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Interest Rates and Credit Card Debt is Rising. Here is What You Need to Watch Out For

Get Out of Debt Guy Podcast

Today, my concern for your finances is over credit card balances and interest rates rising. People are not prepared for what is coming, and I want you to be ready. You can subscribe to my podcast on any of these sites below.                    The latest figures are out from the Federal Reserve report on consumer … Read more

Who Actually Got Covid Forbearance Relief

By Rajashri Chakrabarti, Jessica Lu, Joelle Scally, and Wilbert van der Klaauw Forbearance on debt repayment was a key provision of the CARES Act, legislation intended to combat the widespread economic losses stemming from the COVID-19 pandemic. This pause on required payments for federally guaranteed mortgages and student loans has provided temporary relief to those … Read more

Common Recession Fears

Even when the economy is booming, individuals can feel uncertain about their finances. During recessions, those uncertainties can escalate into fears about losing one’s job, losing one’s home, losing one’s savings or investments. In early 2020, unprecedented measures to halt the Covid-19 pandemic slowed business activity worldwide. The National Bureau of Economic Research (NBER) announced … Read more

Following Borrowers Through Forbearance

Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Today, the New York Fed’s Center for Microeconomic Data reported that total household debt balances increased slightly in the third quarter of 2020, according to the latest Quarterly Report on Household Debt and Credit. This increase marked a reversal from the modest decline in the second quarter … Read more

Millions Still Haven’t Gotten Stimulus Checks, Including Many Who Need Them Most

It’s been 217 days since Congress instructed the IRS to send $1,200 stimulus checks to every citizen below a certain income threshold. And yet, it’s likely as many as 12 million people — including those who most need a financial boost — never got the cash. The reasons include confusion about how the complex program … Read more

Sometimes it Really Does Suck to Live in West Virginia Coal Country

One year ago, West Virginia Gov. Jim Justice promised business leaders that the state’s economy was on the verge of a boom. Continued growth in natural gas production was going to spark an industrial renaissance, bringing construction of a giant collection of spinoff factories. Speaking to the West Virginia Chamber of Commerce’s annual meeting, held … Read more