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News & Articles By Cassie B.
12/19/2022
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By Cassie B.
Americans falling behind on credit card and loan payments as inflation persists
As inflation and the price of consumer goods continue to rise, reports indicate that American consumers are poised to fall behind on credit card and personal loan payments at the highest rate in more than a decade. The credit reporting agency TransUnion is warning that credit card delinquency rates, which have hovered close to the […]
12/15/2022
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By Cassie B.
Electric vehicle push blamed for 1,350 layoffs at Illinois Jeep plant as production moves to Mexico
Stellantis, the company that is behind big car brands like Jeep, Dodge and Fiat, has announced that it will be idling one of its plants in Illinois indefinitely and laying off at least 1200 workers in February. The affected factory is responsible for building Jeep Cherokees, and the company has cited a desire to cut […]
12/12/2022
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By Cassie B.
As home prices drop, 270,000 Americans who bought homes this year are already underwater on their mortgage
A new report shows that roughly 270,000 individuals who purchased a home during this year’s red-hot housing market are already underwater on their mortgage, meaning they owe more money than their house is worth. Mortgage software data and analytics company Black Knight revealed that of the 450,000 underwater borrowers noted during the third quarter, 60 […]
11/21/2022
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By Cassie B.
Crypto lender BlockFi pauses customer withdrawals as it considers bankruptcy and layoffs following FTX implosion
Crypto lender BlockFi has put customer withdrawals on hold as it explores its options for reducing its “significant exposure” in the fallout of cryptocurrency exchange FTX’s bankruptcy. This summer, BlockFi obtained a $250 million loan from FTX to help them stay afloat as crypto financial institutions such as Three Arrows Capital struggled during the market […]
11/18/2022
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By Cassie B.
US to extradite embattled FTX ex-CEO Sam Bankman-Fried from Bahamas
The founder of crypto exchange FTX, Sam Bankman-Fried, is expected to be extradited from the Bahamas back to the U.S. as $2 billion of clients’ money remains unaccounted for. This is according to a report from Bloomberg, which says that authorities in the U.S. and the Bahamas have been discussing extraditing him for questioning. Bankman-Fried […]
11/17/2022
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By Cassie B.
Amazon to fire 10,000 employees in biggest layoff in company’s history
Amazon plans to fire around 10,000 employees in corporate technology roles in what may be one of the biggest layoffs in the company’s history as mass firings throughout the tech industry continue to add up. Insiders who have direct knowledge of the planned job cuts say they will be focused on its retail division, human […]
11/11/2022
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By Cassie B.
Redfin fires 13% of its staff in latest tech firm mass layoffs as inflation soars
Popular real estate brokerage firm Redfin announced this week that it will be laying off of 13 percent of its workforce in a move to cut costs as the housing market continues to slow. The company’s CEO, Glenn Kelman, delivered the bad news to employees by e-mail. He also announced that they would be closing […]
10/21/2022
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By Cassie B.
Used car prices are finally starting to drop, but many consumers still can’t afford payments
The price of used cars in the U.S. recorded its biggest year-over-year decline since January 2009 during the first 15 days of October, falling 10.4% overall. Year-over-year declines were noted in all six categories of vehicles measured. SUVs and luxury cars saw the biggest price drops during the first 15 days of the month, but […]
10/17/2022
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By Cassie B.
Shipping rates drop 75% amid plummeting US retail demand
Cargo ship owners have been canceling sailings on some of the busiest routes in the world in the middle of what is normally their peak season, illustrating the serious impact that inflation has been having on consumer spending. This summer, import volumes to the U.S. started to drop dramatically, which is a strong sign that […]
10/13/2022
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By Cassie B.
US stocks hit new lows following release of Fed Minutes as inflation persists
Following the release of the Federal Reserve’s newest meeting minutes, both the S&P 500 and the NASDAQ composite sunk to new lows for the year. The minutes, which come from the Fed’s September policy meeting, showed that the Federal Reserve plans to raise the federal funds rate, and any possible slowdowns in the pace of […]
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