DOGE finds nearly $40 billion in spending linked to government-issued credit cards
The government's Department of Efficiency (DOGE) pledged on Tuesday to “simplify” the federal government's credit card program, costing taxpayers nearly $40 billion last year. “The US government currently has around 4.6 million active credit cards/accounts, which processed a unique transaction of approximately $400 billion in 2024.” “Doge works with agents to simplify the program and […]
Americans’ credit card and household debt reach new record highs
The Mornings With Maria panel provides a response to the December employment report, detailing its impact on the US economy. American household debt levels, including credit card debt, rose to a new high in the fourth quarter of 2024, according to a report by the Federal Reserve Bank of New York. The report showed that […]
Houston city employees found abusing credit cards, audit reveals – KPRC Click2Houston
Houston, Texas – When Houston Mayor John Whitmire was elected, he promised a citywide audit to identify waste and inefficiency. The results are currently present, revealing key areas for improvement. An audit conducted by Ernst & Young highlights issues such as credit card abuse, redundant staffing and waste. Mayor Whitmire stressed that the report points […]
Senate Republicans propose bills to kill EV tax credit, add road repairs tax
Senate Republicans introduced a pair of bills on Wednesday, aiming to strip the country of electric vehicle tax credits and replace them with mandatory $1,000 tax payments that they would instead be used to repair roads. “The hard-earned money of Americans paying taxes should not cover the cost of the country's elite luxury, and we […]
1 in 5 people are missing out on Earned Income Tax Credit worth $7,830; here’s what to know – SILive.com
If you are a low- or middle-income person, you may qualify for hundreds or thousands of dollars on your 2024 tax refund through the Earned Income Tax Credit (EITC). However, one in five eligible taxpayers missed out on charging a credit, according to the IRS. As of December 2024, approximately 23 million workers and families […]
A bill would cap credit card rates at 10%, echoing a Trump pledge. Are there downsides? – USA TODAY
Amid a surge in credit card interest rates and arrears have risen, the bill with bipartisan support will cap to 10%, about half the current five-year average. This law dramatically lowers card rates to an average of 21.5%. Still, industry experts say the law can help and interfere with consumers. Sen. Bernie Sanders, I-Vt, sponsor […]
Credit Card Interest Cap Bill Sparks Division: More Debanking or Relief?
The bipartisan credit card interest CAP bill has sparked considerable debate over whether the bill would amount to “cutting off steroids” or provide “meaning relief to workers.” Tuesday, Senators Josh Hawley (R-MO) and Bernie Sanders (I-VT) It was introduced A law that limits credit card interest rates to 10% over five years. This follows a […]
Callous hit-and-run U-Haul driver arrested months after killing pedestrian left a trove of stolen credit cards behind: prosecutors
The heartless hit-and-run U-Haul driver, accused of fatally plowing a pedestrian near Queen's College this week, was arrested this week. Jamie Ferreira, 37, was arrested Tuesday and charged with manslaughter, assault, robbery and other crimes due to the crash on August 20th, when 56-year-old pedestrian David Opiera died. Ta. According to Queens District Attorney Melinda […]
Sanders and Hawley introduce bill to cap credit card interest rates at 10% – USA TODAY
Washington-Seng. Bernie Sanders, I-Vt. , and Josh Hawley, R-Mo. The bill was introduced on Tuesday It caps credit card interest rates at 10% – an effort by two lawmakers who rarely make eye contact. Credit card interest rates refer to the fees that charge the card issuer if the consumer does not repay the credit […]
New Data: Financially Strapped Consumers Move to Credit Card Alternatives – PYMNTS.com
Consumers can't spend money they don't have, and for now, many have run out of cash. The winner is the lender who gives the end user consumers what they want. In order to provide a necessity for the background of the inflation continues and the income continues to stagnate relatively stagnation, it is increasingly important […]