Chapter 1 – I Got Hit in the Head With a Baseball and I Saw it Coming In 1990, my wife and I filed bankruptcy. We kept the secret for almost 10 years and never talked about it publicly. I felt like a failure. It was painful and embarrassing and, though there were many factors … Read more
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2022 Survey of Consumer Expectations, which shows substantial declines in short-, medium- and longer-term inflation expectations. Expectations about year-ahead price increases for gas and food fell sharply. Home price growth expectations and year-ahead spending growth expectations continued to pull back from … Read more
In recent years, the Brooking Institution published a series of papers as part of its Future of the Middle Class Initiative. In a 2020 paper, Brookings defined the Middle Class as the middle 60 percent of the household income distribution–“not poor, but not prosperous either.” How much income must a family have to be considered middle … Read more
Have trouble getting approved for a credit card? Do you have bad credit? Maybe a debit card is an answer. But, not to spoil the surprise, it’s not. So, I’m going to help you to understand why a debit card is a much less form of payment, provides less protection from scams, and does nothing … Read more
New findings from LendingClub paint a picture of people sliding back into just getting by financially. 61% or 203 Million Americans are Living Paycheck To Paycheck, Up from 55% a Year Ago. At the same time, the average savings amount dropped to $10,757 in June 2022. People are wandering more towards the financial edge despite … Read more
Question: Dear Steve, I’m recently divorced and have gotten myself into a debt hole. As a result, I can not manage my monthly payments. I’m considering a debt relief contract with Americor. Is this a good reputable company, or is there a better option for getting out of debt? Robin Answer: Dear Robin, It is … Read more
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 … Read more
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 … Read more
For many years I’ve written about the tactic some debt relief companies use to trick consumers into signing up for some form of debt relief. Consumers receive offers in the mail for a personal or debt consolidation loan and are told they don’t qualify, but “we have a better program.” Damon Day and I discuss … Read more
Question: Dear Steve, I had debt discharged back in 2017 in bankruptcya for TERI loan. This year they tried to garnish me after the fact. I won my motion for sanctions and now they are appealing the decision. Any recourse? Aren’t they private-educational loans? Any advice? Tiffanie Answer: Dear Tiffanie, The issue you describe is … Read more
