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Get Rich Slowly points us towards an interesting short film by Martin Hampton that deals with 4 different “hoarders.” One of them, a compulsive shopper, owes more in credit card debt than he does on his mortgage. He often buys the same product over and over again. [Vimeo]
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A debt-blogging couple in their forties celebrates one year of paying off debts, going from over $41,000 in the hole to owing only $11,596. [NeedToBeDebtFree via BloggingAwayDebt]
CardTrack.com says “the percentage of people delinquent on their credit cards is the highest it’s been in three years,” according to CNN. Over the past year, U.S. consumers have charged “more than $2.2 trillion in purchases and cash advances.” The article gives the usual advice: Stop buying stuff!
Tax Cat knows that it’s a hard subject, but if your home has been foreclosed there’s something you should know about changes to the tax laws.
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Here’s 20 plus ways to get of your debt forever. Probably the most important one is changing your attitude and making debt something that you’ve decided to rip into with ferocity and persistence. [Dumb Little Man]
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FiLife takes a look at a campaign that likens debt to STDs. Remember to practice safe borrowing, kiddies. [FiLife]
The Credit Card Bill Of Rights Act, which was introduced on Thursday in the U.S. House of Representatives, would limit interest rate hikes and late fee penalties that credit card companies use to unfairly squeeze profits from customers.
It seems that some bottom-feeding debt collection companies—the ones who buy old debts that are frequently beyond the point where you can be sued for collection (what the FTC calls “time-barred debts”)—purchase old debts, mark them up with incredibly high penalties and fees, then “forgive” them and write them off as tax losses and send the debtors 1099-C forms—which means you have to pay taxes on the forgiven amount. If this happens to you, here are a few things you should consider first.
Consumers have filed over 69,000 complaints against scummy debt collectors for violating the Fair Debt Collection Practices Act, prompting the FTC to rush to our collective defense by taking action against three debt collectors who showed a “culture of harassing the debtors from which they collect.” Two debt collectors settled and one went to court. Still, when you receive over 69,000 complaints—and these are from the people who know to complain to the FTC—it’s reasonable to assume that more than three collectors encourage a culture of harassment. More harrowing revelations from the FTC’s annual report to Congress, after the jump.
We know that technically it’s a great thing that you have multiple options to pay for your food at Burger King, but this is just a little too sign-of-the-times, and it makes us sad. Somewhere out there is a guy who’s still paying off the Whopper he ate in June.
I keep reading and it says that I can “reject this amendment” by doing so in writing by 2/29/2008.
There are mounting anecdotal signs that beginning in December Americans cut back significantly on personal consumption, which accounts for 70 percent of the economy.
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How many people resolved to be better with money in ’08? Here’s eight reasons to get your debt under control this year. [Bankrate]
Although December marked a slight decrease in Chapter 13 filings from November, 2007 overall logged a whopping 40% rise in the number of bankruptcy filings compared to 2006, reports the Wall Street Journal—over 800,000 filings in 2007, versus around 570,000 the previous year.
Gone are the days of the three-year car loan. The length of the average automobile loan hit five years, four months in October, up more than six months from 2002, according to the Federal Reserve. And nearly 45% of loans written today are for longer than six years. Even some staid lenders owned by the carmakers, such as Toyota Financial Services and Ford Credit, are offering seven-year financing. And a few credit unions, particularly in the West, are tinkering with the eight-year note.
Credit card companies make it impossible for consumers or markets to know the true cost of credit, according to Georgetown Law professor Adam Levitin. The professor makes his point with a pop quiz:
… what’s the interest rate on the credit cards you’re carrying? How about the default rate? Do you know what constitutes an event of default? What will trigger a penalty fee or surcharge? How much are those fees? If you’re like most Americans, you probably cannot answer many or all of these questions.
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Should you go cash only to deal with a debt addiction? It can’t hurt. [The Simple Dollar]
If you have consumer debt, you’re probably looking for a strategy to pay it off. Some people use a home equity loan as a way to get a lower rate, others use 0% balance transfers, still others just call their credit card company and ask them to lower their rates.
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