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

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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…

America’s oldest workers: Why we refuse to retire!

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For these seniors, the best retirement is not to retire. From a 102-year-old Wal-Mart worker to an activist park ranger, these workers have stayed on the job well into their golden years. The Wal-Mart worker Name: Loren Wade Age: 102 At 102 years old, Loren Wade is one of the oldest workers in the country. For the…

More Americans forgo marriage as economic difficulties hit home

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As long-term financial security becomes a pipe dream for more Americans, a growing share is giving up on marriage. One in five U.S. adults aged 25 or older had never been married in 2012, a record high, according to a new report by the Pew Research Center that analyzed Census data. In 1960, the number…

Cuts to food stamps will only hit 4 states

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WASHINGTON (AP) — Cuts to the nation’s food stamp program enacted this year are only affecting four states, far from the sweeping overhaul that Republicans had pushed, an Associated Press review has found. As a result, it’s unclear whether the law will realize the estimated $8.6 billion in savings over 10 years that the GOP…

Financial reforms will make the next crisis even messier

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There is a time-honoured way of protecting taxpayers from picking up the bill for the failure of a systemically important financial institution. It involves central banks and finance ministries pressing a better capitalised bank to absorb the ailing business through an arranged merger. Yet it is becoming clear that this tool of crisis management can…

By the numbers-US recovery finally taking hold

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Don’t look now, but the U.S. economy is back. After a long, dismal winter that saw gross domestic product shift abruptly into reverse, the latest government data released Thursday shows the economy bounced back sharply in the spring. The Commerce Department said Thursday that GDP expanded at a 4.2 percent annual rate in the second quarter instead…

Higher rates not bad for economy: Fed’s Bullard

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Don’t fear the hawk. That’s what St. Louis Fed President James Bullard told CNBC on Friday-saying a tighter tack on Fed monetary policy does not have to be bad for the economy. “It means the committee could be more confident that the economy is going to improve in the future and handle the higher [interest]…

Home builder confidence surges despite slower sales

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After leaping decisively into positive territory in July, home builder sentiment pulled another surprise in August. A monthly index from the National Association of Home Builders measuring confidence among single-family home builders rose 2 points to 55; analysts had expected the index to hold unchanged at its July level, after steep drops in new home…

Economists raise third-quarter U.S. growth forecasts: Philly Fed survey

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NEW YORK (Reuters) – Economists raised their forecasts for U.S. economic growth in the third quarter but trimmed their estimates for the balance of 2014, though the outlook for both job growth and lower unemployment was strengthened. Analysts see the economy growing at an annual rate of 3.0 percent in the current quarter, up from…

Can I Be Sued Even If I’m Trying to Pay Back a Debt?

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Every day, across America, hundreds of lawsuits are filed against consumers who owe debts they haven’t been able to pay. Consumers who learn they are being sued sometimes scramble to work out a payment arrangement in the hope of keeping the matter out of the courts. Does it work? Not always, as one of our…