(Bloomberg) — The Group of 20 leading economies this weekend may have to consider expanding help for the worlds poorest countries, three months after agreeing to provide temporary debt relief, as the coronavirus pandemic continues to ravage nations. Central bankers and finance ministers from the G-20 will hold a virtual meeting on Saturday to discuss…
In certain circumstances, common morality says that creditors should not force their borrowers to pay interest and principal fully and on time. The COVID 19 pandemic and the global economic collapse it has caused are just such circumstances, for both persons and governments. For the poorest countries harmed by the crisis (e.g., Guinea, Haiti, Nepal),…
Thinking about the future is a great way to motivate yourself to stick to a debt repayment plan. When you identify goals that motivate you, it may not seem like as much of a sacrifice to put a few hundred dollars toward eliminating high-interest debt every month. The faster you pay off your balances, the…
This article originally appeared on Invest in You: Ready. Set. Grow., a CNBC multiplatform financial wellness and education initiative, in partnership with Acorns. Despite the economic turmoil and mass unemployment resulting from the coronavirus pandemic, consumer revolving debt decreased by $24 billion in May, according to recent data from the Fed. It is the third…
Banks have urged the Financial Services Authority (OJK) to extend its debt relief program as the COVID-19 pandemic has yet to show signs of slowing down. Association of State-Owned Banks (Himbara) chairman Sunarso said on Monday the banks had asked the authority to extend its loan restructuring relaxation program by at least another year. The…
Chancellor Rishi Sunak on Wednesday poured cold water on the idea that the government should provide bailouts to companies that risk bankruptcy because of mounting debts accumulated during the coronavirus crisis. Giving evidence to the House of Commons Treasury select committee, Mr Sunak said he was not comfortable with the prospect of helping companies with…
Laboratory technician Irene Ooko attends to a patient seeking a test for the new coronavirus that causes COVID-19, at the Pathologists Lancet Kenya laboratory in Nairobi, Kenya on April 5, 2020.Brian Inganga/AP Why Global Citizens Should Care The COVID-19 pandemic has sparked significant economic downturns globally. As countries struggle to cope with the pandemic, many…
Getty Images Despite the economic turmoil and mass unemployment resulting from the coronavirus pandemic, consumer revolving debt decreased by $24 billion in May, according to recent data from the Fed. It is the third straight month of decline in consumer debt. Covid-19 has devastated many Americans’ finances, with lost jobs and wages, but there has…
I owe Dh25,000 on a personal loan and am now stuck in India because of the Covid-19 flight restrictions. I borrowed the money for some business affairs in India and have only paid two of the loan’s monthly Dh765 instalments so far. I went on annual leave to India on March 2 to see my…
(Bangkok) Debt relief measures by micro-loan providers in Cambodia are failing to alleviate the serious financial burdens on indebted families affected by the Covid-19 pandemic, Human Rights Watch said today. Indebted families risk having to sell land and housing they depend on to survive. The Cambodian government and the National Bank of Cambodia should urgently…