Sanctioned Disruption of the Banking Industry to Come

For the most part the announcement from the Office of the Comptroller of the Currency (OCC) are painful boring. Sorry fellas. But this one looks like it could provide some innovative changes to the banking industry that could disrupt things for the better. The OCC says: “On December 2, 2016, Comptroller of the Currency Thomas … Read more

Will You Really Help to Fund My Debt Consolidation Loan?

Question: Dear Steve, I have $40,000 in credit card debt (accruing interest) and about $10,000 currently on 0% promotions. Tried to consolidate via credit union or with Wells Fargo a several times over the years. They all declined for the same reason: too many high balances on revolving debt. Well duh, that is the point … Read more

People Willing to Lose a Limb or Listen to Nickelback to Eliminate Their Debt

Prosper, the online debt consolidation loan lender, recently conducted a pool about how people are looking at or dealing with debt. The big fact that jumped out at me was that nearly 3 percent of respondents would be willing to cut off an arm or a leg to have their debt eliminated. Seriously? Here are … Read more

I Was Turned Down by Lending Club and Prosper for a Debt Consolidation Loan. – Brian

“Dear Steve, I applied at LendingClub.com and at Prosper.com for a loan to consolidate my debt. I was declined at both. I have been trying to find a solution to consolidate my debt and eventually eliminate it. No places simply want to provide a loan. My credit score is good (690 ish). What other steps … Read more