Many people are struggling with credit card debt, with U.S. consumers racking up balances totalling $1.13 trillion in 2023s fourth quarter, according to a Federal Reserve Bank of New York report released in February. Desperate consumers seeking relief may find offers for help on social media that purport to be from the government. Usually they…
Summary: We estimate that President Bidens recently announced New Plans to provide relief to student borrowers will cost $84 billion, in addition to the $475 billion that we previously estimated for President Bidens SAVE plan. Moreover, some debt relief in the New Plans accrues to borrowers in households with income more than the SAVE plan…
There are multiple ways to pay $7,500 in credit card debt off. Getty Images/iStockphoto Today’s economic environment can be a challenging one if you have credit card debt. The cost of living is climbing as inflation continues unabated, which can make it difficult to budget for your credit card payments. Moreover, the Federal Reserve’s federal…
Following the release of the latest Consumer Price Index (CPI), HECS-HELP debt is expected to be indexed at approximately 4.8 percent this year. This will automatically be applied to HECS debt on June 1st. This increase, followed by last years record high 7.1 percent, has given rise to increasing pressure from the Greens and Independent…
In short: Changes to the way HECS-HELP debt is calculated have been recommended after a review of Australia’s universities. Banks are being urged to change the way they assess HECS-HELP debt when people apply for home loans. What’s next?: The federal government is considering the university review recommendations. The head of a review into Australia’s universities has urged the government…
Despite what the fearmongers would have you believe, the latest inflation figures showed that inflation remains well under control. Not only is there no need for any more rate rises, but doing so would only increase the likelihood of unemployment rising, with little actual impact on inflation. Theres always danger with reporting on inflation figures…
Debt relief services may be able to help make your debt more affordable. Getty Images Debt is often stressful. After all, life comes with plenty of expenses. And when you use credit to address those expenses, they typically become larger as a result of interest and finance charges. If left unchecked, growing debt can lead…
Higher-than-expected inflation figures released today aren’t just bad news for home- and business owners banking on an early interest rate cut; they’re concerning for the more than 2.9 million Australians with student debt. The consumer price index (CPI) determines how much HECS-HELP and all other student debt increase under the annual indexation that takes place…
The release of March inflation data means student HECS-HELP debts are set to rise by 4.7 per cent on the first of June this year. It might pale in comparison to last year’s indexation rate of 7.1per cent, but it’s still the second-highest increase in a decade. Nellie Malseed said she was “shocked” when she…
Millions of Australians with student loans will be hit by increases of more than $1,000 in June, new figures show, as calls grow for the commonwealth to act on a growing debt spiral. Quarterly figures, released by the Australian Bureau of Statistics on Wednesday, revealed inflation grew by 3.6% over the year to 31 March,…