Quick Answer: Gerri Detweiler’s book “Stop Debt Collectors” provides actionable techniques to protect consumer rights against abusive debt collectors, available as an immediate download at StopDebtCollectors.com. The book includes insider perspectives from debt collector interviews and explains that most banks have written settlement guidelines for struggling borrowers.I didn’t tell Gerri Detweiler that I was going …
Quick Answer: Dan and Mary’s story demonstrates that debt help can work when couples find personalized solutions rather than one-size-fits-all approaches like Dave Ramsey seminars. After divorcing over money issues, they reunited by developing a customized financial system that prevented debt from destroying their relationship again.I found this radio show online about Dan and Mary …
Quick Answer: Despite rumors about an “Obama-backed bailout plan,” no government program exists to provide free money for paying off consumer credit card debts. The author clarifies that unlike corporate bailouts, individual debt relief through government funds is not available and unlikely to ever exist without significant restrictions.This information is for all the people who …
Quick Answer: Store credit cards from retailers like Nordstrom and Target are experiencing significantly higher default rates during economic downturns, with retail card charge-offs jumping to 8.1% compared to 6.08% for general-purpose cards. Target’s CFO identified credit cards as the company’s “second-largest challenge” due to these rising losses. Store cards in good times are a …
Quick Answer: The U.S. government does not offer grants or programs to eliminate credit card debt, except through bankruptcy proceedings. The Office of the Comptroller of the Currency actively blocks government debt elimination programs, with only IRS-recognized nonprofit credit counseling services providing legitimate debt management assistance.A question I am getting asked more and more is …
Quick Answer: Citibank’s planned layoffs of 10,000 additional employees (totaling 33,000 cuts this year) will likely result in higher credit card interest rates and increased fees for consumers. The bank appears to be using rate hikes and fee increases to offset revenue losses from workforce reductions.Anonymous sources in Citibank are leaking that Citibank expects to …
Quick Answer: Federal bank regulators rejected a proposed program that would have allowed lenders to forgive up to 40% of credit card debt for struggling consumers. The Office of the Comptroller of the Currency killed the plan because it would let banks defer recognizing losses for several years, which regulators deemed imprudent.All I’ve got to …
Quick Answer: A divorced unemployed mother with $137k in 401k funds should consider cashing out $33k to eliminate high-interest credit card debt despite the 20% tax penalty. The expert makes an exception to the usual advice against using retirement funds because her unemployment status makes debt repayment nearly impossible.“Dear Steve,I recently recieved $137k into a …
Quick Answer: Bank of America’s Clean Sweep Debt Consolidation Plan is legitimate but misleading, as the offer encourages further borrowing up to $50,000 for vacations and renovations rather than true debt elimination. The “predictable payment” claim is deceptive since the APR is variable and adjusts monthly.In this time of great economic worry and stress, Bank …
Quick Answer: Payday loans and check cashing stores are legitimate businesses that serve customers banks often don’t, offering transparent fees and personal service. While payday loans can be expensive, bank overdraft fees of $35 for a $1 overdraft can be equally costly for consumers.I’ve got to be honest with you. While the righteous scream out …
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