Home > Debt Articles (page 24)

Debt Articles

Payday Lenders Might Face Federal Rules to Protect Borrowers

Abstract Image of Business People Walking on the Street

The New York Times is reporting the Consumer Financial Protection Bureau (CFPB) may take action this year to rein in the abuses in the payday loan industry. Research by the CFPB has shown more than 80 percent of payday loans are rolled over or followed by another loan within 14 days; half of all payday loans are in a sequence ... Read More »

    U.S. Canadian Telemarketing Scheme That Hurt Seniors – Shuttered & Settled

    Senior couple at home focusing on angry man

    Two defendants who participated in an alleged multi-million dollar telemarketing fraud that targeted U.S. seniors and withdrew money from their accounts without authorization have agreed to settle Federal Trade Commission charges. The settlement orders bar them from using remotely created checks drawn on consumers’ bank accounts, require them to obtain consumers’ consent before debiting their accounts, and prohibit them from ... Read More »

      FTC Warns Marketers About Their Shitty Bags

      Big Scam Dog

      Staff of the Federal Trade Commission has sent letters warning 20 manufacturers and marketers of dog waste bags that their “biodegradable,” “compostable,” and other environmental claims may be deceptive. The letters, which the staff sent after examining the companies’ environmental, or “green,” claims on their websites and in other media, provide examples of potentially deceptive statements regarding the bags’ biodegradability ... Read More »

        CFPB & Dept of Ed Forgive $480 Million in Student Loans

        Clapping Business People

        Today, the Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Education announced more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans. ECMC Group, the new owner of a number of Corinthian schools, will not operate a private student loan program for seven years and agreed to a series of new ... Read More »

          Croatia Just Did a Mass Bankruptcy for Its Poorest Citizens

          Happy Croatians

          I have to give a big hat tip to Croatia for trying a new approach to help its poorest citizens find a way out from under unmanageable debt. The program, called “Fresh Start,” eliminates the debts of about 60,000 Croatians who have less than 35,000 kuna ($5,100), and monthly income less than 1,250 kuna ($138). According to the Washington Post, ... Read More »

            Debt and the Theory of Dissaving. Why You Need to Take Action.

            dissaving1

            Being in debt causes us to become paralyzed with uncertainty and that leads to inaction. I want to talk about why if you wait too long to take actin it can be a very expensive mistake. And while I did previously write Get Out of Debt Fast, But Don’t Run, you should not just stand still as well. When people ... Read More »

              Car Title Lenders Deceived Consumers Says FTC

              ftc

              The Federal Trade Commission has taken action for the first time against two car title lenders, reaching settlements that will require them to stop their use of deceptive advertising to market title loans. A car title loan is typically a high cost, short-term loan, secured with the consumer’s car title. In administrative complaints issued against two title lenders, First American ... Read More »

                A Look at a Cosigners Navient Student Loans Discharged in Bankruptcy

                Student Loans Concept

                As part of what has become an ongoing look at student loans discharged in bankruptcy the example today is where a cosigner discharged their liability for federal student loans with Navient Solutions. This case is yet another example of how the financial hardship of having to repay unmanageable student loans can lead to a discharge of the student loan debt. ... Read More »

                  Diploma Mills Halted by FTC

                  ftc

                  The principal owners of two Florida-based online diploma mills are permanently banned from marketing and selling academic degrees under settlements with the Federal Trade Commission. Alexander Wolfram and IDM Services, LLC, and Maria Garcia have settled charges that they deceived consumers into enrolling in their programs by claiming they could obtain “official” and accredited high school diplomas and use them ... Read More »

                    Identity Thieves Con the Department of Education Out of Student Loan Money

                    mans hands behind bars in jail or prison

                    We’ve heard a lot in the news about people stealing information on people and using that personal information to file for tax refunds. It’s a growing form of identity theft. But in a new twist, Ronzell and Stephanie Mitchell were using stolen personal information to scam the Department of Education out of $270,000 of student loan money. According to WJLA ... Read More »

                      Half Million Dollars of Federal Student Loans Discharged in Bankruptcy

                      bankruptcy-1

                      So many people continue to assume student loan debt can’t be discharged in bankruptcy. Even bankruptcy attorneys perpetuate this myth as well. In previous articles, that you can find here, I’ve shown specific examples of both federal and private students loans discharged. I’ve even pointed out broad niches of student loan debt not protected by bankruptcy, in this article. But ... Read More »

                        California Fair Debt Buying Practices Act Gives Consumers Rights

                        law books

                        If you are being hounded by a debt collector over an old debt and you live in California, you need to pay attention to the Fair Debt Buying Practices Act. Under that new California law the buyer of old debts who is now attempting to collect on the debt has certain hurdles to jump over before you have to pay. ... Read More »

                          Cell Phone Provider to Pay Millions for Throttling Data. Refunds Available.

                          blank screen mobile in woman hands

                          TracFone, the largest prepaid mobile provider in the U.S., has agreed to pay $40 million to the Federal Trade Commission to settle charges that it deceived millions of consumers with hollow promises of “unlimited” data service. The FTC’s complaint against TracFone alleges that since 2009, TracFone has advertised prepaid monthly mobile plans for about $45 per month with “unlimited” data ... Read More »

                            Attorney Mitchell Stein Gets 204 Months in Federal Prison. Refunds to Begin.

                            time and money

                            It’s hard to believe it has been nearly four years I’ve been writing about Mitchell Stein, an attorney out of California who, at the time, was involved in the mass joinder approach of selling consumers hope they could sue their mortgage company. Stein seemed to be at the forefront of the movement that was selling litigation to consumers all across ... Read More »

                              Discover Bank Debt Consolidation Offer Review

                              Discover Debt Consolidation Offer 2

                              Is your mailbox getting stuffed with offers from creditors? Here is a recent offer from Discover Bank that appears to be a debt consolidation loan to pay off debt. In order to help people better understand the offer, I’ll break it down for you below, page by page, and point out what I think are the important points. While the ... Read More »

                                Get My FREE Get Out of Debt Guy Newsletter

                                I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.You can unsubscribe at any time with just one click.After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

                                I promise to keep your email safe and secure.