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(TNND) — A third of Americans have more credit card debt than emergency savings, according to a new Bankrate survey.
Over half of those surveyed have more emergency savings than credit card debt. And 13% have neither.
But Bankrate Chief Financial Analyst Greg McBride said the share of Americans with more debt than savings is significantly higher than a decade earlier.
Inflation has cooled from its peak in 2022, which McBride said has allowed more households to start building their emergency savings.
More Americans said their savings increased, rather than decreased, from last year. McBride said that’s a positive sign.
But Americans are still under-saved for emergencies, McBride said.
“Emergency savings has long been the Achilles’ heel…
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(TNND) — A third of Americans have more credit card debt than emergency savings, according to a new Bankrate survey.
Over half of those surveyed have more emergency savings than credit card debt. And 13% have neither.
But Bankrate Chief Financial Analyst Greg McBride said the share of Americans with more debt than savings is significantly higher than a decade earlier.
Inflation has cooled from its peak in 2022, which McBride said has allowed more households to start building their emergency savings.
More Americans said their savings increased, rather than decreased, from last year. McBride said that’s a positive sign.
But Americans are still under-saved for emergencies, McBride said.
“Emergency savings has long been the Achilles’ heel…
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Highlights
- The Insolvency and Bankruptcy Board of India has implemented amendments to enhance the efficiency, transparency, and integrity of the Liquidation and Voluntary Liquidation processes, which include changes to auction timelines and stricter eligibility verification for bidders.
- Mandatory filing of a final report by liquidators when a scheme of compromise or arrangement is approved has been introduced, aimed at strengthening regulatory oversight and improving accountability in the liquidation process.
- The amendments require detailed disclosure of tax deductions by liquidators prior to depositing unclaimed dividends and undistributed proceeds into the Corporate Liquidation Account…
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The Hyderabad bench of the National Company Law Tribunal (NCLT) has officially approved the Rs 16,084-crore resolution plan proposed by JSW Energy Limited for the acquisition of KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power producer. This significant development marks a crucial step in resolving the financial distress faced by the company.
The corporate insolvency resolution process (CIRP) for KSK Mahanadi Power Company Limited commenced in October 2019, following an application filed by Power Finance Corporation Ltd. The Resolution Professional (RP), Sumit Binani, received claims amounting to Rs 32,335 crore from various creditors, including 19 banks and financial institutions, underlining the…
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The Biden Administration put in the regulation to ban medical debt on credit reports, but the regulation is not popular with Republicans & the banking industry.
GREENSBORO, N.C. — All work at the Consumer Financial Protection Bureau is on pause right now and several leaders have already been fired or replaced while the Trump Administration looks at trimming down government agencies.
The worry is that a new regulation that prevents medical debt from being included on your credit report will disappear before it can go into effect in March, leaving folks with the debt but no help with future financial access.
…
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The latest personal insolvency statistics indicated a total of 828 personal insolvencies for December last year, according to provisional monthly statistics by the Australian Financial Security Authority.
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This was a substantial drop from the 955 personal insolvencies in November and the 1,009 personal insolvencies in October last year.
The number of…
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Medical debt relief is a direct investment in Vermonters Vermont Community Newspaper Group
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The National Company Law Tribunal (NCLT) has overturned its own July 2023 decision to initiate insolvency proceedings against Logix Infrastructure. The tribunal found that the insolvency application was filed with “fraudulent and mala fide intentions” by the financial creditor, Experts Realty Professionals. This rare move highlights ongoing concerns about the misuse of insolvency laws in India.
The NCLT determined that the application for insolvency was not just a standard financial dispute but part of a broader scheme involving collusion between Experts Realty and Logix Infrastructure. The tribunal noted that the entire situation appeared to be orchestrated, suggesting that the insolvency process was being exploited for purposes other…
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AGI Greenpac’s bid to acquire fellow Indian glassmaker Hindusthan National Glass and Industries (HNG) has been rejected by a court.
India’s Supreme Court rejected the proposal despite recent conditional approval from the Competition Commission of India (CCI).
The court said AGI Greenpac had violated the Insolvency and Bankruptcy Code by securing approval from a committee of creditors before obtaining CCI clearance.
This led the Supreme Court to declare the bid invalid.
HNG, one of India’s oldest container glass manufacturers, has been undergoing corporate insolvency since 2021.
Both AGI Greenpac and Independent Sugar Corporation (INSCO) – a sister company of Tanzania’s Kioo Glass – had bid for its…
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The Truth About Bruno Mars’ Gambling Debt Rumors (& What He Allegedly Owes) MSN