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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A bill in the Michigan Legislature hopes to wipe out more student debt to fill doctor shortages.
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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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