More Americans are tumbling seriously into debt as prices and the overall cost of living continue to rise. Roughly 24% of people with a credit record are behind on medical bills, student debt, or auto or retail loans, according to a new analysis from the Urban Institute, a nonpartisan think tank. The median balance owed: $2,913….
The Trump administration has halted its efforts to overhaul the Public Service Loan Forgiveness program, ending a plan that could have blocked some U.S. workers from tapping the popular lending program. In a filing on Wednesday, the Trump administration said it was dropping its appeal of a June 30 federal court ruling that found the…
President Trump campaigned in 2024 on promises to lower Americans’ cost of living, vowing to push gasoline prices below $2 a gallon and to deliver 2% mortgage rates. Two years later, consumers face sharply higher costs for many of the necessities he pledged to make more affordable. Less than a month before the midterm elections,…
Borrowing is likely to get more expensive for Americans, and soon, according to economists. The Federal Reserve is expected to raise its benchmark interest rate on Wednesday for the first time in more than three years as the central bank battles stubborn inflation fueled by high energy prices. Some Wall Street forecasters also pencil in…
Kansas City, Missouri — Vice President JD Vance announced Monday the Trump administration will suspend roughly 870,000 people suspected of defrauding pandemic-era small business programs from receiving future federal loans. The vice president contended that borrowers who stole taxpayer money should no longer be eligible to receive loans from government-backed programs. “If you screwed the…
Mortgage rates have confounded house hunters this year by steadily ticking higher. That trend is likely to continue, according to economists, with some predicting rates will climb back above 7%. “We’re effectively there,” Mark Zandi, chief economist at Moody’s Analytics, told CBS News. “And rates could easily go over.” The average rate for a 30-year…
“Buy now, pay later” loans were originally promoted as a way to help consumers afford small purchases, such as electronics and clothing. Now, financial firms are also pushing the loans as a means for people to cover essential expenses, such as rent, groceries, electricity bills and even medical costs. Consumer advocates warn that using BNPL…
Treasury yields edged higher on Tuesday, extending a global bond sell-off and threatening to raise borrowing costs for millions of Americans. The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.78%, up from 4.75% late Monday and the highest level since January 2025. The yield on the 2-year Treasury, which closely tracks…
A bond sell-off driven by investor fears over inflation and rising government debt has rattled markets and threatened to raise borrowing costs for everyday Americans looking to purchase a home or car. The yield on the 30-year Treasury reached 5.3% earlier this week, its highest level since 2007, while the 10-year Treasury yield, which influences…
Treasury Secretary Scott Bessent says the Trump administration is moving quickly to crack down on criminal enterprises, cartels and undocumented immigrants using the U.S. financial system for their payroll schemes, illicit financing and other fraud. In remarks to Arizona bankers Thursday, Bessent said, “This administration will not tolerate blatant abuse of our financial system, nor…
