Danielle Douglas-Gabriel, The Washington Post Published 1:03 pm, Monday, June 18, 2018 Photo: Andrew Harrer/Bloomberg Image 1of/1 CaptionClose Image 1 of 1 Betsy DeVos, secretary of Education, attends an event on combating drug demand and the opioid crisis at the White House on Oct. 26, 2017. Betsy DeVos, secretary of Education, attends an event on combating drug demand and the opioid crisis at the White House on Oct. 26, 2017. Photo: Andrew Harrer/Bloomberg DeVos policies worsen racial bias in student debt, lawmakers say 1 / 1 Back to Gallery Senate and House Democrats are accusing Education Secretary Betsy DeVos of exacerbating racial disparities in student debt by failing to help defrauded borrowers, enforce consumer protections and examine the root causes of debt inequity. They point to the rewriting of … [Read more...] about DeVos policies worsen racial bias in student debt, lawmakers say
A hot pot restaurant in China had to close after two weeks due to a failed all-you-can-eat promo. (iStock) A hot pot restaurant in China had to close after going nearly $80,000 into debt two weeks into a monthlong all-you-can eat promotion. Jiamener, the restaurant in Chengdu, Sichuan province, was forced to close its doors last week, just seven months after opening, due to the failed campaign, the South China Morning Post reports. WENDY'S EMPLOYEES FILM MOUSE 'MOVING AROUND' IN BURGER BUNS AT OKLAHOMA LOCATION Starting June 1, customers could pay about $19 for a membership card which entitled them to unlimited food for the whole month. The owners, Su Ji and Wang Mengfan, were hoping the special deal would not only earn them repeat customers, but also discounts from vendors for purchasing greater quantities of food, according to the Post. “We knew we would be losing money [by launching the discount promotion],” one of the owners said. “We wanted to … [Read more...] about Restaurant in China closes after going $80G into debt over all-can-eat promo
/EIN News/ -- EAGLE POINT, Ore., June 18, 2018 (GLOBE NEWSWIRE) -- Grow Condos, Inc., (OTCPK:GRWC) announces that all notes issued pursuant to the Company's 2016 debt offerings have been retired and the Company has no further obligations under the notes of those offerings. "We're excited to have this convertible debt fully retired as we continue to strengthen Grow Condos’ balance sheet and drive shareholder value," Chief Executive Officer Wayne Zallen stated. "Our stock had been under enormous pressure due to the large amount of debt converted into shares and introduced into the market, and the dilution of the stock has been a concern to us and all of our shareholders. To see the conclusion is a relief to all of us. We are aware that going forward we will need to generate sufficient revenues to become self-financing. Should we need capital to fund future operations, we will strive to be more judicious in the terms of such financing. We are confident … [Read more...] about Grow Condos, Inc. Fully Retires Convertible Debt
Last year the IRS reactivated a program using private debt collectors to collect unpaid taxes from individuals with delinquent tax debts. According to the National Taxpayer Advocate, the IRS' Private Debt Collection (PDC) program is a "most serious problem." A troubling finding of a recent report was that taxpayers, whose tax debts were assigned to private collection agencies, entered into installment agreements that they are unable to afford, with approximately 43 percent earning income below their allowable living expenses. To make matters worse, the program costs the U.S. Treasury more than the money it brings in. Part of the reason may be that the private collection agencies can keep up to 25 percent of what they collect. The taxpayers most likely to be contacted by the program's private debt collectors are those identified by the IRS to have an inactive tax receivable. A tax debt is deemed to be "inactive" when the IRS removes it from their active case list for … [Read more...] about A “most serious problem” at the IRS: Private debt collectors
Susanne Cervenka Asbury Park Press Published 9:00 p.m. UTC Jun 18, 2018 Americans owe more than $1.5 trillion in student loan debt, leading to what some are calling a crisis. The Brookings Institution estimates nearly 40 percent of student loan borrowers could default by 2023. But how bad is the problem in New Jersey? New Jersey borrowers, on average, have more student loan debt than their counterparts in the rest of the country but are also doing a better job of keeping up with their monthly payments, according to data from the Urban Institute. New Jerseyans owe a median $18,633 in student loan debt versus the national median debt of $16,995, the data show. Yet, 10 percent of New Jersey borrowers have student loan debt in collections versus 13 percent nationally. Here's a county-by-county look at New Jersey's student loan debt: Trying to stay out of debt? Watch the video at the top of the page about five lies we tell ourselves that put us in debt. 21. … [Read more...] about Student loan debt: Experts say it’s a crisis. Here’s how bad it is in New Jersey.