debt
Fresh Del Monte Produce Inc. doesn't just offer an impressive array of canned fruits and veggies but now has a rare pineapple with a shocking price tag: $395.99. This new product comes as many Americans struggle to afford groceries, some even going into debt to put food on the table. The Rubyglow pineapple, cultivated for its eye-catching red exterior and intense sweetness, costs $395.99 at Melissa's Produce, a California-based seller of speciality fruits and vegetables. Del Monte spent over a decade developing this ruby-red fruit, with a small batch debuting in China earlier this year. Now, D...
IBTimes
Sarah, 38, and Kevin, 43, collectively earn $250,000 annually and have been married for 14 years with three kids. Sarah dreams of buying land and building a house while ensuring their children get the best education. Like all parents, they want the best for their kids, but their poor money habits have led them to a very financially vulnerable situation. The couple recently sold their house to clear $200,000 in debt, but in six months racked up $50,000 in credit card debt. They currently have $180,000 in debt and pay $55,000 annually for their girls' education. Over the decade, they are expecte...
IBTimes
For many older Americans, the dream of a peaceful and worry-free retirement can be clouded by the weight of carrying debt as they age. With limited income sources such as Social Security, retirement savings, and pension plans, handling retirement debt can seem overwhelming. Nonetheless, recognizing how debt affects your stability and employing strategies to address it directly can pave the way for a more secure and fulfilling retirement. Let’s delve into the forms of debt that retirees encounter, explore ideas for creating a plan to repay it, and discuss methods to avoid accumulating new debts...
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The pandemic has caused an increase in the number of people seeking financial advice in the US. Many seek help with repaying debt, budgeting, and retirement planning due to high living costs, slow wage growth, and economic uncertainty. Interestingly, even financial advisors face money challenges. Recently, financial guru Dave Ramsey shed light on how even registered certified financial planners (CFP) face massive debts and liabilities. He connected with a CFP carrying over $400,000 in debt, spread across mortgages, student loans, and personal loans from his family. The biggest challenge for th...
IBTimes
DJ, 33, and Adam, 37, live in rural New York and have been dating for three years. The main reason stopping Adam from getting married to DJ is her $15,000 credit card debt. She has been carrying the debt her whole life despite making $6,000 monthly. The couple's anxiety over the future led them to seek guidance from millionaire author and the host of Netflix's "How To Get Rich" show, Ramit Sethi. In his YouTube podcast, Adam shared that he made around $3,000 monthly and has no problem with the DJ's debt but her attitude towards money. He is all right if DJ isn't debt-free, given he had several...
IBTimes
Madison (United States) (AFP) - US President Joe Biden unveiled fresh plans Monday to reduce student loan debt for tens of millions of Americans, in bid to win over young voters as he seeks reelection in November. The conservative-dominated US Supreme Court last year struck down the Democrat's earlier proposals to cancel several hundred billion dollars of debt. But Biden said the court -- which features three judges appointed by his Republican election rival Donald Trump -- would "never stop" his efforts to deal with the issue. "Today too many Americans, especially young people, are saddled wi...
AFP
In most cases, private student loan forgiveness doesn’t exist. Although it may sound morbid, certain private lenders will forgive your loan balance if you die or are permanently disabled. In contrast, income-driven repayment plans and other federal student loan forgiveness programs allow you to partially or fully forgive federal student loans. Even so, President Biden’s student loan forgiveness plan has raised a lot of controversy recently. On the one hand, in times of financial difficulty, it may seem necessary to assist borrowers. However, some people feel they are being unfairly treated bec...
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Beijing (AFP) - Zambia's President Hakainde Hichilema will begin an official visit to China on Sunday, as the heavily indebted African nation works to secure financial relief after a restructuring agreement reached in June. Hichilema has enjoyed an increasingly close relationship with the United States, with President Joe Biden hailing his commitment to democracy at successive US-Africa and democracy summits. But China is Zambia's leading creditor and holds huge stakes in its mining sector. China has launched a major infrastructure drive, including new airports, roads, factories, stadiums and ...
AFP
McLean (United States) (AFP) - A US credit downgrade by Fitch was "entirely unwarranted," Treasury Secretary Janet Yellen said Wednesday, pushing back against the second-ever decrease by a major ratings agency following repeated debt limit standoffs in Washington. Her remarks came a day after the world's biggest economy lost its top-tier credit rating from Fitch as the agency lowered it a notch from AAA to AA+, drawing fiery disapproval from the White House and Treasury. The action was on the back of the United States' growing federal debt burden and an "erosion of governance" resulting in mul...
AFP
Washington (AFP) - US President Joe Biden on Saturday signed into law a debt ceiling bill passed by Congress after weeks of wrangling, moving to avert a catastrophic, self-induced default in the world's biggest economy. The Fiscal Responsibility Act of 2023 authorizes the government to extend the so-called debt ceiling to renew borrowing, keeping the bills paid. The Treasury had warned that if the debt ceiling was blocked beyond Monday, the country would default on its $31 trillion debt. A default would have likely triggered market panic, huge job losses and a recession, with global implicatio...
AFP
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