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Why Transferring Student Loans to Credit Cards is Not a Good Idea

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As the looming crisis of student loan debt nears, some enterprising debtors are no doubt getting desperate. Student loan debtors are being hounded by collection agencies night and day, tax refunds are being intercepted, and wage garnishments are inevitable. So some enterprising debtors are getting the idea to transfer their student loan debt to credit cards with the idea of ... Read More »

    CFPB Rolls Our New Mortgage Rules to Help Consumers

    home foreclosure legal document with house key

    The Consumer Financial Protection Bureau has just announced new rules that are aimed at mortgage servicing companies from lessons learned during this most recent mortgage meltdown crisis we are living through. While smaller banks and credit unions are exempt from these rules, the big loan servicing companies, those that service 5,000 or more loans, will have to fall in line. ... Read More »

      FTC Awarded Millions in Action Against Business Coaching Marketers

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      Ivy Capital Allegedly Took Millions from Consumers Trying to Run Their Own Online Businesses Most of the defendants in a massive business “coaching” scheme that allegedly took more than $100 million from consumers have agreed to settle Federal Trade Commission charges that they misrepresented the earning potential of the coaching program they sold, misrepresented their goods and services, and failed ... Read More »

        Tax Club Nailed by Federal Trade Commission

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        The Federal Trade Commission and the New York and Florida Attorneys General charged The Tax Club’s telemarketing operation with deceiving consumers who mistakenly believed its services would help their home-based business succeed. The agencies seek to end the allegedly illegal practices as part of their continuing efforts to stop scams that target financially strapped consumers. At their request, a federal ... Read More »

          Are CreditOne and First Premier Bank Platinum Credit Cards for Bad Credit a Good Idea?

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          Looking to rebuild your credit score, get new credit after bankruptcy or get access to credit when your credit is in the toilet? Folks with low credit scores or recent bankruptcies are getting deluged with pre-approved credit offers that seem too good to be true, according to folks who have sent me copies of the applications recently. So what’s the ... Read More »

            Many Draining Retirement Accounts Rather Than Deal With Debt

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            I’m not sure how many times I can say it, don’t drain your retirement assets to pay debt. It’s a bad idea on so many levels. In a couple of posts I even talk about the long term consequences of tapping those funds. See Here’s Why a 401(k) Loan to Pay Off Debt Can Cost You a Massive Amount in ... Read More »

              Get Out of Debt Fast, But Don’t Run

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              Have you ever noticed in the real world, not the TV world, that paramedics don’t generally run to take care of patients? I was a rescued patient recently and it got me thinking about the logic behind why they don’t run and why. If paramedics aren’t running then there must be an exceptional lesson to be learned there and one ... Read More »

                JPMorgan Chase Gets Slapped for Derivatives Trading Activity

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                The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A., for unsafe and unsound practices and violations of law or regulation related to derivatives trading activities conducted on behalf of the bank by the Chief Investment Office (CIO). The OCC found that the bank’s internal ... Read More »

                  Smart Credit Group – Dumbest Promises I’ve Seen Recently

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                  As part of my efforts to protect consumers, I poke around and look at advertisements and sales claims by debt relief companies. The help wanted ads are a great way to see who is motivated first by money rathe than offering exceptional consumer advice. Take for example the two advertisements today for a group called Smart Credit Group. The ads ... Read More »

                    Fidelity Land Trust, Ed Cherry, Larry Diodato, and Paul Gallenbeck Back in the News

                    Big Scam Dog

                    Kimberly Miller of the Palm Beach Post has written yet another article about the events surrounding the attempted fancy pants cancellation of mortgages in Florida by several known or even notorious, debt relief players. The summary of recent court opinions about the efforts of the individuals and/or enterprise is certainly not favorable. Conspiracy theorists will say this is because of ... Read More »

                      Dave Ramsey’s Hatred of Bankruptcy and Credit Cards Makes No Logical Sense

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                      I should probably never preface an article with this but here goes. If you are a die hard Dave Ramsey fan you are probably going to disagree with what I have to say. I get it. But all I ask is that you read the post, think about it, and then let’s engage in a discussion in the comments section ... Read More »

                        Government Suggests Restricting Access to Credit to Prevent Problem Debt

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                        Singapore’s financial regulator, the Monetary Authority of Singapore, is suggesting a new way to prevent people from slipping into debt. The suggestion, don’t give some people access to credit. According to the suggestions, lenders would not be allowed to make unsolicited offers to increase credit limits and consumers that are 60 or more days delinquent will not be allowed to ... Read More »

                          Defendants in Dominican Mortgage Assistance Scam that Allegedly Defrauded Spanish-Speaking U.S. Homeowners Settle FTC Charges

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                          Telemarketers Who Allegedly Falsely Claimed Affiliation with Federal Mortgage Assistance Programs Are Banned from Mortgage Assistance Business As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission obtained a settlement order resolving charges against a nationwide scam operating from the Dominican Republic and banning the defendants from providing mortgage assistance relief. Pretending ... Read More »

                            Billions Now Available for Foreclosure Victims. Banks to Notify Consumers.

                            home foreclosure legal document with house key

                            Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in ... Read More »

                              The Bills Are Coming, The Bills Are Coming. Prepare for the Post-Holiday Debt.

                              Christmas Piggy

                              Every year the December holiday bills arrive and some people do an awesome job of surviving them without debt but others get a big January surprise when the bills roll in. It doesn’t have to be the end of the world, even though it might feel like it. Let’s talk about what to do after you open all the bills ... Read More »

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