By William J. Arnesen, Jacob Conway, and Matthew Plosser Since the depths of the Great Recession, household debt has increased from a low of $11 trillion in 2013 to more than $14 trillion in 2020 (see the New York Fed Household Debt and Credit Report). In this post, we examine how consumers’ repayment priorities have …
Yesterday the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary of Banco …
The Federal Reserve Bank of New York just released two charts that show the trend of household debt. The most alarming trend here is the rapid growth of student loan debt since 2004. If we look at all debt and the types of loans that are 90+ days delinquent, you will see a big dip …
“Dear Steve, I am divorced and have about $100k in unsecured debt due to job loss and other issues which arose in my marriage. I am just treading water with the bills (including alimony and child support) and am sinking fast. I believe I am going to have to file Chapter 7 BK as I …
I have a judgement for a car loan against me in Virginia for $12,980 that was awarded to the finance company in August 2009. It is now March 2012. The judgement is on my credit report. I live in North Carolina and have been here since 2009. If I’m not mistaken I was also supposed …
“Dear Steve, This is about the situation my son is in. He is in the military and being young and naive, thinking that he had plenty of money coming in, bought a used truck for quite a bit of money. He also got married and they recently had a baby. His wife also had a …
“Dear Steve, I co-signed for my daughters car loan. She lost her employment at almost the same time I lost mine. The company called me a I returned the car back to them. After that I called to settle the account and they ignore all the letters, faxes and telephone calls. They want to settle …
“Dear Steve, Family of 4 (13 yr & 12 yr girls). My salary = $112K, wive’s salary = $40K. Total Assets $292K (liquid $10K, autos $9, house $200, 401K $73K). Total Liabilities $204K (mortgage $112, home equity loan $41K, credit cards $24K, 401K loans $22K, auto loan $5K). Net worth = $88K. . .plummeted 35% …
Allen “Dear Steve, This is a terrible auto financing dilemna. My fiance traded in her car for a new used car intending to obtain a disability insurance policy. She had had some recurring health issues and wanted to make sure nothing chronic became disabling, which would heavily impact her finances. Considerate action … but (2) …
“Dear Steve, If I file for bankruptcy, how can I go about getting a used car? That is, if bankruptcy can clear the debt I owe with my current car note. Am I able to refinance or get approved for another loan if I’m looking to trade-in my car with a negative turn-over balance? I …
