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Students With Smallest Debt Most Likely to Default

Those with biggest debt tend to end up with high-paying jobs

(Newser) - Who is more likely to default on a loan: a student who borrows a few thousand dollars, or one who borrows $50,000? The answer may surprise you: According to new data from the Department of Education, students who borrow between $1,000 and $5,000 default in 34% of... More »

Couple's Disappearance Stumps Connecticut Cops

They were in deep in debt, but family says there's no connection

(Newser) - A Connecticut couple in their mid-50s has been missing for two weeks now, and police are investigating whether their financial troubles—including $2.2 million in debt—may have something to do with it, reports CNN . Their families, however, aren't buying it. Police found the pickup belonging to Jeffrey... More »

Want to Get Out of Debt? Study Finds Best Way to Do It

Your approach to debt relief may be all wrong

(Newser) - You're staring down a $600 credit card bill and $60,000 in student loan debt: Which do you tackle first? Conventional wisdom says whichever has the higher interest rate. A new study out of Texas A&M says ignore those rates—and start with that credit card bill. It... More »

Clinton Wants to Throw $350B at Making College Free, Cheap

Candidate's plan would make community college free, 4-year college 'no loan'

(Newser) - As student debt balloons into an issue in the realms of predatory lending , borrowers' mental health , and even the elderly , politicians continue to brainstorm on making college more affordable. Hillary Clinton's solution: a $350 billion proposal whose goals include making community college free, cutting costs to attend four-year public... More »

Puerto Rico Defaults on Debt

US island territory fails to make $58M debt payment

(Newser) - The government of Puerto Rico has confirmed that it failed to make a $58 million debt payment that was due Saturday, a significant escalation of the debt crisis facing the US island territory. Puerto Rican officials had warned on Friday that they would not make the payment because the island... More »

US Strip Club Recruits Recent High-School Grads

Club claims it can help women get ahead

(Newser) - New advertisements outside Little Darlings strip club in Las Vegas encourage recent high school graduates to apply, promoting stripping as a way to earn money for college. Fox 5 reports that Little Darlings manager Rick Marzullo says the ads fit in with the character of Las Vegas. The signs have... More »

Better Late Than Never: Britain to Repay WWI Debt

It still owes WWI investors some $3.2B

(Newser) - Britain is beginning to pay back some of the $3.2 billion it borrowed to help pay for World War I. The government plans to redeem some national war bonds (issued in 1917) in February, when it refinances $348 million of debt issued as far back as the 18th century.... More »

US Judge Holds Argentina in Contempt of Court

Country's lawyers call finding 'completely absurd'

(Newser) - A New York judge has found Argentina in contempt of court for its open defiance of his orders regarding US hedge funds that hold Argentina bonds. Judge Thomas Griesa made the finding today at a Manhattan hearing. He reserved decision on sanctions pending further proceedings. Lawyers for the US hedge... More »

Guy's License Suspended... Over 1981 Ticket

Typo is to blame for Kevin Berry's ordeal

(Newser) - When Kevin Berry was pulled over in Portland recently, he thought he was about to get a speeding ticket. But the officer told him his license had been suspended a few weeks earlier—over a ticket dating back 33 years. "I think it's crazy," Berry tells KATU... More »

A Third of US Is on Debt Collectors' Books

Average amount owed: $5K

(Newser) - More than a third of Americans with credit scores have debt "in collections"—meaning one in three of us has been reported to collection agencies, a study finds. That's a total of 77 million people whose non-mortgage debt is significantly overdue, the Urban Institute notes. The study... More »

Utah School Takes Lunches From Kids Who Owe

Parents outraged

(Newser) - Parents in Utah say they're outraged after up to 40 elementary school students at a Salt Lake City school had their school lunches thrown out because of outstanding balances on their account. The Salt Lake Tribune reports the move came Tuesday after the Salt Lake City District realized a... More »

Credit Card Debt Drove McDonnells: Indictment

Gory details from the allegations

(Newser) - Before Bob McDonnell was even in office, he and his wife were looking to then-Star Scientific CEO Jonnie Williams for gifts, according to the 43-page indictment against the couple. The document reveals that the couple had financial anxieties that may have driven their alleged graft, Politico reports. Weeks before McDonnell'... More »

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,... More »

Religious Family Lost at Sea Is Back in Arizona

Gastonguays face sizable debt after returning home

(Newser) - A family that fled the US in search of religious freedom is back home in Arizona instead, facing nearly $20,000 in debt. The Gastonguay family sailed off for the island nation of Kiribati, hoping to avoid what they said was government interference in religion—but storms damaged their boat... More »

Aggressive Debt Collector Pays $3.2M Fine

Promises to stop calling people multiple times a day

(Newser) - It's a little solace perhaps for people besieged by phone calls morning, noon, and night by debt-collection firm Expert Global Solutions: The company agreed to pay the FTC a $3.2 million fine and ease up on the harassment of debtors, reports Reuters . It's the biggest such fine... More »

1K Kentuckians Get Medical Debt Wiped Away

Thanks to Occupy offshoot

(Newser) - This is a protest that's easy to get behind: 1,064 Louisville-area residents have had their medical debts erased, thanks to what the Courier-Journal describes as a protest against the credit industry. The Rolling Jubilee Fund's intent is "to buy and abolish personal debt," per its... More »

Greek Report: Germany Owes Us Billions for World War II

Cash could be enough to end debt crisis

(Newser) - Greece may have a novel way of solving its debt problems: Get Germany to pay billions in decades-old war reparations. The Greek finance ministry commissioned a secret report that says Germany owes the country big time over World War II. Though the Greek newspaper, To Vima, that printed the report... More »

Our Credit Card Debt Just Got Worse

Q3 wasn't such a stellar one for plastic-happy Americans

(Newser) - Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows. The average credit card debt per borrower in the US grew 4.9% in... More »

Occupy Activists Buy, 'Liberate' Bad Debt

The Rolling Jubilee project is seeking donations

(Newser) - Occupy Wall Street campaigners have a new target: distressed debt. A project called Rolling Jubillee is soliciting donations to buy up bad debts at bargain prices and cancel them, the Telegraph reports. So far they've only bought $14,000 in debt for $500, but they want to refill their... More »

Educated Americans Have More Debt Woes

They 'thought they were immune' to the financial crisis

(Newser) - Think highly educated Americans came out better in the 2008 financial crash? According to two new studies , those with college degrees actually took on more unmanageable debt than other Americans, reports Time . "People with college educations may have thought they were immune to any economic problems," says Sherman... More »

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