Around 9.7 million student loan borrowers fell behind on payments after the Covid-era payment pause ended, with a delinquent debt volume of over $250 billion by the New York Fed’s estimate. The Biden administration offered a 12-month “on-ramp” to repayment after the pause expired in September 2023, shielding borrowers from consequences, but as of September 30, 2024, delinquency rates hit 15.6%, surpassing pre-pandemic levels and potentially causing credit scores to drop over 150 points.
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Germany to boost defence spending at faster rate than France or UK
Germany plans to increase its defense spending by over 66% by 2029, reaching €162 billion, as Chancellor Friedrich Merz responds to threats from Russia and the U.S. This includes annual military aid to Ukraine and aims to elevate defense spending to about 3.5% of GDP, surpassing France and the UK, while also implementing significant infrastructure investments and tax breaks to stimulate growth. Need More Context? 🔎
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