debt news stories on Newser

Foreclosures Inch Downward ... a Whole 0.1%

Kevin Spak — Thu, 17 May 2012 11:06:01 CDT

Banks initiated the fewest number of foreclosures since 2007 last quarter, according to new figures from the Mortgage Bankers Associations. But don't be too quick to don the rose-colored glasses: The number of loans in foreclosure remains stubbornly high at 4.4%—down only a hair from last year's 4....

Up to 1M Americans Too Poor to Go Bankrupt

Dustin Lushing — Sat, 12 May 2012 11:31:02 CDT

Between 200,000 and 1 million Americans this year are so down-and-out they don't even have enough money to file for bankruptcy, a new study finds. The average cost of filing for Chapter 7 bankruptcy protection is about $1,500—$300 just for the paperwork fees in court and the...

Finally, Sun Through the Economic Clouds

Matt Cantor — Mon, 23 Jan 2012 09:53:05 CST

The economy has had its share of false starts over the past few years, but this time things could really be improving, opines Paul Krugman. "There’s evidence that the two great problems at the root of our slump—the housing bust and excessive private debt—are finally easing," he notes...

Greece Hires Out Ancient Ruins to Raise Cash

Dustin Lushing — Fri, 20 Jan 2012 16:43:59 CST

Debt-stricken Greece is taking an unprecedented step and exploiting its own magnificent history to raise cash and help its crippled economy. The Guardian reports that Greece is offering up its architectural masterpieces, including the Acropolis, the temple of Delphi, and the Parthenon, as backdrops for movies, commercials, and photo shoots—...

To Get New Credit Card: Pay Off Expired Debt?

Neal Colgrass — Mon, 02 Jan 2012 19:00:00 CST

Americans burdened with old debt and low credit ratings are getting an unlikely offer in the mail: a new credit card. But the fine print explains that accepting the card means reviving debts that had expired by law, the Wall Street Journal reports. For one New York deli owner, the...

Secret Santas Wipe Away Strangers' Layaway Debts

Dustin Lushing — Sat, 17 Dec 2011 12:13:01 CST

A nice fad this holiday season: Secret Santas are going around to Kmarts and Walmarts and paying off the layaway accounts of random strangers. It's happening all over, including stores in Nebraska, Michigan, Iowa, Indiana, South Carolina, and Montana. The AP , NPR and Time round up examples of the anonymous...

Student Loan Debt to Hit $1T This Year

Kevin Spak — Wed, 19 Oct 2011 08:45:08 CDT

America’s total outstanding student loan debt will cross the $1 trillion threshold for the first time this year, putting those loans ahead of credit cards as the country’s biggest source of debt, USA Today reports, citing figures from the Federal Reserve Bank of New York. Student lending has doubled over...

Mortgages, Wages Force Many to Delay Retirement

Kevin Spak — Wed, 07 Sep 2011 14:12:05 CDT

Many Americans are being forced to put off retirement thanks to mountains of debt and lower wages, a feature in today’s Wall Street Journal asserts. Because wages have barely kept up with inflation over the past 35 years, Americans have been borrowing more money and saving less. As of 2008,...

Fitch Reaffirms AAA Rating

Tue, 16 Aug 2011 09:01:24 CDT

Take that, Standard & Poor's: Fitch Ratings says it will keep its rating on US debt at the highest grade, AAA, and says its outlook on the US ratings is stable. Fitch cited the United States' "flexible, diversified, and wealthy economy," as well as its flexibility in monetary and exchange...