Let’s play a fun game. I’ll show you mine if you show me yours. Debt, that is! [More]
Students, Your College May Be Selling Your Info To Banks
By June 18, 2010
Just in case students don’t slog through college with enough debt hanging over them, their colleges and universities have cut semi-secret deals with banks to share personal info meant to market credit to them afterward. The Huffington Post says Bank of America has such deals with 700 schools. [More]
Washington Wants Better Oversight Of For-Profit Colleges
By June 15, 2010
Enrollment in for-profit colleges like the University of Phoenix, DeVry University, and Kaplan University–Gawker calls them fake colleges–tripled in the past decade, and has become such a fast-growing segment of the education market that some members of Congress think it needs better oversight. [More]
Debtors Increasingly Thrown In Jail. Wait, What?
By June 9, 2010
Did you know you can get thrown in jail for not paying your debts? Yes, in America, in the 21st century, debt collectors are effectively deputizing local police forces to collect on debts, manipulating the system and using your tax dollars to do their dirty work. [More]
3 Reasons To Avoid Using A Debt Settlement Company
By June 8, 2010
As the economy has weakened and unemployment has caused debt to become unmanageable for many people — one type of company has flourished — debt-settlement services. [More]
86-Year-Old Receives Surprise $19k Bill From Macy's
By June 7, 2010
Lorene Pounds is 86 years old and says she hasn’t shopped at Macy’s in years. That’s partly why she was surprised when Macy’s called her up and told her she was delinquent on her credit card account. The other reason she was surprised was they said she owed $19,791. [More]
CredAbility.org: 911 For Personal Finance Emergencies
By June 7, 2010
If your house catches on fire, you call 911. But who do you call when your personal balance sheet catches on fire? [More]
Prepare For The Unexpected With A "Stupid Mistakes" Savings Account
By June 1, 2010
One thing that can derail people digging themselves out of debt are the random unexpected setbacks life likes to throw at us to keep us on our toes. The accidental parking ticket, the bike that breaks down, the illness that requires pricey pills. Any of these can be enough to upset even the most carefully orchestrated budgeting and debt payment schedule, unless, you are smart like Ramit Sethi, and set up a “stupid mistakes” sub-savings account. Here’s how it works. [More]
Guess Who Said It?
By May 28, 2010
Let’s play a game. Can you figure out who said the following? “You’re a loser. Why don’t you just jump in front of a train?” “You a f***ing thief, you know. “I’m gonna find you and you gonna be walking like a b***h on the side of the street.” “I’m the guy who’s gonna end your life. That’s who I am.” Find out the answer after the jump! [More]
Fighting About Money Frequently Increases Risk Of Divorce
By May 25, 2010
You already know that it’s not healthy to fight about money all the time, but it might be a bigger risk factor for divorce than you think. A 2009 University of Virginia study found that couples who argue about finances every a week are 30% more likely to divorce than those who argue less frequently. In addition, a couple that marries with no assets are 70% more likely to divorce in three years than a couple bringing $10k in assets into the union. [More]
Rent-A-Center Responds To Predatory Lending Infographic
By May 20, 2010
Sonia, Rent-a-Center’s Public & Community Affairs person, saw our popular post, “How Predatory Lending Works, From Payday Loans To Rent-To-Own” and has a rebuttal that shows how they do math. I showed it to Jess, the creator of the infographic, and he has a rebuttal to the rebuttal. Let the chips fall where they may: [More]
My Dental Bill Was Sent To Collections By Mistake – Who Do I Pay Now?
By May 20, 2010
S. writes that in 2008, she owed a lot of money–about $8,000–to her dentist. She worked out a payment plan with the office, and asked them to auto-bill her credit card every month. They frequently forgot to bill her, but she wasn’t too concerned about the situation. At least, until a debt collector called her, saying that the dentist had sold her balance to them. The dentist’s office claims that this is a mistake. Now both entities want S.’s money, and she’s not sure who she should pay. [More]
Late Payments Are Dropping Thanks In Part To The CARD Act
By May 17, 2010
Banks and card issuers warned against the credit card reforms that went into effect a few months back, but so far it’s been a good thing for consumers, according to new delinquency numbers. [More]
Some Homeowners Worse After Getting Rushed Into Gov't Loan Mod Program
By May 14, 2010
Despite fulfilling every obligation under trial government-sponsored loan modification programs, some homeowners can end up far worse off than if they had never joined up at all, Propublica reports. That’s because if they’re denied a permanent modification, they have to pay the entire amount that was being discounted, often within a very short period of time. This pushes already strapped families past the breaking point. [More]
How Predatory Lending Works, From Payday Loans To Rent-To-Own
By May 12, 2010
You’re a savvy, savvy consumer. You pay your credit card bills in full every month, auto-deduct a generous portion of your paycheck into savings, invest in index funds, and always make sure you’re getting the best deal from your cable and wireless providers. Unfortunately, some of your brethren do not read Consumerist and can get caught up in the jaws of predatory lenders, wasting limited cash on things like payday loans, bad credit cards, and using rent-to-own stores. So let’s take a walk down the wild side and see how each of these bad choices work, in a giant infographic, courtesy of Mint and WallStats, after the jump. [More]
Dow Jumps 400 On Euro Stimulus Loan News
By May 10, 2010
Got whiplash? US and global indexes jumped on Monday, responding to news of a $1trillion European loan package to staunch their debt crisis. The rally reinstated the gains erased by a panicked sell-off driven by concerns that Greece’s debt crisis would infect other markets. [More]
Now This Is How You Tell A Zombie Debt Collector To Buzz Off!
By May 5, 2010
“RJM Acquisitions” mailed Mark a funny notice asking him to pay up $4,448.23. The address they had associated with it was indeed Mark’s, 20 years ago, that is. Not only was the debt invalid, but even if it hadn’t, the statute of limitations was well expired. Mark got to work and drafted a kickass letter to dispute the debt and tell them not to contact him again unless they wanted to be sued $1,000 each time. Here is his letter, which can serve as a good model for any other readers fighting off invalid debt collection attempts, and his story: [More]
Man Seals Self Inside Foreclosed Home
By May 4, 2010
Now we finally understand the secrets of the pharoahs: a bunch of angry people in Stony Ridge, Ohio have sealed up a home with the homeowner inside, with his permission, leaving only a golf ball-sized hole in the front door. The man, Keith Sadler, says he fell behind last year after paying on his mortgage for 12 years, and that his bank promised to work with him but instead proceeded with foreclosure. [More]
