News That Matters

Tag: debt

Greek debt crisis: ‘I wasn’t paid for two years’

Greek debt crisis: ‘I wasn’t paid for two years’

Business
Setting up a business in a country that is struggling to recover from a severe economic crisis is hardly the most ideal of circumstances.So Greek entrepreneurs Dimitris Kokkinakis and Sophie Lamprou faced an uphill struggle when they set up their business in 2013.Greece was beginning the long trek back from its debt crisis, which at one point looked like it might force the country out of the eurozone. It had imposed drastic austerity measures in response to bailouts starting in 2010.Then in 2015, the government announced capital controls, meaning the amount of money people could withdraw from banks was restricted."It was a very big shock, not just for us, but for everybody in Greece," says Sophie.Both entrepreneurs went without p...
This company is helping pay down its employees’ student debt. ‘They are creating value for us’

This company is helping pay down its employees’ student debt. ‘They are creating value for us’

Finance
Chegg has a new plan to help its employees deal with their student loans.And its CEO wants other companies to follow Chegg's lead.The student-connected learning platform announced a new program Thursday that will give its entry- through manager-level workers up to $ 5,000 a year, if they have been with the company at least two years. Director- or vice president-level employees can get up to $ 3,000 annually to help pay down their student loan debt. "Corporations need to play a role here," Chegg CEO Dan Rosensweig told CNBC's "Closing Bell " on Thursday. "We are the beneficiaries of those people who have gotten an education — doesn't matter if it is four year or two year or even if they completed it," he added. "If they borrowed money and they are creating value for us, we want to help the
He moved to a jungle in India to escape his giant student debt — and he’s not alone

He moved to a jungle in India to escape his giant student debt — and he’s not alone

Finance
Chadd Haag said he left the United States to escape his student debt. Now he lives in India.Source: Chadd HaagChad Haag considered living in a cave to escape his student debt. He had a friend doing it. But after some plotting, he settled on what he considered a less risky plan. This year, he relocated to a jungle in India. "I've put America behind me," Haag, 29, said.Today he lives in a concrete house in the village of Uchakkada for $ 50 a month. His backyard is filled with coconut trees and chickens. "I saw four elephants just yesterday," he said, adding that he hopes never to set foot in a Walmart again.More than 9,000 miles away from Colorado, Haag said, his student loans don't feel real anymore. "It's kind of like, if a tree falls in the woods and no one hears it, does it really exi...
Tax Arbitrage: The nudge to solve the current debt mutual fund crisis

Tax Arbitrage: The nudge to solve the current debt mutual fund crisis

Finance
By Somnath MukherjeeIt’s been the non-proverbial Ides of several months now for the credit markets. It started with the IL&FS default last year, but it has been a series of blow-ups since then — the latest being downgrades in two Reliance ADAG group companies. The most immediate impact has been on certain debt mutual funds (MF), that have been large investors in several companies that have come under stress. The most debilitating effect though isn’t about drop in prices — after all MFs are market instruments and subject to price volatility — it is about the absolute lack of liquidity in bonds that come under stress. Given that MFs, for most parts, are open-ended vehicles (i.e., unitholders have a right to withdraw their investments on demand), it is the appropriateness of MFs investing
This trivia app cancels your student debt. One woman just won $50,000

This trivia app cancels your student debt. One woman just won $50,000

Finance
Cynthia Thomas Reher is a veterinarian in Bellevue, WashingtonSource: Cynthia Thomas ReherWhere did the actor Steve McQueen live as a child? Does brackish water have more freshwater than saltwater?If you can correctly answer questions like these, you might be done with your student loans sooner than you expected.Some 400,000 people have registered with Givling, a trivia app that is helping people pay off their student debt, said Seth Beard, Givling's chief marketing officer. People are tested in pop culture, history, geography, math, chemistry and more. Users play rounds of trivia on teams of three and prizes are given out weekly.The company was founded around four years ago, but it's taken off over the last year, Beard said. More than 5,000 people have won prizes on the app, he said,...