July 12, 2024

Finance

American Credit Card Debt Hits Record High Amidst Inflation Surge

Inflation Fuels Credit Card Debt Surge

In a troubling sign of the times, Americans are buried deeper in credit card debt as inflation continues to soar. The impending release of the New York Federal Reserve Bank’s Quarterly Report on Household Debt and Credit is anticipated to reveal a staggering new record in credit card debt, surpassing the previous high of $1.13 trillion. Matt Schulz, chief credit analyst at LendingTree, predicts this unprecedented surge, highlighting a concerning trend in consumer spending.

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JPMorgan Chase’s $440 Million Seizure Sparks U.S.-Russia Sanctions Battle

In a legal showdown with global implications, JPMorgan Chase finds itself trapped in a high-stakes conflict between superpowers. A Russian court orders the seizure of a staggering $440 million from the American banking giant. The battleground is a fierce tug-of-war between the demands of Western sanctions and the relentless pursuit of overseas interests.

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Deadline Looming: Correct Tax Credit Claims Now or Face IRS Wrath

Taxpayers who mistakenly claimed pandemic-era tax credits are now facing a critical deadline issued by the Internal Revenue Service (IRS). In a recent notice, the IRS highlighted the urgency for those with improper claims to rectify the situation before facing penalties and interest. Commissioner Danny Werfel emphasized the narrowing window of opportunity, urging swift action before compliance measures are enforced.

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