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☆ Can You Pay a Credit Card with a Credit Card?
▼ + stars: | 2023-08-17 | by ( Sarah Brodsky | ) www.wsj.com time to read: +9 min

By Sarah BrodskyWhile it might seem tempting to pay off one credit card with another, credit card companies don’t permit this. That said, some credit card companies do offer the option to consolidate credit card debt and get a reprieve from paying interest. Why you typically cannot pay a credit card with another credit cardCredit card companies don’t allow cardholders to pay a credit card with another card because it would hurt their bottom line. “They’ve already extended you the credit, they’re going to get to charge you interest.”And credit card companies would owe money if they accepted payment by credit card. How to pay off a credit card with a balance transfer cardAlthough you can’t pay a credit card by charging another card, it’s possible to move your balance from one card to another with a balance transfer.

Persons: Sarah Brodsky, It’s, you’ve, whittle, don’t, “ There’s, ”, Herman Thompson , Jr, “ They’ve, they’re, there’s, ” Thompson, “ Organizations: Mastercard, American Express, Financial, Bank of America, Navy Federal Credit Locations: Atlanta

☆ China’s Evergrande files for bankruptcy
▼ + stars: | 2023-08-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

CNN —China’s Evergrande Group — once the country’s second-largest property developer — filed for bankruptcy in New York on Thursday. Evergrande filed for Chapter 15 bankruptcy protection, which allows a US bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between US courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings. But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country. Evergrande is a massive company with more than 1,300 real estate projects in more than 280 cities, according to its website.

Persons: —, Evergrande, ” Evergrande Organizations: CNN, China’s, Shimao, NWTN, EV Locations: New York, Beijing, China, Dubai

Here's what you need to know about the impact of collections and how to get them removed from your credit report. As it ages on your credit report, its effect on your credit score will decrease until it falls off entirely. There are a few different — and completely legal — ways you can try to remove it from your credit report to fix your credit score. While paying off a debt in collections will not improve your credit or remove the collections from your credit report, a collections agency can sue you for unpaid debt if it's still within the statute of limitations. A CFPB report on credit reports in 2022 found 175 million total collections tradelines on credit reports, down from 261 million when the report was last updated in 2018.

Persons: it's, there's, John Owens, you've, Markia Brown, Brown, Owens, Rick Eicheldinger, Zarrad, Eicheldinger Organizations: Service, Monterey Financial Services Locations: Wall, Silicon, Chevron

☆ China's Country Garden stock plummets to record low, trading of onshore bonds suspended amid debt restructuring talks
▼ + stars: | 2023-08-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

The Shanghai Country Garden Center pictured on August 9. Country Garden acknowledged last Thursday that it was facing a temporary “liquidity pressure” due to deteriorating sales and a difficult refinancing environment. Troubled giantCountry Garden is the latest major Chinese developer to run into trouble as the country’s property industry grapples with a historic downturn. The crisis at Country Garden is likely to spill over to the property industry and financial markets, analysts from Moody’s Investors Service said Friday. So far, Country Garden hasn’t yet defaulted on any debt.

Persons: hasn’t, CICC, Aly Song, “, ” Organizations: Hong Kong CNN, Garden, CNN, Shanghai Country Garden, Reuters, Country Garden, Longfor, China Resources, ., . China Overseas Land, Investment, Evergrande, Moody’s Investors Locations: Hong Kong, Shanghai, China, . China

☆ Country Garden stock reaches record low, Chinese property giant flags loss of up to $7.6 billion as it nears default
▼ + stars: | 2023-08-11 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Country Garden warned investors in a Hong Kong stock exchange filing Thursday that it would likely record a loss of 45 billion to 55 billion Chinese yuan (about $6.2 billion to $7.6 billion) for the six months through June. The disclosure lays bare the financial woes currently facing Country Garden, a massive builder of hundreds of thousands of homes annually across China. Country Garden did not immediately respond to a request for comment. As of early afternoon in Hong Kong Friday, its stock had reached a record low of 95 Hong Kong cents, below its previous low of 98 Hong Kong cents reached in October 2008. Cash crunchEarlier this week, Country Garden stoked concerns by missing two bond payments, according to analysts.

Persons: ” Morningstar, Jeff Zhang, Kaven Tsang, ”, Zhang, Morningstar, Yang Huiyan, Yang, won’t, Moody’s, Fang xing, ICHPL, Alfredo Montufar, “ Organizations: Hong Kong CNN, Garden, CNN, Hong, China’s, “, Hong Kong, Bloomberg Locations: Hong Kong, China, Foshan, Guangdong province, Real

☆ China's Country Garden flags H1 net loss, vows to address liquidity concerns
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. For the first half ended June 30, the company estimates its net loss between 45 billion yuan ($6.24 billion) and 55 billion yuan, it said in its preliminary report. This compares with a net profit of 1.91 billion yuan a year earlier. It achieved attributable sales of 140.8 billion yuan from January to July 2023, down 35% from a year ago. ($1 = 7.2068 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Shweta Agarwal and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly Song, Yang Huiyan, Roushni Nair, Shweta Agarwal, Shailesh Organizations: Shanghai Country Garden, REUTERS, HK, Thomson Locations: Shanghai, China, Bengaluru

It has yet to disburse a $131.5 million loan to Niger that was approved on July 5, it added. The interior minister, transport minister, and a deputy had already been detained, it added. The arrests confirm the "repressive and dictatorial" nature of the coup leaders, the party said in a statement, calling on citizens to come together to protect democracy. The arrests were announced a day after Chadian President Mahamat Idriss Deby arrived in Niger to try to mediate between the coup leaders and the ousted government. Yevgeny Prigozhin, the head of Russia's Wagner mercenary group, last week welcomed the coup in Niger, and said his forces were available to restore order.

Persons: Niger's, Mohamed Bazoum, Mahamane Sani Mahamadou, Issoufou Mahamadou, Mahamat Idriss Deby, Deby, Bazoum, Ursula von der Leyen, Emmanuel Macron, Abdourahamane Tiani, Yevgeny Prigozhin, Russia's Wagner, Antonio Tajani, Boureima Balima, Abdel, Kader Mazou, Anait Miridzhanian, Bate Felix, Nellie Peyton, Sofia Christensen, Alexander Winning, Bernadette Baum, Andrew Heavens, Nick Macfie Organizations: International Monetary Fund, IMF, CFA, West, African Union, European Union, Islamic, Junta, Nigerien Party for Democracy and, Chadian, ECOWAS, EU, REUTERS, Twitter, French Foreign Ministry, Paris, White, Thomson Locations: NIAMEY, Niger, West, Central Africa, United States, France, Islamic State, al Qaeda, EU, U.S, Nigerien, Niamey, Mali, Burkina Faso, Russia, Niger's

July 13 (Reuters) - Qingdao city in China's debt-laden Shandong province has set up a company to bail out its cash-strapped local government financing vehicles (LGFVs), sources said, as regional governments rush to reduce debt risks in a wobbly economy. The government of Qingdao and the China Development Bank did not reply to Reuters' requests for comment. While no LGFV in China has defaulted in the public markets, cases of delinquencies in the private debt market are increasing, worrying Beijing. Tianjin LGFV bonds yield more than 514 bps over government bonds, compared with 200 bps for Shandong bonds, reflecting the elevated risks. Fund manager Zhou said although he is bullish on LGFV bonds, "the first priority is to be absolutely diversified in investment.

Persons: Qingdao's, Xi Jinping, LGFVs, Goldman Sachs, Zhai Jianye, Zhai, It's, Zhou Tingzuo, Ning Yong, Zhou, Samuel Shen, Jason Xue, Tom Westbrook, Vidya Ranganathan Organizations: Dongdin Industrial Group, China Development Bank, Southwest Securities, Agricultural Bank of China, China Construction Bank, Commercial Bank of China, SS, Shoupu Fund Management Co, Ning Yong Fu Fund Management, Thomson Locations: Qingdao, China's, Shandong, China, Shandong LGFVs, Beijing, Big, Jinan, Weifang, Liaoning, Hunan, Shanghai, Tianjin, Singapore

☆ UK sells government bond with highest yield since 2007
▼ + stars: | 2023-07-05 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters) - Britain sold a government bond at auction on Wednesday that will pay investors an annual return of 5.668% - the highest yield of any gilt sold since 2007, as markets demand extra returns in anticipation of further Bank of England rate rises. The last time the average yield at a gilt auction was higher was in June 2007, when 2.5 billion pounds of five-year gilts sold at an average yield of 5.790%. Before that, the highest yield was in September 1999 when 2.7 billion pounds of 10-year gilts were sold at an average yield of 5.694%. When the October 2025 gilt was sold at auction last month the yield was 4.874%, and at its launch in January it paid investors a yield of 3.634%. Bond strategists at NatWest last week described it as "one of the cheapest bonds on the UK fitted curve".

Persons: BoE, Andrew Bailey, gilts, David Milliken, Toby Chopra Organizations: Bank of, United, Debt Management, NatWest, Thomson Locations: Britain

☆ How many credit cards should you have? The answer isn’t zero, say experts
▼ + stars: | 2023-06-24 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Eighty-two percent of American adults had a credit card in 2022, according to the U.S. Federal Reserve. Benefits to having more than one credit cardHowever, there can be drawbacks to having just one credit card. In addition, having a second credit card, or more, can help build a person's credit utilization ratio, said Curtis, founder and CEO of Curtis Financial Planning. Credit utilization is an important determinant in one's credit score and having one that's too high can reduce your score. Having more than one card raises one's overall credit limit, and with responsible use, can reduce one's credit utilization ratio.

Persons: Jose Luis Pelaez, Ted Rossman, Strong, cardholders, Bruce McClary, McClary, Rossman, Cathy Curtis, Curtis, Xavier Lorenzo, Cardholders Organizations: Jose Luis Pelaez Inc, CreditCards.com, Consumer Federation of America, U.S . Federal, National Foundation, Credit, Mastercard, Curtis, Curtis Financial

At the same time, the property price surge and demand for the ultra-high-end segment is stirring memories of old excesses. In 2008, the global financial crisis hit Dubai hard, leading to a flight of capital and people, a crash in property prices and highly leveraged flagship companies known as government-related entities (GREs) struggling to repay debts. Dubai set up a Debt Management Office in 2022, has repaid or restructured some outstanding debt, and announced plans to list government stakes in 10 companies to raise capital and deepen financial markets. 'GLOBAL SAFE HAVEN'The United Arab Emirates' commercial centre, Dubai has shovelled resources into social and business reforms and sectors like digital technology. Average property prices rose 12.8% in Q1, with villa prices up almost 15%, according to property research firm CBRE.

Persons: Knight Frank, Nasser Al Shaikh, GREs, Shaikh, Justin Alexander, Betterhomes, Richard Waind, Philippe Zuber, Beyonce, Rachna Uppal, Yousef Saba, Lisa Barrington, William Maclean Organizations: Reuters, Khalij, GlobalSource Partners, Dubai Media Office, Management, HAVEN, United Arab Emirates, Villa, Dubai Inc, Emirates, Kerzner, Thomson Locations: Ukraine, DUBAI, Dubai, glitzy, Property, Jebel Ali, Abu Dhabi, Gulf, India, Saudi Arabia, UAE

"You can put that toward goals such as paying down debt and paying yourself so that you can start investing." Don't overthink the best way to invest — just startThere are many avenues for building wealth while paying down debt. Be careful about withdrawing from retirement accounts to pay down debtMaking withdrawals from IRAs, 401(k)s, or similar employer-sponsored accounts to pay down debt is a risky proposition. "It is exceedingly rare where I would suggest or be OK with withdrawing from any investing account to pay off debt," Matthews said. AdvertisementBe sure to consult a financial planner or financial advisor before deciding to take out any loans from retirement accounts to pay off debt.

Persons: Kevin Matthews II, Mandi Woodruff, Santos, BuildingBread, Woodruff, Matthews, it's, " Matthews, — Organizations: Insider's, Fidelity, Public Locations: IRAs

☆ As emergency savings drop and credit card balances rise, experts say taking 3 steps can help
▼ + stars: | 2023-05-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

To slow the price growth, the Federal Reserve has steadily raised interest rates, which has posed another problem for households: higher interest rates on debt. That marks the first time in 20 years balances have not fallen following the holiday season, according to the central bank's research. Some people are seeking help after they've already fallen behind and have started to get debt collection calls, he said. 'Think seriously about delaying discretionary purchases'As prices and interest rates have gone up, it's a good time to think about putting off unnecessary purchases, according to Hamrick. But the regret that often ranks highly is not saving more for long-term goals such as emergency savings or retirement, he said.

The average FICO credit score in 2022 was 714, and the average VantageScore credit score was 701. 10 states with the highest average credit scoreAccording to data gathered by Experian, the 10 states with the highest average credit scores in 2022 are as follows:States Credit Scores (FICO) Minnesota 742 Vermont 736 Washington 735 Wisconsin 735 New Hampshire 734 South Dakota 734 North Dakota 733 Hawaii 732 Massachusetts 732 Oregon 732The 10 states with the lowest average credit scoreOverall, credit scores have risen over the past couple of decades. How credit scores are categorizedThe range of possible credit scores spans from 300 to 850, which FICO categorizes into five levels called risk categories. Minnesota, with a 742 average score, is the only exception, nudging its way into a "very good" average score. Average credit scores by state frequently asked questionsWhy are credit scores worse in the South?

☆ Debt ceiling: Denmark has one, too. It's never been a problem
▼ + stars: | 2023-05-09 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

President Joe Biden will host Republican House Speaker Kevin McCarthy and other congressional leaders at the White House on Tuesday for a critical meeting on raising the US debt ceiling. The closest analogue to the US debt ceiling is the set-up in Denmark. Lawmakers did not want the debt ceiling to become a proxy for difficult conversations about the government’s fiscal plans. That makes it less likely the debt ceiling could be turned into a political football. Even so, it’s clear that in Denmark, the debt limit has enabled the smooth functioning of government, Kirkegaard said.

☆ Do antidepressants prescribed for chronic pain work?
▼ + stars: | 2023-05-09 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

CNN —Around one-third of people globally live with chronic pain — pain experienced for more than three months — and millions of people are prescribed antidepressants to relieve the condition. However, a new review of prior research published Tuesday has found that most antidepressants used to relieve chronic pain are being prescribed without sufficient reliable evidence of their effectiveness. The studies mainly investigated three types of chronic pain: fibromyalgia, nerve pain and musculoskeletal pain. The most commonly prescribed antidepressant for chronic pain globally was amitriptyline, the study said. Anyone taking antidepressants for chronic pain relief should speak to their doctor before stopping their medication due to concerns over the new report, the authors stressed.

☆ Explainer: How the Fed might act in a U.S. default
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +6 min

Despite Powell's protestations, the Fed would have a role in trying to limit the harm to financial stability. In past debt-ceiling standoffs - in 2011 and 2013 - Fed staff and policymakers developed a playbook that would likely provide a starting point. English, however, had envisioned the bonds being accepted by the Fed at a market price that would likely be impaired by their defaulted status. But, following the bank failures in March, the Fed has a new bank lending facility - one that allows securities with impaired prices to be pledged at face value. Ben Bernanke, Fed chair at the time, quipped: "So you are willing to accept 'loathsome' under some certain circumstances," drawing laughter from others on the call.

☆ UK draws record 46.4 billion pounds of demand for new inflation-linked bond
▼ + stars: | 2023-04-26 | by ( David Milliken | ) www.reuters.com time to read: +2 min

LONDON, April 26 (Reuters) - Britain received a record 46.4 billion pounds ($57.9 billion) in demand from investors at the launch of a new inflation-linked government bond which will mature in March 2045, the United Kingdom Debt Management Office said on Wednesday. However the strong demand came at a price, with the 4.5 billion pounds of new gilts paying investors a return of 0.6543% on top of retail price inflation - the greatest real yield for any index-linked gilt sold via syndication since May 2011. The DMO said domestic investors accounted for 93% of the allocations of the bond. The volume of orders is the highest for any index-linked bond issued via syndication by the DMO, although a conventional gilt syndication of green gilts in 2021 had order volumes in excess of 100 billion pounds. The DMO has sold 21.9 billion pounds of gilts out of a target of 237.8 billion pounds for the financial year which started in April.

☆ China's 'Belt and Road' grew out of a lending spree. Now those loans may be its problem
▼ + stars: | 2023-04-14 | by ( Sumathi Bala | ) www.cnbc.com time to read: +8 min

Bloomberg | Getty ImagesAt its peak, China's Belt and Road Initiative was seen as the centerpiece of Beijing's engagement with the world. According to the report, China issued 128 emergency rescue loans worth $240 billion to 22 countries — including Pakistan, Sri Lanka and Turkey, among others. 'Trying to salvage Belt and Road'Chinese efforts to revamp Belt and Road have been underway since 2020, according to one observer. "A nod to the concern that many Belt and Road projects were not economically viable to begin with. "The increased indebtedness in many Belt and Road countries is a direct consequence of Beijing's overshooting in the pre-2020 phase," said Zhong.

☆ New EU debt rules have way to avoid past mistakes
▼ + stars: | 2023-04-04 | by ( Rebecca Christie | ) www.reuters.com time to read: +8 min

BRUSSELS, April 4 (Reuters Breakingviews) - The European Union’s new set of fiscal rules need to answer two simple questions: will they help the bloc’s economy grow? The fiscal rules are at the crossroads of the EU’s monetary union and budgetary sovereignty. Past rounds of budget rules have carried the threat of top-level sanctions but the enforcers could not follow through. EU countries need to encourage scale-up financing and allow more cross-border cooperation. New rules need to put the future ahead of philosophy to have a chance to work.

☆ Argentina orders public sector to give up dollar bonds in debt shake-up
▼ + stars: | 2023-03-23 | by ( Eliana Raszewski | ) www.reuters.com time to read: +4 min

REUTERS/Agustin Marcarian/File PhotoBUENOS AIRES, March 23 (Reuters) - Argentina ordered public sector bodies on Thursday to sell or exchange their holdings of 11 sovereign dollar bonds in a bid to reorganize its debt as inflation soared above 100% and its foreign reserves dropped. A presidential decree in Argentina's official gazette said public sector bodies would have to sell or auction five local law dollar bonds maturing between 2029 and 2041, and to swap six foreign law dollar bonds for peso debt. The order makes official plans announced earlier in the week, which had dragged down the value of Argentina's sovereign bonds. These are already in distressed debt territory after a ninth sovereign default and a major debt restructuring in 2020. Public sector bodies will have to sell the local law dollar bonds and exchange foreign law dollar bonds maturing between 2029 and 2046 for debt payable in pesos issued by the Treasury.

☆ Italy's Treasury sets up new department for state-run companies
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

ROME, March 16 (Reuters) - Italy approved on Thursday a decree to create a new department at the economy ministry in charge of managing state-controlling companies such as energy groups Enel (ENEI.MI) and Eni . Economy Minister Giancarlo Giorgetti announced the scheme in January as part of efforts to tighten the government's grip on key companies dealing with some of the most delicate corporate issues facing Italy. Under the scheme, the influential Treasury department within the ministry, led by veteran economist Riccardo Barbieri, will continue to supervise public debt management, macroeconomic policies, European and international relations as well as financial regulation. The newly created "economic department" will have its own director general and will handle the decision-making process regarding state-controlled firms, public assets and public guarantees on banking loans. Rome is expected to decide on the chairperson and CEO positions of these firms by the end of next week, government sources said.

☆ Exclusive: UK debt agency treads careful path to sell near-record volume of bonds
▼ + stars: | 2023-03-15 | by ( David Milliken | ) www.reuters.com time to read: +4 min

After finance minister Jeremy Hunt announced his budget plans earlier on Wednesday, the DMO said it would need to sell 241.1 billion pounds ($291 billion) of government bonds in the 2023/24 financial year - the highest on record apart from 485.8 billion pounds sold in 2020/21. The Bank of England is no longer a buyer in the market, and instead is reducing its own gilt holdings by 80 billion pounds a year. "We can issue larger cash amounts in, for instance, a short-dated auction than in a long- or index-linked auction," Stheeman said. Over the coming year, the DMO aims to sell 86.7 billion pounds of short-dated bonds, 65.3 billion pounds of medium-dated, 50.1 billion pounds of long-dated gilts and 26.2 billion pounds of inflation-linked debt. The medium- and long-dated debt includes 10 billion pounds of 'green' bonds - a volume that is capped by the requirement for the government to designate investment projects which meet certain environmental criteria.

LONDON, March 15 (Reuters) - Finance minister Jeremy Hunt presented less gloomy forecasts for Britain's economy at his Spring Budget on Wednesday. Reuters Graphics Reuters GraphicsROSIER OUTLOOKA rout in global banking stocks on Wednesday overshadowed many UK-specific moves. Investments announced by Hunt such as a corporate spending tax break, a boost for defence and extra childcare support were not viewed as particularly inflationary. Unlike in the last budget, noise around windfall taxes on oil and gas companies was muted in the run-up to the budget since energy prices have fallen dramatically since then. "In general, the budget is not the big story for gilts right now, global drivers are in the driving seat," said James Smith, economist at ING.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

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