Economic News

Percentage of Borrowers with $20k in Student Debt Doubled Over Last Decade, According to CFPB Findings

Record Student Debt Spurring Employers to Offer Student Loan Repayment Benefits

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) this week released a new data point finding that nearly half of student loan borrowers leave school owing at least $20,000 – double the share of borrowers a decade ago. The Bureau also found that more borrowers are taking out student loans later in life, and fewer borrowers are paying down their student debt in five years. Record student debt and associated borrower stress is spurring more employers to offer student loan repayment benefits to their employees, according to a separate CFPB report released today. This report features a series of recommendations to help employers and other companies that manage benefits programs ensure that borrowers receive the maximum value.

in Economic News
Consumers in Lower-income Areas are More Likely to Become Credit Visible Due to Negative Records, According to CFPB Study

Consumers In Higher-Income Areas More Likely Than Those in Lower-Income Areas to Establish Credit with a Credit Card or Co-Borrower

in Economic News
HESAA Announces No Increase for NJCLASS Family Loan Rates for Academic Year 2017-18

TRENTON, NJ – The N.J. Higher Education Student Assistance Authority (HESAA) has announced interest rates for the NJCLASS family loan program for the 2017-18 academic year will remain level.

in Economic News
May Economic Update Explores Strength in CU Industry

The May edition of the CUNA Economic Update explores the many areas of financial strength for the credit union industry and strong operating results in loan, savings and membership growth.

in Economic News
NJ Economic Outlook Dim, Nearly Worst in Nation Report Finds

ARLINGTON, Va. -- A report released this week by a pro-business legislative group concluded that New Jersey has one of the worst economic outlooks in the nation.

The American Legislative Exchange Council, also known as ALEC, report titled “Rich States, Poor States, 9th Edition,” found the Garden State ranked 48th when it came to its economic outlook. 

The calculation weighed more than a dozen variables, ranging from the state’s minimum wage to property tax burden. According to the report, Utah had the best economic outlook for 2017 while New York had the worst. 

in Economic News
New Jersey and Millennials Perfect Together, Not

WASHINGTON -- A new WalletHub study found that New Jersey ranked 40 out of 50 states and the District of Columbia when it comes to quality of life for millennials.

When asked why the Garden State was ranked so low, WalletHub said housing costs was a key factor.

“Forty-five percent of millennials are still living with their parents, that is what really dragged New Jersey down,” said Jill Gonzalez, an analyst for WalletHub.

in Economic News
WalletHub Report Ranks New Jersey 7th on Most and Least Financially Literate States

A recent WalletHub report that analyzes financial- education programs and consumer habits in each of the states and the District of Columbia ranked New Jersey 7th  on its list of Most and Least Financially Literate States.

in Economic News
State’s Debt Rating Downgraded Again, Chronically Underfunded Pension Obligations Sited

NEW YORK – New Jersey's credit rating has been downgraded again, with renewed warnings about the state's poorly managed budget and underfunded public pension system.

in Economic News
State’s Unemployment Rate Drops to 4.4%, Lowest in Nearly a Decade

TRENTON, N.J. – New Jersey’s unemployment rate dropped to 4.4% in February, the lowest since October 2007, and below the national average of 4.7%.

in Economic News
Motor Vehicle Sales/Repairs Tops NJ’s 2016 Consumer Complaints List, Banking/Financials Institutions Rank 8th 

NEWARK, N.J. – Attorney General Christopher S. Porrino and the N.J. Division of Consumer Affairs commemorated National Consumer Protection Week by announcing New Jersey’s top 10 consumer complaints from 2016 and highlighting the Division’s initiatives to protect consumers from fraud.

in Economic News
CUNA Economic Update Focuses on NCUA Stabilization Program

MADISON, Wis. – Hosted by CUNA Chief Policy Officer Bill Hampel, the latest edition of CUNA Economic Update provides a summary of CUNA’s latest white paper, which offers an update on the NCUA Corporate Stabilization Program, an initiative to keep corporate credit unions solvent in the wake of the 2008 financial crisis.

in Economic News
Americans are Moving at Historically Low Rates, In Part Because Millennials are Staying Put, According to Pew Charitable Trust

Americans are moving at the lowest rate on record, and recently released Census Bureau data show that a primary reason is that Millennials are moving significantly less than earlier generations of young adults.

in Economic News
Over Past Decade, Savings Habits Eroded, According to Tenth Annual Savings Survey

WASHINGTON – The tenth annual America Saves Week survey revealed that fewer than two-fifths (38%) of American households report good or excellent progress in meeting their savings needs, with over one-quarter (27%) indicating no progress at all. The survey findings were released on the first day of the eleventh annual America and Military Saves Weeks. More than 1,500 nonprofit, government, and business organizations at the national, state, and local levels have joined to promote personal savings.

in Economic News
Yellen Testimony Matches CUNA Economists’ Outlook for 2017

WASHINGTON – Federal Reserve Chair Janet Yellen testified before the Senate Banking Committee Tuesday and the House Financial Services Committee Wednesday, and her remarks match CUNA economists’ prediction of moderate economic growth in 2017. Perc Pineda, senior economist at CUNA, also predicted rate hikes this year.

in Economic News
CUNA Economists Forecast Double-Digit Loan Growth in 2017

MADISON, Wis. – Credit unions could see a double-digit increase in lending growth this year based on a CUNA Economic and Credit Union Forecast.

in Economic News
New Jersey Tops Nation in Foreclosures for the Second Consecutive Year

IRVINE, Calif. – For the second year in a row, New Jersey led the nation in home foreclosures in 2016, even as overall activity ebbed across the U.S.

in Economic News
State’s Income Gap One of the Widest, and Growing

TRENTON, N.J. – New Jersey now has the nation's seventh highest income gap between richest and poorest residents, according to a report released last week by two policy research groups. Four years ago, New Jersey ranked 11th in income inequality and 14th in 2008, according to these reports.

in Economic News
N.J. Continues National Lead in Foreclosures

IRVINE, CA – New Jersey continues to lead the country in foreclosures, even though the national average continues to show a dramatic decrease.

in Economic News