President Biden entered office and immediately extended the federal student loan payment holiday to help struggling debts. The suspension is extended through at least September 30, 2021. And while this is a help for people struggling, this is also a great time to pay as much as you can towards your federal student loans. Every …
It’s not too late to take advantage of these protections but call your mortgage servicer sooner rather than later. For some mortgages, the deadline to request forbearance is December 31, 2020. Don’t wait – get the help you need now. What to do after you enter forbearance This advice applies to both a CARES Act …
Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw Today, the New York Fed’s Center for Microeconomic Data reported that total household debt balances increased slightly in the third quarter of 2020, according to the latest Quarterly Report on Household Debt and Credit. This increase marked a reversal from the modest decline in the second quarter …
Yesterday I answered a reader question regarding the credit report impact of falling behind or skipping payments. See Will Credit Reports Take a Hit Because of Coronavirus? Today I learned about a paper published by Pamela Foohey (Indiana University Maurer School of Law), Dalié Jiménez (University of California, Irvine School of Law; Harvard Law School …
Question: Dear Steve, Although I am not in a bad position during this pandemic, I am wondering if those who are falling behind in mortgage, student loans, car or credit card payments will have an adverse effect on their credit reports? Mary Louise Answer: Dear Mary Louise, You ask a great question. I’m going to …
Betsy DeVos, President Trump’s Education Secretary, doesn’t just think she’s above the law. She IS above the law. A few days ago, the National Consumer Law Center filed a class-action suit against Betsy DeVos and the U.S. Department of Education asking a federal judge to stop DeVos and DOE from garnishing student borrowers’ paycheck in …
Congress has approved billions of dollars of checks for Americans hard hit by the biggest round of layoffs in U.S. history. But millions of Americans will have to wait months for that money — and millions more may never get the money at all. That’s because the rescue legislation left it to the IRS, an …