Category Archives: Debt Articles
- Bank of America Employees Allegedly Rewarded for Foreclosing
Paul Kiel ProPublica Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees. The employee statements were filed late last week in federal court in Boston as part of a multi-state class [...]
- The Growing Impossibility of Affordable Student Loans
Student loan debt is an impossible crisis that is the result of the divergence of society assumptions and affordability. The chart below clearly shows how the cost of both a public and private college education, while assumed to be the path to success, is becoming out of reach. The chart shows the inflation adjusted increases [...]
- I Buy Junk Mail. Sell Me Your Junk Mail.
I’m back in the market for advertising letters and mailers people receive promising some sort of debt or credit help. As a reward for helping me scout out the latest mailers so I can review them I’m reinstating my “I Buy Junk Mail” program I offered a few years ago. Why I Do This I’ve [...]
- Student Loan Infographic. Yep, Student Loans Suck.
- Payday Loan Reality: What It Is, What It Does, and Who Falls in the Trap
The kind folks over at Pew Trust did a great series on payday loans to help make them more understandable. The videos help to explain the pros and cons of payday loans and why they can be helpful for some and incredibly expensive for most. The payday loan issue is another one of those situations [...]
- Sanctuary Belize, Andris Pukke, Todd Cook, Peter Baker & Ameridebt
Recently tips and information has been trickling in regarding an old debt relief industry name I had not heard for awhile, Andris Pukke. Pukke was nailed by the FTC for his operation of Ameridebt and even did some jail time for it. You can see past article naming Andris Pukke, here. The tips appear to [...]
- Having Problems With a Debt Collector. Affordable Legal Help Available Here.
One of the common requests I hear from readers is for legal help with issues surrounding their debt problems when they feel they’ve been hurt or abused by a debt collector. In the past I’ve always referred people to the National Association of Consumer Advocates and the GetOutOfDebt.org legal friends and protectors to find an [...]
- Timeshare Resale Scam Infographic
The FTC gets clever and puts of a great infographic on timeshare resale scams. Get Out of Debt Guy – Twitter, G+, Facebook If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
- Odds Are You Are Going to Retire Hungry and Poor
Americans can be in as much current day denial as they want to about their future and what retirement will look like but recent studies show a significant number of people are not at all confident they will be able to retire with adequate income and savings. According to the Employee Benefit Research institute, 49 [...]
- Bankruptcy, Depression & Suicide. The Most Avoidable Tragedy.
People with problem debt are likely to be depressed. My own study in 2001 found that of those people who reached out for help 39.71% were clinically depressed and another 9.56% identified themselves as moderately depressed. Women tended to be more likely to show symptoms of depression than men. You can read more about this [...]
- Innovative Wealth Builders in FTC News Again With Independent Resources Network
It seems like forever Ive been writing about Innovative Wealth Builders and all the unhappy consumers that feel for their debt relief pitch. But it looks like the FTC has taken a step against their payment processor that could have ramifications in other parts of the debt world with payment processors and escrow companies. According [...]
- Sheila Bair, Former FDIC Chairman Shares Thoughts on Financial Failures
Sheila Bair, former chairman of the Federal Deposit Insurance Corp., shares her thoughts about on what went wrong in the banking industry and how to prevent financial collapse in the future. In this video she talks about how bankruptcy is now the strategy to deal with future banking failures, why over borrowing was a critical [...]
- The Get Out of Debt Guy 8 Easy Steps to Eliminate Your Debt Checklist
So you want to get out of debt. Congratulations. To make your journey easier and to help you on your way, here is an easy to follow checklist to guide you on your journey. Getting out of debt can be broken down into some very simple steps to make the process easy, obvious, and help [...]
- Student Loan Debt by Generation. Sorry Gen X and Millennials.
Here is a nifty infographic showing the generational difference and growing danger of student loan debt. Looks like Generation X, those born between 1965 and 1984 is sinking fast. But more Millennials are loaded up with debt than any other generation. And this is what an unfolding crisis looks like. Get Out of Debt Guy [...]
- CFPB Suit Against Debt Relief Company Should Make Industry Very Afraid
Yesterday the Consumer Financial Protection Bureau filed suit against American Debt Settlement Solutions, Inc. and Michael DiPanni. If you are in the debt relief industry you need to become painfully familiar with this suit because it will make you soil your pants. For the first time the CFPB has laid out its hand on what [...]