US hits $38T in debt, after the fastest accumulation of $1T outside of the pandemic
The Joint Economic Committee estimates that the total national debt has grown by $69,713.82 per second for the past year.
Debt
-
Hotels’ vacancy woes cause debt headaches
With travel and convention business continuing to stagnate and COVID-19 cases on a steep rise, many properties find themselves scrambling for long-term loan solutions and pleading for help from lenders.
Read More -
Retail developer who took his own life was dogged by debts
Craig Johnson left behind what court records show is millions of dollars in debt that might not be covered by his estate.
Read More
Articles
Indiana interim courts committee concludes without recommendations
After meeting for just over three cumulative hours this year, the interim courts committee came to a close Tuesday without making any recommendations on its assigned topic: medical debt.
Report: Americans would save $100B if credit card rates were capped
Trump proposed the cap during the 2024 election, but hasn’t mentioned it since. However, politicians like Sen. Josh Hawley and Sen. Bernie Sanders have introduced similar bills.
Legislators take closer look at medical debt protections
Indiana ranks 11th among the states in terms of the percentage of population with medical debt in collections, one survey shows.
Consumer groups, debt collectors clash in Indiana medical debt hearing
Testimony on Monday set the stage for an interim committee to find a balance between growing medical debt weighing down Hoosiers and allowing health care providers to collect what’s owed.
Homeowners turn to cash-out refinancing to take advantage of big gains in home equity
Cash-out refinances, in which homeowners take out a loan for more than they owe on their mortgage and pockets the difference, accounted for roughly 60% of all home loan refis in the second quarter.
US national debt reaches a record $37 trillion, the Treasury Department reports
The national debt eclipsed $37 trillion years sooner than pre-pandemic projections.
Federal judge reverses rule that would have removed medical debt from credit reports
The CFPB estimated the rule would have removed $49 billion in medical debt from the credit reports of 15 million Americans.
Senate rushes to pass Trump’s tax bill, which could raise national debt by $3.3 trillion
Trump’s One Big Beautiful Bill would extend tax cuts passed in 2017, enact campaign promises such as no tax on tips, spend hundreds of billions of dollars on immigration and defense, and slash social benefit programs including Medicaid.
Credit scores decline for millions as student loan collections restart
According to the Federal Reserve Bank of New York, about 1 in 4 people with student loan accounts were more than 90 days behind on payments at the end of March.
Mickey Kim: Moody’s downgrade points to looming U.S. debt calamity
Moody’s, S&P Global Ratings and Fitch Ratings are the three primary credit rating agencies for corporate and government borrowers. Moody’s was actually the last CRA to strip the United States of its highest credit rating.
Rising bankruptcy filings hit Indiana, nation
Indiana’s bankruptcy filings are climbing as consumers and businesses feel the economic pinch from housing costs, high credit card debt and student loans.
Medical debt collection agency closes in Fishers
The collection agency, which had more than 90 employees, was ordered in 2023 to pay a $1.68M penalty for violations of federal debt-collection and credit-reporting laws.
Trump wants debt ceiling increase in budget deal. If not, shutdown should ‘start now’
Hours before the start of a possible federal government shutdown, President-elect Donald Trump doubled-down on his insistence that the debt ceiling be increased or eliminated.
Rising price of paying national debt complicates Trump’s promises on growth, inflation
Not only is the federal debt at roughly $36 trillion, but the spike in inflation after the coronavirus pandemic has pushed up the government’s borrowing costs such that debt service next year will easily exceed spending on national security.
Medical debt proposal draws mixed response
A national proposal to remove medical debt from consumer credit reports could have a significant impact in Indiana, where the percentage of residents with delinquent medical debt is higher than in 39 other states.
Not-for-profits, anonymous donor pay off medical debt for 112,000
The debt-relief initiative is part of a partnership between the United Neighborhood Centers of Indianapolis, United Way of Central Indiana and national not-for-profit Undue Medical Debt.
U.S. consumer agency proposes to ban medical debt from credit reports, loan decisions
The rules would ban credit reporting agencies from incorporating medical debt when calculating credit scores. They would also bar lenders from using medical debt to determine loan eligibility.
Indianapolis-based canned cocktail maker in financial distress, facing forced bankruptcy
The CEO of Blue Marble says the company is about $22 million in debt and considering its options after three of its creditors moved last month to force it into bankruptcy.
Capital One to buy Discover in $35B deal that combines major credit card companies
Both companies have benefitted from Americans’ increased use of credit cards. In the fourth quarter of 2023, Americans held $1.13 trillion on their credit cards, and aggregate household debt balances increased by $212 billion, up 1.2%, according to the latest data.