debt
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...
Due
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
Washington (AFP) - US President Joe Biden told Americans on Friday in a rare Oval Office address that the debt ceiling bill passed by Congress after weeks of wrangling saved the country from "economic collapse." Speaking from behind the historic Resolute Desk on live primetime television, Biden said that the deal resolving the standoff between Democrats and Republicans was a compromise where "no one got everything they wanted." "We averted an economic crisis and an economic collapse," he said, adding that "the stakes could not have been higher." Biden said he will sign the bill, which authoriz...
AFP
Washington (AFP) - Ratings agency Fitch said Friday that it is keeping the United States' "AAA" credit rating on negative watch, despite a bipartisan agreement on the debt limit to avert a catastrophic default. The decision came a day after US senators voted to suspend the federal debt limit, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of a deadline set by the Treasury. Hammered out between Democratic President Joe Biden and Republican leaders, the measure passed the Senate with a comfortable majority a day after sailing thr...
AFP
Washington (AFP) - US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury. Economists had warned the country could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which extends the government's borrowing authority through 2024 while trimming federal spending. Hammered out between Democratic President Joe Biden and the Republicans, the measure passed the Senate with...
AFP
Washington (AFP) - US senators raced Thursday to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case scenario of an economy-cratering default seemingly avoided. The Treasury has warned it could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which suspends the debt limit through 2024 while trimming federal spending. The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House for President Joe B...
AFP
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