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☆ The credit card crisis is worse for millennials and Gen Zers
▼ + stars: | 2024-03-09 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

The credit card debt for young Americans has grown at a faster pace than other generations. AdvertisementAmericans are in the midst of a credit card crisis, and nobody is being hit harder than millennials and Gen Zers. The study examined the anonymized credit scores of 41 million customers and anonymized credit card balances for about 80 million people in March 2022 and February 2024. Credit scores are falling for young AmericansThe soaring credit card debt has coincided with falling credit scores for these younger groups of consumers. If that happens, credit card debt will likely keep growing, and credit scores for young Americans could keep dropping.

Persons: Gen Zers, —, Zers, Z, millennials —, Rich Franks, Franks, Gen Z, that's, OnePoll, millennials Organizations: Service, Federal Reserve Bank, Intuit Credit Karma, Intuit Credit, Forbes, MMI, Money Management Locations: millennials

The Biden administration has limited credit card late fees to $8, a 75% reduction. Federal Reserve BoardA study by the CFPB published in 2022 showed that credit card late fees are disproportionally collected from people in low-income neighborhoods. The Good Brigade/Getty ImagesReduced credit card late fees would also be worth about $414 million to the real estate industry. A drop in the bucket of credit card costsCredit card debt is now at record levels and interest rates on those cards have soared. Interest and other credit card fees cost consumers more than $1,100 a year and are still growing.

Persons: Biden, Vance Ginn, Jenny Thorvaldson, Thorvaldson Organizations: Consumer Financial, Business, IMPLAN, Biden, Federal Reserve Bank, Federal, Brigade, Centers for Disease Control, Money Management, MMI

US consumers are struggling with soaring credit card debt and rising interest rates. Credit card debt is now at record levels, and interest rates on those cards have soared. AdvertisementOf that total debt, credit card balances are growing the fastest. While this could create a parallel between today's credit card crisis and the mortgage crisis of 15 years ago, there are a few important differences today. AdvertisementStill, the rise in credit card debt and delinquencies could point to cracks in the strength of Americans' spending power.

Persons: Thomas Nitzsche, Gen Z, millennials, Nitzsche, Ginger Chambless, Chambless Organizations: Business, Money Management, MMI, Federal Reserve Bank of New, Federal, JPMorgan Chase, Federal Reserve, Adobe Locations: Federal Reserve Bank of New York, Wells Fargo

☆ Exclusive: Russia doubles 2023 defence spending plan as war costs soar
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +5 min

They show that in the first half of 2023 alone, Russia spent 12%, or 600 billion roubles, more on defence than the 4.98 trillion roubles ($54 billion) it had originally targeted for 2023. Defence spending in the first six months of 2023 amounted to 5.59 trillion roubles, 37.3% of a total 14.97 trillion roubles spent in the period, the document showed. Between 2011 and 2022, Russia spent a minimum of 13.9% and a maximum 23% of its budget on defence. Russia has already spent 57.4% of its new annual defence budget, the document showed. Funding for schools, hospitals and roads was already being squeezed this year in favour of defence and security, but as the share of defence spending grows, other areas could face cuts.

Persons: Vladimir Putin, Ilya Pitalyov, Denis Manturov, Dmitry Polevoy, Yevgeny Suvorov, Suvorov, Mike Collett, White, Philippa Fletcher Organizations: Sputnik, Reuters, Defence, MMI Telegram, Bank of Russia, Monetary Fund, Thomson Locations: Russian, Saint Petersburg, Russia, Ukraine, Moscow, Locko

☆ Dubai nixes its 30% alcohol tax in a bid to attract more tourism
▼ + stars: | 2023-01-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

"Dubai Municipality has temporarily stopped collecting the 30% fee from alcoholic beverage companies for a period of one year from the beginning of 01/01/2023 to the end of 12/31/2023. The companies authorized to sell in the Emirate of Dubai have been notified of this decision," Dubai Municipality wrote in a post from its official Twitter account. It also said that personal liquor licenses, previously a requirement for all Dubai residents for purchasing alcohol in shops and costing 270 dirhams ($73.50), are now free. Some Dubai residents were unhappy about the abrupt announcement, having recently paid the full fee for their yearly license. Woman sunbathers sit along a beach in the Gulf emirate of Dubai on July 24, 2020, while behind is seen the Burj al-Arab hotel.

London/Abu Dhabi CNN —Dubai has scrapped a 30% tax on alcohol and will no longer charge tourists or expats for permits to buy alcoholic drinks as the emirate tries to attract more foreign workers and visitors in the face of growing regional competition. Two major retailers in the city, located in the United Arab Emirates (UAE), said they had slashed their prices to reflect the tax cut. MMI, one of Dubai’s biggest alcohol retailers and a subsidiary of the state-owned Emirates group, has 21 stores across the city, according to its website. Muslims are prohibited from acquiring licenses for purchase of alcohol in Dubai. The sale of alcohol in the UAE is already more liberalized compared to neighboring Gulf countries.

☆ Dubai scraps 30% tax on alcohol sales amid economic rebound
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Fireworks explode from the Burj Khalifa, the tallest building in the world, during the New Year's Eve celebrations in Dubai, United Arab Emirates, January 1, 2023. REUTERS/Satish KumarDUBAI, Jan 2 (Reuters) - Dubai has suspended a tax of 30% on alcohol and dropped a licence fee previously needed to buy alcohol in the commercial and tourism hub, two major retailers said on social media. "With the removal of 30% municipality tax and a free alcohol licence, buying your favourite drinks is now easier and cheaper than ever," MMI, one of two major purveyors of alcohol in Dubai, said on its Instagram account. Another retailer, African+Eastern, confirmed the tax no longer applied, but prices would remain subject to a 5% value added tax (VAT). The Dubai Media Office did not immediately respond to a request for comment.

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