Sean has a warning for Consumerist readers with Bank of America credit cards. At the beginning of December, he tells us that he called the bank about a billing issue, which earned him an account review and a drastic reduction in his credit limit. [More]
debt
Wife Sues Debt Collector For Husband's Death
By 12.15.09
As we told you in September, a woman is suing a debt collector for her husband’s final heart attack and death. [More]
Pay Off $50k In Debt On A $20k Salary In 10 Steps And 5 Years
By 12.4.09
This 30-year old receptionist and single mother of 3 climbed out of a $50,000 debt hole in 5 years using these 10 steps. [More]
Go Ahead, Strategically Default On Your Underwater Mortgage
By 12.2.09
“Homeowners should be walking away in droves. But they aren’t. And it’s not because the financial costs of foreclosure outweigh the benefits. One can have a good credit rating again–meaning above 660–within two years after a foreclosure.” That’s the conclusion reached by a law professor who’s written a paper about strategic default, which is when you elect to walk away from an underwater mortgage because you stand to lose more money trying to keep it than if you cut your losses immediately. The problem is, lots of people think it’s the wrong thing to do, because individuals are supposed to play by different rules than the companies they do business with. [More]
Wachovia Froze My Checking Account For Nearly A Month
By 11.24.09
Kate and her husband knew they had to settle a big debt to Capital One, but elected to wait until the bank came to them to pay up. The move ended up costing them, because Capital One got Wachovia to freeze their checking account with the assurance that it would release the funds once the couple paid up. [More]
Am I Responsible For My Parents' Debt?
By 11.13.09
Jay’s parents have gotten quite, uh, spendy with their retirement income, and now they’ve got a lot of debt they can’t pay off. This has become Jay’s problem not because he’s a party to any of the debt, but because they’ve put him down as a reference and now bill collectors are harassing him.
Bill Collector Accused Of Offering Debt Forgiveness For Sex
By 11.7.09
A Rent-A-Center employee near Detroit has allegedly found a new approach to helping consumers get out of debt: making their bills go away in exchange for sex.
Negotiating Reduced Payoff Can Hurt Credit Score
By 11.5.09
Did you know negotiating a reduced payment payoff with a lender negatively affects your credit score?
When To Buy A Home And How To Avoid Screwing It Up
By 11.2.09
Are you hitting that stage in life where you’re thinking of becoming a homeowner? Morningstar has published two home buying articles that together offer some good, concise advice to the prospective buyer, especially if you’re a first-timer.
40 States Ask FTC To Crack Down On Debt Relief Companies
By 10.28.09
Attorneys general in 40 states just asked the FTC to step up the fight against debt relief companies that mislead and overcharge consumers, like Credit Solutions of America (CSA), reports Consumer Affairs.
Am I Responsible For My Fiancée's Prior Debt?
By 10.13.09
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 10.8.09
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 9.21.09
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 9.21.09
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 9.14.09
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 9.10.09
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 9.10.09
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 8.17.09
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.”
