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Keyword: credit

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  • Child tax credit: Will taxpayers see more money in 2024?

    03/16/2024 11:27:33 AM PDT · by ChicagoConservative27 · 8 replies
    The Hill ^ | 03/16/2024 | Jeremy Tanner
    (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...
  • President Biden wants to give homebuyers a $10,000 tax credit. Here's who would qualify.

    03/09/2024 5:50:05 PM PST · by ChicagoConservative27 · 52 replies
    Cbsnews ^ | 03/08/2024 | Aimee Picchi
    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 to Acquire Discover as Debt Continues to Strangle Americans

    02/20/2024 5:59:27 AM PST · by Red Badger · 68 replies
    Liberty Daily ^ | • Feb. 20, 2024 | By Harold Hutchison, Daily Caller News Foundation
    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 acquiring Discover Financial Services

    02/19/2024 10:10:55 AM PST · by NautiNurse · 55 replies
    CNBC ^ | 19 February 2024 | Hakyung Kim
    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...
  • Massachusetts expanded the child tax credit. Congress should too.

    02/13/2024 12:39:38 PM PST · by ChicagoConservative27 · 17 replies
    The Hill ^ | 02/13/2024 | MAURA T. HEALEY
    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...
  • U.S. Credit card debt hits a 'staggering' $1.13 trillion. Here's why so many Americans are under pressure

    02/07/2024 2:57:24 PM PST · by SeekAndFind · 58 replies
    CNBC via MSN ^ | 02/07/24 | Jessica Dickler
    * 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...
  • Home The Truth About Biden’s Awful Jobs Report And Rising Credit Card Delinquencies (Weakest Jobs Report For January On Record, 90+ Day Delinquency Rate Rises To Almost 10%)

    02/06/2024 9:21:55 AM PST · by Kaiser8408a · 11 replies
    Confounded Interest ^ | 02/06/2024 | Anthony B. Sanders
    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 Accumulate Record Credit Card Debt Amidst Inflation and High Interest Rates, Concerns Rise Over Banking Stability.

    02/06/2024 2:37:10 AM PST · by davikkm · 5 replies
    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.
  • House Passes Child Tax Credit Expansion Bill Over Freedom Caucus Opposition

    02/02/2024 12:56:10 PM PST · by SeekAndFind · 7 replies
    American Action Network ^ | 02/02/24 | Arjun Singh
    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...
  • Dem Rep. Dingell: Biden Has ‘Done a Great Deal’ But Other People Take the Credit

    02/02/2024 5:54:19 AM PST · by ChicagoConservative27 · 10 replies
    Breitbart ^ | 02/02/2024 | Pam Key
    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...
  • Doom Spending: Unveiling the Quiet Crisis in America

    01/31/2024 10:28:07 AM PST · by davikkm · 17 replies
    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.
  • Debt Crisis Deepens as Bankruptcies Surge… Millennials Struggle under Unprecedented Financial Pressure

    01/29/2024 3:04:18 AM PST · by davikkm · 47 replies
    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...
  • Brace for Impact: Tightening Credit Spreads Signal Economic Storm Ahead Amid Rising Auto Loan Challenges and Inflated Prices

    01/28/2024 2:03:58 PM PST · by davikkm · 11 replies
    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...
  • Bidenomics In The Underworld! Inflation Causing Consumer Credit Debt To Soar After Second Biggest Surge In Credit Card Debt On Record As Food And Gasoline Prices Soar > 20% Under Biden (Credit Card Rates At 22.75%)

    01/08/2024 1:11:22 PM PST · by Kaiser8408a · 6 replies
    Confounded Interest ^ | 01/08/2024 | Anthony B. Sanders
    Bidenomics has taken the US economy to the underworld. Where households have to run up credit cards to ridiculous levels to cope with inflation under Bidenomics. Under Bidenomics, food prices are up 20.4%, home prices are up 33.5% and regular gasoline prices are up 28.2%. Whip out those credit cards!!!!! According to the latest monthly consumer credit report from the Fed, in November, consumer credit exploded higher by $24.75BN, blowing away expectations of a “modest” $9BN increase after the surprisingly subdued $5.8BN (upward revised from $.5.1BN) in October and the $4.3BN average of the past 6 months. This was the...
  • The Banks Are Not Alright! Banks Continue To Lose Deposits (21 Straight Weeks Of Negative Bank Credit Growth)

    12/28/2023 6:33:04 AM PST · by Kaiser8408a · 14 replies
    Confounded Interest ^ | 12/28/2023 | Anthony B. Sanders
    While The Who Sang “The Kid’s Are Alright” ,the same can’t be said of banks. It has been nine months since the spectacular and sudden collapse of Silicon Valley Bank. After witnessing three of the four largest bank failures in U.S. history in 2023, the attention of the media and the markets has turned elsewhere. Banking crisis? It is as though it never happened. Having fallen by some 40 percent in March, the NASDAQ Bank Index has recovered to within 15 percent of its high from February. In the last few months, nearly all markets have gone on a bull...
  • Loose As A Goose? US 30Y Yield Tumbles Back Below 4.00%, Financial Conditions Loosest Since May 2022

    12/27/2023 8:56:40 AM PST · by Kaiser8408a · 2 replies
    Confounded Interest ^ | 12/27/2023 | Anthony B. Sanders
    Are US financial conditions loose as a goose? Despite resilience in US data, 30Y Yields have plunged back below the 4.00% Maginot Line this morning… Source: Bloomberg The last few weeks have seen US macro data reverse its recent trend of disappointment… Source: Bloomberg The long-end of the curve is outperforming… Source: Bloomberg But, ‘do not fight The Fed’ seems to be the narrative and expectations for a March rate-cut are rising once again… Source: Bloomberg And the market is pricing in over 160bps of cuts for next year… Source: Bloomberg Financial Conditions are now at the same level of...
  • Rising Credit Card Balances and Economic Discontent: Unpacking the Reality of Worsening Inequality

    12/20/2023 6:41:41 AM PST · by davikkm · 13 replies
    In the intricate web of economic indicators, the perils of relying on averages come to light, exposing the stark reality of worsening inequality. Beyond the glossy surface of seemingly prosperous financial landscapes, a deeper dive into individual income data reveals a challenging narrative for the bottom 80 percent. Bank of America’s assertion that credit card delinquencies are on the rise is a somber note in the symphony of economic statistics. While, on average, households may boast flush liquid assets, the truth lies in the nuanced story of individual struggles within the lower income brackets. This narrative is intimately tied to...
  • Consumer Crunch: Americans Struggle as Credit Card Delinquency Soars and Inflation Takes a Toll

    12/08/2023 11:32:45 AM PST · by davikkm · 17 replies
    In a stark reality check, Bloomberg reports that the economic optimism touted by some is falling flat for many American households. The sentiment of being worse off isn’t just a feeling; it’s a harsh truth. According to the Daily Rampart from @ftschuyler, Credit Card Delinquency levels have doubled since the COVID lows, painting a concerning picture of financial strain. As inflation runs rampant, the impact is palpable even in everyday expenses. A snapshot of what $70 gets you at Walmart is a testament to the escalating costs that consumers are grappling with, highlighting the stark reality of today’s economic landscape.
  • Easy Money?? The Money Supply Continues Its Biggest Collapse Since The Great Depression As Credit Card Rates Exceed 20% (49 Straight Weeks Of Negative M2 Money Growth)

    12/06/2023 11:01:10 AM PST · by Kaiser8408a · 21 replies
    Confounded Interest ^ | 12/06/2023 | Anthony B. Sanders
    Bidenomics was all about “easy money” ... until inflation led The Fed to tighten. The result? 49 straight weeks of negative M2 Money “growth.” Money supply growth fell again in October, remaining deep in negative territory after turning negative in November 2022 for the first time in twenty-eight years. October’s drop continues a steep downward trend from the unprecedented highs experienced during much of the past two years. Since April 2021, money supply growth has slowed quickly, and since November, we’ve been seeing the money supply repeatedly contract year over year. The last time the year-over-year (YOY) change in the...
  • White House: Can’t Confirm Blinken Told Israel It Lacks ‘Credit’ and Won’t Talk About Private Talks

    12/01/2023 6:13:26 PM PST · by ChicagoConservative27 · 13 replies
    Breitbart ^ | 12/01/2023 | Ian hatchett
    On Friday’s broadcast of the Fox News Channel’s “The Story,” White House National Security Council Coordinator for Strategic Communications John Kirby responded to a question on reporting that Secretary of State Antony Blinken told Israel it doesn’t have the “credit” for a months-long war to eradicate Hamas by stating that he can’t confirm the reports and “wouldn’t talk about private diplomatic conversations anyway,” but Blinken and President Joe Biden have been clear that “we’re going to continue to support Israel as they fight to defend themselves against a quite clearly genocidal threat posed by Hamas.”