Free Republic

The Biden administration on Tuesday announced new guidelines for ensuring the integrity of carbon credits or offsets. While the practice of buying carbon offsets or credits is voluntary, the administration says it hopes to help ensure that credits being sold are actually credible. Individuals, businesses and other entities can buy these credits to try to “offset” their emissions as part of an effort to achieve net-zero. This can entail things like paying organizations to plant trees or prevent them from being cut down. But, markets for carbon credits have been plagued by issues including double counting. Questions have also been...

It’s becoming tougher and tougher for Americans to carry on with their spending spree. Years of elevated inflation and the highest interest rates in almost a quarter century are wearing out the US consumer. Savings accumulated during the Covid-19 pandemic are drying up, borrowers continue to rack up debt and delinquencies are marching higher. Retailers say shoppers are fed up with rising prices and are changing their purchasing behavior.

Austan Goolsbee, President of the Chicago Federal Reserve Bank, highlighted that consumer delinquencies are among the most worrisome economic indicators currently being monitored. His concerns now appear prescient as new data reveal a significant uptick in delinquency rates in the first quarter of 2024. "If the delinquency rate of consumer loans starts rising, that is often a leading indicator that things are about to get worse," Goolsbee stated.

"Spaving" – spending more to save – is an old "trap" with a new name hitting grocery stores, retailers and even online gambling. Though there are times "spaving" is worthwhile, one personal finance expert outlined how consumers can avoid becoming the "victim" of the marketing ploy. "The whole concept of ‘spaving’ is to get consumers to buy more," Kuderna Financial Team founder and "What Should I Do with My Money?" author Bryan Kuderna told Fox News Digital. "You see different examples like that all throughout the economy. And where it hurts the consumer is if it encourages them to essentially...

SAN FRANCISCO--(BUSINESS WIRE)--May 15, 2024-- The way people pay and get paid has changed more in the past five years than in the last 50. Consumers have evolved, adapting to new payment experiences – from the advent of embedded, digital commerce to the rapid adoption of “the tap.” Today at the annual Visa Payments Forum in San Francisco, Visa (NYSE: V) unveiled new products and services that will revolutionize the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240515563838/en/ “The...

There’s nothing more frustrating than working your socks off only to see someone else get all the credit for your efforts. Spare a thought, then, for the minds behind some of history’s most significant innovations, who, despite months, years, or in some cases lifetimes of work, find someone else’s name ignominiously attached to their invention. Sometimes inventions are miscredited in the public consciousness simply because a more famous name becomes associated with the creation. For example, Thomas Edison and Henry Ford — two of modern history’s most well-known innovators — are often credited with things they didn’t actually invent, through...

A just-released report from Scholaroo indicates that the U.S. national average for credit card debt has escalated to $6,555, with New Jersey residents leading the nation with an average debt of $8,155 per credit card. Scholaroo, a national firm matching college students with potential scholarships, surveyed more than 2,000 people across the United States during the final quarter of 2023.Coming in at a close second is Connecticut, with an average debt of $8,011 per credit card, followed by Maryland, New York, and Alaska—all with average credit card debts of more than $7,600 per card. Rounding out the top 10 states...

(NEXSTAR) – If President Biden’s tax deal makes it through Congress, some taxpayers could see a sizable bump in the form of an expanded child tax credit, but the proposed bill has hit a stumbling block. In late January, the House passed the measure, titled the Tax Relief for American Families and Workers Act, in a resounding 357-70 bipartisan vote. All momentum stopped, however, when it reached the Senate, where it remains stalled with roughly a month left in the tax filing season. The current child tax credit is $2,000 per child, but not all of that is refundable. If...

Buying a home has become increasingly out of reach for Americans, who are grappling with a double whammy of high interest rates and surging home values. In his State of the Union address on Thursday, President Joe Biden proposed a new tax credit that would provide $10,000 to first-time home buyers. Biden is also proposing a separate $10,000 tax credit for current homeowners who sell their "starter home" in order to jump into a bigger house. That could help melt a real estate market in which homeowners who locked in low mortgage rates during the pandemic and are hesitant to...

Capital One announced on Monday it was acquiring a rival financial services company in a massive stock deal as Americans continue to be plagued with credit card debt, according to The New York Times. The McLean, Virginia-based bank announced it would acquire Discover Financial Services in a $35.3 billion all-stock transaction, The New York Times reported. The acquisition of Discover would give Capital One more market power due to Discover having a payments network of its own at the same time as credit card debt continues to mount for consumers, according to The Wall Street Journal. The acquisition could face...

Capital One Financial is set to acquire Discover Financial Services , according to a report from The Wall Street Journal. The deal could be announced Tuesday, the outlet said, citing sources. The merger of the two companies, who are among the largest credit card issuers in the U.S., would expand Capital One’s credit-card offerings. The news comes on the back of a Bloomberg News report on Monday that Capital One was considering an acquisition. Shares of Discover are down 1.7% lower for the year, putting the company at a $27.63 billion market cap. Capital One has a market cap of...

Everywhere I go, I hear from people who are struggling to keep up with rising costs. It’s the No. 1 concern on everyone’s minds. Too many families across this country are hurting. They’ve been dealing with high housing costs, high child care costs, and high college costs for too long, and they have been hit hard by global inflation since the pandemic. I know that there is no stress like financial stress on a family, because it never goes away. It eats at your sense of security. It impacts every little decision. I saw it firsthand growing up, as my...

* Collectively, Americans owe $1.13 trillion on their credit cards, according to a new report from the Federal Reserve Bank of New York. * Higher prices have largely caused consumers to spend down their savings and lean on credit cards to make ends meet. * Now, young adults, who are also burdened by high levels of student loan debt, are increasingly falling behind on the payments, the New York Fed found. Americans now owe a collective $1.13 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. This is...

I think the Biden Presidency is nicely summed-up by Biden confusing France’s President Macron with former French President Mitterand. Particularly since Mitterand died in 1996. Is Biden seeing dead people?? Anyway, the Biden economy and his Bidenomic strategy is based on massive debt expansion, both public and private debt. Household Debt reached $17.5 Trillion in Fourth Quarter; Delinquency Rates Rise Credit card delinquecies (90+ days) rose to almost 10% in Q4 2023. Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday. Debt that has transitioned...

Americans are piling on more credit card debt amidst persistent inflation and high interest rates, driving total debt to a new record of over $1.08 trillion, according to the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit. Meanwhile, Fed Chair Powell downplays the likelihood of a real estate-led banking crisis but anticipates closures or mergers among smaller banks. The tightening monetary policy reflects the most restrictive measures since the 1970s and 1980s, with stricter loan standards observed across the board, especially in Commercial Real Estate loans.

The House of Representatives on Wednesday passed a bill to expand the Child Tax Credit until 2025 despite some opposition from Republican members of Congress. “The Tax Relief for American Families and Workers Act of 2024” is a bipartisan bill negotiated between the Democratic-led Senate Finance Committee and the Republican-led House Ways and Means Committee, which would reform and expand the credit until 2025. On Wednesday, the House voted to suspend normal rules and pass the bill by a vote of 357 yeas to 70 nays. “For the last three years, American families, farmers, workers, and small businesses have borne...

Representative Debbie Dingell (D-MI) said Thursday on CNN’s “Situation Room” that President Joe Biden “has done a great deal,” but other people take the credit. When asked about Biden’s low approval, Dingell said, “I’m going to start with why today was so important, because I think he has done a great deal and people don’t know it. I think a lot of other people take credit for road money, bridge money, getting lead out of pipe money that was done at the federal level, money comes into the state, and everybody else takes credit for it but Joe Biden’s leadership...

In the shadows of economic prosperity, a quiet crisis brews as tens of millions of Americans succumb to “Doom Spending.” This phenomenon, where one spends beyond their means to cope with stress, is not just a financial dilemma but a reflection of broader societal shifts. Especially pronounced among the younger generation, this trend tells a story of forsaken dreams. Young Americans, instead of investing in homes or starting families, are opting for instant gratification like cruises, signaling a departure from traditional aspirations.

As the economic horizon teems with optimism, a darker reality unfolds for Generation X and Millennials, signaling a looming debt crisis. Recent reports indicate a concerning uptick in bankruptcy assistance, a silent alarm echoing amidst the cheers for positive economic data. LegalShield’s December Consumer Stress Legal Index (CSLI) reveals a three-year peak in financial duress, driven by a relentless rise in bankruptcy and legal assistance requests—over 35 million and counting. Contrary to the recent surge in consumer confidence, this data forecasts a dip, exposing a groundswell of fiscal challenges. Particularly impacting younger generations, this trend hints at a latent economic...

In the intricate web of financial markets, the tightening of credit spreads often serves as an ominous overture to broader economic shifts. The current scenario, driven by a focus on liquidity, raises concerns about what lies ahead, hinting at potential storm clouds on the economic horizon. The ripple effects begin with a spotlight on auto loans, where many find themselves submerged in financial challenges. A concerning trend emerges as individuals resort to running up credit, not with the intention to repay but rather to navigate the inflated prices of goods. The influx of excessive government money has created a surge...