Moody’s lowers US credit rating, Fitch and S&P reduce ratings, effects on the economy, Donald Trump’s significant legislation
In baseball, a game so emblematic of American culture, three strikes—meaning errors or missteps—mean you’re out. Unfortunately, that’s pretty much what’s happened to the US’s once-spotless “AAA” credit rating. The first strike came on August 5, 2011, when S&P Global downgraded the US from “AAA” to “AA+”, stating concerns over the diminishing effectiveness and stability […]
A financial lobbying clash emerges over a potential combination of credit card and cryptocurrency legislation.
Cryptocurrency companies are attempting to push forward a long-sought Senate plan aimed at creating stability for digital assets linked to traditional currencies like the dollar. However, a contentious debate over credit card fees might jeopardize the entire legislation. Senator Roger Marshall from Kansas and Senator Dick Durbin from Illinois have been at odds for quite […]
EUR/USD rises due to US credit downgrade and uncertainty regarding Trump’s tax legislation
EUR/USD Forecast: Expected Rise Amid Credit Rating Downgrades Forecasts indicate the EUR/USD will approach 1.1350, largely due to the pressure on the US dollar following recent credit rating downgrades. President Trump’s efforts to rally support for the tax cut bill have not swayed lawmakers. The Euro gains traction as Trump announces ceasefire talks regarding Russia […]
Credit Card Defaults, Balances, Debt Ratios, and Credit Limits in Early 2025: Our Reckless Spendings with Credit Cards
When the free money runs out, the hangover is resolved. Insights from Wolf Richter on Wolf Street. The delinquency rate for credit cards issued by commercial banks, specifically those that are 30 days or more overdue, dropped to 3.05%. This marks the third consecutive quarter of decline, a slight improvement from the first quarter of […]
How a significant shift at the largest credit card company in the US might complicate using your card overseas
Capital One Completes Acquisition of Discover, Raises Concerns for Travelers Capital One has received the necessary regulatory approval for its acquisition of Discover, raising some eyebrows among experts regarding potential challenges for international travelers. This $35.3 billion deal will create the largest card issuer in the United States. Initially, the U.S. Department of Justice had […]
How would Trump’s budget proposal impact the child tax credit?
(Nexstar) – President Trump’s significant tax reform proposal includes various changes affecting many Americans, particularly parents and guardians. If Trump can sway the Republican dissenters and pass the extensive 1,116-page bill, there’s promising news for those benefiting from the child tax credit. The current temporary credit of $500 per child could rise to $2,500. The […]
Oaktree Capital puts $250 million into Coign credit card
Oaktree Capital Invests $250 Million in Coign Oaktree Capital, a significant player in the investment world, has entered into a $250 million agreement with Coign, a conservative credit card company. This move is noteworthy as it represents one of the largest investments into what is often referred to as the parallel economy. The parallel economy […]
What does Trump’s significant bill offer you? A larger child tax credit and additional benefits.
Tax Bill Progress in Congress The major tax bill, dubbed by some as the “big and beautiful tax bill,” is making strides through Congress. But just how beneficial will it be for you? Recently, the bill received crucial approval from a key Congressional committee on May 18th, paving the way for a potential House vote […]
Android scam allows hackers to access your credit card from a distance
Scammers constantly invent new methods. They’ve been getting more sophisticated, tapping into the built-in features of our phones, like Tap-to-Pay technology known as NFC. It sounds innocuous, but the latest scams involve using this technology in unexpected ways. A specific malware called Supercard is targeting Android users. It’s not just a matter of siphoning off […]
Wealthy individual: US credit downgrade does not fully reflect the dangers of government debt
Billionaire Ray Dalio has expressed strong feelings regarding Moody’s recent downgrade of the U.S. credit rating, suggesting that it fails to fully capture the risks associated with government debt. Moody’s revised the country’s rating from Triple A to Double A just before the GOP’s spending bill announcement. “When you downgrade U.S. debt, it’s important to […]