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

Credit cards

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

    black-hole

    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

      paramedic-square

      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

        11_news on red.jpg

        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

          Screen Shot 2013-01-14 at 4.12.01 PM

          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

              Ask Questions - Button

              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

                Feedback

                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

                  ftc

                  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 »

                        How to Really Discharge Your Student Loans in Bankruptcy. Many Can. But Never Try.

                        Student Loan Corkboard Concept

                        For years we’ve all heard the same message that it’s near darn impossible to discharge student loans in bankruptcy. We’ve heard that the undue hardship standards make it so onerous that expecting a student loan discharge is all but an act of God. But what if that belief was actually more myth than fact? Recently Jason Iuliano, (J.D. Harvard Law ... Read More »

                          The Debtor Prayer – Stand By Me

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                          I just watched the most exceptional video of the one song that I always think of when it comes to being in debt, “Stand By Me”. In fact it was the song that most spoke to me in my darkest days of debt troubles. When I couldn’t sleep in the middle of the night, when I had those panic attacks, ... Read More »

                            Congress Extends Tax Relief for Forgiven Mortgage Debt Into 2013

                            Real Estate Concept

                            A reader sent in this great news for those that might be short selling their homes or have a tax liability due to forgiven mortgage debt. The previous tax forgiveness program was due to expire at the end of 2012. Apparently Congress continued it for one more year. “Of most interest to real estate, the bill would extend mortgage cancellation ... Read More »

                              The Get Out of Debt – “How To” Guide Series

                              How-To

                              Below you will find links to how to get out of debt guides I’ve written that give specific advice on how to deal with a number of debt related situations. If you’d like me to write a “How To” guide on a debt related subject I have not covered, just post your suggestion in the comments below. As new guides ... Read More »

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