts of less than 10m won ($9,128; £6,826). Eligible people can apply to the government for debt relief from next February.

  • Current Event
    11 months ago
    by rhingo
    +29 +1

    That was no typo: The median net worth of black Bostonians really is $8

    The $8 detail in the Globe’s Spotlight series on race in Boston is not a typo. The median net worth for non-immigrant African-American households in the Greater Boston region is $8, according to “The Color of Wealth in Boston,” a 2015 report by the Federal Reserve Bank of Boston, Duke University, and the New School.

  • Current Event
    10 months ago
    by hiihii
    +14 +1

    31 million people believe they'll still owe credit card debt when they die

    With credit card debt hitting new records, some analysts are beginning to worry about the ability of many Americans to pay off rising debt levels. And a new study calculates that up to 31 million Americans with credit card debt believe they will never be able to pay if off and will die with debt.

  • Current Event
    10 months ago
    by hedman
    +22 +1

    The looming student loan default crisis is worse than we thought

    This report analyzes new data on student debt and repayment, released by the U.S. Department of Education in October 2017. Previously available data have been limited to borrowers only, follow students for a relatively short period (3-5 years) after entering repayment, and had only limited information on student characteristics and experiences.

  • Analysis
    9 months ago
    by Pfennig88
    +13 +1

    The Median Young Family Has Nearly Zero Wealth

    Using the Survey of Consumer Finances, I calculated various wealth series for young families with heads below the age of 35. Here is median net worth for young families. I include both the net worth concept used by the Federal Reserve and a modified net worth concept that excludes vehicles. Insofar as vehicles are rapidly depreciating consumer durables, many argue that they should not be counted as assets for these purposes. Without these vehicles, the median young family had a net worth of $1,250 in 2016. This was down from the $7,846 peak in 1995.