By Ben Luthi, Investopedia Credit card debt has continued to drop in the U.S., down to $978.8 billion in November, the Federal Reserve reports. The latest numbers are part of a steady decline since the beginning of the coronavirus pandemic in March. Credit card debt had hit a record high
US President Joe Biden During Meeting at the Black Economic Summit – Charlotte, NC – September 23, 2020 (Shutterstock) By Kate Smith, CBS News President-elect Joe Biden will extend the nearly year-long pause on federal student loan payments on “day one,” the first concrete promise the incoming administration has made
By Diana Olick, CNBC After setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates. Mortgage applications to refinance a home loan spiked 20% last week
By Bradley Arant Boult Cummings LLP, Lexology On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below, we examine four of the CAA
By Jennifer A. Kingson, Axios People who collected unemployment will receive smaller — or nonexistent — tax refunds this coming year because of a tax law quirk that counts unemployment as taxable income. Why it matters: Tens of millions of Americans who arguably need the refund the most will wind up
By Enda Curran, Michelle Jamrisko and Catherine Bosley, Yahoo Finance (Bloomberg) — Economic shocks like the coronavirus pandemic of 2020 only arrive once every few generations, and they bring about permanent and far-reaching change. Measured by output, the world economy is well on the way to recovery from a slump
By Tim Glaze, Housing Wire As the coronavirus began sweeping through the U.S. in March, many states issued shut-down orders for businesses, putting as many as 40 million people out of work by May. On March 27, Congress passed the CARES Act to offer economic relief to those affected by the shut-downs, expanding unemployment
Joe Biden, President of USA – Washington, USA 10 4 2020 By Wesley Whistle, Forbes Congress has finally passed the latest stimulus and economic relief package, but one group of Americans was left out of the deal: student borrowers. Payments on federally-held student loans have been suspended—along with interest accrual—since
Woman sells clothing item at Washington Square Park amid coronavirus (Covid-19) pandemic as daily life continues. – November 14, 2020 (Shutterstock) By Mark Davidson & Kevin Ward, The Conversation U.S. cities are fast running out of cash. The pandemic will reduce local government revenues by an estimated US$11.6 billion in
By Bradley Arant Boult Cummings LLP, JDSupra On December 9, 2020, Congressional Democrats, including Elizabeth Warren (D-Mass.) and Jerrold Nadler (D-N.Y.), proposed sweeping legislation that would overhaul consumer bankruptcy law. The proposed changes generally make it easier for consumers to access the bankruptcy system and discharge their debts. Below is
