U.S. consumers were on track for a record year of debt repayment before the coronavirus shutdown, according to a new 2020 Credit Card Debt Study published by the personal-finance website WalletHub.
Consumers entered 2020 owing more than $1 trillion in credit card debt after a $76.7 billion net increase during 2019. By the end of March, however, they posted the largest first-quarter credit card debt paydown – $60 billion – since at least 1986.
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A new report published by Pew Charitable Trusts suggests that with the increase of debt collection lawsuits, “debt collectors may seize $1,200 coronavirus checks intended for household expenses.”
Before the coronavirus restrictions began, American household debt had already increased by $1.5 trillion between 2008 and 2019. As debt increased, so also did an aggressive approach made by creditors and third-party firms to use state civil courts to pursue collections through debt claims, Pew says.
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The U.S. Treasury has published a major report revealing that the federal government has amassed $103.7 trillion in debts, liabilities, and unfunded obligations.
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About 35 million Americans still have holiday credit card debt leftover from last year, according to WalletHub’s 2019 Holiday Shopping Survey.
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“I am not worried about the deficit,” Ronald Reagan famously said. “It is big enough to take care of itself.”
If you pay attention to the libertarian purists, President Reagan earns mixed reviews on his economic policies. After all, in 1983, the federal budget deficit exceeded 6 percent of GDP. But Reagan was untroubled by federal budget deficits for at least two reasons, and in both cases he has been vindicated by history.
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As Americans, we are greatly indebted not only to the men and women who have fought and died for our country, but also to the thinkers, statesmen, innovators, and ordinary people who gave us our founding principles.
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by Todd DeFeo A bill aimed at allowing students to transfer general education course credits from one public university in Ohio to another could bring with it potentially higher costs for schools, according to a fiscal analysis of the bill. The state House unanimously passed House Bill 9, which…
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by Ryan McMaken One of the challenges in looking at income and wealth data is getting a sense of how different demographic groups are affected. It’s relatively easy to find median income and wealth data over time for the entire population, for example. But then problems of interpretation immediately…
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by Justin Bogie Congress is up to its old tricks again, trying to pass another massive spending bill that uses gimmicks and tricks to push deficit spending even higher. And it thinks it can hoodwink President Donald Trump into signing it. Next week, the House is expected to vote on…
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by Andrew Kerr Students continue to struggle mightily to repay their student debt amid a booming economy, according to a report released Tuesday by the New York Fed. Outstanding student loan debt stood at $1.41 trillion at the end of June, making it the second largest category of household…
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by Jeffery Rendall As I strolled through the excellent and memory-provoking exhibits at the Ronald Reagan Presidential Library (in Simi Valley, CA) the other day I was struck by how similar President Donald Trump’s approach to today’s politics is to the way Ronald Reagan handled the subject a half…
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by Robert Osburn Celebrated this past July 4, America’s founding story of freedom is truly remarkable: unity, courage, integrity, and national integration (incorporating people from around the world). In most other places, the freedom story is bloody, exclusive, and, ultimately, tyrannical. Take Nicaragua, for one example: In 1979, the Sandinistas…
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Surprise! Nashville is growing skyscrapers and other developments at an ever-increasing rate yet faces a $34 million revenue shortfall. Councilman-at-large John Cooper, who is on Metro’s Budget and Finance Committee says Nashville’s revenue continues to grow faster than most cities, to the tune of a couple billion dollars, NewsChannel 5…
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