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Credit card debt has reached alarming levels nationwide. Right now, one in five credit card users are maxed out, a stark indicator of the widespread financial strain. Payment delinquencies are also on the rise, signaling that an increasing number of cardholders are struggling to meet even minimum payment requirements. Perhaps most concerning, though, is the total amount of credit card debt nationwide, which surged to $1.14 trillion in the second quarter of 2024.
These trends are not merely statistics; they represent…
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Former footballer Marcus Bent has won a second High Court fight over the ownership of a house.
Mr Bent, who was declared bankrupt in 2019, was involved in legal action against the trustees of his bankruptcy over the ownership of the property in Epsom, Surrey, and whether it forms part of his estate.
The trustees had appealed against a ruling that the house belonged to his daughter, Aliyah Bent, who is now 20, arguing that the judge was wrong.
But in a judgment on Wednesday, Mr Justice Edwin Johnson dismissed the appeal, saying he was “completely unable to see how the judge went wrong in his analysis”.
Mr Justice Edwin Johnson said in his ruling that Mr Bent, who played as a striker for teams including Everton, Charlton Athletic and…
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Mr Bent, who was declared bankrupt in 2019, was involved in legal action against the trustees of his bankruptcy over the ownership of the property in Epsom, Surrey, and whether it forms part of his estate.
The trustees had appealed against a ruling that the house belonged to his daughter, Aliyah Bent, who is now 20, arguing that the judge was wrong.
But in a judgment on Wednesday, Mr Justice Edwin Johnson dismissed the appeal, saying he was “completely unable to see how the judge went wrong in his analysis”.
Mr Justice Edwin Johnson said in his ruling that Mr Bent, who played as a striker for teams including Everton, Charlton Athletic and Ipswich Town, had debts that “are said to have been substantial” and that were “said to…
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Former footballer Marcus Bent has won a second High Court fight over the ownership of a house.
Mr Bent, who was declared bankrupt in 2019, was involved in legal action against the trustees of his bankruptcy over the ownership of the property in Epsom, Surrey, and whether it forms part of his estate.
The trustees had appealed against a ruling that the house belonged to his daughter, Aliyah Bent, who is now 20, arguing that the judge was wrong.
But in a judgment on Wednesday, Mr Justice Edwin Johnson dismissed the appeal, saying he was “completely unable to see how the judge went wrong in his analysis”.
Mr Justice Edwin Johnson said in his ruling that Mr Bent, who played as a striker for teams including Everton, Charlton Athletic and…
Read the original article here
Loans and other types of financing available to consumers generally fall into two main categories: secured debt and unsecured debt. The primary difference between the two is the presence or absence of collateral to protect the lender in case the borrower defaults.
Key Takeaways
- Secured debts are those for which the borrower puts up some asset to serve as collateral for the loan.
- The secured loans lower the amount of risk for lenders.
- Unsecured debt has no collateral backing.
- Lenders issue funds in an unsecured loan based solely on the borrower’s creditworthiness and promise to repay.
- Because secured debt poses less risk to the lender, the interest rates on it are generally lower.
Investopedia / Jessica Olah
What Is Secured Debt? …
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Inflation-adjusted interest rates are well above post global financial crisis lows, while medium-term growth remains weak. Persistently higher interest rates raise the cost of servicing debt, adding to fiscal pressures and posing risks to financial stability. Decisive and credible fiscal action that gradually brings global debt levels to more sustainable levels can help mitigate these dynamics.
Public debt sustainability
Debt sustainability depends upon four key ingredients: primary balances, real growth, real interest rates, and debt levels. Higher primary balances—the excess of government revenues over expenditures excluding interest payments—and growth help to achieve debt sustainability, whereas higher…
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New Jersey is wiping out $100 million in medical debt for about 50,000 of its residents, using federal pandemic relief funds
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Amsterdam-based Qwic has become the second e-bike manufacturer to be declared bankrupt in four months.
The company was listed in the insolvency register, a week after a court granted it extra time to pay its bills.
Qwic did not respond to the news, but told customers in an e-mail last week that it had been hit by “stagnant” sales of electric bikes, which had forced retailers to cut prices.
The company also blamed a €12 million tax demand relating to the import of components from Taiwan for adding to its financial stress. “The threat of this retroactive demand made it imposslble to refinance the organisation in the short term,” it said.
In July VanMoof, known for its sleek hi-tech bikes…
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Gov. Phil Murphy said Tuesday he used leftover federal COVID-19 money in partnership with a charitable organization to eliminate $100 million in medical debt for an estimated 50,000 New Jerseyans.
The move was made in conjunction with Undue Medical Debt, an organization created by former debt collection executives that goes around the country to buy up medical debt and erase it altogether.
“No one chooses to get sick, be in an accident or have a chronic illness and we look forward to helping even more people over the course of this partnership with New Jersey government,” said Allison Sesso, CEO and president of Undue Medical Debt.
Murphy administration officials said relief came to 17,905 New Jersey residents who owed $61.6 million to…
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In 2022, low- and middle-income countries spent a record US$443.5 billion on external public debt servicing, diverting funds from crucial sectors like health, education, and environmental conservation. Projections indicate a 10 percent increase in debt servicing expenses for all developing countries in 2023–24, with low-income countries facing nearly a 40 percent rise. This ongoing debt crisis in the Global South highlights the need for innovative solutions.
This article advocates why India and Sri Lanka would gain from engaging in green debt swaps, with a focus on India’s motivations and potential benefits. Sri Lanka has long grappled with financial challenges such as high debt levels, insufficient foreign…
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Derby-based dance company Déda has entered voluntary insolvency
Déda is entering voluntary insolvency, saying rising costs and a slow recovery in audience numbers since the pandemic have made it ’impossible’ to continue
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The National Company Law Tribunal (NCLT), in an order delivered on July 16, admitted a plea filed by the Board of Control for Cricket in India (BCCI) to initiate a corporate insolvency resolution process for Think and Learn Pvt Ltd, the parent company of BYJU’S.
“This Adjudicating Authority is of the considered opinion that there is no reason to deny the petition filed under section 9 of the IBC, 2016 by the Operational Creditor to initiate CIRP against the Corporate Debtor, since the existence of a debt and a default in the payment of debt is clearly established,” the NCLT order noted.
“Therefore, the instant Company Petition bearing CP (IB) No. 149/2023 is admitted against the Corporate Debtor and moratorium is declared in terms…