debt

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Over the past several decades, the U.S. economy has become increasingly reliant on debt.  The vast majority of people take out a mortgage when they purchase a home, the vast majority of people require a big loan in order to buy a vehicle, and the number of Americans who use credit cards to make purchases at retail [...]

The International Monetary Fund on Thursday urged the United States to rein in its ballooning budget deficit without putting the “modest” economic recovery at risk. Amid jitters that high levels of unemployment may force a double dip recession, the IMF warned the slow US recovery would continue and that debt problems loomed. “The central challenge [...]

The line up goes down the block and around the corner for prosecutions against Goldman Sachs, Sovereign debt looms large, 8 more banks close, scandals in the financial sector continue to erupt everywhere, the public picks up the bills, we face a staggering depression, anger grows against wall street, a plan for permanent bailouts only [...]

“Rich” countries are canceling more than $1 billion in debt that Afghanistan owes them, the Paris Club of creditor nations announced Wednesday. The debt relief comes partly in response to Afghanistan’s participating in program for Heavily Indebted Poor Countries, the Paris Club said in a statement. Some $441 million is being canceled as part of [...]

Sex.com, one of the most valuable Internet domain names, will go up for auction next week after the previous owner defaulted on its debts. Escom LLC paid a reported $14 million for the Web site in 2006. But the company failed to repay debt owed to DOM Partners LLC, the New Jersey-based lender that helped [...]

The world’s leading industrialised nations have pledged to write off the debts that Haiti owes them, following a devastating earthquake last month. Canada’s finance minister announced at a summit in Iqaluit, northern Canada, that Group of Seven countries planned to cancel Haiti’s bilateral debts. Jim Flaherty said he would encourage international lenders to do the [...]

President Obama on Monday unveiled a $3.8 trillion budget for next year. Here are some key points. Remember, these are Obama’s suggestions. Congress controls the purse strings. Still a little extra in your paycheck The Making Work Pay tax breaks would be extended for a year. These were part of last year’s stimulus and resulted [...]

The Greek parliament has voted to adopt big budget cuts designed to lower the country’s high levels of debt. Greece aims to shrink public debt to 9.1% of overall economic output next year, down from 12.7% this year. To do this, it has outlined measures to cut public spending and boost revenue by cutting back [...]

NEW YORK (CNNMoney.com) — AIG announced Tuesday that it completed a deal wiping out $25 billion of its debt to taxpayers by selling stakes in two subsidiaries to the Federal Reserve Bank of New York. The troubled insurer gave the New York Fed preferred shares of two of its international life insurance companies, including $16 [...]

NEW YORK (CNNMoney.com) — Gold hit record highs near $1,200 an ounce Tuesday, as dollar weakness and easing of Dubai debt fears helped the precious metal continue recovering from Friday’s losses. By 7:05 a.m., U.S. gold futures for December delivery were up $13 to $1,194.10 an ounce after reaching $1,199.30. Gold prices had fallen about [...]