Article and information specifically geared to readers inside the debt relief industry.
The Federal Trade Commission announced today that it is exploring a rule to crack down on junk fees proliferating throughout the economy. Junk fees are unnecessary, unavoidable, or surprise charges that inflate costs while adding little to no value. Consumers can get hit with junk fees at any stage of the purchase or payment process. …
It appears the Federal Trade Commission is preparing to target fake reviews. I’ve seen my share on many debt relief sites, so this would be an excellent time to look at what your site might say. The Federal Trade Commission announced today it is exploring a potential rule to combat deceptive or unfair review and …
I recently did a shortcast on what inflation means. You can subscribe to my podcast on any of these sites below. Survey Results Show People Feel Expenses Are Coming Down From the recent survey results, people are feeling more hopeful about future finances. Median expected monthly overall spending growth over the next twelve months …
The debt relief industry seems to be full of 1099 gig workers that get paid by commission to sell, sell, sell. The Federal Trade Commission just announced a new focus on protecting gig workers from crappy employers. All debt relief workers should read the following information and keep it in mind before having to file …
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the August 2022 Survey of Consumer Expectations, which shows that inflation expectations continued to decline across all horizons. Expectations about year-ahead price increases for gas also continued to decline, with households now expecting gas prices to be roughly unchanged a year from now. …
For the first time in decades, credit counseling finally has a chance to step back to the head of the pack regarding consumer debt relief options. Unless the NFCC board and creditors pull the strings to outsmart Croxon as the new CEO, everyone should expect big changes in credit counseling in the future. In my …
Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in the identification or selection of prospective customers or the selection or placement of content to affect consumer behavior are typically service …
By Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, and Wilbert van der Klaauw Total household debt increased by $312 billion during the second quarter of 2022, and balances are now more than $2 trillion higher than they were in the fourth quarter of 2019, just before the COVID-19 pandemic recession, according to the Quarterly Report …
The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The Report shows an increase in total household debt in the second quarter of 2022, increasing by $312 billion (2%) to $16.15 trillion. Balances now stand $2 trillion higher than at the end of 2019, before the …
It has been a while since I’ve written about the power of Connecticut when it comes to challenging debt relief companies. Two California companies have learned that painful lesson. Optima Advocates and Optima Student Loan Services were recently issued a Consent Order from the State Banking Commissioner. The allegation is the companies violated the law. …