Why Your Bank Won’t Deal Until You’re Behind
Steve Rhode and Damon Day discuss why banks won’t negotiate credit card debt until you fall behind, and why a strategy matters more than your credit score.
capital one
Using a Credit Card on Venmo? You May Be Paying a Cash Advance Fee Without Knowing It
Using a credit card to send money on Venmo triggers a cash advance at most major banks — stacking Venmo’s 3% fee on top of your bank’s cash advance fee and immediate interest at up to 29% APR. Here’s which banks do it, which don’t, and how to avoid it.
CFPB Cut by 88%: What the GAO Report Means If You Need to File a Complaint
The GAO confirmed the CFPB is being cut by roughly 88%, from 1,700 employees to 200, with 42 active enforcement cases dropped. The complaint portal is still open — but your state AG is now your primary line of defense.
Northland Group Inc.: Who Are They and Why Are They Calling You?
Getting calls from 800-955-6600? It’s Northland Group Inc., a debt collector working primarily for Capital One. Here’s who they are, what CFPB complaints show, your FDCPA rights, and exactly how to stop the calls.
Midland Credit Management: Who Are They and Why Are They Calling You?
Quick Answer: Midland Credit Management (MCM) is one of the largest debt buyers in the United States, headquartered in San Diego, CA, and owned by publicly traded Encore Capital Group. They purchase old credit card, auto, and consumer loan accounts from banks — often years after default — for pennies on the dollar, then attempt …
Capital One $425M Settlement: Are You Owed Money?
Capital One agreed to pay $425 million to customers who held 360 Savings accounts while the bank secretly offered a nearly identical account paying 14 times more interest to new customers. If you had a 360 Savings account between September 2019 and June 2026, you may automatically receive payment.
Can Capital One and Discover Settle My Debt?
Quick Answer: Capital One and Discover do settle debts, but settlement depends on which internal collection department handles the account at different stages of delinquency. Early-stage collections won’t offer settlements, while later-stage departments are more likely to negotiate reduced payments or refer accounts to settlement programs.Question:Dear Steve,I have 2 charged-off accounts, and I want to …
Debt Settlement: When Creditors Help or Hurt
Quick Answer: Some creditors are more willing to negotiate debt settlements than others, with Chase being the most cooperative by offering 25-40% settlements even before accounts charge off. Michael Bovee’s guide ranks major creditors including Bank of America, Wells Fargo, Discover, Citibank, Capital One, and American Express based on their settlement practices.Michael Bovee, over on …
Is This Debt Relief Bureau Mailer Legit?
Quick Answer: The Debt Relief Bureau mailer is misleading and potentially fraudulent, as it uses the “Debt Relief Bureau” name while stating in fine print that it’s “not a Debt Relief Bureau (DRB) approved or endorsed advertisement.” The anonymous mailer from Fort Wayne, Indiana promises 40-60% debt reduction but includes disclaimers that the figures are …
Credit Card Charge-Offs: Myth vs Reality
Quick Answer: Credit card companies won’t charge off accounts simply because cardholders report unemployment – debts flow through normal collection processes first. The expert advises waiting 120 days to see if the situation improves before considering bankruptcy, while focusing on job searching rather than using retirement funds to pay the $10,000 owed.“Dear Steve,I live in …
