debt – News Stories About debt - Page 1

Debt Deal: True Market Relief,
or a 'Short-Lived Sugar High'?

May 29, 2023 8:08 AM CDT

Debt Deal: True Market Relief, or a 'Short-Lived Sugar High'?

As agreement on raising debt ceiling heads to Congress, varying thoughts on what comes next

(Newser) - An agreement has been reached , at least in principle, by President Biden and House Speaker Kevin McCarthy on raising the nation's debt limit, and now the final OK is in Congress' hands. Both progressive Democrats and ultra-conservatives are already pushing back on the deal , and if Biden and McCarthy...

The Picture Being Painted
by Key Debt-Ceiling Players

May 17, 2023 11:00 AM CDT

The Picture Being Painted by Key Debt-Ceiling Players

Words 'confident' and 'optimistic' are getting used, but there's a ways to go

(Newser) - As the clock ticks down to June 1, the president and congressional leaders continue to sound off about the likelihood of striking a deal on raising the debt ceiling. President Biden held a second Oval Office meeting with House and Senate leaders Kevin McCarthy, Hakeem Jeffries, Chuck Schumer, and Mitch...

Speaker McCarthy: Debt Deal
Needed Soon to Avoid Default

May 9, 2023 8:07 PM CDT

Speaker McCarthy: Debt Deal Needed Soon to Avoid Default

But he didn't see 'new movement' in talks with Biden

(Newser) - President Biden and congressional leaders confronted each other on the debt limit impasse Tuesday, ending their meeting with no breakthrough but agreeing to meet again this week to try to avert the looming risk of an unprecedented government default. Speaking at the White House, Biden described the talks as "...

Trump Hid a Big Loan
While President: Forbes

Dec 6, 2022 8:12 AM CST

Trump Hid a Big Loan While President: Forbes

$19.8M debt with Daewoo, firm with ties to N. Korea, should've been listed in financial disclosures

(Newser) - Donald Trump had a foreign creditor he didn't disclose while running for president, with a debt that was quietly paid off a few months after he took office. Forbes has the documents from his Trump Organization, which were obtained by New York Attorney General Letitia James and/ show the...

Household Debt Just Had Its
Biggest Increase Since 2007

Nov 16, 2022 2:23 PM CST

Household Debt Just Had Its Biggest Increase Since 2007

Researchers say credit card, mortgage balances are rising sharply

(Newser) - During the early days of the pandemic, consumers weren't breaking out their credit cards. Those days are behind us. Household debt is now surging, with credit card balances seeing their biggest rise in more than 20 years in the third quarter of this year, researchers say. The Federal Reserve...

Toledo Passes Plan to Wipe Out $240M in Medical Debt

Toledo Plans to Use
$1.6M to Wipe Out $240M
in Medical Debt

Nov 14, 2022 1:17 PM CST

Toledo Plans to Use $1.6M to Wipe Out $240M in Medical Debt

Ohio city is working with nonprofit that buys old debts from hospitals

(Newser) - "Washington might not have a plan for medical debt relief, but Toledo, Ohio, does," says Dr. Michele Grim, a city council member who led an effort to forgive up to $240 million in medical debt—for a lot less than $240 million. The council has passed a measure...

Portrait of Americans' Finances:
We Owe More Than Ever

Aug 3, 2022 9:55 AM CDT

Portrait of Americans' Finances: We Owe More Than Ever

Household debt topped $16T for first time

(Newser) - Americans owe more money than they ever have before. The New York Federal Reserve on Tuesday shared that household debt increased to $16.15 trillion in the second quarter. It's the first time it's surpassed the $16 trillion mark, and represents a 2%—or $312 billion—rise over...

For First Time
in Century,
Russia Defaults
on Debt

Jun 27, 2022 12:18 PM CDT

For First Time in Century, Russia Defaults on Debt

Moscow blames sanctions, not a lack of money

(Newser) - Russia disagrees, but the rest of the world is of the opinion that Moscow has defaulted on its foreign debt for the first time since the Bolshevik Revolution more than a century ago. A 30-day grace period on interest payments originally due May 27 expired Sunday, per the AP . That...

His Father's Death Exposed
Family's Fall From Middle Class

longform

Apr 3, 2022 4:45 PM CDT

His Father's Death Exposed Family's Fall From Middle Class

The exact opposite of intergenerational wealth is forcing families out of the middle class

(Newser) - "Backward mobility" is one term economists use to describe the descent of many middle-class families into "the bottom 50% of Americans who collectively have a negative net worth." That financial trend is the background for Eli Saslow's piece for the Washington Post on the "death...

Russia Hasn't Done
This in a Century

Mar 16, 2022 2:07 PM CDT

Russia Hasn't Done This in a Century

Country inches toward a possible default on foreign debt for first time since 1918

(Newser) - "The last time Russia defaulted on foreign debt, Lenin was in power," reads a headline from Quartz . It's a relevant historical fact as Russia, under heavy sanctions triggered by its invasion of Ukraine, inches toward a default on its foreign debt again, more than a century after...

Back From Homelessness,
Woman Faced $54K Debt

opinion

Dec 29, 2021 4:58 PM CST

Back From Homelessness, Woman Faced $54K Debt

Lori Teresa Yearwood writes that the most vulnerable are punished by fines and fees

(Newser) - When Lori Teresa Yearwood emerged from homelessness, she wasn't immediately stepping back into a life of independence. She was bound by debt, a pile of fines and fees that she'd incurred over the past two years totaling more than $54,000. In clearing that debt, Yearwood writes in...

Schumer on Debt Ceiling Raise:
Americans 'Can Breathe Easy'

Dec 15, 2021 6:20 AM CST

Schumer on Debt Ceiling Raise: Americans 'Can Breathe Easy'

Congress passes $2.5T increase, avoiding default through at least early 2023; most of GOP opposes

(Newser) - President Biden has a new bill on his desk to sign. The legislation provides for a $2.5 trillion increase in the debt ceiling, bringing that number to $31.4 trillion and avoiding a first-ever federal default right at the Wednesday deadline warned of by Treasury Secretary Janet Yellen, reports...

Debt Crisis for NYC
Taxi Drivers Just Eased

Nov 4, 2021 9:30 AM CDT

Debt Crisis for NYC Taxi Drivers Just Eased

Relief deal will see medallion debt reduced to $170K per driver: 'NYT'

(Newser) - A 14-day hunger strike may have helped rescue New York City's yellow taxi drivers from crushing debt . City officials announced Wednesday that a deal was reached with the largest holder of taxi loans in the city to reduce the amount owing for each owner of a medallion, a city...

'Harebrained Scheme' Involving
Diego Rivera Mural Goes Bust

THE RUNDOWN

Jan 13, 2021 11:24 AM CST

'Harebrained Scheme' Involving Diego Rivera Mural Goes Bust

San Francisco Art Institute wants to dump $50M piece to offset debt

(Newser) - A 1931 mural created by Mexican painter Diego Rivera at the San Francisco Art Institute was supposed to be sold off to knock off much of the school's debt, a decision that outraged many in the local community. "The Making of a Fresco Showing the Building of a...

Surprising
Admission
From Game of
Thrones Star

CELEBRITY INTERVIEW

Nov 11, 2020 8:15 AM CST

Surprising Admission From Game of Thrones Star

Jason Momoa says his family was 'starving,' 'completely in debt' after 'GoT' gig ended

(Newser) - Dothraki warlord Khal Drogo could pillage a village if he was ever down on his luck. Jason Momoa, the actor who played the imposing Game of Thrones character, didn't have that option, however, when he suddenly found himself out of work, and out of cash, when Drogo was killed...

Trump Acknowledged a Debt
of $400M. It's Much Higher

Oct 16, 2020 11:54 AM CDT

Trump Acknowledged a Debt of $400M. It's Much Higher

But 'Forbes' also notes he has significant assets and has a net worth of $2.5B

(Newser) - The subject of President Trump's debt surfaced at his town hall Thursday night, and he didn't deny a figure of $400 million raised by NBC's Savannah Guthrie. "It's a tiny percentage of my net worth," Trump said. "$400 million is a peanut,"...

This State Needs to Put Its
Credit Cards in the Freezer

Jul 28, 2020 2:49 PM CDT

This State Needs to Put Its Credit Cards in the Freezer

Alaska has the most credit card debt in America

(Newser) - Many people are struggling with money as the pandemic continues, and resorting to plastic has become even more of a crutch. WalletHub looked at all 50 states and the District of Columbia, using TransUnion credit data to review each state's median credit-card balance and monthly credit-card payment, assuming a...

First Big Retailer to Fail
From Virus Files for Bankruptcy

May 4, 2020 6:03 AM CDT

First Big Retailer to Fail From Virus Files for Bankruptcy

J. Crew was already struggling even before the pandemic

(Newser) - J. Crew was having a tough time even before the pandemic arrived. Now, the New York Times says it's the "first major retailer to fall" from the virus, seeking bankruptcy protection to try to stay alive. On Monday, the clothing retailer's parent company, Chinos Holdings, filed to...

Church Cancels
$46M in Debt for
45K Families

Feb 29, 2020 9:30 AM CST

Church Cancels $46M in Debt for 45K Families

Crossroads Church teams up with RIP Medical Debt to abolish debt

(Newser) - Imagine having all your medical debt paid off, out of the blue. Now imagine a church paying off $46.5 million in said debt for over 45,000 families. That's pretty much the story as Crossroads Church in Cincinnati works with RIP Medical Debt to eliminate debts for residents...

Cafeteria Workers
Toss Meals of
Students With
$15 Lunch Debt

Nov 13, 2019 1:45 PM CST

Cafeteria Workers Toss Meals of Students With $15 Lunch Debt

The Minnesota incident was caught on video, and the school has apologized

(Newser) - Students with more than $15 of lunch debt who went through the cafeteria line at Minnesota's Richfield High School had their hot meals taken off their trays, thrown in the trash, and replaced with cold lunches when cafeteria workers saw the amount of debt on their accounts. The incident...