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The Five Myths About Bankruptcy. Watch the Video.

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Thanks to Twitter I discovered a new video out of a news story on the five myths about bankruptcy. The myths are: You should be dead broke until you file for bankruptcy. Bankruptcy ruins your credit score. You lose your home if you go bankrupt. You should max out your credit cards before going bankrupt. You should raid your 401(k) ... Read More »

Professional Journalist Really Blows This Debt Settlement Story

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CNBC produced a story by Trish Regan that was full of misleading statements and came across that debt settlement was not a problem, without ever mentioning the tax consequences or that debt settlement companies are under investigation. The story claims that an NFCC agency, ClearPoint Financial Solutions was able to get Providian to settle the debt for less. There is ... Read More »

Video Review of Cool-N-Save Heat Pump Energy Saver

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I’ve mentioned a little unit that I purchased to see if I could lower our energy consumption from one of our heat pumps. It is a little device called the Cool-N-Save and it operates by cooling the air that flows over the fins of the heat pump. You can read the study conducted by Tulane University on the Cool-N-Save unit. ... Read More »

New Financial Disclosures Out. John McCain Going Further in Credit Card Debt at 25.99%. Ouch!

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Last year I wrote a story about John McCain and his Chase credit card with a 25.99% interest rate. I just discovered that the latest 2008 financial disclosures are out and I went back to see if he got a better rate on his card. Not only didn’t he get a better interest rate, but his balance has increased on ... Read More »

I Want You to Meet Who You Helped Today – Jorge

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It is important for you to meet who we helped today through this site. As I mention, all over the place, revenue from people clicking on ads and using the service of advertisers is used to help sponsor people in poverty through Kiva. Please visit or use the services of advertisers on the GetOutOfDebt.org site so we can help more ... Read More »

Don’t Get Scammed By Dishonest Loan Modification Companies

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More news today about loan modification companies and the troubles people are having in paying them for help. “They convinced me they could help save my home and intervene on my behalf as a third party with my mortgage company,” said Mr. Briscoe, who bought his Tucson home in 2005. The company charged him $2,000 and told him he should ... Read More »

New York Attorney General Goes After Loan Modification and Foreclosure Rescue Companies for Screwing Consumers

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Attorney General Andrew M. Cuomo announced his office is taking legal action against a leading New York foreclosure rescue company for charging illegal up-front fees and engaging in consumer fraud. The company targets homeowners facing foreclosure by claiming that it can save their homes, but often fails to provide the services promised. The Attorney General’s Office served a notice of ... Read More »

Wells Fargo Bank Offering Title Loans. I Think the Ad is Misleading.

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I saw an advertisement online just a minute ago. It surprised me. Consolidate Using Vehicle Consolidate Bills & Reduce Monthly Payments Using Your Vehicle-Apply! Now you can refinance your used car, which is not a new thing, companies have been doing this for years. But this is the first time I can remember that a major bank will refinance a ... Read More »

New York Times: Debt Settlement Industry is Nervous

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If you are interested in the comings and goings of the debt settlement industry I think you’ll find the artcile in the New York Times titled “The Debt Settlement Industry Is Busy, but It’s a Bit Nervous, Too“, interesting. Noting “the legal firestorm that has subsumed the debt settlement industry” in recent years, Jeffrey Tenenbaum, a lawyer representing dozens of ... Read More »

Financial Education For High School Students Does Not Work and Could be a Waste of Time and Money

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In what feels like a never ending series of debunking articles about financial topics, like why a 15 year mortgage is less safe than a 30 year mortgage, here is another installment, this time about financial education. Typically financial education classes are touted as some sort of inoculation that can be given to high school students to prepare them for ... Read More »

Credit Card Companies Accelerate Card Closures. More to Come.

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If you have a moment you need to take a look at Credit Card Line Reductions and Eliminations on the Credit Slips blog. Thank you Adam Levitin for posting this information. Read full post here. In the coming months and years we are likely to hear the banking industry and its supporters blame the Credit CARD Act for reductions in ... Read More »

Dallas Based Debt Settlement Company Issues Press Release With Jaw Dropping Statements

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I was just reading a press release issued by a Dallas, TX based debt settlement company. I’m not going to publish the whole thing here but this section actually made my jaw drop when I read it. “I have worked for a bankruptcy attorney for 13 years consulting consumers about chapter 7 and chapter 13 bankruptcies. It is plain and ... Read More »

Majority of Bankruptcies Linked to Illness and Medical Bills

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Harvard study finds 50 percent increase from 2001 Most of those bankrupted by illness were middle class and had insurance Medical problems contributed to nearly two-thirds (62.1 percent) of all bankruptcies in 2007, according to a study in the August issue of the American Journal of Medicine that was published today online. The data were collected prior to the current ... Read More »

Loan Modification Companies May Not Charge Up-Front Fees Says Florida Attorney General

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Attorney General Bill McCollum announced that his office has filed a lawsuit against an Orlando loan modification company alleging the company was committing foreclosure rescue fraud. Three Angels Community Action Network and company president Sherrard A. Haugabrooks are named in the lawsuit filed in Seminole County Circuit Court. The lawsuit specifically alleges violations of Florida’s Foreclosure Rescue Law, §501.1377. Members ... Read More »

Debt Settlement Companies May Not Be Paid For Services Not Yet Delivered Says MO AG

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Missouri Attorney General Chris Koster has filed suit against a company that advertised to consumers it could get people out of credit-card debt and lower their monthly payments, but did not deliver the services it promised. Koster said the company, Credit Solutions of America in Richardson, Texas, marketed to Missourians that it could reduce their payments by fifty percent, lower ... Read More »

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