Seniors Are Racking Up Excessive Debt

Seniors racking up excessive debt.
You’ve saved for retirement and built up a sizable nest egg. However, you forgot to consider one factor – excessive debt as you approach retirement.

Too many seniors are facing that grim scenario. According to the Employee Benefit Research Institute (EBRI), the share of families age 75 and above with debt shot up from 31.2 percent in 2007 to almost half in 2016. The average debt of these households is $36,757.

The pre-retirement crowd isn’t faring any better. According to EBRI, 77 percent of families with heads of household aged 55-64 are carrying debt.

Increasing Fastest Among Oldest

However, the percentage of debtors is increasing most rapidly among seniors aged 75 and above.
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Learn How To Cash Out Life Insurance Policy

Life insurance is one of the main aspects of personal financial savings and is considered by the majority of households all over the world. But, despite the fact that it is universally applicable there are still times that people tend to sell their policies in exchange for the lump sum amount and there are plenty of reason why. This article will walk you through the various features on How to cash out life insurance policy? [Read more…]

How Has the Consumer Financial Protection Bureau Changed Under Trump?

CSFB's Credit Card Report and Has the Consumer Financial Protection Bureau Changed Under Trump?

President Trump promised changes in Washington upon his election. Whether you are a Trump fan or foe, there’s no question he’s succeeded in that goal. Sometimes the change is precipitated by the President’s choice to lead an agency, as in the case of the Consumer Financial Protection Bureau (CFPB).

The CFPB was born out of the Dodd-Frank legislation in 2010 as a vehicle to both regulate banks after the Great Recession and protect consumers from harmful and predatory financial practices.

The CFPB was intentionally structured to be independent of political forces. Its money comes from the Federal Reserve, not Congress.
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1 in 5 U.S. Student Loans Are Delinquent

Student loan delinquencies are soaring

Student Loan Delinquencies Are Higher Than Any Other Type of Credit in the U.S.

According to recent data from the New York Federal Reserve, our $1.38 trillion in outstanding student loan debt is second only to mortgage debt but comes with a higher delinquency rate.

As of the end of 2017, approximately 1.3% of mortgage balances were delinquent by ninety or more days. With student loans, the delinquency rate is a startling 11% – and that figure understates the problem.
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