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Should You Plan for $50,000 In Student Loans Forgiveness?

Last week, President Biden asked the Department of Education to review his legal authority in using executive action to forgive student loan debt, which has renewed hope for many of the 45 million borrowers that collectively owe $1.7 trillion in student loans. But how should this affect your repayment strategy, and…Read more...
Tags: Politics, Money, Finance, Debt, Economy, Credit, Loans, Lifehacks, Biden, Debt relief, Student Debt, Department Of Education, Student Loan, Ron Klain, Business Finance, Zack Friedman


Four-fifths of Sudan's £861m debt to UK is interest

Freedom of information data will increase calls for country to be granted debt amnestyWhen Dominic Raab, the foreign secretary, was in Sudan in January he offered £40m in aid to help its poorest people, who are facing unprecedented food scarcity in a debt-laden country where austerity is deepening.Sudan, ruled by an unelected military-led transitional government after longtime ruler Omar al-Bashir was deposed in 2019, owes the UK almost £900m. But the Observer can reveal that almost 80% of that ...
Tags: Business, UK, Africa, Economics, Society, World news, Middle East and North Africa, Sudan, Debt relief, Omar al Bashir, Dominic Raab, International Monetary Fund (IMF


You Now Qualify for Student Loan Forgiveness If You Were Misled

The Department of Education announced that they will forgive approximately $1 billion in student loan debt for borrowers who have been misled or scammed. The move loosens Trump-era loan restrictions for this type of claim, and includes full forgiveness for previously approved claims that received less than a full loan…Read more...
Tags: Money, Education, Yahoo, Finance, Debt, Economy, Loans, Lifehacks, Debt relief, Student Debt, Department Of Education, Trump, Student Loan, Public Service Loan Forgiveness, Business Finance, Pay As You Earn


Poorest countries will suffer most from Covid downturn, says UN

Unctad agency says international cooperation has fallen well short of what is needed given scale of crisisCoronavirus – latest updatesSee all our coronavirus coverageThe UN has said the poorest and most vulnerable countries will be the biggest losers from a pandemic downturn that will leave the global economy nursing $10tn (£7.2tn) of losses by the end of the year.Despite becoming the latest international body to revise its growth forecast for 2021 upwards, the UN’s conference on trade and devel...
Tags: Business, Economics, World news, Global Economy, Un, Debt relief, UNCTAD, Coronavirus, COVID


What lengths would you go to to pay off your debt?

In this extract, from the anthology Upshot curated by Lauren Beukes, the author imagines rich people and voters at home deciding on his character’s fate The post What lengths would you go to to pay off your debt? appeared first on The Mail & Guardian.
Tags: Money, Opinion, Retirement, Finance, Debt, Investment, Income, Debt relief, Wage, Universal Basic Income, Financial Advice, Openaccess, Longevity, Lauren Beukes, Debt Slavery, Basic Wage


Why You Shouldn't Make Monthly Payments on Your Paused Student Loan (Even If You Can)

If you live with student loans, you’ve likely been paying close attention to our government’s ongoing debates about enacting public student loan forgiveness—to the tune of $50,000, $10,000, or none at all. The context is familiar: the average American student loan debt hovers around $30,000, and was a repayment crisis…Read more...
Tags: Money, Finance, Debt, Economy, Loans, Lifehacks, Debt relief, Student Debt, Interest, Student Loan, Public Service Loan Forgiveness, Business Finance, Student Loans In The United States, Repayment Plan


UK urged to take lead in easing debt crisis in developing countries

Boris Johnson should use upcoming G7 presidency to insist UK banks join debt suspension schemes, campaigners sayBoris Johnson should use his presidency of the G7 this year to insist that UK banks take part in the global push to alleviate a new developing country debt crisis, a campaign group has urged.The Jubilee Debt Campaign (JDC) said there was a special responsibility on Britain to act, as it released new figures showing that London-based banks were the largest owners of debt issued by poor ...
Tags: Business, UK, London, UK News, World news, Banking, Financial Sector, Britain, Global development, Boris Johnson, Johnson, Debt relief, G7, JDC


The number of people in need is frightening – we need a global response | Axel van Trotsenburg

We can rise to the challenge of a green, resilient and inclusive recovery from Covid, but only if critical changes are madeThe numbers are well-publicised but bear repeating. Around 120 million more people were pushed into extreme poverty in 2020, a number that could rise to 150 million in 2021. An estimated 250 million jobs have been lost around the world, and the number of people affected by acute food insecurity was estimated to have doubled to 272 million by the end of last year. A decade of...
Tags: Health, Gender, Education, Society, World news, Poverty, Global development, Food Security, Debt relief, Coronavirus, COVID, Axel van Trotsenburg


UK must cancel poor countries' debt or face Covid-19 'financial tsunami'

International development committee tells government that pandemic and foreign aid cuts fuelling poverty and food insecurityBillions of dollars of debt owed by poor countries must be permanently cancelled in order to stave off a “looming financial tsunami” caused by Covid-19 and the ensuing global recession, a cross-party committee of MPs has warned.Debt relief will not be enough to help the world’s most vulnerable economies as they face skyrocketing levels of hunger and unemployment, according ...
Tags: Politics, UK, Society, UK News, World news, House Of Commons, Aid, Global development, Foreign, Debt relief, COVID, Commonwealth and Development Office


Why the Covid economic crisis has hit poorer nations less deeply than feared

If global growth resumes in 2021 some developing countries may skate through the crisis. Others won’t be so lucky Last March, when Covid-19 infected the world economy, many observers feared that emerging markets and developing countries would suffer the most, financially and otherwise. Economically, they relied on commodity exports, remittances, and tourism, all of which fell through the floor with the pandemic. There was every reason to expect a tsunami of financial crises and debt defaults.The...
Tags: Business, International Trade, Economics, G20, World news, Global Economy, Global recession, Global development, Emerging Markets, Zambia, Bonds, Rating agencies, Debt relief, Coronavirus, Argentina Ecuador Belize Lebanon Suriname


Zambia's default fuels fears of African 'debt tsunami' as Covid impact bites

Aid agencies say debts should be restructured or cancelled due to the pandemic and warn other countries could followZambia has become the first African country to default on its debts since the pandemic, leading to fears that a “debt tsunami” could engulf the continent’s most heavily indebted nations as the financial impact of coronavirus hits.A hastily-arranged G20 finance minister meeting in Saudi Arabia failed to sort out Zambia’s debt, after the southern African country missed a $42.5m (£32m...
Tags: Saudi Arabia, Africa, Economics, World news, Poverty, Global development, Zambia, Debt relief, International Monetary Fund (IMF, Coronavirus


‘People are suffering’: G20 to call on private lenders to suspend debt repayments

At this weekend’s meeting in Riyadh, leaders will urge action to free up resources to help stricken developing countries combat Covid-19From his house in Nairobi, banker turned financial vlogger James Mumo contemplated the state of Kenya’s post-pandemic economy. “It’s hopeless for a normal businessperson just trying to make a living for their family,” he says.The economic crisis caused by the pandemic and ensuing lockdowns has left many struggling: 1.7 million Kenyans lost their jobs between Apr...
Tags: Africa, World news, Banking, Poverty, Aid, Global development, Kenya, Debt relief, Riyadh, Nairobi, Coronavirus, James Mumo


Should You Get a Personal Loan or Use a Credit Card?

As interest rates for personal loans tend to be lower than credit cards, you might wonder why people bother with credit cards at all? Personal loans have their own limitations, however, making them better suited for targeted spending—typically to fund unexpected expenses, home improvements, or to consolidate debt.Read more...
Tags: Personal Finance, Debt, Loans, Credit Card, Lifehacks, Debt relief, Debt Repayment, Personal Loans


What You Should Know about Student Loan Hardship in 2020

There is no doubt that America has a massive student loan problem, as over 44 million Americans owe a U.S student loan debt of over $1.56 trillion. When I started Ascend Finance, I did not realize just how big the issue actually was.  The main source of this problem due to the lack of financial knowledge among students in colleges. In a survey conducted by Student Loan Hero, they found out that 10% of students in colleges think that they don’t need to pay their student loan debt even if...
Tags: Fashion, Government, America, Debt, Back To School, Finances, College Students, College Debt, Loans, Debt relief, Student Loan, Fafsa, US Department of Education, IBR, Ascend Finance


Can You Escape Your Student Debt by Leaving the Country?

With the student loan debt crisis only getting worse, many borrowers might be be tempted to leave the country and live debt-free. Can it work? Yes. Is it a good idea? Not if you ever want to return to the US later in your life. Read more...
Tags: US, Student Loans, Student Loan Debt, Loans, Lifehacks, Debt relief, Living Abroad, Debt Management


You Should Never Pay an Upfront Fee for Student Loan Debt Relief

Americans owe $1.67 trillion in student loans, and rapacious private companies or outright scam artists are rampant, luring borrowers with offers of debt elimination or reduced payments. If you are asked to directly pay an upfront fee before you see student debt relief, stay clear. It’s a scam.Read more...
Tags: Student Loans, Lifehacks, Scam, Debt relief, COVID


Creditors must wake up fast to threat of emerging market debt crisis

Zambia could become the first country to default on its debts amid the fallout from Covid-19, but it won’t be the lastZambia is running out of money to pay its debts. It has asked bondholders for breathing space so that it can put a restructuring plan in place. The copper-rich African state is at risk of being the first country to default on its debts since the start of the coronavirus pandemic.But not the last. Zambia is the canary in the coalmine, a harbinger of a full-blown crisis that has be...
Tags: Business, China, Africa, Economics, World news, Global Economy, World Bank, Zambia, Debt relief, International Monetary Fund (IMF, COVID


Debt-for-climate swaps are crucial for economic recovery in the developing world

COMMENT: Developing countries face a debt crisis that will only become worse as the Covid-19 pandemic continues, and massive debt relief will inevitably be necessary. The only question is whether it will be designed to address the even larger climate crisis The post Debt-for-climate swaps are crucial for economic recovery in the developing world appeared first on The Mail & Guardian.
Tags: Climate Change, Opinion, Environment, Debt, G20, International Monetary Fund, Debt relief, Pandemic, Top Six, Coronavirus, COVID-19, Public Debt Burden


Debt in developing countries has doubled in less than a decade

Jubilee Debt Campaign reveals a sharp rise in the number of countries in distress since 2018Developing nation debt has more than doubled in the past decade and has left more than 50 countries facing a repayment crisis, according to a campaign group.New data from the Jubilee Debt Campaign showed that even without taking full account of the impact of the coronavirus pandemic there had been a sharp jump in the number of poor countries in debt distress since 2018. Continue reading...
Tags: Business, Economics, World news, Global Economy, Global development, World Bank, Debt relief, International Monetary Fund (IMF


World Bank calls on creditors to cut poorest nations' debt payments

Cooperation needed to avoid turning Covid-19 into deeper economic crisis, says economistPrivate sector lenders to some of the world’s poorest countries should agree plans to reduce debt payments or risk turning the Covid-19 pandemic into a deeper economic crisis, the World Bank has said.Speaking before the start of the G20 finance ministers meeting this weekend, the bank’s chief economist, Carmen Reinhart, said banks and hedge funds that lend to the developing world should cooperate with moves t...
Tags: Business, Economics, Society, World news, Global Economy, World Bank, Debt relief, Carmen Reinhart, Coronavirus outbreak


Covid-19 is no excuse for sovereign creditors to move the goalposts on debt

Vulture funds want to change Argentina’s debt structure. We need to stop them from setting a dangerous precedent In the wake of Covid-19, there is an urgent need for sovereign debt restructuring, including debt relief. In the circumstances caused by the pandemic, many countries’ repayment obligations could have devastating social consequences if they are not adjusted. Financial markets face risks of sovereign default.While some ad hoc relief has already been promised by official creditors, indeb...
Tags: Business, Americas, Economics, World news, US news, Global Economy, Argentina, Bonds, Debt relief, United Nations General Assembly, International Monetary Fund (IMF


What It's Like to Get Debt Counseling

Not too long ago, I found myself in so much debt I didn’t know how to begin to deal with it. I didn’t feel comfortable asking anyone in my family or social circle for help, even though I knew I needed some backup to allow me to look at my situation objectively. So I called a debt counselor.Read more...
Tags: Debt, Lifehacks, Debt relief, Debt Payoff


Calls for debt relief to help world's poorest nations fight coronavirus

Australia urged to use its influence to push for the permanent cancellation of all debt due from vulnerable countries in 2020Low-income countries need their debts for 2020 forgiven, alongside billions in emergency grants to survive the Covid-19 crisis, civil society groups around the world have said, arguing the viral pandemic will hit hardest the poorest people in the poorest countries.More than 100 civil society organisations internationally have called on creditor nations to permanently cance...
Tags: Health, Australia, G20, Australia news, Asia Pacific, Infectious Diseases, Global Economy, Australian politics, World Bank, Debt relief, Australian economy, Pacific Islands, International Monetary Fund (IMF, Coronavirus outbreak


Coronavirus crisis demands that the G20 give debt relief to sub-Saharan Africa

With the IMF and World Bank spring conference approaching, research underlines need to bail out world’s poorest countriesFor more than two years the World Bank and the International Monetary Fund have warned that sub-Saharan Africa . Ever since commodity prices began to fall in 2015, the public finances of nations stretching from Nigeria to Kenya and Chad to South Africa have deteriorated.If China is the manufacturing centre of the world, Africa is its chief supplier of essential materials, fro...
Tags: Business, China, Nigeria, Africa, Economics, Society, World news, South Africa, Global Economy, Chad, Kenya, International Monetary Fund, World Bank, Debt relief, Imf, Saharan Africa


Should You Consider Credit Card Forbearance?

If you’re worried about making your credit card payments on time due to job loss, furlough or income reduction, you might be asking yourself whether you should take advantage of one of the credit card forbearance programs many lenders are offering during the coronavirus pandemic. Read more...
Tags: Personal Finance, Debt, Lifehacks, Debt relief, Credit Card Forbearance


Debt relief allows Somalia to rejoin global economy after 30-year exile

IMF and World Bank sign off $5bn in assistance with help of bridge financing from Norway, Italy, the UK and the EUSomalia’s debt will be slashed to a fraction of its current levels after almost $5bn (£4.1bn) of assistance was approved by the International Monetary Fund and World Bank.A joint statement from the global financial institutions praised Somalia’s efforts at economic reform, allowing it to qualify for a debt relief programme and reintegrate into the global economy after 30 years. Conti...
Tags: UK, Africa, Society, World news, Middle East and North Africa, Global development, World Bank, Somalia, Debt relief, Imf, Norway Italy, International Monetary Fund and World Bank, International Monetary Fund (IMF


Africa leads calls for debt relief in face of coronavirus crisis

IMF and World Bank lend their support in bid to help poorest countries strengthen their health systemsCoronavirus – latest updatesSee all our coronavirus coverageGovernment ministers across Africa have called for the suspension of debt interest payments as the Covid-19 crisis deepens.The numbers of cases being reported in Africa are still behind Europe and the US but rises are being confirmed in South Africa, Kenya, Egypt, Algeria and Burkina Faso, among others, and there is fear of what economi...
Tags: Europe, Africa, US, Global development, World Bank, Burkina Faso, Debt relief, Imf, International Monetary Fund (IMF, Coronavirus outbreak, COVID, South Africa Kenya Egypt Algeria


Urgent call to head off new debt crisis in developing world

Covid-19 crisis is raising borrowing costs for poorer nations just as commodity exports, tourism and remittances sent home fallRapid action is needed to head off the risk of a new debt crisis in the world’s poorest countries amid evidence that the Covid-19 pandemic is raising borrowing costs and hitting commodity exports, according to a leading campaign group.A Jubilee Debt Campaign report said some of the world’s most vulnerable nations were being hit by a double whammy of increasing debt inter...
Tags: Business, Africa, Economics, Society, World news, Commodities, Global Economy, Rating agencies, Debt relief, Standard & Poor's, Coronavirus outbreak


Lebanon to default on debt for first time amid financial crisis

Country was due to repay a $1.2bn Eurobond this month but will seek to restructure its debtsLebanon said on Saturday it would default on its Eurobond debt for the first time and seek out restructuring agreements amid a spiralling financial crisis that has hit foreign currency reserves.The country, hit by a severe liquidity crunch and months of anti-government protests, was due to repay a $1.2bn (£920m) Eurobond on 9 March, while another $700m matures in April and a further $600m in June. Continu...
Tags: Economics, World news, Euro, Middle East and North Africa, Global Economy, World Bank, Lebanon, Debt relief


Ballooning debt forces poor countries to cut public spending

Congo-Brazzaville and Chad among hardest hit as campaigners warn spiralling repayments could trigger disasterPoorer countries are cutting public spending in response to a “growing debt crisis”, campaigners have warned.Debt in some countries has trebled, according to new , that calculate debt reimbursements, and their impact on government expenditure, in 60 countries. Continue reading...
Tags: Business, Economics, Society, World news, Aid, Global development, Chad, Congo Brazzaville, Debt relief, International Monetary Fund (IMF