Debt
Follow the latest Debt news, videos, and analysis from ABC News.
3 months ago

78,000 public service workers will have about $6 billion in loan debt canceled

President Joe Biden's announcement brings the total loan cancellation under his administration to $144 billion. Secretary of Education Miguel Cardona joins ABC News Live to discuss.
3 months ago
VIDEO: 78,000 public service workers will have about $6 billion in loan debt canceled
4 months ago

Medical debt in US associated with worse health, premature death: Study

Medical debt across the U.S. is associated with worse physical and mental health, and even premature death.
4 months ago
In this undated stock photo, a hospital is shown.
4 months ago

Biden administration finalizes rule cutting credit card late fees

Biden administration officials said "a handful of large banks" account for $14 billion in credit card late fees charged to American households every year.
4 months ago
President Joe Biden meets Italian Prime Minister Giorgia Meloni in the Oval Office of the White House, Friday, March 1, 2024, in Washington.
5 months ago

Americans' credit card debt hits record $1.13 trillion

Credit card debt increased by $50 billion in the fourth quarter of 2023 alone, a 4.6% jump from the previous quarter.
5 months ago
5 months ago

Single mom who paid off $34K of debt empowers other single moms to face their debts

Dyana King, a single mom of two, told "Good Morning America" how she paid off more than $34,000 in debt between 2016 and 2020.
5 months ago
Dyana King made her final debt payment in September 2020. Overall, she paid off over $34,000 in debt.
6 months ago

Single mom who eliminated $77K in debt reveals 4 tips for the new year

Kumiko Love posted her viral budgeting method on her site, which combined three clever tips for smart financial habits. Now, she's sharing fresh ideas for the New Year.
6 months ago
Kumiko Love wasn't always good with money. But as the 33-year-old mother embarked on a career as a financial counselor, she learned valuable information that she has shared with millions of followers on her blog, The Budget Mom.
8 months ago

An in-depth look at student loan debt

ABC News’ Elizabeth Schulze speaks to two people who are carrying student loan debt years after their college days.
8 months ago
VIDEO: An in-depth look at student loan debt
8 months ago

Narrower Biden admin student loan relief plan would target hardest-hit borrowers

Officials released a draft of the plan, but full details are likely months away.
8 months ago
Demonstrators in favor of student loan debt forgiveness outside the US Supreme Court in Washington, D.C., June 30, 2023.
1 year ago

Officials warn of student loan scams following SCOTUS ruling

An alert was issued to tens of millions of Americans impacted by the Supreme Court's decision to strike down President Biden's student loan forgiveness program and scammers taking advantage.
1 year ago
VIDEO: Officials warn of student loan scams following SCOTUS ruling
1 year ago

Supreme Court strikes down Biden student loan forgiveness program

The program would have benefited 43 million Americans at a cost of $400 billion.
1 year ago
Supporters of student debt forgiveness demonstrate outside the US Supreme Court on June 30, 2023, in Washington, D.C. The Supreme Court dealt President Joe Biden a significant political setback when it overruled his key program to cancel the student debt of millions of Americans. The court said Biden had overstepped his powers in cancelling more than $400 billion in debt, in an effort to alleviate the financial burden of education that hangs over many Americans decades after they finished their studies.
1 year ago

Husbands who dreamed of buying vacation home got real about money instead: Here’s how

Husbands David Auten and John Schneider, the hosts of the “Queer Money” podcast and creators of the Debt Free Guys blog, share how they paid off $51,000 in debt.
1 year ago
David Auten, left, and John Schneider, right, are the founders of the Debt Free Guys blog.
1 year ago

Mom’s grocery budgeting hacks help cut down $93K in debt

Best ways to save on food and household staples.
1 year ago
Kim Anderson paid off their home's $93,000 mortgage in less than two years by cutting down on what she spent on groceries.
1 year ago

How she paid $180K in student debt with monthly interest almost as much as her rent

Cari Swanger paid off her student loan debt in 33 months thanks in part to refinancing to lower her interest rate.
1 year ago
Debt Diaries featuring Cari Swanger
1 year ago

Debt ceiling deal passes the House as US moves closer to preventing historic default

The House passed a debt ceiling bill on Wednesday while cutting government spending over the next two years, in a victory for both Biden and Kevin McCarthy
1 year ago
Speaker of the House Kevin McCarthy leaves his office and walks to the House Chamber to vote on the US debt limit at the US Capitol in Washington, D.C., on May 31, 2023.
1 year ago

Senate passes debt ceiling deal, staving off default

The Fiscal Responsibility Act, the product of weeks of negotiation between Biden and McCarthy, will raise the debt limit until January 2025 and enact some spending cuts.
1 year ago
Senate Majority Leader Chuck Schumer (D-NY) walks to the Senate Chambers in the Capitol Building on June 01, 2023 in Washington, DC.
1 year ago

Biden signs debt ceiling deal

The bill suspends the nation's $31 trillion debt ceiling until January 2025 and places new limits on spending, rescinds IRS funds, and expands work requirements for those on food assistance.
1 year ago
VIDEO: Biden signs debt ceiling deal
1 year ago

Biden to address nation after debt crisis averted

President Joe Biden will deliver an address after the Senate passed legislation late Thursday night to lift the nation's debt ceiling.
1 year ago
VIDEO: Biden to address nation after debt crisis averted
1 year ago

Debt ceiling deal heads to Biden's desk

ABC News’ Jay O’Brien breaks down the latest on the debt ceiling deal as it leaves Congress and heads to President Joe Biden's desk.
1 year ago
VIDEO: Debt ceiling deal heads to Biden's desk
1 year ago

Biden delivers remarks on bipartisan debt bill

President Joe Biden touted the bill which averted a default on the nation's debt as a victory for the American people.
1 year ago
VIDEO: Biden delivers remarks on bipartisan debt bill
1 year ago

Debt ceiling deal faces Senate passage

Plus, the latest on the 2024 presidential field as more candidates are set to run, and Grammy award-winning rapper Future opens a STEM lab for Atlanta students.
1 year ago
VIDEO: Debt ceiling deal faces Senate passage
1 year ago

Senate racing to pass debt ceiling bill before deadline

Senate Majority Leader Chuck Schumer says the Senate will stay in session until the debt deal is passed.
1 year ago
VIDEO:  Senate racing to pass debt ceiling bill before deadline
1 year ago

Senate preps for vote on debt ceiling deal

ABC News’ Jay O’Brien joins us from Capitol Hill where he breaks down the latest in Senate negotiations over the debt ceiling deal.
1 year ago
VIDEO: Senate preps for vote on debt ceiling deal
1 year ago

‘This was an honorable compromise,’ White House senior advisor says

Gene Sperling, Senior advisor to President Joe Biden, responds to criticism by Democrats and the NAACP on the debt relief bill.
1 year ago
VIDEO: ‘This was an honorable compromise,’ White House senior advisor says
1 year ago

Debt ceiling vote heads to Senate

The House has passed a bill to raise the debt limit, which now heads to the Senate. ABC News’ Justin Finch has more on what the legislation includes.
1 year ago
VIDEO:  Debt ceiling vote heads to Senate
1 year ago

Debt ceiling bill heads to Senate after passing House

ABC News’ Jay O’Brien and Elizabeth Shulze break down the next steps for the debt limit bill and what this change means for the American people.
1 year ago
VIDEO: Debt ceiling bill heads to Senate after passing House
1 year ago

Senate races to vote on debt ceiling bill, days away from June 5 deadline

ABC News business reporter Alexis Christoforous has more on how the debt ceiling deal impacts the economy.
1 year ago
VIDEO: Senate races to vote on debt ceiling bill, days away from June 5 deadline
1 year ago

Debt ceiling deal heads to Senate after passing in House

ABC News’ Jay O’Brien and Elizabeth Shulze have more on what needs to happen next as the Senate prepares to vote on the debt limit deal.
1 year ago
VIDEO: Debt ceiling deal heads to Senate after passing in House
1 year ago

House moves closer to vote on debt ceiling deal as lawmakers race to prevent default

The vote will be a major test for Speaker Kevin McCarthy, who faces a potential revolt from GOP hard-liners if he fails to get a majority of Republicans to back the bill.
1 year ago
Republican Speaker of the House Kevin McCarthy arrives to the Capitol on the day the House plans to vote on the tentative agreement between the White House and Congress to raise the debt limit in Washington, D.C, May 31, 2023.
1 year ago

House passes bill to avoid debt default

The bill, which now heads to the Senate, would decrease IRS funding, impose stricter work requirements for some older Americans on food stamps, and end the student loan payment pause.
1 year ago
VIDEO: House passes bill to avoid debt default
1 year ago

House moves closer to vote on debt ceiling deal

As of Wednesday morning, 32 House Republicans and counting said they were against the bill.
1 year ago
As of Wednesday morning, 32 House Republicans and counting said they were against the bill.
1 year ago

Will the debt ceiling deal actually increase SNAP food stamp eligibility, cost?

The nonpartisan CBO estimated the provisions relating to SNAP would add $2.1 billion in direct spending and 78,000 people would gain benefits in an average month.
1 year ago
A sign advertising the acceptance of Supplemental Nutritional Assistance Program (SNAP) cards is displayed at a Walgreen Co. store in Chicago, March 23, 2012.
1 year ago

'This should never happen again': Rep. Jayapal on debt ceiling negotiations

ABC News’ Linsey Davis spoke with Congressional Progressive Caucus Chair Rep. Pramila Jayapal about the House debt ceiling vote, and how the bipartisan deal could impact low-income Americans.
1 year ago
VIDEO: 'This should never happen again': Rep. Jayapal on debt ceiling negotiations
1 year ago

Debt deal packages makes its way through the House

The House is slated to vote on the package that would avert a default.
1 year ago
VIDEO: Debt deal packages makes its way through the House
1 year ago

Congressmen defend debt deal before vote

Congressmen Garrett Graves (R-La.) and Patrick McHenry (R-N.C.) discuss the debt ceiling deal they negotiated ahead of Wednesday’s vote.
1 year ago
VIDEO: Congressmen defend debt deal before vote
1 year ago

Debt ceiling negotiators defend their deal before vote

Plus, the latest on the ground in Moscow after eight missiles explode, and Mike Pence is set to announce his run for president as the 2024 field grows.
1 year ago
VIDEO: Debt ceiling negotiators defend their deal before vote
1 year ago

Debt ceiling deal to be voted on Wednesday night

Plus, the 2024 presidential field gets more crowded as Republicans join the race, and how one social media influencer used her platform to educate young people about the Holocaust.
1 year ago
VIDEO: Debt ceiling deal to be voted on Wednesday night
1 year ago

The House is expected to vote on a deal to raise the debt ceiling today

ABC News’ Jay O’Brien and Karen Travers have more on why a growing number of Republican members are slamming the deal.
1 year ago
VIDEO: The House is expected to vote on a deal to raise the debt ceiling today
1 year ago

Congress has days to OK debt limit deal before default: Timeline of what's next

Lawmakers have days to pass a debt ceiling bill in Congress before the predicted June 5 "X-date" for default
1 year ago
President Joe Biden speaks in the Roosevelt Room of the White House, on May 28, 2023, in Washington, D.C.
1 year ago

House poised to vote on debt ceiling deal Wednesday

Lawmakers are expected to vote to raise the debt limit amid opposition on both sides of the aisle. ABC News’ Justin Finch has the details.
1 year ago
VIDEO:  House poised to vote on debt ceiling deal Wednesday
1 year ago

GOP Rep. Nancy Mace voting against bill to raise debt ceiling

ABC News' Linsey Davis spoke with Rep. Nancy Mace, R-S.C., about why she plans to vote against the bill to raise the debt ceiling.
1 year ago
VIDEO: GOP Rep. Nancy Mace voting against bill to raise debt ceiling
1 year ago

Debt ceiling deal to stop default narrowly passes 1st big test in key House committee

GOP hard-liners on the House Rules Committee have vowed to block the bill.
1 year ago
Representative Ralph Norman (R-SC) questions a witness alongside Representatives Thomas Massie (R-KY) and Chip Roy (R-TX), during a House Committee on Rules hearing about whether to raise the United States' debt ceiling and avoid a catastrophic default, at the U.S. Capitol in Washington, May 30, 2023.
1 year ago

Republicans reject debt deal

At least 25 House Republicans said they will vote against the bill, which means House Speaker Kevin McCarthy will need Democratic votes to get it passed.
1 year ago
VIDEO: Republicans reject debt deal
1 year ago

Congress works to finalize debt ceiling deal

ABC News senior congressional correspondent Rachel Scott has the latest from Washington and how the next step in negotiations could affect your pocket book.
1 year ago
VIDEO: Congress works to finalize debt ceiling deal
1 year ago

McCarthy announces tentative debt limit deal with White House

The agreement comes just days before potential default.
1 year ago
House Speaker Kevin McCarthy of Calif., speaks during a news conference after President Joe Biden and McCarthy reached an "agreement in principle" to resolve the looming debt crisis on Saturday, May 27, 2023, on Capitol Hill in Washington.
1 year ago

Debt ceiling deal heading to Congress

As House Speaker Kevin McCarthy courts Republicans, President Biden says to skeptical Democrats, "talk to me", in effort to pass deal before June 5 deadline.
1 year ago
VIDEO: Debt ceiling deal heading to Congress
1 year ago

Biden, McCarthy reach agreement on federal debt ceiling

ABC News’ Elizabeth Schulze breaks down the debt limit deal and the impact on the markets before the June 1 deadline.
1 year ago
VIDEO: Biden, McCarthy reach agreement on federal debt ceiling
1 year ago

Debt deal breakthrough

ABC News' Jay O'Brien reports on if the bill will pass in Congress and what it means for Americans.
1 year ago
VIDEO: Debt deal breakthrough
1 year ago

President Biden, Speaker McCarthy reach debt ceiling deal before deadline

ABC's Elizabeth Schulze and Jay O'Brien break down the details of the deal and how both sides plan to sell it to Congress.
1 year ago
VIDEO: President Biden, Speaker McCarthy reach debt ceiling deal before deadline
1 year ago

Negotiators have 'made progress' but no debt limit deal as deadline nears: McCarthy

With potential default just six days away, House Speaker Kevin McCarthy arrived at the Capitol Friday telling reporters he remained optimistic a deal could be reached.
1 year ago
Speaker of the House Kevin McCarthy speaks to reporters about negotiations with the White House over the debt limit as he arrives at the U.S. Capitol in Washington, D.C., May 26, 2023, before the Memorial Day holiday weekend. Secretary of the Treasury Janet Yellen has warned the US could default on its debt as early as June 1, 2023, if Congress fails to raise the debt limit.
1 year ago

Debt ceiling negotiations going down to the wire

President Joe Biden and GOP lawmakers are on the brink of a deal to allow the U.S. government to keep paying its bills.
1 year ago
VIDEO: Debt ceiling negotiations going down to the wire