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It’s About the Income, Stupid

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Bob Sullivan just published a really good article talking about the income inequality facing people today. He challenges all political candidates to take a closer look at why America is struggling to get ahead. Here is an excerpt. You can read the full article online, click here. “Let me give you a head start. For decades, economists have extolled the ... Read More »

    Community Debt Relief Mailer Gets Them in Trouble

    Debt Relif Offer

    An amazing reader faxed in a new debt relief mailer through my I Buy Junk Mail program. Thank you so much K for sending in this mailer from Community Debt Relief in Grand Rapids, Michigan. What struck me immediately is the BBB logo at the top of the letter. It looks like I’m not the only one who spotted that ... Read More »

      Two Things to Do When You Are Asked if You Want a Store Credit Card

      Abstract Summer Background With Sunlight

      We’ve seen the situation a hundred times while standing in line to checkout at a store, the person in front of you is asked if they want to apply for a store credit card and get a fabulous discount on their purchase. And you know what happens next, you are going to be asked as well. But should you jump ... Read More »

        Morgan Stanley to Pay Billions for Mortgage Decption

        Abandoned room

        The Justice Department announced yesterday that Morgan Stanley will pay a $2.6 billion penalty to resolve claims related to Morgan Stanley’s marketing, sale and issuance of residential mortgage-backed securities (RMBS). This settlement constitutes the largest component of the set of resolutions with Morgan Stanley entered by members of the RMBS Working Group, which have totaled approximately $5 billion. As part ... Read More »

          Consumer Credit Card Debt Not the Biggest Problem in 2015

          Inside view of an antique combination lock of bank Mandiri in Jakarta, Indonesia

          This morning, New York Fed President William Dudley spoke to the press about the growing resilience of the U.S. household sector. His speech was followed by a briefing by New York Fed economists on developments in household borrowing. Their presentation included a detailed decomposition on mortgage borrowing and payment trends, and some new research on how borrowing has evolved differently ... Read More »

            Utah Lawmaker Says the Dumbest Thing When it Comes to Payday Loans

            Mia Love

            Rep. Mia Love (R-Utah) said the dumbest thing and made the worst argument about the Consumer Financial Protection Bureau (CFPB) regulation of payday loans. If the quote published by many is correct it just shows a total lack of understanding about why people get into trouble with payday loans. Debt is the byproduct of misfortune or bad choices. It’s created ... Read More »

              Beling & Associates Student Loan Assistance Websites(s) Make Me Curious

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              Update March 1, 2016 I received the following error report from Craig Beling. I would like to thank him for sending in this update to help clarify information posted here. Craig said, “It has come to my attention that you have recently posted information on your website insinuating that I may have engaged in fraudulent activities in the past and ... Read More »

                Obama Proposes Tax Help for Student Loan Relief. Congress Says No.

                2017 Budget

                In the budget the Obama administration has just sent to Congress there are some benefits for students who will face massive tax bills when their student loans might be forgiven under income based programs. As it stands now, students are enrolling in income driven repayment programs to reduce their current monthly payments to a level based on their income. After ... Read More »

                  Would You Like Your Employer to Pay Off Your Student Loans?

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

                  Since World War II, subsidized health insurance has been one of those unquestioned work benefits. We’ve come to expect it, just like the 8-hour workday. Of course, many Americans don’t get health coverage at their jobs, and they work more than 8 hours a day to make ends meet. That might help explain why today’s young workers want a brand-new ... Read More »

                    Prosper Study Shows Americans Want to Do Better Financially

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                    Prosper Marketplace, which operates an online marketplace that connects borrowers and investors, today released results from the Prosper Marketplace Financial Wellness Study, which examines the current state and sentiment around personal finance in America. The study revealed that nearly 60 percent of Americans do not have the financial freedom to enjoy life, but improving financial wellness is a top priority. ... Read More »

                      Most College Students Massively Fail When it Comes to Understanding their Student Loans

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                      I’ve been helping people with financial problems since 1994. And in that time I’ve seen all sorts of suggestions to inoculate consumers from money problems. Most of the suggestions surround the need for kids to have more financial literacy education. Sounds logical, right? But my mouth is hanging open as I read the latest college student survey from LendEDU. The ... Read More »

                        Debt Relief Scammer Headed to Jail After Pleading Guilty

                        Dead man walking - Sad prisoner with handcuffs in prison with orange clothes

                        An Orange County, California, man pleaded guilty today for his role in operating fraudulent debt relief firms that offered to settle credit card debts but instead took victims’ payments as undisclosed up-front fees, the Justice Department and U.S. Postal Inspection Service announced. Jeremy Nelson, 30, pleaded guilty to one count of an indictment alleging conspiracy to commit mail fraud and ... Read More »

                          Anatomy of a Scam – How Easily You Can Get Suckered

                          scammer

                          Here is a great story that lays out how shady telemarketers can convince you to jump into any scam. In my world it is usually some B.S. debt relief effort. Today the most prevailing debt relief product some scammers are pushing is student loan assistance for federal loans. But it is a moving target. In the past the scam of ... Read More »

                            Do I Have a Good Case for Eliminating My Private Student Loan Debt?

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                            Question: Dear Steve, I am interested in pursuing bankruptcy for my private student loans. While this is usually a futile battle, documentation from the research I have done will make my claim valid. I have $41000 in debt to ACS, and I have $111000 in debt to Navient (Sallie Mae). Only about $30,000 of that money ($152,000) was actually used ... Read More »

                              Orange County Mortgage Modification Telemarketers Arrested

                              Dead man walking - Sad prisoner with handcuffs in prison with orange clothes

                              Seven Orange County residents were arrested Tuesday morning and face federal fraud charges in connection with a boiler-room mortgage loan scheme that required homeowners to pay thousands in upfront fees. A federal grand jury in Connecticut returned an indictment on: • Aria Maleki, 33, Santa Ana; • Serj Geuttsoyan, aka Anthony Kirk, 33, Santa Ana; • Mehdi Moarefian, aka Michael ... Read More »

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