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+3 +1
The world's total debt load reached a record $253 trillion in 2019
The world's total debt surged by some $9 trillion in the first three quarters of 2019, according to data from the Institute of International Finance, bringing the world's total debt load to $253 trillion, or 322% of its GDP — a record high. Why it matters: In times of economic strength, economists exhort countries to pare back their debt burdens and pay it down to protect against future unrest and downturn.
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+9 +1
U.S. Household Debt Exceeds $14 Trillion for the First Time
Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York.
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+19 +1
Millions of Americans are worried they won't be able to make even the minimum payments on their credit cards.
Amid one of the worst downturns in U.S. history, nearly 80% of credit card holders say they’re worried they won’t be able to continue making even the minimum payments on their debt. The figure comes from a survey by CreditCards.com, which found millennial card holders (91%) are most at risk of missing payments. Meanwhile, 1 in 4 people say the pandemic has pushed them to take on more credit card debt.
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+15 +1
Does the National Debt Matter?
In the second quarter of 2008, U.S. federal debt held by the public totaled about $5.3 trillion, or 35% of gross domestic product (GDP). This figure grew to $20.5 trillion—or 105% of GDP—by the second quarter of 2020. To put it another way, the national debt has increased 400% in 12 years, while over the same period, national income has grown by only 30%.
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+18 +1
HBCUs clear student balances and cancel debt with federal funds
The Covid-19 pandemic has disproportionately impacted the finances of many Black Americans, including student loan borrowers. Black college graduates owe an average of $25,000 more in student loan debt than white college grads, and over 50% of Black borrowers say their net worth is less than what they owe on student loans.
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+18 +1
The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin
A new fight over the debt ceiling is brewing on Capitol Hill. Senate Minority Leader Mitch McConnell has firmly dug in on refusing GOP help to renew the US's ability to pay off its bills, known as the debt ceiling. Instead, the Kentucky Republican said it's up to Democrats to raise it in order to finance their social spending plans on healthcare, education, and childcare. He insists he's not "bluffing."
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+4 +1
Interest-free loan scheme expanded to reach up to 20,000 Britons
A government-supported scheme that provides interest-free loans to the financially vulnerable will be expanded to reach up to 20,000 people. The no-interest loan scheme (Nils), which is backed by the Treasury but is run by credit unions and other lending organisations, successfully underwent a trial in Manchester and from September will be rolled out in other parts of the UK.
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+10 +1
Millennials Have More Debt and Many will be Renters for Life
In the recently released report, Millennials are $1 trillion in debt — more than any other generation in history. This isn’t exactly their fault. Over 44 million Americans have student loans, with the average debt hovering around $33,000 (2020). Yet even worse, they tend to suffer even more from credit card debt.
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