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☆ Could your buy now, pay later loans affect your credit score? Here's what you need to know
▼ + stars: | 2024-05-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

But there's one place they're notable absent: your credit report. Earlier this year, Apple became the first major BNPL provider to start reporting all user account information to a credit reporting agency. Providers including AfterPay, Affirm and Klarna already report some loans to the credit bureaus and experts say more are likely to follow, paving the way for a consumer's BNPL history to factor into their credit history and ultimately their credit score. (One of the main aspects of a credit score comes down to your history of paying bills on time.) When BNPL credit reporting could sting

Persons: Klarna, Liz Pagel, BNPL, Wells, Tim Quinlan, Ethan Dornhelm, TransUnion's, Silvio Tavares, Tavares, Pagel Organizations: Apple, Adobe Analytics, CNBC, Finance Locations: TransUnion, Wells Fargo

☆ US poor face economic hit as shutdown, childcare cliff, student loans converge
▼ + stars: | 2023-09-29 | by ( Andrea Shalal | ) www.reuters.com time to read: +6 min

A separate benefits program, Supplemental Nutrition Assistance Program (SNAP), will continue as normal for the month of October but could be affected afterward, officials say. U.S. officals say Small Business Administration loans may be delayed and up to 10,000 children could lose access to Head Start, the federal program for preschool children from low-income families. The AFL-CIO estimates that more than 3 million children will lose access to quality childcare and thousands of providers will be forced to close, lay off childcare workers or reduce slots for children. STUDENT LOAN DEBT REPAYMENTSA three-year moratorium on student loan repayments ends on Oct. 1 after the U.S. Supreme Court in June blocked the Biden administration's plan to cancel $430 billion in student loan debt for 43 million borrowers. Student loan repayment resumption "will be more challenging for the lowest-income groups," Bank of America said in a recent research report, because they saved less during the moratorium than higher-income groups.

Persons: Sarah Silbiger, Joe Biden, Biden, Patty Murray, Rosa DeLauro, Liz Pagel, Andrea Shalal, Heather Timmons, Timothy Gardner Organizations: U.S, Russell Senate, REUTERS, Rights, Republican, American Federation of Government Employees, SNAP, Women, Assistance, Democratic, AFL, Century Foundation, Supreme, Student, Protection, Bank of America, Thomson Locations: Russell, Washington , U.S, TransUnion

☆ Over half of student loan borrowers racked up credit card debt during the payment pause—now experts worry about 'shock'
▼ + stars: | 2023-08-08 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Federal student loan borrowers have had a break from paying back their student loans for over three years now. Over 50% of borrowers added debt on regular credit cards during the student loan payment pause and another 31% racked up balances on retail cards, a recent TransUnion analysis found. Here's what's coming for student loan borrowers this fall. "Then you tack on $300 [student debt payment] for the average consumer and that's a pretty significant payment shock," she says. How to lower your student loan payment

Persons: Here's, Grace, Biden, they've, Liz Pagel, Pagel, they're Organizations: CNBC

☆ Some student-loan borrowers could be facing payments of over $500 this fall, a new study says — and they'll probably have to dip into their savings to afford it
▼ + stars: | 2023-07-19 | by ( Ayelet Sheffey | Noah Sheidlower | ) www.businessinsider.com time to read: +5 min

At the end of June, the Supreme Court struck down President Joe Biden's plan to cancel up to $20,000 in student debt for federal borrowers. To attempt to mitigate the shock of the payment resumption, the Education Department at the end of June announced a series of temporary safeguards. Once repayment starts, those high-income borrowers may have to use those savings to pay the new student loan bills. Zhou said borrowers making less than $250,000 a year cannot support their total spending with the student loan payments. This means nearly all student debt holders will need to adjust their spending behaviors when payments resume.

Persons: TransUnion, Joe Biden's, Biden, Liz Pagel, we're, Anna Zhou, Zhou Organizations: Service, Education Department, UBS, Bank of America Institute, Bank of America, Consumers Locations: Wall, Silicon

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