5 Debt Mistakes That Can Cripple Your Event Business

Debt is crucial for business. It helps companies to maintain operations and propel growth plans. It keeps the economic wheels of our nation turning. As such, the government encourages entrepreneurs to take loans – and you can deduct loan interest from your income when preparing tax returns.  But entrepreneurs can make mistakes. For example, such … Read more

Get Out of Debt Book Club – Chicago and its Cesspools of Infamy

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Today I’m starting a new series where we look back on how much or how little debt issues have changed over time. The first book in this series is “CHICAGO AND ITS CESS­ POOLS OF INFAMY” by Samuel Paynter Wilson. This is the 1910 edition and dedicated to the good men and women of the … Read more

After a Long Pause, 30 Million Student Borrowers Will Begin Defaulting

Last year, in response to the COVID pandemic, the Department of Education pressed the pause button on the federal student-loan program. In March 2020, DOE allowed 30 million student borrowers to stop making payments on their student loans with no penalty and no accumulation of interest. DOE also stopped collection actions during this moratorium and … Read more

Will Parking Fines or Speeding Tickets Affect My Credit Score?

It’s no fun to be fined for parking in the wrong place at the wrong time or getting a speeding ticket. Driving safely is important, which means that these infractions can even affect other things like your car insurance or life insurance rates. Will parking fines or speeding tickets affect my credit score as well? … Read more

Marchus v. Student Loans of North Dakota: Another Victory for Student-Loan Debtors in the Eighth Circuit

In 2020, Debra Jean Marchus filed an adversary proceeding in a North Dakota bankruptcy court, seeking to discharge about $38,000 in student-loan debt. After a trial, Bankruptcy Judge Shon Hastings wiped out the debt. As summarized in Judge Hastings’s decision, Ms. Marchus began her journey through higher education in 1975, forty-five years before she filed … Read more

Bankruptcy Judge Discharges $220K in Federal Student Loans

Diane Ashline, a 47-year old single mother, worked for 20 years as a dental assistant. Hoping to increase her income, she took out student loans to get an undergraduate degree and a master’s degree from Kaplan University, a for-profit school. Unfortunately, these degrees did not help her financially. Ashline never defaulted on her student loans. … Read more

The Slumification of American College Towns

The Slumification of American College Towns

In the nineteenth and early twentieth centuries, cotton production was a staple of America’s Southern economy. Even today, the United States is one of the world’s largest exporters of cotton. But cotton has some problems. Grown year after year, cotton depletes the soil. Before commercial fertilizers became available, cotton growers simply grew cotton on a … Read more

Private Student Loan Debt at All-Time High – Until Tomorrow

According to a recent report by the Institute for College Access and Success (TICAS), the 2020 class of college graduates has amassed $136 billion in private student debt. When this amount is added to the total student debt from federal student loans–about $1.8 trillion, Americans are on the hook for almost $2 trillion in student … Read more

What Are Personal Loans Used For?

Even the savviest budgeter occasionally runs into a circumstance they’re simply unprepared for, which is where a personal loan may come in handy. Common personal loan uses include covering an unexpected medical expense or home repair or even managing existing debt. Borrowing money vs. paying cash isn’t ideal, but if you need cash ASAP and … Read more

Thinking of Law School? Prepare for Financial Guilt and Regret

If you are thinking about going to law school, you should read a recent report titled “Student Debt: The Holistic Impact on Today’s Young Lawyers.” According to the ABA’s Young Lawyers Division, 90 percent of young lawyers who responded to an ABA survey said they had taken out student loans to finance their legal education. … Read more