Student loan debt reached an all-time high and delinquency rates continued to rise last year, according to a new report from the Federal Reserve Bank of New York found. [More]
In 2008, a Walmart employee was killed when a mob of deal-desperate Black Friday shoppers tore the store’s doors from their hinges and stormed inside, trampling him to death. The chain was eventually fined $7000 for their role in the employee’s death — but six years and $2 million later, the world’s largest retailer has yet to pay up. [More]
After several quarters of decreasing mortgage delinquency rates, that number saw a slight uptick in the second quarter of 2011, according to the Mortgage Bankers Association’s latest survey data. [More]
E.’s dad has been in the hospital since February recovering from complications from heart surgery. The family didn’t expect him to be hospitalized this long, and his bills are in a bit of disarray. The only company not willing to work something out? Dish Network, which canceled his past-due account, which was still in his ex-wife’s name. [More]
Ryan recently went to a clinic operated by Western Dental Centers, a franchise that operates in California, Arizona and Nevada, and now he regrets that decision. He writes that first he was forced to endure $800 worth of upsells while he was stuck in the chair, even though he was just going in for a cleaning. What happened with billing, though, was worse and may lead to lasting credit issues. [More]
Texas’ Attorney General Greg Abbott is going after Bally Total Fitness for the fraudulent “past due” scheme it was using to trick former customers into re-upping with the gym. The AG office says that the gym mailed more than 11,000 fake notices to former customers between last summer and March 2010, and at least 1,000 Texans fell for it and paid the fees. [More]
If you’ve fallen into a debt pit and can’t make your credit card payments, and now you’re watching them steadily mount with penalties, fees, and steep interest rates, consider negotiating a lower payment. The New York Times reports that while most card companies won’t admit it officially, they know when they’ve got a customer who can’t pay, and they’re much more willing to settle for a lower amount than they were a year ago.
Fewer than half of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent… [while] nearly one in four loan modifications in the fourth quarter actually resulted in increased monthly payments.
Maybe there are no more debtors’ prisons, but that doesn’t mean your life can’t be screwed up by unscrupulous collection agencies.