#debt
#debt

NYC real estate

NYC building sales slump despite plummeting prices because of crippling regulations, high interest rates

The value of city buildings is declining due to high interest rates, regulations, and vacancies caused by remote work and downsizing.

Trillions of dollars in debt will soon come due, creating a reset of property values. [ more ]

New York Post

4 months ago

NYC real estate

Controversial 'Ground Zero Mosque' faces foreclosure

The vacant property at 49-51 Park Place in downtown Manhattan, formerly known as the 'Ground Zero Mosque' site, is facing imminent foreclosure over a $7.5 million debt.

Blueberry Funding LLC, the lender behind the foreclosure lawsuit, claims to have attempted negotiations with developer Sharif El-Gamal before resorting to legal action. [ more ]

Boston 25 News

Young people are overspending online. How social media and 'buy now, pay later' apps play a big role.

Gen Z's susceptibility to influencer marketing and targeted advertising leads to increased debt due to pressure to spend and keep up with peers. [ more ]

WPXI

Young people are overspending online. How social media and 'buy now, pay later' apps play a big role.

Gen Z has a higher susceptibility to influencer marketing and targeted advertising, leading to increased spending and debt. [ more ]

WHIO TV 7 and WHIO Radio

Young people are overspending online. How social media and 'buy now, pay later' apps play a big role.

Gen Z may be more prone to debt due to influencer marketing pressure and social media exposure. [ more ]

Action News Jax

Young people are overspending online. How social media and 'buy now, pay later' apps play a big role.

Gen Z susceptible to influencer marketing & targeted advertising, leading to overspending and debt issues. [ more ]

WSOC TV

Young people are overspending online. How social media and 'buy now, pay later' apps play a big role.

Gen Z susceptible to influencer marketing and overspending due to social media. [ more ]

New York Post

Parenting

Most Gen Z and millennials are financially dependent on their parents: Pew report

More than half of adults 18 to 34 years old rely on allowance from their parents.

Gen Zers 18 to 24 are most likely to depend on their parents for financial support. [ more ]

moregen-z

www.nytimes.com

1 week ago

What the Fed's Moves Mean for Mortgages, Credit Cards and More

Consumers may have to wait longer for a decrease in interest rates, impacting savings and debt payments. [ more ]

english.elpais.com

Americans have become saddled with credit card debt. Renters and poor people are falling behind

Lower and middle-income Americans, particularly renters, are falling behind on debts and could face further financial deterioration.

Credit card delinquency rates and charge-off rates are increasing, coinciding with record credit card balances and high interest rates. [ more ]

Entrepreneur

How to Protect Your Small Business' Finances Regardless of the Economy | Entrepreneur

Uncertainty in global events can impact small businesses

Getting debt is difficult for small companies [ more ]

Coindesk

Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar: Bloomberg

Zipmex, a troubled cryptocurrency exchange, has proposed paying creditors 3.35 cents on the dollar in its restructuring plan.

Major creditors have pushed back against the proposals and requested a review of Zipmex's assets and liabilities.

Zipmex froze withdrawals in July 2022 after suffering losses from the collapse of the Terra ecosystem and exposure to bankrupt Celsius Network. [ more ]

London On The Inside

1 week ago

Mental health

The rise of debt and mental health: Understanding the Psychological Impact

Debt and mental health are closely linked, with rising personal debt levels leading to increased anxiety and depression. [ more ]

London Business News | Londonlovesbusiness.com

Mental health

Money worries creating mental health timebomb with young people

Young people are significantly more affected by money worries, impacting their mental health compared to older generations.

The cost of living crisis has led to increased reliance on credit and growing debt piles for young people, exacerbating their mental health struggles. [ more ]

BBC Sport

2 weeks ago

Chelsea

Everton's defining week amid 777 takeover uncertainty

Everton faces financial challenges with high debt and uncertain future due to the ongoing 777 takeover saga. [ more ]

ESPN.com

4 months ago

Chelsea

PL clubs vote for 5-year player contract limit

Premier League shareholders have voted to limit the length of new player contracts to a maximum of five years.

The new measure brings the Premier League in line with UEFA's five-year cap on contract lengths. [ more ]

www.caughtoffside.com

Chelsea

Chelsea and Arsenal willing to pay 70m for Barcelona ace next summer

Barcelona is looking to cash in on one or two of their stars to help with their financial situation.

Former Leeds United winger Raphinha is attracting interest from Arsenal and Chelsea, who are willing to pay around 70m for him.

Barcelona has a ready-made replacement for Raphinha in 16-year-old Lamine Yamal. [ more ]

Above the Law

Education

Law School Brings Serious BDE (Big Diploma Energy)

Cooley Law School incurs high debt, low bar passage rates, belittled for associating with prestigious schools while boasting oversized diplomas. [ more ]

New York Post

1 month ago

New York City

Rudy Giuliani says he shouldn't be forced to sell $3.5M Florida condo in bankruptcy case - because he needs it for podcasting

Giuliani opposes selling $3.5M Florida condo in bankruptcy case for podcast recordings.

Plan to relocate to Florida for podcasting to save on studio rent and grow broadcast income. [ more ]

www.cbc.ca

1 month ago

Canada news

SaltWire Network files for creditor protection, has $94M in debt | CBC News

SaltWire Network filed for creditor protection with nearly $100 million in debt.

Fiera Private Debt Fund is owed a third of SaltWire's debt, with legal issues including unpaid taxes and pension plan payments. [ more ]

www.cbc.ca

Canada news

'Desperation borrowing' due to low incomes fuels payday-style lenders: debt counsellor | CBC Radio

Rapid loans, also known as installment loans, have become more common as provinces crack down on predatory payday loan practices.

High interest rates and the ease of obtaining rapid loans have led to a cycle of debt for many borrowers. [ more ]

www.cbc.ca

Canada news

No change on interest rate as Bank of Canada sticks to 5% | CBC News

The Bank of Canada has announced that its benchmark interest rate will remain at five percent.

This is the fourth time in a row that the interest rate has remained unchanged. [ more ]

time.com

2 months ago

Career

In My Marriage Money Was a Trap. After My Divorce It Was My Freedom

Managing finances after divorce can be challenging, especially if one spouse is left with debt and no assets.

Learning about personal finance and budgeting is crucial to financial stability after divorce. [ more ]

BuzzFeed

Career

Gen Z'ers Who Are Choosing Not To Go To College Are Sharing Why, And It's Verrrrry Interesting

The speaker is 21 years old and has a well-paying job

The speaker's husband is unhappy due to debt and expectations from pursuing a degree [ more ]

www.mercurynews.com

2 months ago

East Bay food

Oakland police ID man shot and killed during Jan. 7 argument

A 34-year-old man named Romell Wright was shot and killed during an argument in Oakland.

Police believe the argument may have been over a debt. [ more ]

The Atlantic

Digital life

Don't Be a Borrower If You Can Help It

Owing money leads to unhappiness, so carrying less debt can make you happier.

What matters is not how much money you have, but how you use it for experiences, time with loved ones, or giving to causes you care about. [ more ]

www.aljazeera.com

4 months ago

Digital life

The dark world of illegal loan apps in India

Borrowers are harassed by reps of lending apps who abuse, threaten and blackmail them by accessing their contacts, pics.

POLITICO

US Elections

George Santos is gone from Congress. His campaign committee is still a financial mess.

Nancy Marks, the former campaign treasurer for George Santos, pleaded guilty to fraudulent reporting.

Santos' campaign committee is still active and has reported owing over $16,000 to WinRed and a total of $155,000 in debts. [ more ]

Truthout

Left-wing politics

More Than Half of Americans Don't Have Enough Savings to Cover Emergency $1,000 Expense

More than one in five Americans have no emergency savings fund set up at all.

Only 44% of Americans could pay for a $1,000 emergency through a savings fund they are currently maintaining. [ more ]

www.theguardian.com

UK politics

Labour and Tories need to be honest about economic trade-offs, says IFS

The next UK government will face tough choices regarding taxes and spending due to weak growth and high debt interest payments.

The Institute for Fiscal Studies warns that budget tax cuts risk being reversed or paid for by spending cuts. [ more ]

Los Angeles Times

LA food

Cafe Tropical closed 8 weeks ago. Employees say they're still missing thousands in pay

Former employees of Café Tropical in Silver Lake are still missing their final paychecks months after the coffee shop closed.

The closure of the coffee shop was caused by debts and a family dispute, leaving employees out of work and without their owed pay. [ more ]

therealdeal.com

LA real estate

$21B in CMBS Loans Will Come Due Across LA, OC in 2024

$21 billion worth of debt backed by L.A. and O.C. properties will mature in 2024

Nearly 60% of the CMBS and CLO loans coming due this year are in special servicing or watchlisted [ more ]

Chicago Tribune

Chicago

Fireworks erupt at Harvey City Council meeting after residents being boarded up inside their apartments sparks outrage

Harvey's City Council meeting included impassioned public comments and two aldermen escorted out by police.

Mayor Christopher Clark asked for forgiveness while highlighting the city's debt. [ more ]

Chicago Tribune

Chicago

Radio giant Audacy, which owns WBBM, Score 670, WXRT and other Chicago stations, files for Chapter 11 bankruptcy

Audacy, the nation's second largest radio chain, has filed for Chapter 11 bankruptcy in order to reduce its $2 billion debt.

The bankruptcy is a result of the pandemic, revenue declines, and debt from a previous merger with CBS Radio. [ more ]

Boston Condos For Sale Ford Realty

Boston

Beacon Hill Condo Broker Moves To Alaska Boston Condos For Sale Ford Realty

A Beacon Hill condo broker moved to Alaska.

The broker is known as a Boston Red Sox fan. [ more ]

www.nytimes.com

Germany politics

Germany Announces Special Budget to Avert Crisis

Germany has announced a plan to address its budget crisis without requiring fresh debt.

The plan involves adopting a special budget to cover the cost of energy subsidies.

The government's spending plans were compromised by a court ruling that violated the constitution. [ more ]

Coindesk