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Moody's Investors Service Friday defended its decision to issue a slew of downgrades to Europe's biggest lenders after several of the continent's banks hit out over the "backward" nature of the review.

Moody's ratings agency on Friday downgraded Nokia's debt grade to junk status, citing greater than anticipated pressure on the struggling cellphone maker's earnings after it announced plans for major cuts and global layoffs. It kept the outlook negative, meaning it could downgrade it again.

Credit ratings agency Moody's Investors Service cut its rating on Spanish government debt on Wednesday by three notches to Baa3 from A3, saying the newly approved euro zone plan to help Spain's banks will increase the country's debt burden.

The financial shocks that began in 2007 prompted a lot of Americans to change their free-spending ways, especially when it came to taking on debt. Several years on, some Americans may be reversing course, either by choice or necessity.

Japan says it will forgive about 300 billion yen ($3.7 billion) of Myanmar's debt as a way to support the country's democratic and economic reforms.

Moody's ratings agency downgraded Nokia's debt grade to near junk status on Monday, citing a sharp decline in first-quarter cellphone sales that led to a 35 percent fall in revenue.

We thought we’d dodged a bullet. When the Consumer Financial Protection Bureau announced that student loan debt had passed the $1 trillion mark my first thought was one of relief since our last child is graduating from college next month. Even though his tuition has almost doubled during his tenure as a student at the University of California, we were fortunate that he will be able to graduate without student loan debt. That may change in the future if he decides to complete a graduate degree, but my husband and I wiped our brows with a collective sigh of relief.

The Republican Party has a Web ad spotlighting the fact that the debt has grown more under President Obama in less than one term than it did under President George W. Bush in two terms. Since taking office on Jan. 20, 2009, the debt under Obama has increased by $4.93 trillion, according to Treasury Department figures.

Bankruptcy lawyers have a frightening message for America: They’re seeing the telltale signs of a student loan debt bubble that is placing increased financial pressure on families struggling with their children’s mounting debt. According to a recent survey by the National Association of Consumer Bankruptcy Attorneys, more than 80 percent of bankruptcy lawyers have seen a substantial increase in the number of clients seeking relief from student loans in recent years.

Projections suggest the debt will continue to grow faster than the economy, which would have to expand by at least 6% a year to keep pace.