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Student Loan Interest Rates to Double and Might Go Variable

surprise

If Congress does not take action the rate subsidized student loan holders pay will double July 1, 2013 from 3.4% to 6.8%. Student loan interest rates have been set by Congress and kept artificially low as a way to encourage education. But a vote in the House yesterday about a Republican proposal is set to have some very dangerous and ... Read More »

World Law Debt, Global Client Solutions and Others Sued in NC. TRO.

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Yesterday the State of North Carolina and the North Carolina State Bar filed suit against Swift Rock Financial, World Law Debt, World Law Group, Orion Processing, World Law Processing, Derin Scott, and Global Client Solutions. This suit is different than many others I’ve seen in that it is a joint effort by both the State Bar and the Attorney General. ... Read More »

Credit Card Fraud Protection in Australia, UK and the US

punched-in-face different

In Australia, United States and United Kingdom, credit card use appears much the same. The names are familiar – Amex, MasterCard and Visa are the dominant players in all three markets. But the card issuers responsibilities to consumers aren’t quite equal. While U.K .and U.S. consumer protection schemes have convened into a general code for credit card users across the ... Read More »

Those With Cancer Nearly Three Times More Likely to File for Bankruptcy

Cancer patient versus non-cancer patient filing rates.

A recent study found adults diagnosed with cancer are 2.65 times more likely to file for bankruptcy while bankruptcy filings are as much as five times higher among your cancer patients. According to the study, led by Scott Ramsey, MD, PhD, an internist and health economist at the Fred Hutchinson Cancer Research Center in Seattle, Washington, between 1995 and 2009 ... Read More »

Consumers Defaulting Less on Debt Says New Data

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New data out from S*P and Experian says consumers are doing a better job paying their bills. The national composite of consumer defaults hit its post-recession low of 1.42% in April, down from 1.50% in March. The first mortgage default rate moved down to 1.31% in April from 1.41% in March. The auto loan default rate posted a 1.07% rate ... Read More »

Student Debt Kills Dreams

college-class

The amount outstanding on student loan debt continues to increase past the point it blew the roof off how much people owe on all credit card debt. Imagine, people owe more in student loan debt which is nearly generational debt. In most cases it can’t be discharged in bankruptcy and with parents and grandparents co-signing for some of these loans ... Read More »

Sinbad Files Chapter 7 Bankruptcy. Will Keep F-150 Pickup Truck.

Sinbad

The comedian Sinbad recently filed for Chapter 7 bankruptcy protection. Hey, it happens to even the famous among us. Money troubles are not limited to the infamous. They happen to many of all walks of life. According to documents received, Sinbad (David Adkins) has liabilities of $10,991,715 and assets of $131,126. While there may be some areas of his life ... Read More »

Up Next: How to Increase Your Income

garage sale

This is a guest post from Philip Taylor, founder and editor-in-chief of PT Money: Personal Finance. Learning about and applying the rules for living a frugal lifestyle are common principles in the area of personal finance. Controlling your budget and spending less can certainly help you avoid the cycle of debt. And that’s a great thing! But there’s a point ... Read More »

Get Out of Debt Guy Support Group First Virtual Meeting

Google Hangout

We made it through the first virtual debt support group meeting on Google Hangout. As expected, attendance was light, but the technology test went fine and the concept show a lot of promise for future meetings. Michael Bovee and I spent quite a bit of time talking about debt and religion, Jesus, spirituality, tithing, student loan debt, using bankruptcy to ... Read More »

Mass Joinder Leader Mitchell Stein Found Guilty and Behind Bars for Years

mans hands behind bars in jail or prison

A tipster just let me know that Mitchell Stein, the California attorney who was leading the charge selling consumers access to lawsuits to sue their lenders in a mass joinder action, was taken into custody today in court when he was found guilty on 14 counts in Florida today. Here is what the tipster said, “Mitchell J. Stein (Spire Law ... Read More »

FTC Catches Bogus Tech Support Scam and Then Finds a Debt Relief Company

fist

The Federal Trade Commission announced a settlement over a bogus tech support service and accidentally found a debt relief company that was violating the Telemarketing Sales Rules in the process. Mikael Marczak, doing business as Virtual PC Solutions, and Sanjay Agarwalla were among the subjects of a series of six complaints filed by the FTC last September as part of ... Read More »

3 Car Buying Financial Potholes to Avoid

buying car

Buying a car is a very expensive proposition. Besides buying a home – buying a car or truck is typically the second largest asset people purchase. And those car payments can really add up to a budget buster if you are not careful. There is no need to wind up paying more than you have to. When going to buy ... Read More »

Get a Free Friends and Family Health Kit

free

Okay, I admit this might not be the best freebie in the world but apparently the government wants to spend money sending out publications and information to help people deal with medical issues. What can I say, besides it’s a freebie and it looks like it’s for the ladies. The pitch to order these publications says “Now, you can help ... Read More »

Best Debt Consolidation Loans

Happy people celebrating with money raining

Finding a legitimate debt consolidation loan program can be frustrating, depressing and darn near impossible. We’ve all seen the advertisements promising loans for people with bad credit or loans with no credit check. In my experience those companies are often high priced, that is if you actually get a debt consolidation loan and not get ripped off. Many Debt Consolidation ... Read More »

You Have Not Failed if You File Bankruptcy

What I most want you to do when facing bankruptcy is to stop assuming or reacting emotionally and start thinking logically.

A frequent and quiet chorus says people who file bankruptcy have failed in some way, but let’s set the record straight on that myth. It’s not true. Bankruptcy is the law of the land in many countries. It allows people otherwise tightly gripped by unmanageable debt to find a way to break free of an otherwise impossible situation. Bankruptcy is ... Read More »

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