They Need Legal Advice on Debts. Should It Have to Come From Lawyers?

A nonprofit has filed a lawsuit in New York, hoping to clear the way for volunteers to help people defend themselves against debt collection suits.

#consumer-protection, #credit-and-debt, #debt-collection, #first-amendment-us-constitution, #james-letitia, #legal-aid-for-the-poor-civil, #legal-profession, #new-york-state, #personal-finances, #suits-and-litigation-civil, #upsolve-inc

I.M.F. Forecasts U.S. and China Slowdowns Will Hold Back Growth

The International Monetary Fund forecasts that the growth rate of the world economy will slow to 4.4 percent in 2022.

#american-rescue-plan-2021, #china, #coronavirus-2019-ncov, #credit-and-debt, #inflation-economics, #interest-rates, #international-monetary-fund, #supply-chain, #united-states, #united-states-economy

Judge Approves Deal to Resolve Puerto Rico Bankruptcy

The plan restructures $33 billion in debt nearly five years after Puerto Rico became the first U.S. state or territory to essentially declare bankruptcy.

#bankruptcies, #credit-and-debt, #puerto-rico

Critics Say I.M.F. Loan Fees Are Hurting Nations in Desperate Need

Democratic lawmakers say the global fund’s surcharges for emergency relief siphon away money that countries need to fight the pandemic.

#argentina, #coronavirus-2019-ncov, #credit-and-debt, #income-inequality, #international-monetary-fund, #politics-and-government, #third-world-and-developing-countries, #treasury-department

How Much Should You Fret About Rising Federal Debt?

The federal government is borrowing cheaply, but its debt could reach a tipping point.

#credit-and-debt, #federal-budget-us, #government-bonds, #interest-rates, #internal-sub-only-nl, #national-debt-us

Will Inflation Push Us From Pandemic to Recession?

Inflation unchecked can become a father to extremism.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #prices-fares-fees-and-rates, #subprime-mortgage-crisis

With Property Sales Plunging, China Evergrande Faces More Protests

The developer has tried for months to signal that its $300 billion debt problem was under control. But the challenges keep mounting.

#china, #china-evergrande-group, #credit-and-debt, #demonstrations-protests-and-riots, #foreign-investments, #guangzhou-china, #hainan-island-china, #hong-kong-stock-exchange, #real-estate-commercial

Fed’s Moves in 2022 Could End the Stock Market’s Pandemic Run

Shares soared as interest rates stayed low and stimulus programs helped the economy. But expected changes could make investors wary.

#banking-and-financial-institutions, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #nasdaq-stock-market, #new-york-stock-exchange, #sp-dow-jones-indices, #stocks-and-bonds, #supply-chain, #united-states-economy

The Bill for My Homelessness Was $54,000

Debt is a hidden burden for Americans experiencing homelessness.

#credit-and-debt, #homeless-persons, #post-traumatic-stress-disorder, #united-states

Cashing In Grandma’s Gold Coins, a Turkish Family Struggles to Get By

As inflation soars and the value of Turkey’s currency plummets, one couple described how working families can’t make ends meet and have had to cut back on basic necessities as well as life’s smaller pleasures.

#banking-and-financial-institutions, #credit-and-debt, #currency, #economic-conditions-and-trends, #erdogan-recep-tayyip, #inflation-economics, #istanbul-turkey, #politics-and-government, #turkey

What to Know as Student Loan Repayments Restart in February 2022

Loan payments are about to resume for tens of millions of borrowers. Here’s how to navigate the end of the payment pause — and how to get into a more affordable plan if you need it.

#content-type-service, #coronavirus-2019-ncov, #credit-and-debt, #education-department-us, #financial-aid-education, #student-loans

China Evergrande Defaults on Its Debt, Fitch Says

Fitch’s announcement spells out a reality already accepted by investors: The company can’t pay its bills and is being restructured under Beijing’s eye.

#china, #china-evergrande-group, #credit-and-debt, #credit-ratings-and-credit-rating-agencies, #fitch-ratings, #stocks-and-bonds

China Cuts RRR as Evergrande, Kaisa Face Deadlines

Evergrande and Kaisa must come up with hundreds of millions of dollars in days. Beijing sought to reassure markets overall, but signaled it might let Evergrande fail.

#banking-and-financial-institutions, #china, #china-evergrande-group, #credit-and-debt, #economic-conditions-and-trends, #kaisa-group-holdings-ltd, #real-estate-and-housing-residential, #regulation-and-deregulation-of-industry, #stocks-and-bonds

Inflation Batters Pakistan and Puts Pressure on Imran Khan

Rising prices and a weakened currency are straining households, intensifying pressure on Prime Minister Imran Khan to find solutions.

#credit-and-debt, #economic-conditions-and-trends, #food, #inflation-economics, #international-monetary-fund, #international-trade-and-world-market, #khan-imran, #oil-petroleum-and-gasoline, #pakistan, #prices-fares-fees-and-rates

Evergrande Said to Meet Another Bond Payment Deadline

Evergrande has three bonds for which grace periods for interest payments are set to expire on Wednesday.

#china, #china-evergrande-group, #credit-and-debt, #stocks-and-bonds

China Evergrande Troubles Spread Through Property Sector

Global markets just weeks ago were fretting over the possible failure of Evergrande. Now the developer says the worst is over, even as other companies show signs of trouble.

#china, #china-evergrande-group, #credit-and-debt, #foreign-investments, #hna-group-co-ltd, #kaisa-group-holdings-ltd, #labor-and-jobs, #real-estate-and-housing-residential

N.Y. Taxi Drivers Will Receive Millions in Aid After Hunger Strike

The announcement was a victory for drivers who stopped eating to protest an earlier bailout plan they said did not go far enough.

#banking-and-financial-institutions, #credit-and-debt, #de-blasio-bill, #hunger-strikes, #new-york-city, #new-york-taxi-workers-alliance, #politics-and-government, #schumer-charles-e, #taxicabs-and-taxicab-drivers

What Jerome Powell Didn’t Do: Lay the Groundwork for Higher Rates

He said high inflation was mostly a result of pandemic effects like supply network disruptions, a problem he thinks the Fed can’t fix.

#banking-and-financial-institutions, #credit-and-debt, #inflation-economics, #interest-rates, #powell-jerome-h, #quantitative-easing, #stimulus-economic, #united-states-economy

What Makes Change Possible?

The failures of the Articles of Confederation have a lot to teach us about the conditions that make new forms of government feasible. 

#articles-of-confederation-1781-89, #constitution-us, #credit-and-debt, #gerry-elbridge-1744-1814, #madison-james-1751-1836, #united-states-politics-and-government

Men in Gaza Imprisoned Over Wedding Loans

Like many men in Gaza, Wasfi al-Garosha regularly returns to prison for failing to repay a wedding loan. His trip back, always on foot, reveals much about the stresses of life in the Strip.

#credit-and-debt, #embargoes-and-sanctions, #families-and-family-life, #gaza-strip, #hamas, #marriages, #palestinians, #weddings-and-engagements

What the Anti-Vaccine Mandate Protesters Actually Want

They want recognition. Even if it means risking their lives.

#coronavirus-2019-ncov, #credit-and-debt, #demonstrations-protests-and-riots, #government-employees, #new-york-city, #taxicabs-and-taxicab-drivers, #vaccination-and-immunization, #workplace-hazards-and-violations

N.Y. Cabbies Stage Hunger Strike for More Aid: ‘We’re Not Backing Down’

After exploitative loans buried taxi drivers under crushing debt, some cabbies say the city’s $65 million rescue package does not go far enough.

#bhairavi-desai, #chow-yu-koon-1958, #chow-yu-mein-1961-2018, #credit-and-debt, #de-blasio-bill, #demonstrations-protests-and-riots, #new-york-city, #new-york-taxi-workers-alliance, #politics-and-government, #taxicabs-and-taxicab-drivers, #united-states-politics-and-government

Fed Ethics Office Warned Officials to Curb Unnecessary Trading During Rescue

Months later, some Federal Reserve leaders resumed their market activity, stoking a scandal now engulfing the central bank.

#banking-and-financial-institutions, #credit-and-debt, #ethics-and-official-misconduct, #federal-reserve-system, #powell-jerome-h, #stocks-and-bonds

Invest Well by Keeping Things Simple

You don’t need a lot of mutual funds or exchange-traded funds to build a solid portfolio.

#asset-allocation-personal-finances, #content-type-service, #credit-and-debt, #mutual-funds, #stocks-and-bonds

‘Squid Game,’ the Netflix Hit, Taps South Korean Fears

The dystopian Netflix hit taps South Korea’s worries about costly housing and scarce jobs, concerns familiar to its U.S. and international viewers.

#credit-and-debt, #games, #income-inequality, #labor-and-jobs, #netflix-inc, #seoul-south-korea, #south-korea, #squid-game-tv-program, #television, #unemployment, #wages-and-salaries, #youth

The Fed’s Great Dissenter

She has repeatedly voted against the agency’s deregulatory agenda.

#banking-and-financial-institutions, #biden-joseph-r-jr, #brainard-lael, #credit-and-debt, #federal-reserve-system, #internal-sub-only, #regulation-and-deregulation-of-industry

China Evergrande’s Shares Are Halted as Doubts Swirl

The property giant owes billions of dollars in debt, and investors worry that any collapse could hit broader markets.

#china, #china-evergrande-group, #credit-and-debt, #foreign-investments, #real-estate-and-housing-residential, #stocks-and-bonds, #wall-street-manhattan-ny

Biden Should Ignore the Debt Limit and Mint a $1 Trillion Coin

Now is the time for some courageous gimmickry.

#credit-and-debt, #democratic-party, #economics-theory-and-philosophy, #internal-sub-only, #republican-party, #united-states-economy

How to Save New York City’s Cabdrivers

There’s a smart and equitable way to rescue them from their crushing debts.

#credit-and-debt, #new-york-taxi-workers-alliance, #taxicabs-and-taxicab-drivers

China Detains Top HNA Group Executives

The seizure of the top two leaders of HNA comes as speculation swirls over whether Beijing will bail out another troubled giant, Evergrande.

#chen-feng-1953, #china, #china-evergrande-group, #credit-and-debt, #economic-conditions-and-trends, #frauds-and-swindling, #hna-group-co-ltd, #mergers-acquisitions-and-divestitures

China Evergrande Bond Payment Remains Uncertain

A payment on China Evergrande’s dollar-denominated bonds was due Thursday. By the end of the business day in New York, the company had still not said publicly whether it made the payment or planned to.

#banking-and-financial-institutions, #bankruptcies, #china, #china-evergrande-group, #credit-and-debt, #economic-conditions-and-trends, #hsbc-holdings-plc, #stocks-and-bonds, #ubs-ag

China Evergrande Warns of Financial Pressure, Hires Advisers

China Evergrande hired restructuring experts, sending its shares lower and adding to worries about what its fate might mean to the country’s economy.

#bankruptcies, #china, #china-evergrande-group, #credit-and-debt, #economic-conditions-and-trends, #real-estate-and-housing-residential, #stocks-and-bonds

Why Evergrande’s Debt Problems Threaten China

The real estate developer Evergrande once binged on debt. Now the music has stopped, investors are panicking and experts are warning of an imminent failure.

#banking-and-financial-institutions, #bankruptcies, #china, #china-evergrande-group, #credit-and-debt, #foreign-investments, #real-estate-and-housing-residential, #regulation-and-deregulation-of-industry, #xu-jiayin

Affirm and Afterpay Soar as Customers Buy Into Paying Later

Installment payment services are everywhere thanks to fresh deals with Amazon and Square. It’s a simple idea that can quickly get complicated for users.

#affirm-inc, #afterpay-touch-group-ltd, #amazon-com-inc, #content-type-service, #credit-and-debt, #e-commerce, #mobile-commerce-and-payments, #personal-finances, #shopping-and-retail, #square-inc

We’re Burying Our Kids in Debt (Just Not the Way You Think)

Debt-financing public education has not only failed to provide schools with sufficient funds. It has also imposed long-term costs.

#credit-and-debt, #credit-ratings-and-credit-rating-agencies, #education-k-12, #income-inequality, #municipal-bonds

Banks Are Bingeing on Bonds, but Not Because They Want To

Banks are awash in deposits, and their customers are taking out fewer loans. So they have little choice but to buy up government debt, even if it means skimpy profits.

#bank-of-america-corporation, #banking-and-financial-institutions, #credit-and-debt, #government-bonds, #interest-rates, #mt-bank-corporation, #stimulus-economic, #united-states-economy, #wells-fargocompany

Huarong Asset Management, China’s Biggest ‘Bad Bank,’ Will Get a Rescue

After months of silence about its future, the corporate giant Huarong Asset Management announced that it would receive financial assistance from a group of state-backed companies.

#china, #china-huarong-asset-management-co, #credit-and-debt, #foreign-investments, #regulation-and-deregulation-of-industry, #stocks-and-bonds

The Resilience of New York’s Black Homeowners

Black homeownership has declined in the city and nationally in the last 20 years, hindered by gentrification and inequitable lending policies.

#bedford-stuyvesant-brooklyn-ny, #black-people, #credit-and-debt, #crown-heights-brooklyn-ny, #discrimination, #foreclosures, #gentrification, #minorities, #mortgages, #new-york-city, #real-estate-and-housing-residential, #segregation-and-desegregation, #subprime-mortgage-crisis, #wills-and-estates

Evergrande Went From China’s Biggest Developer to One of Its Worst Debtors

Regulators want to fix the property sector’s bad habit of borrowing too much. Evergrande, with its billions of dollars in debt, may stand in the way.

#banking-and-financial-institutions, #china, #china-evergrande-group, #credit-and-debt, #economic-conditions-and-trends, #real-estate-and-housing-residential, #regulation-and-deregulation-of-industry, #xu-jiayin

Bank profits are poised to surge as the pandemic recedes.

The country’s biggest banks will report their quarterly earnings this week, reaping the benefits of an economy that’s returning to normal.

#banking-and-financial-institutions, #citigroup-inc, #consumer-behavior, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-system, #goldman-sachs-group-inc, #jpmorgan-chasecompany, #morgan-stanley, #united-states-economy, #wells-fargocompany

Fed Unity Cracks as Inflation Rises and Officials Debate Future

Federal Reserve officials are debating what to do as price risks loom, even as its leaders and the White House say today’s surge will most likely cool.

#american-rescue-plan-2021, #bowman-michelle, #brainard-lael, #bullard-james-b, #credit-and-debt, #daly-mary-c, #federal-reserve-system, #inflation-economics, #interest-rates, #kaplan-robert-s, #labor-and-jobs, #powell-jerome-h, #prices-fares-fees-and-rates, #quantitative-easing, #recession-and-depression, #stimulus-economic, #united-states-economy, #williams-john-c

Top U.S. Officials Consulted With BlackRock as Markets Melted Down

The world’s largest asset manager was central to the pandemic crisis response. Emails and calendar records underscore that critical role.

#banking-and-financial-institutions, #blackrock-inc, #coronavirus-2019-ncov, #credit-and-debt, #federal-reserve-bank-of-new-york, #federal-reserve-system, #fink-laurence-d, #mnuchin-steven-t, #powell-jerome-h, #treasury-department, #united-states-economy, #united-states-politics-and-government

I.M.F. Presents Plan to Help Poor Countries During Pandemic

A proposal advanced by the International Monetary Fund aims to supply the developing world with extra money to buy vaccines, pay down debt and expand relief programs.

#coronavirus-2019-ncov, #credit-and-debt, #georgieva-kristalina-ivanova, #income-inequality, #international-monetary-fund, #international-trade-and-world-market, #poverty, #third-world-and-developing-countries, #united-nations-development-program, #vaccination-and-immunization, #world-bank

The Fed’s Quantitative Easing and Low Interest Rates Are Dangerous

The warning signs of an overheating economy are everywhere. Yet the Fed seems unable — or unwilling — to confront reality.

#biden-joseph-r-jr, #credit-and-debt, #federal-open-market-committee, #federal-reserve-system, #hubbard-r-glenn, #interest-rates, #powell-jerome-h, #quantitative-easing, #summers-lawrence-h, #treasury-department, #united-states-economy

Federal PLUS College Loans Can Trap Parents in Debt

The popular parent PLUS loans are made without regard to the ability of borrowers to repay, and have fewer protections when they can’t.

#colleges-and-universities, #content-type-service, #credit-and-debt, #financial-aid-education, #personal-finances, #student-loans

Banks Fight $4 Billion Debt Relief Plan for Black Farmers

Lenders are pressuring the Agriculture Department to give them more money, saying quick repayments will cut into profits.

#agriculture-and-farming, #agriculture-department, #american-bankers-assn, #american-rescue-plan-2021, #banking-and-financial-institutions, #biden-joseph-r-jr, #black-people, #compensation-for-damages-law, #credit-and-debt, #discrimination, #independent-community-bankers-of-america, #lobbying-and-lobbyists, #minorities, #national-rural-lenders-association, #race-and-ethnicity, #suits-and-litigation-civil, #united-states-economy, #united-states-politics-and-government, #vilsack-tom

China’s Biggest ‘Bad Bank’ Tests Beijing’s Resolve on Financial Reform

Chinese regulators say they want to clean up the country’s financial system, but a state-owned conglomerate may ultimately get in the way.

#banking-and-financial-institutions, #china, #china-huarong-asset-management-co, #credit-and-debt, #economic-conditions-and-trends, #foreign-investments, #regulation-and-deregulation-of-industry, #stocks-and-bonds

He’s a Dogecoin Millionaire. And He’s Not Selling.

Glauber Contessoto went looking for something that could change his fortunes overnight. He found it in a joke cryptocurrency.

#content-type-personal-profile, #contessoto-glauber, #credit-and-debt, #dogecoin-project, #gamestop-corporation, #reddit-inc, #social-media, #stocks-and-bonds, #virtual-currency

As Trillions Flow Out the Door, Stimulus Oversight Faces Challenges

A sprawling system meant to police trillions of dollars is showing signs of strain as watchdogs warn of waste, fraud and abuse.

#american-rescue-plan-2021, #biden-joseph-r-jr, #coronavirus-aid-relief-and-economic-security-act-2020, #credit-and-debt, #federal-aid-us, #frauds-and-swindling, #government-accountability-office, #inspectors-general, #miller-brian-d, #office-of-management-and-budget-us, #small-business, #sperling-gene, #treasury-department, #trump-donald-j, #united-states-economy, #united-states-politics-and-government

‘We Were Left With Nothing.’ Argentina’s Misery Deepens in the Pandemic.

The economy contracted by nearly 10 percent last year, and the country faces a reckoning with the I.M.F. over $45 billion in debts.

#argentina, #blackrock-inc, #coronavirus-2019-ncov, #credit-and-debt, #economic-conditions-and-trends, #fernandez-alberto-1959, #georgieva-kristalina-ivanova, #inflation-economics, #international-monetary-fund, #international-trade-and-world-market, #macri-mauricio, #politics-and-government, #poverty, #recession-and-depression, #united-states