With interest rates sitting at more than two-decade highs and inflation continuing to bear down on consumers, big banks are preparing to face more risks from their lending practices. Suggested Reading. Wiz backing out of the Google deal could have big implications for Microsoft, analyst says. In the second quarter,...

Banks are bracing for consumers to stop paying off their credit cards

Two of the largest banks in the US are declaring a loss on a whopping $3.5 billion in debts that customers can’t pay back. JPMorgan Chase says its net charge-offs, which are delinquent debts that banks do not expect to receive, hit $2.2 billion in the second quarter of the year.

JPMorgan Chase, Wells Fargo Suffer $3,500,000,000 in Losses As US Banks Report Major Surge in Bad Debt

TheStreet

Mortgage lenders see more homes bought and sold when — and if — the Federal Reserve starts cutting rates.

Mortgage rates just had a huge drop

Business Insider

These are today's mortgage and refinance rates. As mortgage rates drop over the next couple of years, you may be able to save by refinancing.

Mortgage Interest Rates Today, July 23, 2024 | As Rates Go Down, Refinancing Could Help Borrowers Save

NBC News

People are struggling to pay off their credit card debt even as many trim their spending. The share of credit card balances that are past due reached the highest level ever in the first quarter, according to data the Philadelphia Federal Reserve has tracked since 2012. The delinquencies come as...

Credit card delinquency rates hit a nearly 12-year high

Red Lobster is finally getting a new owner. The world’s largest seafood chain is likely going to be acquired by Fortress Investment Group. Despite Red Lobster being bankrupt and looking for better offers, it did not receive any other competitive bids before the court’s deadline, according to a court filing made on Monday.

Red Lobster finally has a new owner

It’s the summer of recalls. Ice cream, coffee, and hot dogs have been pulled from grocery store shelves, and now the Food and Drug Administration (FDA) has announced a recall of several fresh produce products. Suggested Reading. Wiers Farm, a Willard, Ohio-based farm, on Monday expanded a recall of...

Walmart, Aldi, and Kroger produce is under FDA recall

Motor1.com

A study shows cars are being repossessed at a shockingly high rate through the first half of 2024, exceeding pre-pandemic levels. Car prices have skyrocketed in recent years. Not everyone can afford those monthly payments, a new study shows. Recent data from Cox Automotive shows auto repossessions are up 23 percent compared to last year. That's a significant jump, taking repos to levels not seen since before the COVID-19 pandemic.

Auto Repossessions Are Soaring

Where someone chooses to retire is a major life decision. Affordability, weather, and community are all important factors that incoming retirees have to weigh when deciding where to settle down — especially if they are relocating. The number of Americans retiring, and expected to retire, is growing. This year...

The 5 best U.S. states to retire in — and the 5 worst

For its next iPhone, Apple is playing into our sentimentality. It’s also doing something basically all its big smartphone rivals have already done — Apple is reportedly making a foldable iPhone. Suggested Reading. According to the Information, Apple reached out to suppliers in Asia in recent months to...

Apple's iPhone of the future is a flip phone

The Independent

 Martin Lewis has delivered a warning to people who use debit cards, advising them to consider opting for a credit card instead.Speaking on his ITV show, the money expert called debit cards with an overdraft “danger cards”. He explains that the average bank loan carries an APR (annual percentage rate) of less than 8 percent APR, while the average credit card rate hikes up to 19 percent APR.Most overdraft charges on debit cards are now at 40 percent, leaving consumers with almost double the interest to pay back.Mr Lewis explains on his show that “the first thing if you’re...

Martin Lewis issues warning to debit card users as he gives crucial credit card tip

Texas State

Illinois State

The CEO of ChatGPT-maker OpenAI, Sam Altman, funded the largest basic income study in the U.S. to date. His nonprofit, OpenResearch, worked with researchers to give people living below the poverty line unconditional cash payments for three years. Suggested Reading. Some 3,000 people between ages 21 and 40 from Texas...

Sam Altman gave people $1,000 a month for 3 years. Here's what happened

California State

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The HD Post

CALIFORNIA – Plaintiffs, in a case against Wells Fargo alleging that the bank knowingly took part in a marketing scam, asked the court, July 8, not to grant a motion for summary judgment.

Class action lawsuit says Wells Fargo customers lost over $160 Million

Next time you call CVS’s customer service line you may be greeted by an AI-powered virtual agent. AI is set to play a major role in CVS Health’s efforts to improve the pharmacy experience, the company’s chief technology officer Tilak Mandadi told the Wall Street Journal in an interview.

CVS thinks AI can handle your prescription questions

CALIFORNIA – Starting July 1, landlords will only be allowed to collect one month’s rent for the security deposit on a rental property. Assembly Bill 12, signed into law last October, says regardless of whether the residential property is unfurnished or furnished, only one month’s rent can be charged in addition to any rent for the first month paid on or before initial occupancy.

Law limiting security deposits goes into effect July 1

Belk, Inc.’s balance sheet is looking a lot stronger. The privately-owned department store company, which operates nearly 300 stores across the Southeast, said it has completed a value-maximizing deleveraging transaction with its first and second lien lenders and equity sponsor, Sycamore Partners. Through the transaction, Belk has reduced its...

Belk reduces debt by nearly $1 billion

Kentucky State

Northern Kentucky Tribune

Kentucky’s Community Actions Partnerships have announced the starts date for the Low-Income Home Energy Assistance Program (LIHEAP) Summer Subsidy, aimed at helping Kentucky households offset summer cooling costs.

LIHEAP Summer Subsidy program to help with summer cooling costs to begin enrollment July 16

Reuters

(Reuters) - Capital One Financial's profit fell 61% in the second quarter, it reported on Tuesday, as it set aside more money to cover losses on loans. Net income available to common stockholders fell to $531 million or $1.38 per share versus $1.35 billion or $3.52 per share a year earlier.

Capital One profit drops 61% as it stockpiles more money for loan losses

Apple knows it is spending too much on TV shows and movies you have probably never seen — let alone heard of. The company is exploring a new approach to Apple TV+ after dishing out a whopping $20 billion on original content, Bloomberg reported. The outlet reported that Apple...

Apple wants to stop spending so much money making TV shows

New Jersey State

Morristown Minute

A new initiative aims to provide housing for vulnerable Medicaid members, enhancing community wellness and support. MORRIS COUNTY, N.J. - In a significant move to tackle housing instability among Medicaid recipients, New Jersey's Human Services Commissioner Sarah Adelman, along with Community Affairs Commissioner Jacquelyn A. Suárez, today announced the availability of $95 million in funding for developers. This initiative, part of the Healthy Homes program, is designed to create affordable housing opportunities for NJ FamilyCare members who are either homeless, at risk of homelessness, or currently living in institutional settings.

$95 Million for Healthy Homes: Housing for Medicaid Members

NewsBreak

Overdue credit card balances have hit the highest level on record

Overdue credit card bills are the highest they’ve been since the Federal Reserve Bank of Philadelphia started keeping track in 2012. The proportion of card balances...

Overdue credit card balances have hit the highest level on record

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