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
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
Should You Rent or Buy a Place to Live No question has been asked more often over my decades of helping people with money, credit, and debt issues than is it is better to rent or buy. Listen to the Podcast You can subscribe to my podcast on any of these sites below.
Question: Dear Steve, I have three credit card accounts, all with Citibank. Two of them are closed. The one open account has a credit limit of $1700. I am just $140 below the limit on it. The other two are at about 40% or less. I am getting dinged on my FICO score as they … Read more
Today, the Consumer Financial Protection Bureau (CFPB) finalized an enforcement action against debt-relief payment-processors RAM Payment and Account Management Systems (AMS), as well as AMS’s co-founders, Gregory Winters and Stephen Chaya, for collecting debt-relief fees from consumers, lying to consumers about when the fees would be paid to debt-relief companies, and sending illegal advance fees … Read more
Today, my concern for your finances is over credit card balances and interest rates rising. People are not prepared for what is coming, and I want you to be ready. You can subscribe to my podcast on any of these sites below.
Question: Dear Steve, I received a call from Resolvo, who put our debt into a computer with a soft pull. The debt is 18,702.16 and was set up for $594.19 for 16 months. The individual we spoke with was at 213-652-3812 x124. She mentioned they were rated A+ with the Better Business Bureau. Please help, … Read more