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Consumer Financial Problems Not Limited to America

malay

I spotted a recent article out of Singapore where the Association of Muslim Professionals (AMP) had expressed a concern over the level of indebtedness local households of Malays were facing. If you extracted the local references out of the article it sounds just like the problems faced by people in Iowa or Texas. “While household balance sheets remain generally healthy, ... Read More »

    Debt Management Credit Counseling Publishes Debt Consolidation Video

    confused man

    Last week Debt Management Credit Counseling sent out the press release below. Two things struck me as a bit odd about it so I emailed the company to ask for clarification. As of yet I’ve not heard back from them so I’ll just publish the release and my observations and if they ever respond, I’ll update the post with their ... Read More »

      WARNINGS About Credit Counseling Programs and Long Term Debt Repayment Plans

      Adult Ed - Questions

      In my first article in this series I outlined many benefits you get from working with a credit counseling agency. But there are also drawbacks to enrolling in a DMP (debt management plan) in order to get credit card payment relief. And the concerns are not minor, which is why the word WARNING is capitalized. As with any of the ... Read More »

        Department of Ed FFEL Joint Consolidation Rules Arbitrary & Punitive

        stressed woman

        Not that long ago I wrote an article, “This is One Way to Get FFEL Spousal Consolidation Loans Forgiven” in which a reader was looking for a way to deal with her previous FFEL spousal joint consolidation loan with her ex-husband. She wanted to move forward in a positive way in dealing with her student loan debt that was originally ... Read More »

          Phony Debt Relief Scam Operated From Jamaica

          jamaica

          Two new defendants have been named in a Federal Trade Commission case against a phony debt relief and credit repair scheme that allegedly deceived consumers about non-existent federal programs to pay off their bills and fix poor credit. – Source The case was originally brought in August 2014 against the unnamed operators of the scam, which operated under the names ... Read More »

            M&T Bank Accused of Discriminating Against Black, Latino and Asian Homebuyers

            Bank

            by Nikole Hannah-Jones ProPublica, Feb. 9, 2015, 11:06 a.m. One of the nation’s largest banks discriminates against black, Latino and Asian homebuyers by offering lesser qualified white borrowers higher loan amounts and using hidden racial criteria in one of its loan programs, according to a lawsuit filed this week in federal court in Manhattan. The suit also accuses the bank ... Read More »

              The Most Frightening Personal Finance Data You Will Ever Read

              Cosplayers at San Diego Comic Con 2009

              Forget about worry if a credit card or debit card is right for you. Or even if you should buy or lease your next car. Figures about people headed for retirement have my heart pounding in my chest. It’s the most frightening information you will read and hopefully it will help some people to get scared straight and fix this ... Read More »

                $40K in Navient Student Loans Waived in This Bankruptcy

                Bankrupt

                Here is another in my ongoing look at student loans eliminated in bankruptcy. 14-50101 Broshears The debtor who filed bankruptcy in this case was a State employee who was making about $30,000 a year. The debtor had both federal and private student loans. The private student loan balance was $55,920 that required a payment of about $459 a month. Navient ... Read More »

                  Mortgage Relief Marketers & Danielson Law Group Settle With FTC

                  ftc

                  A group of Utah-based defendants claiming to be legal experts in loan modifications have settled Federal Trade Commission charges that they broke the law by conning consumers into paying hefty fees for worthless mortgage relief services. The five proposed orders settling the FTC’s charges ban the defendants, led by Philip J. Danielson and his company, Danielson Law Group, from offering ... Read More »

                    Stafford and William D. Ford Loans Discharged in Bankruptcy

                    Woman in safari hat looking through binoculars

                    As part of my ongoing look at student loans and bankruptcy, today I’m reviewing a case where both a Federal Stafford Loan and a Federal William D. Ford Direct Loan were completely discharged in a chapter 7 bankruptcy. 14-40052 Branneky According to court documents, the Plaintiff filed a voluntary petition for relief under Chapter 7 of the U. S. Bankruptcy ... Read More »

                      Can I Really Discharge My Student Loan Cosigner Liability in Bankruptcy?

                      Mature woman confused

                      “Dear Steve, I am currently filing for Chapter 7 bankruptcy in TX. A large amount of my debt comes from being a co-signer on multiple private student loans for my son. He graduated Dec 2008 with a finance degree as the economy was headed down. He was not able to get a job for more than 1 year. He worked ... Read More »

                        Verve Credit Card, Cerulen Credit Card, and Matrix Credit Card Users to Get Millions

                        You will help protect people when you sell me your junk mail.

                        Today, the Consumer Financial Protection Bureau (CFPB) ordered Continental Finance Company LLC, a subprime credit card company based in Delaware, to refund an estimated $2.7 million to approximately 98,000 consumers who were charged illegal credit card fees. The agency found that the company’s “fee-harvester” subprime credit cards misrepresented certain fees and hit consumers with illegal charges. The order also requires ... Read More »

                          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 »

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