Saving is an important financial goal, but many people put off their savings goals because they lack enough extra income. Do you have enough savings to be prepared for potential job loss or other life changes that may occur? A recent Consumer Financial Protection Bureau study found that only about 1 in 4 Americans could cover more than six months of living expenses if they lost their main source of income. This isn't good news.
Fewer borrowers will be able to claim the student loan interest deduction for 2022, with federal loan payments on hold for the duration of the year. But some people may still qualify. Before the Covid pandemic, nearly 13 million taxpayers took advantage of the break, which allows borrowers to deduct up to $2,500 a year in interest payments they’ve made on their private or federal student loans.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees that are protected by an expansive immunity provision. Credit card companies have also relied on this provision to hike fees with inflation, even if they face no additional collection costs. The proposed rule would help ensure that over the top late fee amounts are illegal. Based on the CFPB’s estimates, the proposal could reduce late fees by as much as $9 billion per year.
When it comes to negative options, the CFPB has strong opinions. As demonstrated in its new circular, these opinions generally align with those of the Federal Trade Commission (FTC), which has repeatedly targeted trial offers, subscription sales, and other programs involving recurring charges for enforcement.
(NEXSTAR) – A month before the Supreme Court is scheduled to hear arguments on two cases challenging President Joe Biden’s student loan forgiveness program, the White House released state-by-state data of the roughly 26 million Americans who applied for debt relief before the application closed late last year.
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