A fire department in Massachusetts says its crews had to use more than 11,000 gallons of water to put out an electric vehicle fire that started when the car “spontaneously” burst into flames. 

Images released by the Wareham Fire Department show the charred remains of a hatchback vehicle parked outside a home in the southeastern Massachusetts town over the weekend. 

“If this vehicle had been parked in a garage the results could have been disastrous,” Fire Chief John Kelley said in a statement. “Additionally, electric vehicle fires are difficult to fight and present unique challenges.” 

The owner of the car, identified by WCVB as Ann Thomas, reportedly told the station that she and her husband were awoken Saturday morning by a loud sound. 

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“It sounded like a big poof. And he looked to the window, and he saw the smoke,” she said. 

The station reports that the car has since been taken to a local towing business where it has been parked away from other vehicles. 

“The first arriving crews encountered an electric car on fire in the driveway with multiple exposure issues,” the Wareham Fire Department said, noting that it first responded to the property around 4:15 a.m. on Saturday. 

“After knocking down the initial fire, firefighters continued to wet the vehicle down, and approximately 30 minutes later, the fire again flared up,” it added. “Firefighters remained on the scene for about three hours using over 11,000 gallons of water to ensure the fire was extinguished. The fire appeared to have started spontaneously, as the car had already been charged.” 

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The model of the car has not been independently confirmed by FOX Business. The Wareham Fire Department did not immediately respond to a request for comment on Tuesday. 

In mid-January in Massachusetts, the Wakefield Fire Department said “more than 20,000 gallons of water were used” to extinguish a fire involving a Tesla vehicle that crashed along Interstate 95.

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“As sales of electric and hybrid vehicles increase, the fire service is continuing to modify our tactics to properly respond, protect property and firefighters as well as control these types of fires,” Wakefield Fire Provisional Chief Thomas Purcell said at the time. “Fire companies on the scene of an electrical vehicle fire should expect longer time frames to manage and control EV vehicle fires, ensure that large, continuous, sustainable water supply is established, as well as maintain heightened situational awareness and prepare for secondary fires.” 

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When it comes to personal finances following the pandemic, Americans are divided into two categories – some have emerged with little debt, and others are drowning in it, according to a Northwestern Mutual survey. 

More than one-third of Americans (35%) said they are carrying their highest level of debt ever or close to it, according to the survey. At the same time, 43% said their debt is close to or at a historic low. The top reason why these Americans are so indebted is because of credit cards, which account for more than double any other single source of personal debt.

Credit card balances remained near record highs at $917 billion in the first quarter of 2023, according to a TransUnion report. That’s an increase of almost 20% over last year, according to the report. Moreover, the average balance per consumer grew 14.4% year-over-year to $5,733. 

Americans with personal debt said they spent 30% of their monthly income toward paying it off, and most said they expected to remain in debt for years, according to the survey. 

“This is a reminder that debt trends aren’t uniform, and everyone’s personal circumstances are different,” Northwestern Mutual Chief Customer Officer Christian Mitchell said. “More people feel like they’re moving in the right direction than those who do not, but there’s still a sizable universe of people carrying more debt than ever. 

“No matter where you are on that spectrum, it’s important to be proactive and intentional about how debt is managed and where it fits within a broader long-term financial plan,” Mitchell continued.

If you are looking for ways to reduce your expenses and put money back in your wallet, you could consider using a personal loan to pay off high-interest debt at a lower rate, helping you save money each month. Visit Credible to find your personalized interest rate today.

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Overall, 5% of respondents said that student loans was their top source of debt; the survey said. When broken down by generations, however, 17% of Gen Z and 10% of millennials cited student loans as the top reason for indebtedness.

The U.S. Supreme Court blocked President Joe Biden’s student loan forgiveness plan Biden debt forgiveness plan in late June. The plan would have canceled up to $10,000 in federal loans per borrower making less than $125,000 a year (couples making less than $250,000) and up to $20,000 per borrower for those who used Pell Grants in college, eliminating about $441 billion in outstanding student debt.

The plan was poised to impact borrowers making less than $75,000 a year mainly, and none of it would have gone to people making more than $125,000, according to the White House.

Americans with federal student loans can take other paths toward relief, with some that outright forgive debt but are more challenging to qualify for than the failed forgiveness plan.

“There are productive ways to incorporate debt into a financial strategy, and student loans are a good example of that as they often result in long-term upsides,” Mitchell said. “But still, it’s critical to have a holistic strategy and a debt repayment plan that accounts for a diverse set of financial goals.”

If you are interested in paying down your private student loan debt, a refinance could help you lower your interest rate and monthly payment. To see if this is the right option for you, contact Credible to speak to a student loan expert and get your questions answered.

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As rising costs drive more Americans to take on record debt, Americans can use a balance transfer credit card or a debt consolidation loan to help reduce their burden, according to Credible. 

A credit card balance transfer can help you consolidate numerous debts into one monthly payment.

Some balance transfer cards charge an initial fee, which may be a set amount or a percentage of your transfer amount. But many balance transfer credit cards come with a lower annual percentage rate (APR) for a limited time. APR is the yearly interest rate you’ll pay if you carry a balance on your credit card.

Alternatively, a debt consolidation loan is another way to convert numerous debts into one payment. These loans can charge interest, so make sure the terms make sense, and you will only pay what was planned. Another detail to consider is that consolidation loans with longer repayment terms offer lower monthly payments, but you’ll end up paying more in interest over the life of the loan.

If you are struggling to pay off debt, you could consider using a personal loan to consolidate your payments at a lower interest rate, saving you money each month. You can visit Credible to find your personalized interest rate without affecting your credit score.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

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United Parcel Service (UPS) cut its financial outlook for the year amid negotiations with the Teamsters union to avoid a strike, the logistics company said on Tuesday. 

UPS reached a tentative, $30 billion, agreement with the International Brotherhood of Teamsters on July 25, 2023 to avoid a work stoppage, with the union voting to ratify the new agreement. Electronic voting began on Aug. 3, and will conclude on Aug. 22.

UPS now predicts annual consolidated revenue at around $93 billion and adjusted operating margin of roughly 11.8%. Below the previous guidance of $97 billion and 12.8%.

The guidance change reflects “the volume impact from labor negotiations and the costs associated with the tentative agreement”, UPS said.

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In June, 97% of the UPS Teamsters union’s 340,000 members voted to authorize a strike for better pay and working conditions, including air conditioning in new models of the company’s brown delivery trucks.

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Meanwhile, the delivery company also posted a 10.9% drop to $22.1 billion in consolidated revenue for the second quarter.

“UPS is stronger than ever. Looking ahead, we will stay on strategy to capture growth in the most attractive parts of the market and make our global integrated network even more efficient” UPS chief executive Carol Tomé said despite the revenue decrease. 

Tomé also thanked UPS customers for remaining with the company throughout the labor negotiations.

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UPS consolidated operating profits for the second quarter reached $2.8 billion, down 21.4% compared to the second quarter of 2022, and down 18.4% on an adjusted basis. 

Diluted earnings per share peaked at $2.42, 22.8% below the year $2.54 from the year-ago period.

UPS shares have gained 4% this year, trailing the S&P 500’s nearly 17% gain over the same period. 

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FOX Business’ Eric Revell contributed to this story.

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