Financial News Roundup: Healthcare Drains Retirement, Americans Applaud CFPB
Today’s top news headlines feature a new poll revealing most Americans support the Consumer Financial Protection Bureau and growing concerns over retirees’ healthcare expenditures. Plus, find out what happens if the government does not raise the debt ceiling.
CFPB Backed By Americans, Poll Reveals The Huffington Post A new poll shows 63 percent of Americans support the Consumer Financial Protection Bureau, saying they prefer more federal oversight of the financial industry, rather than less. In addition, 74 percent of respondents across all political spectrums agreed with establishing a single agency to act as a consumer watchdog and protect individuals’ interests. However, 25 percent said they prefer less government oversight of the financial sector.
Sizable Amount Of Retirement Savings Drained By Healthcare Needs MSNBC New data from Credit Suisse analysts reveal Americans age 60 and over spend roughly 33 percent of their retirement savings on healthcare needs and medical issues, significantly more than other developed nations. Only 13 percent of retirement income is devoted to leisure and recreational activities and 8 percent is generally geared toward food and drink, the data reveals.
Debt Ceiling Talks Carry Big Consequences CNN Money As the deadline to raise the nation’s debt ceiling looms, many Americans may be wondering what will happen if the government fails to reach an agreement and can’t pay its bills. Many analysts say this unprecedented event makes it difficult to say for certain, but another U.S. recession is likely. In addition, experts say the stock market may plummet and rates on consumer loans, such as mortgages and vehicles, might climb.
Consumers Gain More Access To Credit Scores Credit.com Americans today have more opportunities to access their credit ratings at no cost when they are denied financing by lenders or not assigned the best terms available. The Dodd-Frank legislation may give consumers more insight into how their scores are weighed by lenders, encouraging them to make changes in their credit behaviors.
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