Calls for help with debt are growing, and consumers are considering drastic measures to deal with their debt, including bankruptcy, foreclosure, dramatically downsizing their lifestyles, or taking second jobs to make ends meet. That’s according to a recent report by Financial Finesse, a provider of unbiased financial education programs to corporations and municipalities.
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On July 1, a most eagerly awaited provision of the College Cost Reduction and Access Act of 2007 goes into effect.
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A recent story in USA Today says that an average 6,000 new bankruptcy cases are filed each day, and the total number of consumer and commercial filings are expected to reach 1.5 million this year.
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Free From Broke ("A personal finance blog for regular folks") posted an amusing list of "25 traits of the not-so-well-to-do." …
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Two key federal bodies of law provide you the right to receive specific information. First, the Equal Credit Opportunity Act (and Regulation B) prohibits certain discriminatory practices. These laws require creditors to explain the reason they denied you. They require creditors to keep certain records, and send you these notices to document the actual reason you were denied. The second federal law requiring the denial notice is the Fair Credit Reporting Act. It requires creditors to tell you if they based your denial on information from a consumer-reporting agency (or other outside source), and to tell you if they obtained certain information from an affiliated company.
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In the fall of my junior year at college, I received a most welcome gift in the mail: my first credit card.
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Yesterday New York Attorney General Andrew Cuomo announced an investigation into debt settlement firms with subpoenas of fourteen debt settlement companies and one law firm.
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If you’ve looked into credit counseling earlier this year but found the monthly payments too high, you may want to try again. As part of an initiative spearheaded by the National Foundation for Credit Counseling (NFCC) to help more people pay their debts through a credit counseling agency and avoid bankruptcy, the top ten credit card issuers have agreed to offer new reduced payment programs.
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An article today in the New York Times warned about the
perils of debt settlement, and a number of comments were …
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I received a great question earlier today from a reporter: Is it better to pay off credit card debt or build an emergency savings account in this tough economy?
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