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Why I’m Betting the High Personal Savings Rate Will Fall


Currently some people are all excited about the personal savings rate in America. They feel it shows that people are becoming more frugal and prudent in the way they handle their money. The last reported personal savings rate as I write this was 6.9% in May, 2009. And that’s great, but it is not the mark of a fundamental way ... Read More »

    California Attorney General Sues Foreclosure Consultant and Attorney Over Avoid Foreclosure Scheme

    Attorney General Edmund G. Brown Jr. today sued a foreclosure consultant and an attorney — Paul Noe Jr. and Mitchell Roth – who conned 2,000 desperate homeowners into paying exorbitant fees for “phony lawsuits” to forestall foreclosure proceedings. These lawsuits were filed and abandoned, even though homeowners were charged $1,800 in upfront fees, at least $1,200 per month and contingency ... Read More »

      American Credit Experts and Legal Credit Repair Center Settles With FTC Over Credit Repair Infractions

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      A federal court has ordered a credit repair operation and its principals to stop making false claims and requiring advance payment for credit repair services. See the court order here. The agreed-upon court orders are a result of a settlement between the Federal Trade Commission and the “credit repair” defendants. The Commission sued the defendants in October 2008 as part ... Read More »

        Debt Settlement Company Debt Relief USA Files Bankruptcy

        Debt settlement company Debt Relief USA has filed bankruptcy in Texas following recent investigations and suits by the attorney general of several states. The bankruptcy petition can be viewed here and shows the ownership of Debt Relief USA to be Kelly E. Reilly, Alvin B. Bell, and James F. Wojcik. What will be significantly up in the air is going ... Read More »

          New York State Shuts Down Debt Collection Companies That Used Illegal Scare Tactics

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          Attorney General Andrew M. Cuomo announced that his office has shut down a New York collection operation that consisted of at least nine debt collection companies across Western New York, run by Buffalo resident Tobias Boyland. This is the latest action in Attorney General Cuomo’s ongoing investigation of unlawful debt collection practices. According to hundreds of consumer complaints filed with ... Read More »

            Call to Action Debt Management Plans Rolling Out Slowly. May Benefit Consumers Looking to Repay.

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            For years I have been emphatic that in a credit counseling or debt management repayment plan, it isn’t the interest rate reduction alone that is important, people need to get their monthly payments reduced. That’s more important. New “Call to Action” debt management plans (DMPs) offer low or no interest rates to people who can qualify. In addition, the plans ... Read More »

              Florida Credit Repair Firm, U.S. Credit Find, Reaches Settlement With Illinois Attorney General

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              Attorney General Lisa Madigan has shut down the alleged “phone cramming” operations of a Cape Coral, Fla., credit repair company that placed unauthorized charges on the phone bills of thousands of Illinois consumers, small businesses and local governments. Through a settlement agreement reached with the Attorney General, US Credit Find and its owner, Aaron Stanz, have agreed to cease participating ... Read More »

                Elizabeth Warren Fights for New Consumer Financial Protection Agency

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                I’m really happy to see my friend Elizabeth Warren out in front of new ideas to protect consumers from banks and lenders. Maybe the time has come that consumers will be entitled to some representation in government when it comes to banking products and the banking system. Ms. Warren, for years a scourge of Wall Street, has emerged as an ... Read More »

                  Listen to Me on NPR, Please, Please.

                  Starting at about minute 22 you can hear my segment about financial education and my personal story of debt. You can see the segment in the podcast bar as the “Getting Into and Out of Debt.” If you can’t see the podcast show above, click here. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Get Out ... Read More »

                    The Five Myths About Bankruptcy. Watch the Video.

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                    Thanks to Twitter I discovered a new video out of a news story on the five myths about bankruptcy. The myths are: You should be dead broke until you file for bankruptcy. Bankruptcy ruins your credit score. You lose your home if you go bankrupt. You should max out your credit cards before going bankrupt. You should raid your 401(k) ... Read More »

                      Professional Journalist Really Blows This Debt Settlement Story

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                      CNBC produced a story by Trish Regan that was full of misleading statements and came across that debt settlement was not a problem, without ever mentioning the tax consequences or that debt settlement companies are under investigation. The story claims that an NFCC agency, ClearPoint Financial Solutions was able to get Providian to settle the debt for less. There is ... Read More »

                        Video Review of Cool-N-Save Heat Pump Energy Saver

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                        I’ve mentioned a little unit that I purchased to see if I could lower our energy consumption from one of our heat pumps. It is a little device called the Cool-N-Save and it operates by cooling the air that flows over the fins of the heat pump. You can read the study conducted by Tulane University on the Cool-N-Save unit. ... Read More »

                          New Financial Disclosures Out. John McCain Going Further in Credit Card Debt at 25.99%. Ouch!


                          Last year I wrote a story about John McCain and his Chase credit card with a 25.99% interest rate. I just discovered that the latest 2008 financial disclosures are out and I went back to see if he got a better rate on his card. Not only didn’t he get a better interest rate, but his balance has increased on ... Read More »

                            I Want You to Meet Who You Helped Today – Jorge


                            It is important for you to meet who we helped today through this site. As I mention, all over the place, revenue from people clicking on ads and using the service of advertisers is used to help sponsor people in poverty through Kiva. Please visit or use the services of advertisers on the site so we can help more ... Read More »

                              Don’t Get Scammed By Dishonest Loan Modification Companies

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                              More news today about loan modification companies and the troubles people are having in paying them for help. “They convinced me they could help save my home and intervene on my behalf as a third party with my mortgage company,” said Mr. Briscoe, who bought his Tucson home in 2005. The company charged him $2,000 and told him he should ... Read More »

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