The Most Completely Depressing Stat About Americans’ Debt

by Joshua Friedman

Consumer confidence may be up, but the picture changes when Americans think about their debt load and the likelihood they’ll ever dig out from it. In a new CreditCards.com survey, 18% of Americans with debt say they won’t eliminate those debts in their lifetime, double the number who said the same in a 2013 survey.…

Older Americans Buoy Housing With High Ownership Rate

by Joshua Friedman

Bill Braswell is staying put in his Virginia home even though he could sell it for 10 times what he paid in 1980 and some of his retired friends are moving to warmer climates. “I’m on boards and commissions and I enjoy that brain activity, so no, I don’t want to move to South Carolina…

Prisoner Tax Fraud Now a $1 Billion Problem

by admin

The Internal Revenue Service has long-struggled with weeding out prisoner tax fraud—an issue that costs taxpayers tens of millions of dollars every year. Despite the IRS’s efforts, the problem is getting worse. Tax fraud committed by incarcerated people has skyrocketed in the last few years. Fraudulent refund claims by prisoners ballooned to more than $1…

Jobless Claims in U.S. Increase to Almost Three-Month High

by admin

More Americans than forecast filed for unemployment benefits last week, a possible sign the pace of improvement in the labor market has cooled. Jobless claims increased by 21,000 to 313,000 in the week ended Nov. 22, the highest since early September, from 292,000 in the prior period, the Labor Department reported today in Washington. It…

What recovery? A look at those left behind

by admin

In college, English major Michael Greene planned to pursue a career in advertising. He built a portfolio and had several interviews. But when he graduated in 2008, the recession was in full swing. Now, six years later, he’s held a handful of jobs in various fields—telemarketing, office administration and now information technology—but not advertising. While…

Baby Boomers Are Becoming The Restaurant Industry’s Greatest Crisis

by admin

Casual dining restaurants’ customers are struggling to attract young customers — and that’s a big problem for business. Casual dining restaurants’ customers are struggling to attract young customers — and that’s a big problem for business. While customers at so-called “fast casual” chains like Chipotle, Panera Bread, and Five Guys are entering peak spending years,…

Five takeaways on retirement from the midterm elections

by admin

Retirement policy wasn’t on the ballot in last week’s midterm elections. But the new political landscape could threaten the retirement security of middle-class households. With Republicans in full control of Congress, expect efforts to cut Social Security and Medicare benefits. And more Republican-controlled statehouses mean more efforts to curtail state and local workers’ pension plans.…

States Are Lowering Their Estate Taxes to Lure Retirees

by admin

It’s not unusual for states to claim that they’re terrific places to live. But increasingly, states are trying to get out the message that they’re also great places to die. In 2015, four states will increase the amount that’s exempt from state estate taxes, reducing or eliminating the tax that heirs will have to pay.…

The states with the highest foreclosure rates

by admin

U.S. foreclosure activity declined in September, reaching the lowest number of properties with a foreclosure filing since July 2006: 106,866. That’s down 9% from August and down 19% from last September, according to the monthly RealtyTrac foreclosure report, marking the 48th consecutive month of year-over-year declines in the foreclosure rate. September was also the final…

Millennials to Get Hit By Falling Debt Dominoes, Say Pew And TransUnion Reports

by admin

NEW YORK — First it was the 30-somethings who attracted attention when they seemed painted into a corner by student loans that kept them from big ticket consumer purchases. But that same trend was bleeding into people in their 20s. Now it’s the Millennials, which includes people from their early 30s to as young as…