In the CFPB case against Consumer Advocacy Center, Premier Student Loan Center, and others, Sarah Kim has settled. Here is the backstory from court documents: “Plaintiffs the Bureau of Consumer Financial Protection (Bureau), the State of Minnesota, the State of North Carolina, and the People of the State of California (collectively, Plaintiffs) commenced this civil … Read more
Question: Dear Steve, I have significant credit card debt and a repossession Is it better to do debt settlement or file chapter 7 bankruptcy I know neither are good options but we are very upside down and cannot afford our payments. Tina Answer: Dear Tina, It is interesting how a seemingly simple question can have … Read more
In 2013 I wrote the post below about thinking about if college was the right choice. It is now 2022 and I was surprised to see this mainstream television piece now talking about the same issues. From May 15, 2013 I hear all the arguments about the value of a college education. And I agree … Read more
The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General, filed a proposed stipulated judgment in federal court to settle its case against a debt collection enterprise and its owners and managers. The judgment would order all participants in the scheme, based in upstate New York, to exit the debt collection … Read more
Question: Dear Steve, I’ve been an Amex customer for ten years and have five accounts. I spend over $1M each year, closer to $2M on average, and out of the blue, all accounts closed. No missed payments or anything like that. I pay the balances in full each month. I was told it “was a … Read more
It is not looking good for people and their personal finances. But, from the data released by the Federal Reserve, it certainly appears the pent-up demand for saving and spending has exploded following the perceived end of the coronavirus pandemic. Saving rates went way up during the pandemic. Between increased benefits and reduced expenses, people … Read more
The topic of student loan forgiveness has officially become a political hot potato and talking point. If we expect lawmakers in Congress to study any issue and come to an educated compromise, we are fooling ourselves. Republicans in Congress have introduced the Student Loan Accountability Act. The Student Loan Accountability Act would: prohibit the Biden … Read more
Question: Dear Steve, I’m living on permanent disability and dealing with credit card minimum payments that are eating most of my monthly income. I have been told that ACCC American Consumer Credit Counseling (the nonprofit organization) is great at reducing interest rates and monthly payments by 50%. Is this true? Are they reputable? What could … Read more
Question: Dear Steve, I am a single registered nurse age 51 who bought my first house in 2018 in California. I make just enough money to pay for everything, with an extra part-time job that I do on the side as needed when I need extra cash. I was recently turned down for a HELOC … Read more
Bankruptcy filings continued a steep two-year-long fall that coincided with the start of the coronavirus (COVID-19). Filings fell 16.5 percent for the 12-month period ending March 31, 2022. According to statistics released by the Administrative Office of the U.S. Courts, the March 2022 annual bankruptcy filings totaled 395,373, compared with 473,349 cases in the previous … Read more
Is everybody having fun? According to the feds, the economy is booming: millions of new jobs and rising wages. The defense industry and its stockholders are getting rich from the Ukraine War, and college students are likely to get all their student-loan debt forgiven. Ain’t that great! In Baton Rouge, where I live, thousands of … Read more
Yesterday I wrote How to Get Your Federal Student Loans Forgiven if You Go to Prison. The results of my research were so surprising I had to make this podcast as a follow-up. This is just another wrinkle in the ridiculousness created by student loans. After taking a deep dive into this subject, I’m not … Read more
Question: Dear Steve, I’m in a halfway house nearing the end of my federal incarceration. I will have completed ten years and four months. I have been looking at info on having my student loans written off. I’m working on getting the information I need, but can this still work? Was I supposed to do … Read more
Question: Dear Steve, I have seven payday loans. I can’t pay my online payday loans. I have already closed my bank account. What should I do? Evelynne Answer: Dear Evelynne, The fact these are online payday loans makes me wonder if these payday lenders are even registered to offer loans in the state where you … Read more
The topic of if student loans should be forgiven is a hot topic right now. On one side people are demanding some level of forgiveness. On the other side, student loan forgiveness should not happen because it is not fair to truck drivers. But what is the truth? In this Debt Free Dudes podcast, Damon … Read more