By Megan DeMatteo, CNBC Personal loans were the fastest-growing debt category in 2019, but new data from Experian found that changed in 2020. While personal loans saw a 12% year-over-year increase in 2019, the category only grew 1% in 2020 (the slowest for any debt category last year) with fewer people taking out loans.
By Diana Olick, CNBC Sharp gains in home prices and a slight rise in interest rates combined to weaken demand for mortgages last week. Total mortgage application volume fell 4.1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Homebuyers are seeing prices rise at the
By Alyssa Fowers, Washington Post Last week, the Biden administration took over an economy that has been severely hobbled by the coronavirus pandemic. While unemployment has risen for all types of workers, jobs have recovered slowly but steadily for Americans with some college education, according to Labor Department data. That
Small-business relief loans start flowing again, with $5 billion worth approved in the first week. The revived Paycheck Protection Program is off to a smoother — and slower — start than it had last spring, when desperate borrowers deluged banks with loan applications and overwhelmed the government’s computer systems. The
By Thomas Franck, CNBC The Biden administration could be open to adjusting eligibility levels for the next round of coronavirus stimulus checks to ensure the relief flows to families who need the emergency funds the most, the president’s top economic advisor said Tuesday morning. Brian Deese, who joined CNBC’s “Squawk
By Chris Farrell, Market Watch For many older Americans, everyday life is becoming increasingly precarious financially. A major reason: Too much debt. The numbers are striking. The share of families headed by people 55 and older with debt is up from 54% in 1998 to 68% in 2019, according to
By Emily McCormick, Yahoo Finance New weekly unemployment claims retreated only slightly from last week’s elevated level as the coronavirus pandemic continued to grip the U.S. economy. The Department of Labor released its weekly report on new jobless claims Thursday morning at 8:30 a.m. ET. Here were the main results from the
By Kathryn Pomroy, Fox Business As a rule, borrowers must pay taxes if a lender forgives, cancels or discharges a debt for less than the amount owed. That money is considered ordinary income for tax purposes. Yet, early in December, Senate Majority Leader Chuck Schumer urged President Joe Biden to
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
The JPMorgan Chase & Co. headquarters on Park Avenue in New York, NY on July 16, 2017. JPMorgan Chase is an American multinational banking and financial services holding company. By Imani Moise, David Henry, Reuters (Reuters) – A swell of deposits during the coronavirus pandemic has put big U.S. banks
