A reader wants to know whether or not he’s going to be held responsible for his fiancée’s old, bad debt now that they’re getting married. Because we went to Google Lawyer University just now, we’re happy to try to help.
Consumers Pay Down Credit Card Debt For 11th Straight Month
By October 8, 2009
The Federal Reserve has released data on consumer debt for August, and for the 11th month in a row we’ve paid down credit card debt and increased savings. Take that, rate-hiking credit card companies!
Where To Find Great Personal Finance Writing Online
By September 21, 2009
If you don’t know about the Carnival of Personal Finance, it’s a weekly round-up of interesting posts from the glut of personal finance blogs and websites that now litter the web. I discovered two of today’s posts—the 23 debt-saving tips and the the alkaline-vs-rechargeables story—through the most recent Carnival.
23 Tips On How To Pay Down Your Debt
By September 21, 2009
If you’re still floundering when it comes to paying off debt, here’s a great starting place for you. The blog DoughRoller has listed 23 ways to get started on freeing yourself from debt, along with lots of links to tools and other articles or websites that can help.
Financial Advice For College Students
By September 14, 2009
The San Jose Mercury News has compiled a list of financial tips for people just entering college. These are the sorts of things that will help you avoid racking up huge debts or wasting money you don’t have on fees and penalties—and of course they can apply to pretty much anyone, not just college students.
Banks Are 'Quietly' Negotiating Credit Card Debt, WashPo Says
By September 10, 2009
The Washington Post says banks have grown more sympathetic to stressed-out consumers and are now more lenient when it comes down to renegotiating interest rates and minimum payments. Banks aren’t out there advertising their willingness to bend, but they’re more willing to listen, the story says.
Consumers Cut Spending, Save Money, Pay Down Debt, Ruin Economy
By September 10, 2009
Good work, consumers of America! You’ve collectively reduced your outstanding debt by $21.5 billion during the month of July. We’re so proud. Except, oops, that’s not so great for the economy.
Congratulations, You May Have Your Own SSN Pen Pal In Micronesia
By August 17, 2009
If you get a call from a debt collector for a loan you never took out, and your Social Security number starts with a zero, try this excuse: “[My SSN] ended up linked to a Micronesian man who defaulted on a disaster loan from the U.S. Small Business Administration.”
Should You Have a Mortgage in Retirement?
By August 14, 2009
A growing personal finance debate centers around whether or not individuals should have a mortgage when they retire. A surprising number of retirees maintain a mortgage — 4 in 10 in 2007 — but is this good financial management?
How To Fight Back Against Debt Collector Ninjas
By August 11, 2009
Debt collectors, like vampires, have certain rules they must follow. For example, both are vulnerable to sunlight and garlic, but only vampires glitter when they’re playing baseball.
Credit Unions Dive Into The Student Loan Market
By August 9, 2009
Private loans are the worst type of student debt, but the best place to get them may be your local credit union. Like most credit union products, their loans are usually a better deal with more favorable terms than similar loans from bigger banks.
Arbitration May Be Dead, But Courts Offer Imperfect Alternative
By August 4, 2009
Last month, the Minnesota Attorney General brought an oppressive arbitration regime to its knees. Nation Arbitration Forum handled over 200,000 arbitrations per year. But many of those cases will end up in the 50 states’ district courts, where consumers may fare no better.
The Five Universal Financial Truths
By August 2, 2009
Saving can be boiled down to a few universal financial truths. The sooner you know and internalize them, the sooner you can start enjoying a responsible, sustainable lifestyle.
How Long Before That Debt Falls Off My Credit Report?
By July 17, 2009
Is a true that after 7 years your bad credits go away?
Nice Letter Gets 29.99% APR Down To 12.24%
By July 15, 2009
David paid his credit card one day late, one time, and Chase immediately jacked his interest rate from 12.24% to the default rate of 29.99%. He called customer service and was told he need to pay on-time for 6 months before he could get it reduced. 6 months later he calls back and now they tell him it’s 12 to 24 months. A supervisor confirmed this. Say what? That’s what he said, and so he wrote Chase a letter, and it got some serious results:
Lender Makes Borrowers Pledge Their Souls
By July 8, 2009
Mirosiichenko said his company would not employ debt collectors to get its money back if people refused to repay, and promised no physical violence. Signatories only have to give their first name and do not show any documents. “If they don’t give it back, what can you do? They won’t have a soul, that’s all.”
"Chase Hiked My Minimum Payment To 5 Percent!"
By June 25, 2009
Chase just notified Greg that they’re more than doubling his minimum payment requirement. Because he and his wife are carrying such a large balance due to a promotional balance transfer offer a few years ago, this pushes their monthly payment to nearly $1,000.
Study Of Credit Unions Indicates CARD Act Will Benefit Consumers
By June 25, 2009
Two Harvard doctoral students in economics compared how credit unions and banks operated their credit card divisions, and concluded that the recent CARD act “is likely to bring about moderate, and even positive, changes,” as banks begin to emulate parts of the fairer business model of credit unions. Specifically, they say, all the doom and gloom from the banking industry about how consumers will get shafted by the new rules is mostly fearmongering.
