Economy News

Economy News

BNP Paribas Slapped With $8.9 Billion Fine for Breaching U.S. Sanctions

by on July 2, 2014

New Ruling on IRA Rollovers Restricts Indirect Rollovers

by on May 13, 2014

A recent IRS (Internal Revenue Service) ruling puts new restrictions on the number of indirect rollovers from one IRA to another that consumers can make annually. An indirect rollover occurs when an investor withdraws funds from an IRA and then takes up to 60 days to reinvest the proceeds in a different IRA without incurring income tax liability. Unlike a direct rollover, money is not sent directly from one financial trustee to another, but is handled by the taxpayer. Previously, indirect rollovers were allowed once every 12 months from each IRA account that a taxpayer owns.

Consumer Debt in US Increases on Non-Revolving Credit

by on January 14, 2014

According to a new report from the Federal Reserve, consumer borrowing in the US increased in November by $12.32 billion. The largest portion of this rise came from non-revolving credit, which mostly includes auto and student loans. Non-revolving credit climbed to $11.9 billion, while revolving credit, such as credit cards, increased by only $458 million. This advance follows a $17.9 billion rise in October, so it was a slower pace than many analysts expected. Economists had estimated that total consumer credit would rise by $14.3 billion, instead of just $12.3 billion.

Credit card delinquencies are at an 18-year low, but how long will it stay that way?

by on January 14, 2013

Improving economy prompts consumers to seek more credit

by on March 1, 2012

Consumer demand for new lines of credit is on the rise, as evidenced by the three consecutive quarters of increased inquiries, according to data from the Federal Reserve Bank of New York’s most recent Quarterly Report on Household Debt and Credit. In the six months prior to the end of last year, the number of inquiries for credit accounts nationwide ticked up 2.7 percent over the total seen in the six-month period at the end of the third quarter.

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