Credit Acceptance settlement provides $700 million in debt relief, restitution and penalties

More than 55,000 borrowers will have auto-loan debt erased under a $700 million settlement with subprime lender Credit Acceptance Corp., including about 2,500 New Yorkers, the state attorney general’s office announced. The agreement includes more than $630 million in debt relief, $60 million in restitution for consumers whose vehicles were repossessed and $15.5 million in…

Public Uproar Over Government Debt Relief: “Why Should We Pay for Others’ Debts?” vs. “It’s a Social Debt”

As the government has introduced a debt-adjustment policy to relieve small business owners who accumulated debt during the COVID-19 pandemic, fierce social controversy has erupted over the measure. Opinions are clashing between those who argue that “money that was borrowed must be paid back” and those who contend that “the country must help because this…