More than three million Australians will have their student debt wiped in a bid to win over younger voters crushed by the cost of living crisis. Education Minister Jason Clare on Sunday announced the government would cap the Higher Education Loan Program (HELP) indexation rate, eliminating about $3 billion of student debt. The capped rate…
Key Points More than three million Australians have been hit with an increase to their student loan debt due to indexation. The education minister has told students the increase will drop due to forthcoming legislation. But there have been calls for the government to change indexation so it’s not applied on amounts already repaid. More…
Every year on June 1, student debt in Australia is indexed to inflation. In 2023, high inflation pushed the indexation rate to 7.1%, the highest since 1990. This year, if there is no policy change, student debt balances will be increased by 4.7%. After sustained community pressure to change the way debts are indexed, the…
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Most personal finance experts tell you not to buy anything you dont need when youre paying off debt. And thats where I think we get it wrong. Who wants to give up all the fun of spending and have nothing to look forward to? Not me. When I was knocking out my debt, I considered…
By Gloria Methri Today Affordable Credit Clearer Clearscore Fair4All Finance has partnered with ClearScore to develop debt consolidation loan technology that will boost access to affordable credit for people in financially vulnerable circumstances. ClearScores proposition Clearer allows direct settlement of consumer debts, unlike most other debt consolidation loans. This eliminates the risk of funds being…
A common financial struggle for Americans is deciding how much money to devote to savings versus paying down debt. While the answer varies on a case-by-case basis, its often important to strike a balance between the two. Wiping out high-interest debt on a timely basis will reduce the amount of total interest youll end up…
Credit card interest may cool alongside inflation, albeit slowly. Royal Five / Getty Images Today’s high interest rate environment can make credit card debt expensive. With the federal funds rate frozen at a 23-year high, interest rates on credit cards and other debts are elevated. But, that could change soon. The inflation report for June…
At a time of increased public debt globally, the rise of socio-economic and climate challenges as well as advances in technologies, that cut across traditional markets and policy areas, the importance of managing public debt successfully has grown. Governments worldwide implemented extensive fiscal measures to help mitigate the economic impact of the pandemic, leading to…
Archbishop Gabriele Caccia, the Holy See’s Permanent Observer to the United Nations, urges the international community to help Small Island Developing States through concrete efforts, which can include debt relief and debt cancellation. Jul 11, 2024 UN Headquarters in New York (AFP or licensors) By Deborah Castellano Lubov“My Delegation calls upon all Member States to…