Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to…
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Vermont Treasurer Mike Pieciak addresses the room at a Statehouse press conference Tuesday, unveiling a proposal for a medical debt relief program.
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DALLAS — This segment is sponsored by: Debt Redemption
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Losing your job is stressful enough without the added burden of credit card debt — but right now, many Americans are juggling both challenges simultaneously. The total amount of credit card debt is growing nationwide, and the average cardholder now owes about $8,000 on their credit cards. A large percentage of cardholders are also maxed out and payment delinquencies are climbing. When you combine those issues with the stress caused by limited unemployment income, the financial pressure can…
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STAFFORD, Texas, Jan. 17, 2025 (GLOBE NEWSWIRE) — Money Management International (MMI), a leader in nonprofit financial counseling and education, announced a dramatic 35% increase in new clients seeking financial counseling in 2024.
This surge reflects growing financial hardships nationwide, with record-high unsecured debt, surging delinquency rates, and soaring living costs placing unprecedented pressure on households—especially younger generations.
Key Findings from 2024
1. Young Adults Drive Client Growth:
The 21-30 age group experienced the most significant growth, with a 48% year-over-year (YoY) increase in new clients at MMI. Although they carry lower unsecured debt, their debt is increasing at a faster rate than…
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Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year.
Despite the drop year on year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis.
The figures also revealed that compulsory liquidations – where courts order firms to stop trading because they cannot pay their debts – jumped 14% to 3,230 in 2024 after a year-end surge.
The number of monthly compulsory liquidations soared by 53% year on year during December.
Administrations, an accounting process used when especially large companies hit the wall, also rose – up 2% over 2024 – and were 5% higher year on year in December.
David…