Articles revolving around debt related issues. These are geared towards advice for consumers and general debt news.
Years ago, I was strolling along a lakeside hiking trail in a Dallas-area park. As I was walking across a wooden bridge, I looked down to see a ball of wriggling snakes below me. It was a big cluster–about the size of a beachball. I didn’t stick around long enough to determine whether the snakes … Read more
A reader sent in this marketing mailer through my I Buy Junk Mail program and said, “I found this to be confusing and unclear as to what is being offered, and fine print regarding fees. Not planning to explore this one.” In fairness to the superhero-sounding lender “The Meridian Team of Supreme Lending” it appears … Read more
Dress? Check! Rings? Check! Masks? It’s no secret that the Covid-19 pandemic has totally upended the wedding industry. Both state- and federal-level mandates have imposed restrictions that would rightfully make any wedding planner throw in the towel. But with 93% of couples originally set to wed in 2020 still intent on holding their nuptials, most … Read more
One of the many questions I get asked many times is about being in debt and traveling, and also about leaving unpaid accounts and debts behind in another country. The fact is for the majority of countries in the world, debt is not a crime, so it does not have any effect on traveling. And … Read more
Today Damon Day and I talk about three quick topics. The first is a reader comment from our last podcast on debt validation. Danny sure is irritated by the podcast. Next, we talk about the termination of financing agreements for student loan assistance services. Finally, we discuss how the FTC is sending refund checks to … Read more
Equitable Acceptance Corporation has a clever plan when student loan debt relief was being sold hot and heavy. They would take over the contracts owed for services and when the underlying debt relief company vanished or folded, the contracts were still due, even when the services delivered were haphazard at best. “Equitable Acceptance Corporation (EAC) … Read more
By Rajashri Chakrabarti, Jessica Lu, Joelle Scally, and Wilbert van der Klaauw Forbearance on debt repayment was a key provision of the CARES Act, legislation intended to combat the widespread economic losses stemming from the COVID-19 pandemic. This pause on required payments for federally guaranteed mortgages and student loans has provided temporary relief to those … Read more
Today Damon Day and I get stupidly silly laughing and complaining about the ridiculousness of the Public Service Loan Forgiveness program that was intended to forgive student loans for firefighters, police officers, teachers, low-income lawyers, military service members, and more. The PSLF program has turned into a disgrace with more than 98% of people apply … Read more
I bought a Subaru in 2019, and the company promised to make a $250 donation to one of four Subaru-selected charities. Subaru calls this program “Share the Love.” As I recall, I selected Meals on Wheels, and I was glad to have Subaru donate some money to that worthy charity on my behalf. Nevertheless, I … Read more
This is up roughly 41% from June last year when foreclosure activity remained at an exceptionally low level due to the pandemic-related moratorium on foreclosures. The Biden administration’s final extension of the moratorium ends on July 31, 2021. (Note: The deadline to request mortgage payment forbearance has also been extended to September 30, 2021.) It … Read more
Question: Dear Steve, I was scammed by Prime Solutions for over $10,000. I only found out when I received a letter to appear in court for not paying off the debt. Can I ever get back the money I lost? How? Susan Answer: Dear Susan, It appears that Prime Solutions has appeared on the site … Read more
In this podcast, Damon Day and I talk about why debt validation isn’t really the magic solution some companies try to sell to consumers. There is much more to know about debt validation before you just leap at the incredible sales pitch. If you think debt validation is the way you’d like to take care … Read more
Martha Standish took out student loans when she was in her late 40s to get an undergraduate degree in accounting. Later she took out a Parent Plus Loan to help her daughter with college expenses. Eleven years after graduating, Standish filed an adversary proceeding in a Kansas bankruptcy court seeking to discharge about $30,000 in … Read more
A reader just submitted a scam report against a company named Capital Management Corp. The company charged the consumer $1,000 and said they could recover money he had won in a small claims lawsuit. It sure feels like a lot of red flags are waving on this one. A quick check of California records shows … Read more
On this podcast Damon Day and I focused on reduced mortgage payments for people behind on their federally backed mortgage loans after Covid forbearance ends, why it is so easy to make bad emotional decisions, and adios to FedLoan Servicing. Steve Rhode Get Out of Debt Guy GetOutOfDebt.org Transcript Steve Rhode: [00:00:00] So I just … Read more