All articles tagged with #financial strain
Originally Published 15 days ago — by Business Insider
Bankruptcies are rising across the US economy, affecting households, small businesses, and large corporations, with the highest levels in 15 years, driven by increased costs, tighter credit, and geopolitical volatility, and occurring across diverse industries in an unusual pattern.
Originally Published 2 months ago — by CNN
During the government shutdown, thousands of FAA workers, including air traffic controllers and technicians, are working without pay, leading to significant financial and emotional stress for their families, with some resorting to side jobs, cutting expenses, and facing health and safety concerns.
Originally Published 7 months ago — by Greatandhra.com
A Gurugram resident's LinkedIn post reveals that maintaining a luxury lifestyle in an expensive neighborhood requires a monthly pre-tax income of Rs 7.5 lakh, highlighting the high costs associated with affluent living and sparking online debate.
Originally Published 1 year ago — by Business Insider
Grimes revealed she faced financial difficulties during a custody battle with Elon Musk, claiming she was "going bankrupt" while fighting for her children in a state with poor mothers' rights. The dispute, which involved lawsuits in California and Texas, has since ended. Grimes expressed that the legal battle hindered her creative output and strained her relationship with Musk, who has significantly more resources. The case highlighted differences in child-support laws between Texas and California.
Originally Published 1 year ago — by Financial Times
Carl Icahn's conglomerate, Icahn Enterprises, is facing financial strain as it grapples with operational issues and declining asset values, leading to a halved dividend and a 38% stock drop this year. The company is attempting to stabilize by selling a valuable scrapyard in Nashville and increasing its stake in CVR Energy, despite recent losses. Icahn's heavy borrowing against his shares adds pressure, but he remains optimistic about future cash flow improvements and potential regulatory relief for CVR Energy.
Originally Published 1 year ago — by The Atlanta Journal Constitution
A cancer diagnosis profoundly affects not just the patient but the entire family, bringing emotional, financial, and spiritual challenges. Families often rally together, but caregivers can feel overlooked and stressed. The experience can alter family dynamics and priorities, emphasizing the need for comprehensive support systems.
Originally Published 1 year ago — by Fox Business
Despite easing from 2022 highs, inflation continues to severely impact American parents, with only 64% reporting financial stability in 2023. Child care costs have surged nearly 20% from 2016 to 2021, leading many parents into debt. Rising prices for necessities like food, rent, and energy are exacerbating financial pressures, particularly for lower-income families.
Originally Published 1 year ago — by Business Insider
More young adults, particularly from Generation Z, are choosing to live with their parents due to the high cost of living and housing. Skyrocketing housing costs and stagnant wages have made independence a luxury that many young people simply can't afford. While this decision may make financial sense in the short term, it can have long-term consequences, including delaying important life milestones and causing emotional strain. The trend reflects a shift in the concept of adulthood, with emerging adulthood becoming a new life stage characterized by delayed responsibilities and independence.
Originally Published 1 year ago — by Fox Business
Americans are expected to have accumulated a record amount of credit card debt in the last quarter of 2023, driven by high inflation and steep interest rates. The ongoing inflation crisis has led consumers to rely on credit cards to cover everyday expenses, with food prices up 33.7% and shelter costs up 18.7% since the start of 2021. The average credit card APR is at a record high of 20.74%, making it challenging for individuals to pay off their debt. Financial experts advise exploring options such as negotiating for lower APR, utilizing balance transfer cards, and reassessing budgets to tackle debt effectively.
Originally Published 2 years ago — by OregonLive
A weeklong winter storm in the Portland area has left many businesses, particularly restaurants and small shops, in a financial bind as they grapple with lost sales, spoiled inventory, and closures due to slick roads and power outages. Owners like Agatha Chan of Sushi Kuni and Sadie Sifuentes of Quad's Garden floral shop are facing substantial financial strain and uncertainty about recovering lost income, with concerns about upcoming events like Valentine's Day. The impact of the storm on businesses highlights the challenges faced by small businesses during extreme weather events.
Originally Published 2 years ago — by The Associated Press
Rudy Giuliani, former New York City mayor and personal lawyer to Donald Trump, has filed for bankruptcy, citing severe financial strain exacerbated by his pursuit of Trump's election lies and a recent $148 million defamation verdict against him. Giuliani listed nearly $153 million in debts, including tax liabilities and potential judgments in lawsuits. While bankruptcy may not erase the verdict, it allows Giuliani to pursue an appeal and provides transparency for his finances. Giuliani's financial troubles have been mounting due to investigations, lawsuits, fines, and damages related to his efforts to overturn the 2020 election. He is facing multiple lawsuits, including those from voting machine manufacturers and Hunter Biden. Giuliani's bankruptcy filing did not disclose his assets or reveal new information about his income sources.
Originally Published 2 years ago — by New York Post
Walmart's top executives have expressed uncertainty in predicting consumer behavior for 2024, citing "anomalous type of behavior" and "puzzling" spending patterns observed in October. The company's CFO, John David Rainey, emphasized that these observations do not warrant alarm but highlight the need for caution. CEO Doug McMillon also raised concerns about rising credit card balances and dwindling household bank accounts, which may impact consumer spending. While Walmart previously noted cautious spending during the holiday season, data from Thanksgiving weekend showed that deep discounts attracted shoppers and provided some relief to retailers.
Originally Published 2 years ago — by Yahoo Finance
Walmart's top executives expressed concerns about predicting consumer behavior next year as financial strain leads customers to be more cautious about spending. The retail giant observed "anomalous type of behavior" from customers, causing them to question the health of the consumer and purchasing behavior. While October spending was off trend, Walmart does not intend to be alarmist. Rising credit card balances and dwindling household bank accounts raise questions about future consumer spending. Despite this, deep discounts during the holiday season have attracted shoppers and provided some relief to worried retailers.
Originally Published 2 years ago — by Yahoo Finance
The average net worth of American households has risen to $1.06 million, according to the Federal Reserve's consumer finance survey. However, this figure masks the unequal distribution of wealth gains, with higher-income brackets benefiting the most. The growth in housing values has contributed to net worth increases but has also exacerbated housing affordability issues. Retirement plan participation and stock market investments have also favored higher-income groups. Factors such as inflation, consumer debt, and insufficient savings contribute to the feeling of financial strain among many Americans, despite the overall increase in net worth. Financial advisers are crucial in navigating these complexities and aligning financial realities with goals and expectations.
Originally Published 2 years ago — by Fox Business
A survey by LendingTree reveals that stubborn inflation is impacting American households as they plan for Thanksgiving dinner, with about 60% of respondents considering hosting or hosting the event. The average expected cost for food, beverages, and decorations is $361, rising to $469 for families with children under 18. Approximately 34% of potential hosts feel a financial strain due to this year's Thanksgiving festivities. Inflation is affecting 60% of respondents' Thanksgiving plans or budgets, leading 77% of potential hosts to shop around or use coupons. Guests are encouraged to chip in to help their hosts, as 20% of potential hosts would consider not inviting a guest next year if they arrive empty-handed. Planning ahead and purchasing holiday decorations on sale after Thanksgiving can help save money for future celebrations.