Many people are having trouble paying off credit card debt, which has now reached $1.23 trillion in total. Debt forgiveness, where you pay less than you owe and the rest is forgiven, can help some people but is not the best choice for everyone. It can harm your credit score, cause tax bills, and include fees, so it's important to know when to consider other options.
Key Facts
Credit card debt in the U.S. is at a record $1.23 trillion.
Almost half of cardholders carry balances month to month, causing interest to add up.
Debt forgiveness means negotiating to pay a smaller amount and closing the debt.
This option usually applies to those who have missed payments for 90 days or more.
Debt forgiveness may not be good if your debt is under $7,500 or if you are still making minimum payments.
Forgiven debt over $600 can be taxed as income by the IRS.
Debt forgiveness programs charge fees from 15% to 25% of your debt balance.
Using debt forgiveness can lower your credit score, especially if your credit is still good.
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Spirit Airlines has stopped flying after failing to get a $500 million federal bailout and is refunding most customers with tickets. Other airlines are helping stranded Spirit passengers by offering discounted fares and new flights.
Key Facts
Spirit Airlines began shutting down operations after not securing a $500 million federal bailout.
The airline is refunding most customers who bought tickets with credit or debit cards.
Passengers who paid cash or used airline points are currently not eligible for refunds.
Refunds for those using vouchers, credits, or Spirit points will be decided later through bankruptcy proceedings.
Airlines like United, American, Delta, Frontier, and Southwest are offering special fares to help Spirit passengers.
United rebooked about 14,000 Spirit passengers and is offering discounted fares through May 16.
JetBlue added 11 new routes from Fort Lauderdale and matched Spirit members’ loyalty status for a limited time.
Spirit’s closure opens opportunities for other airlines to serve its routes and gain customers.
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The Trump family’s main cryptocurrency company, World Liberty Financial, sued investor Justin Sun for defamation after Sun claimed the company froze his investment unfairly. Sun had previously sued World Liberty Financial, accusing them of freezing his digital tokens without reason, and both sides now have legal cases against each other.
Key Facts
World Liberty Financial is a cryptocurrency firm linked to the Trump family.
Justin Sun, a Chinese crypto investor, sued the company for freezing his investment in digital tokens.
World Liberty Financial denied Sun’s claims and sued him back for defamation in Florida.
The company alleges Sun used fake social media accounts and influencers to spread lies about them.
World Liberty Financial froze Sun’s assets to protect their community after suspecting misconduct like market manipulation.
Sun invested over $45 million in World Liberty Financial and more in President Trump’s meme coin, $TRUMP.
Earlier in 2026, Sun agreed to pay $10 million to settle a fraud case from the U.S. Securities and Exchange Commission.
Donald Trump Jr. and Eric Trump are involved in the company, with Donald Trump Jr. actively promoting their side of the lawsuit on social media.
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Investors in Australia are borrowing money to buy property at the fastest rate in ten years, even though interest rates have been rising. Owner-occupier borrowing is growing more slowly because higher mortgage costs are making home buying harder for regular buyers.
Key Facts
Property investor borrowing grew by $42 billion in the year to March, a 9.6% increase and the fastest since 2015.
Loans to people buying homes to live in rose only 6.2% in the same period, showing slower growth.
Interest rates have increased twice this year and more rises are expected from the Reserve Bank.
Investors are still actively buying despite the rising interest rates and rumors of higher property taxes.
First-time homebuyer loan applications dropped by about one-third after the March rate increase.
Banks report that investors make up over 40% of new home loans in recent months.
More investors are choosing interest-only loans, which have smaller payments at first but larger debt later.
Lower-income earners are applying less for investor loans, dropping from 15% to about 10% in the past year.
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Over 7,000 Just Eat couriers in the UK are taking legal action to gain better employment rights like minimum wage and holiday pay. The case will decide if they are workers with rights or self-employed contractors, with a decision expected in 2026.
Key Facts
The legal case involves more than 7,000 Just Eat couriers in the UK.
The tribunal will run from May to June and will decide if couriers are workers or self-employed.
Being classed as workers would give couriers rights to minimum wage and holiday pay.
Just Eat fired about 1,700 couriers in 2023 when they stopped a scheme offering guaranteed pay and benefits.
Just Eat says most couriers are self-employed and choose flexible work schedules.
The legal action is led by the law firm Leigh Day, which has worked on similar cases for other gig economy workers.
The UK government established the Fair Work Agency to improve worker rights, especially in the gig economy.
Just Eat was purchased by Prosus, a South African internet investor, for €4.1 billion in early 2025.
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Australia’s Prime Minister Anthony Albanese has decided not to introduce a new gas export tax in the upcoming budget, mainly due to concerns about damaging trade relations with Japan and other Asian partners. However, pressure from unions and some politicians to impose the tax on gas exporters will likely continue in the future.
Key Facts
Prime Minister Albanese met Japanese leader Sanae Takaichi to discuss economic, energy, defense, and cyber cooperation.
Japan gets about 40% of its liquefied natural gas (LNG) from Australia, making it opposed to new export taxes that could threaten supply.
Australian gas exporters argue a proposed 25% export tax could harm Australia’s reputation as a reliable energy supplier.
The Albanese government decided not to introduce the gas export tax now to avoid upsetting important trade partners during a global energy crisis.
Independent Senator David Pocock and trade unions like the Australian Manufacturing Workers’ Union support a 25% gas export tax to address rising household costs and company profits.
The unions’ campaign is supported by major labor groups, creating ongoing political pressure for the government.
Prime Minister Albanese called critics of his stance “populists” but faces pressure from influential labor organizations.
The debate over a gas export tax is expected to continue ahead of Labor's national conference in July.
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Spirit Airlines has gone bankrupt, causing about 17,000 people to lose their jobs and stranding many passengers. Officials from President Trump’s administration blamed former President Biden’s Justice Department for blocking JetBlue’s $3.8 billion attempt to buy Spirit, while Spirit pointed to rising jet fuel prices caused by a war in Iran as the main problem.
Key Facts
Spirit Airlines declared bankruptcy and stopped operations.
JetBlue tried to buy Spirit for $3.8 billion, but the Justice Department blocked the deal due to antitrust concerns.
Spirit says high jet fuel prices caused by a war in Iran led to their financial problems.
Around 17,000 Spirit employees lost their jobs, and many passengers were left stranded.
Critics say Spirit did not properly protect itself against fuel price increases, showing poor management.
Spirit also had issues with Pratt & Whitney engines that forced many planes to be grounded.
Spirit abandoned a merger deal with Frontier Airlines to pursue the JetBlue offer.
It is unclear if a JetBlue-Spirit merger would have saved Spirit or caused more financial issues.
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Spirit Airlines announced that most customers have been refunded after the airline stopped its flights. The company is nearly done giving refunds following its shutdown because it could not get a government bailout.
Key Facts
Spirit Airlines ceased operations recently.
The airline did not reach an agreement for a government bailout.
Most passengers have already received refunds for their canceled flights.
The company is close to finishing the refund process.
The shutdown was announced on a Saturday.
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World Liberty Financial, a cryptocurrency company co-founded by President Donald Trump and his sons, has sued billionaire Justin Sun for defamation. The company claims Sun ran a public campaign of false statements against it, while Sun denies the allegations and calls the lawsuit a publicity stunt.
Key Facts
World Liberty Financial is a crypto venture started by President Donald Trump and his sons.
The company sued Justin Sun in a Florida court for defamation, asking for damages and a public apology.
Sun previously sued World Liberty Financial, accusing them of fraud over blocked token sales worth up to $1 billion.
World Liberty Financial alleges Sun bet against their tokens and used others to buy tokens secretly.
The company froze tokens owned by one of Sun’s businesses to protect token holders.
The lawsuit says Sun’s statements on social media were false and hurt the company’s reputation.
Sun denies the lawsuit’s claims and says he will fight it in court.
Sun is a billionaire known for founding the Tron blockchain platform and recently bought a famous piece of conceptual art.
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As of May 4, 2026, savings account interest rates remain higher than average, with some accounts offering rates between 3.10% and 4.10%, much above the average 0.38%. The Federal Reserve has paused interest rate changes for now, creating a stable environment for savers to find profitable savings options, especially through online banks.
Key Facts
The average savings account interest rate is 0.38% according to the FDIC.
Some savings accounts offer interest rates between 3.10% and 4.10%.
Certain banks pay up to 4.30% interest when combining savings and checking accounts.
The Federal Reserve has paused interest rate changes in 2026 with no cuts expected soon.
Higher rates are a result of previous Federal Reserve actions to fight inflation.
Online banks often offer higher interest rates due to lower operating costs.
Savers comfortable with online banking may find better rates through online banks.
It is beneficial to shop around and compare savings accounts to find the best rates.
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The Met Gala is an annual fashion event held at the Metropolitan Museum of Art in New York City. Each year, it features a different theme that connects fashion with art and culture, with exhibits funded mainly by the gala’s fundraising. The article reviews recent themes from 2022 to 2026, highlighting the focus and notable participants of each year.
Key Facts
The 2026 Met Gala theme is "Fashion is Art," linking fashion with art objects from the museum’s collection.
The 2026 gala co-chairs include Beyoncé, Nicole Kidman, and Venus Williams.
The 2025 theme was "Superfine: Tailoring Black Style," celebrating Black culture and menswear.
Pharrell Williams and A$AP Rocky were among the 2025 gala co-chairs.
The 2024 theme "Sleeping Beauties: Reawakening Fashion" focused on rebirth and nature.
Zendaya was a standout co-chair in 2024, wearing two different designer gowns.
The 2023 theme honored designer Karl Lagerfeld, featuring his style and inspirations.
The 2022 gala celebrated American fashion with the theme "In America: An Anthology of Fashion."
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GameStop has offered to buy eBay for $55.5 billion by paying $125 per share in cash and stock. GameStop’s CEO said they might try a hostile takeover if eBay rejects the offer.
Key Facts
GameStop wants to buy eBay for $55.5 billion.
The offer is $125 per share, paid in cash and stock.
GameStop already owns 5% of eBay shares.
GameStop CEO Ryan Cohen said TD Securities will provide $20 billion to fund the deal.
eBay said it will review the offer carefully to protect its shareholders’ interests.
If eBay rejects the offer, GameStop may launch a hostile takeover bid.
GameStop’s market value is about $12 billion, smaller than eBay’s $49 billion valuation.
After the news, GameStop’s stock price fell 2%, while eBay’s stock price rose 5%.
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Credit card debt in the United States has reached a record $1.23 trillion, with the average borrower owing nearly $6,600. Experts advise keeping credit card balances below 30% of your available credit to avoid harming your credit score and financial health.
Key Facts
Americans’ total credit card debt hit $1.23 trillion in the last quarter of 2025, increasing by tens of billions from the previous quarter.
The average credit card balance per borrower is about $6,600.
Credit cards currently have an average interest rate of over 21%, making debt grow quickly if not managed.
Keeping credit card balances under 30% of your total credit limit helps protect your credit score and provides financial flexibility.
Once balances exceed 30% of available credit, credit scores can drop and making minimum payments may become difficult.
Inflation has increased everyday costs, pushing more consumers to rely on credit cards.
Warning signs of too much debt include stress about money, only making minimum payments, late or missed payments, and using cash advances frequently.
To manage debt, experts suggest stopping new spending and focusing on paying down existing balances quickly.
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Spirit Airlines stopped operating on Saturday because it had too much debt. This shutdown affected many passengers and caused reactions from the public.
Key Facts
Spirit Airlines shut down on a Saturday.
The main reason was financial problems due to large debt.
Many passengers were impacted by the sudden closure.
The event received coverage from CBS News.
The shutdown has caused concern among travelers.
The airline did not continue its usual flights after the shutdown.
CBS News reporter Kris Van Cleave explained the effects.
The situation highlights challenges in the airline industry.
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Spirit Airlines is shutting down, which will affect many parts of the airline industry. An expert named Henry Harteveldt explained these effects in a CBS News segment.
Key Facts
Spirit Airlines is ending its operations.
The shutdown will impact the airline industry in different ways.
Henry Harteveldt is an analyst who studies the airline business.
He spoke to CBS News to explain what this shutdown means.
The news was featured on CBS News and their app.
The article focuses on understanding the consequences for airlines and travelers.
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Elon Musk and Sam Altman are involved in a legal dispute in a federal court in Oakland, California. The case focuses on OpenAI's change from a nonprofit group to a company preparing for a major stock offering potentially worth $1 trillion.
Key Facts
Elon Musk is suing OpenAI, claiming the group broke its original nonprofit promise.
OpenAI started in 2015 as a nonprofit focused on safe artificial intelligence for the public good.
OpenAI is now a commercial company planning an initial public offering (IPO).
The IPO could value OpenAI at up to $1 trillion.
Musk says this change betrayed OpenAI's original mission.
OpenAI argues Musk is a former partner trying to damage a rival company.
The case raises questions about promises made when technology becomes extremely valuable.
The trial is seen as an important legal event in Silicon Valley technology.
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Ryan Cohen, the leader of GameStop, is trying to buy eBay for about $56 billion. GameStop plans to use its 1,600 U.S. stores to help with eBay deliveries and may show live sales videos of eBay products at these locations.
Key Facts
Ryan Cohen, head of GameStop, wants to buy eBay.
The offered price for eBay is approximately $56 billion.
GameStop has around 1,600 stores in the United States.
These stores could be used as places for dropping off and shipping items sold on eBay.
One idea is to stream live sales videos from GameStop stores featuring eBay products.
This move aims to help eBay compete with Amazon, a major online retailer.
GameStop is known primarily as a gaming retail company but is expanding its business model.
The share price of eBay rose significantly before the stock market opened after the news.
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The renewables industry warns that if Reform UK becomes government and cancels subsidy contracts for renewable energy projects, it could cause economic chaos similar to what Britain experienced under Liz Truss. Industry leaders say canceling contracts would hurt investor confidence, increase costs for new infrastructure, and could lead to costly lawsuits.
Key Facts
Reform UK promises to cancel subsidy contracts for renewable energy projects if elected.
The chief executive of RenewableUK says this policy would harm investor trust in the energy sector and the wider economy.
Canceling contracts could push up the cost of building new infrastructure by scaring off investors.
Reform UK’s deputy leader sent a letter warning large renewable developers that contracts could be scrapped.
Similar policy moves in Spain led to over 50 lawsuits against the government and made investments riskier.
Building renewable energy is now cheaper than building new gas power plants, even before recent fossil fuel crises.
The renewable energy industry expects to provide around 112,000 jobs by 2030, many in areas that support Reform UK.
Industry leaders urge all parties to focus on practical energy issues like security, costs, and jobs rather than political divisions.
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Australia’s Labor government will keep its electric vehicle (EV) tax break until March 2027 to help make EVs more affordable amid rising fuel prices caused by the Iran war. After that, the tax discount will gradually reduce, focusing on cheaper EVs to keep the program financially sustainable.
Key Facts
The EV tax discount exempts eligible electric cars from a fringe benefits tax (FBT) when leased.
The full tax break is extended until the end of March 2027.
From April 2027 to April 2029, full FBT discounts apply only to EVs under $75,000.
EVs priced between $75,000 and the luxury car tax threshold ($91,387) get a reduced 25% FBT discount in that period.
After April 2029, all eligible EVs under the luxury car tax threshold will receive a permanent 25% FBT discount.
Rising fuel prices from the Iran war have increased EV sales; EVs now make up 15% of new car sales in March, double from last year.
The cost of the EV tax break program is now estimated at $10.1 billion through 2029, much higher than the original $605 million estimate.
Chinese EV makers like BYD sell cars for as low as $26,000, increasing affordable EV options.
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GameStop has offered to buy eBay for $55.5 billion in a deal partly paid in cash and stock. GameStop’s leader, Ryan Cohen, said he wants to improve eBay by cutting costs and making it more competitive with Amazon, and is ready to make a hostile takeover if eBay’s board refuses.
Key Facts
GameStop offered $125 per share to buy eBay, half in cash and half in GameStop stock.
GameStop owns about 5% of eBay already.
GameStop is much smaller than eBay, valued at $12 billion compared to eBay’s $46 billion.
Ryan Cohen plans to cut $2 billion per year in eBay’s costs, including sales, marketing, and administrative spending.
Cohen believes eBay could become worth hundreds of billions and compete with Amazon.
If eBay’s board rejects the offer, Cohen may take the bid directly to eBay’s shareholders, making it a hostile takeover.
GameStop has secured a $20 billion loan to help fund the purchase.
eBay is growing its business with AI and live-streamed auctions and is buying Depop, a fashion resale app, to attract younger customers.
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