Some members of the House Freedom Caucus said that a proposed deal announced by House Speaker Kevin McCarthy (R-Calif.) to raise the debt ceiling for two years ahead of a possible federal government default doesn’t go far enough. Negotiators are now racing to finalize the bill’s text. McCarthy said Saturday that House will vote on the…
House Freedom Caucus Republicans Sounds Alarm on Debt Ceiling Agreement
House Freedom Caucus Republicans Sound Alarm on Debt Ceiling Agreement
Some members of the House Freedom Caucus said that a proposed deal announced by House Speaker Kevin McCarthy (R-Calif.) to raise the debt ceiling for two years ahead of a possible federal government default doesn’t go far enough. Negotiators are now racing to finalize the bill’s text. McCarthy said Saturday that House will vote on the…
US Default Might Not Be as Shocking as Expected
May 25, 2023
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Commentary This week, one of the world’s foci must be the potential U.S. government default on its debt. In most circles, this continues to progress as if we have never encountered such a situation before. But this might not be true. According to Terry Zivney and Richard Marcus of The Financial Review, “Investors in T-bills…
Corporate Bankruptcies Are Soaring; 2023 Filings Highest Since 2010
The most recent data from S&P Global show that corporate bankruptcies are picking up again. More than 230 companies have filed for bankruptcy through the end of April, more than double the comparable figure a year ago. UBS also found in a recent study that bankruptcies worth $10 million or more had jumped to an…
Payday Loans Often Come With a Higher Price Than You Want to Pay
One of the easiest ways to get money when you need it right away is to get a payday loan. These loans are available in most places—and online—and they usually advertise how easy it would be to get one. A huge problem with these loans is that they often become debt traps for borrowers. Payday…
Global Debt Soars to Near-Record High of $305 Trillion in First Quarter: Trade Group
Global debt levels soared by $8.3 trillion in the first quarter, climbing to a near-record high of $305 trillion, according to new Institute of International Finance (IIF) data. The record was set in the first quarter of 2022 at $306.5 trillion. The Washington, D.C.-based global association of the financial industry published its latest Global Debt…
Global Debt on the Rise, Emerging Market Crosses $100 Trillion Mark: IIF
NEW YORK—A measure of debt across the globe rose in the first quarter to almost $305 trillion, and the rising cost to service that debt is triggering concern about the financial system’s leverage, a widely tracked study showed. The Institute of International Finance (IIF), a financial services trade group, said on Wednesday global debt rose…
Fed Report Shows Record-High Annual Increase in Credit-Card Balances
May 15, 2023
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Americans find themselves increasingly burdened by credit-card debt as the relentless grip of chronic inflation tightens its hold on the cost of essential goods. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit was just released, showing a record high 17 percent year-over-year increase in credit-card balances during the first quarter…
US Credit Card Debt Hits a Record High of Nearly $1 Trillion
May 15, 2023
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Americans find themselves increasingly burdened by credit-card debt as the relentless grip of chronic inflation tightens its hold on the cost of essential goods. The Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit was just released, showing a record-high 17 percent year-over-year increase in credit-card balances during the first quarter of…
US Credit Card Debt Holds at Record High of Nearly $1 Trillion
May 15, 2023
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U.S. credit card balances failed to decline in the first three months of 2023 as Americans find themselves increasingly burdened by the relentless grip of chronic inflation. Total credit card debt stood at $986 billion in the first quarter, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit…
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