debt | Common News Update

Apr82021 by adminNo Comments

Biden consumer watchdog seeks delay of Trump-era debt collection rules

Finance

Ting Shen/Bloomberg via Getty ImagesThe Consumer Financial Protection Bureau proposed a delay Wednesday to two debt-collection rules issued in the waning days of the Trump administration.Those rules broadly addressed how debt collectors may communicate with and make disclosures to consumers.Kathy Kraninger, the former CFPB head during the Trump administration, said the measures helped keep consumers informed. Critics argue that some aspects of the plan give companies too much power and allow them to hound indebted Americans for payments.More from Personal Finance:Biden tax plan may lead to more Roth retirement accountsSocial Security beneficiaries received most of the recent $ 1,400 checksPPP loan money will likely run out before May 31 deadlineBoth measures — issued in October and Decemb...

Feb282021 by adminNo Comments

‘I had a nice lifestyle, no debt. Now I owe £35k’: Shop owners desperate for post-pandemic help in the budget

Business

Guildford High Street, with its pretty cobbled streets, chi chi shops and historical architecture, is the perfect example of an affluent commuter suburb.But even this pleasant corner of Surrey hasn't been immune from the economic shock of the pandemic. The Hair and Beauty Bar has been a staple on the High Street for 21 years, but after being forced to close for the third time in 12 months, owner Gemma Raif is fearful of the future.Live COVID updates from the UK and around the world "The past year's been very difficult," she said. "I had a successful business that gave me a nice lifestyle, with no debt. Now I owe at least £35,000 in rent, which is not a nice place to be when you're not used to being in debt. If the landlords decide to pursue me, it could be my house that could go." ...

Feb192021 by adminNo Comments

Group of U.S. attorneys general urge President Joe Biden to cancel $50K in student debt

Business

Feb. 19 (UPI) -- A group of attorneys general from more than a dozen states called on President Joe Biden and Congress Friday to cancel up to $ 50,000 in federal student loan debt per borrower, an issue that the new administration has yet to fully embrace. In a letter addressed to Biden, the group asked the president to take executive action supporting Senate Resolution 46 and House Resolution 100, two separate measures that aim to cancel the same debt. Advertisement "When borrowers are unable to manage their Federal student loan repayment, the consequences can be catastrophic," the group wrote in the letter. "As many as one in five federal student loan borrowers are in default. Many are unable to manage their debt due to disability, illness, or job loss." The attorneys general argue tha...

Feb92021 by adminNo Comments

Equity and debt mutual funds witness massive outflows in January

Finance

Equity and debt mutual funds registered heavy outflows in the month of January. While equity funds saw a drop in outflow numbers, there was a drastic outflow from debt mutual funds this time. Equity mutual funds saw net outflows worth Rs 9,253 crore, debt mutual funds saw investors pulling out Rs 33,408 crore in January. Hybrid fund categories finally saw inflows in January.The highest outflow of Rs 5,933 crore was seen from flexi cap funds. This might be attributed to the recent change in mandate and many schemes re-categorised in the space. This was followed by an outflow worth Rs 2,853.43 crore from large cap funds. Here’s a look at the data for January: Scheme Name Net inflow (+)/outflow(-) Multi Cap Fund 2,857.90 Large Cap Fund -2,853.43 Large & Mid Cap Fund -187.4...

Jan242021 by adminNo Comments

Biden promised to forgive student debt, but don’t expect relief anytime soon

Finance

Nate Wlodarchak, left, and his husband Shawn Wlodarchak.Source: Nate WlodarchakAs Nate Wlodarchak drove people to the polls on Election Day, he couldn't stop picturing his life without student debt. On the campaign trail, now President Joe Biden had promised to forgive $ 10,000 of the loans for all borrowers, which would practically reset Wlodarchak's balance to zero.Without the loans weighing on him, Wlodarchak, 37, a scientist who studies tuberculosis, could direct more of his paychecks to his savings each month. And he and his husband, Shawn, who live outside Denver, could finally start thinking seriously about the many goals, like having children, that they've had to leave on the back burner.Now Wlodarchak and tens of millions of other borrowers saddled with student loans are looking ...