If you’re in dire financial straits because you thought you could take out a 275% APR payday loan only to find yourself unable to repay, do you want credit counseling advice from someone with a financial interest in the success of payday lenders? Probably not, but the founder of Consolidated Credit Counseling Services, Inc. says that his investments in the payday loan business had no bearing on his work. [More]
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.
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.