With college graduates coming out of school with large amounts of student debt looming over them, many have elected to go with an income-based repayment plan to avoid default. Some will find that, even after their loans are potentially forgiven after a couple decades they may still owe a large sum due to a tax bill.
According to a report released by the Policy Economic Research Council, more than 55 percent of African-American households are either unbanked or underbanked.
Unbanked means that these U.S. households do not have a checking or savings account and must rely on check cashers or prepaid cards. Underbanked households have a bank account, but are still forced to use high-interest, sub-prime financial services to make ends meet.
During a Q&A with Yale News, Economic Sociologist Frederick F. Wherry expanded on what is known as “credit invisibles,” and how these concepts effect the economic state of blacks in the long run.
A 73-year-old retiree was taken away in handcuffs after failing to pay a $508.27 debt to a local contractor.
Iheanyi D. Okoroafor was detained on June 11.
Nearly six months after Lauryn Hill finished serving prison time for tax evasion, the IRS is back on the singer’s case.
The Fugees star was recently hit with yet another batch of bills from the IRS.
Officials at a Utah elementary school took the meals of 40 children and threw them away due to outstanding balances on their accounts.
Parents of students at Uintah Elementary in Salt Lake City were shocked and angered upon hearing the news.
The man who was once referred to as “inVINCEable” has joined a growing list of ex-NFL stars who have filed for bankruptcy.
Vince Young, 30, the former University of Texas quarterback, and current NFL free agent filed Chapter 11 bankruptcy protection.
A Texas man who has paid his back child support debt in full has been sentenced to jail.
Clifford Hall says when the amount of child support for his 11-year-old son was modified, no one told him.
You can find them everywhere. On college campuses. In the mail. Creditors are practically handing out credit cards to anyone with a social security number, and while the piece of plastic seems like a quick way to make purchases and pay off bills, they do more harm than good. Especially for African Americans.
A study co-authored by Demos and the NAACP reveals that African Americans are hit the hardest by credit card debt.
A bankruptcy judge has ruled that the city of Detroit is eligible for Chapter 9 bankruptcy.
The ruling makes the city the largest municipality in the country to go through the process.
The first TV ads have been launched by the Obama campaign to generate support for the 2012 election. It is estimated that the cost of his re-election bid could be somewhere between $750 million and $1 billion dollars. That is a lot of money. Especially for a country that is in such a stressful economic situation. I’m sure the right-wing talk shows will be all over how Obama is using the much needed dollars of the American tax payer to support his TV ads and bus tours. I am also sure that they will not dare mention the budget of the military or get down to the real reason why this country is in such a financial crisis in the first place, the monetary policies of the Fed.