All articles tagged with #missed payments
The end of pandemic-related student loan payment relief is causing many borrowers' credit scores to drop due to missed payments returning to their credit reports, highlighting the importance of managing repayment to maintain credit health.
Federal student loan borrowers who miss payments will have their missed payments reported as a forbearance rather than delinquencies, thanks to the Biden administration's loosened rules. While missed payments during the on-ramp period will have minimal impact on credit scores, interest will continue to accrue and may cause the loan balance to rise. Borrowers who continue to miss payments after the on-ramp period ends may face more significant consequences, including a negative impact on their credit scores. It is recommended that borrowers explore income-driven repayment plans and be proactive in taking advantage of available programs to manage their student loan payments.
Chinese investors in trust products of Zhongrong International Trust Co., a leading Chinese shadow bank, have lodged complaints with regulators after the firm missed payments on dozens of investment products. The trust firm has missed payments on at least 22 products since late July, involving nearly 30,000 investors and an outstanding value of about $21.96 billion to $27.43 billion. Investors are urging the National Financial Regulatory Administration and the Central Commission for Discipline Inspection to intervene and demand transparency regarding the firm's defaulted products and repayment plans. The situation raises concerns about the stability of China's financial system amid a property market crisis and a slowing economy.
Chinese investors are growing increasingly concerned after a trust company, China Credit Trust, missed payments on its wealth management products, raising fears about the stability of the country's financial system. The incident highlights the risks associated with China's shadow banking sector, which has seen rapid growth in recent years.