An ABC news investigative report exposes how debt management companies are taking advantage of consumers trying to deal with their debt: Click Here to Report on Misleading Debt Settlement Companies.
These debt settlement firms …
Posted in Avoiding Scams, Debt, Debt management April 23rd, 2010 by Jack | Comments Off
In 2009, “Identity Theft” accounted for 21% of all complaints filed with the Federal Trade Commission. Number two was “Third Party and Creditor Debt Collection” which totaled 9% of all complaints (119,549). “Credit card” complaints …
Posted in Avoiding Scams, Credit, Debt March 2nd, 2010 by Jack | Comments Off
To protect the more than $600 billion in student loans insured by the federal government, Congress has made it very difficult to modify these loans. Bankruptcy courts are not allowed to reduce the principle except …
Posted in Bankruptcy, Debt, Regulations December 1st, 2009 by Jack | Comments Off
For a while now most credit card companies have inserted a mandatory arbitration clause into their contracts. This is to force their customers to settle credit card problems with arbitration and prevent them from suing. …
Posted in Credit cards, Credit counseling, Debt, Debt management, Regulations July 22nd, 2009 by Jack | Comments Off
The American Bankers Association defines as “delinquent” any loan that has a payment more than 30 days overdue. Credit card loans were in the worst shape, with 4.75% of all accounts, representing 6.6% of all …
Posted in Credit cards, Debt July 8th, 2009 by Jack | Comments Off
They will all deny it if asked, but my conversations with people who are trying to prevent foreclosure by negotiating new terms indicate that they are running into yet another obstacle: Lenders are stalling. They …
Posted in Banks, Debt, Foreclosure, Mortgages December 26th, 2008 by Jack | Comments Off
There are several regulatory bodies involved, but it appears that new, more consumer-friendly rules will be applied to credit card issuers. Unfortunately they will not take effect for more than a year. The most important …
Posted in Credit cards, Debt, Regulations December 22nd, 2008 by Jack | Comments Off
If you have read anything on this site about companies that tell you they can help you reduce your debts, help you get out of debt, or help you fix your credit, you know we …
Posted in Avoiding Scams, Credit, Credit counseling, Debt, Debt collection, Debt management October 19th, 2008 by Jack | Comments Off
As credit card delinquencies rise (up to 4.5% in most recent quarter), credit card companies have become much more aggressive in their efforts to get delinquent card holders to pay up, according to the Wall …
Posted in Banks, Credit cards, Debt September 12th, 2008 by Jack | Comments Off
Refinancing your house became a way of life before the subprime mortgage market blew up. In the past, refi’s were done mostly to get a lower interest rate on a mortgage that had …
Posted in Debt, Mortgages August 24th, 2008 by Jack | Comments Off