http://www.askjackaboutdebt.com/wordpress Debt Management, mortgage and credit news - a blog for the average consumer. Mon, 08 Mar 2010 19:13:22 +0000 http://backend.userland.com/rss092 en If you have a debit card you may get a letter in the mail telling you that you are no longer protected from overdrafts unless you tell the bank that you want to sign up for their overdraft protection.  Don't do it. The "old" system allows banks to charge you every ... http://www.askjackaboutdebt.com/wordpress/2010/03/08/overdraft-protection-is-a-scam-you-should-avoid/ 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 come in 7th (3%) followed closely by "Advance fee loans and credit protection/repair" (number 9).  ... http://www.askjackaboutdebt.com/wordpress/2010/03/02/debt-and-credit-related-complaints-dominate-ftcs-top-ten/ However, they do not limit interest or charges. New rules took effect February 22nd, and more are coming in August.  They limit the ability of credit card issuers to raise interest rates on existing balances and restrict those awful "over-limit" fees. In addition, they have to send out bills at least 21 ... http://www.askjackaboutdebt.com/wordpress/2010/02/25/new-credit-card-rules-offer-some-protection/ Rules take effect on Feb 22nd, 2010.  Read your mail! The single biggest benefit of the much-touted new rules for credit cards -- prohibiting credit card companies from raising interest rates on existing balances -- has already been circumvented in some cases.  They have  found a clever way to make YOU ... http://www.askjackaboutdebt.com/wordpress/2010/02/08/new-credit-card-rules-offer-good-news-and-bad-news/ The Better Business Bureau reports that foreclosure prevention is another of the top ten scams of 2009 There are many companies making many claims about helping you prevent foreclosure on your home. No matter how good their pitch sounds, if they want you to pay them for their services, do NOT ... http://www.askjackaboutdebt.com/wordpress/2010/01/13/avoid-foreclosure-prevention-scams/ The Better Business Bureau makes this case and reports on the scams. The scammers are especially clever at preying on people in trouble and they have come up with many ways to convince you they can help pay down or eliminate your debt when all they actually do is take your ... http://www.askjackaboutdebt.com/wordpress/2010/01/11/phony-debt-assistance-one-of-top-ten-scams-in-2009/ By one expert's estimate 5.3 million US homes have a mortgage that is more than 20% higher than their home's value and 2.2 million of those are "under water" by more than 50%.  It is very hard to keep paying your mortgage -- even though you can afford it -- ... http://www.askjackaboutdebt.com/wordpress/2009/12/22/short-sale-versus-short-walk/ The headline in the Wall Street Journal said "flippers make a comeback."  The story told of people going to foreclosure auctions to buy and quickly resell houses at a profit.  They can do this because the lender who foreclosed has set the minimum price so low that it is well ... http://www.askjackaboutdebt.com/wordpress/2009/12/08/foreclosure-problem-turned-into-loselose-by-lenders/ 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 in cases of "undue hardship;" but they do have some right to adjust payment schedules ... http://www.askjackaboutdebt.com/wordpress/2009/12/01/student-loan-modifications-very-hard-to-do-supreme-court-to-rule/ Congress recently passed what one expert called a "Set of discrete new laws" to regulate the credit card industry (see our blog entry on Credit Card Rates Going Up for details, but as the expert said "....the industry instantly set to work to find their way around them." A recent special ... http://www.askjackaboutdebt.com/wordpress/2009/11/25/credit-card-regulation-only-partially-effective-thanks-to-loopholes-and-lag-time/