A bill to allow consumers to refinance their student loans to the rate currently being issued on new federal and private student loans succumbed to a painful death on the Senate floor Wednesday despite being championed by consumer advocates. [More]
debt
Consumers Have Paid Down $32.5B In Credit Card Debt So Far This Year, But It’s Still Not Enough
By 6.9.14
While the economy may be bouncing back from the Great Recession, the rate in which consumers are able to pay off credit card debt continues to decline. [More]
Report: Debt Collectors Now Using Court System To Unfairly Force Consumers To Pay Up
By 4.30.14
Debt collection is a big business that doesn’t look to be shrinking anytime soon. But along with the rapid expansion of the industry, there has been an increase in abusive and predatory collection practices. One of those practices, obtaining default judgements against consumers, has led the Center for Responsible Lending to call for stricter regulations over the process of selling debt to collectors. [More]
FTC: Deceptive Debt Collectors Must Pay $3.3 Million In Consumer Refunds
By 4.3.14
We here at Consumerist are always a little happy when deceptive debt collection businesses get what’s coming to ’em from the Federal Trade Commission. But those feelings grow exponentially when we find out said company will be forking over millions of dollars to refund abused consumers. [More]
Despite Regulations, Survivors Face Foreclosures After Reverse Mortgage Borrower’s Death
By 3.27.14
There are a number of reasons someone might take out a reverse mortgage: to pay for prescriptions or medial care, to subsidize their daily living expenses or even to settle their fear of becoming a burden to their family. But the product that was designed to keep elderly consumers in their homes is now wreaking havoc on their surviving loved ones. [More]
As Many As 1-in-3 Student Loans May Be Delinquent
By 3.19.14
Over the years, Consumerist has reported on student loans and the crippling impact their debt can have on recent graduates. But with rising tuition costs and financial aid opportunities becoming increasingly competitive it’s easy to see why student loans are a necessity for entering college. A new report claims that overall loan delinquency rates are declining, but a closer look at the numbers may reveal a problem that is much worse than previously believed. [More]
Some Banks Reward Private Student Loan Borrowers With Refinancing Options
By 1.21.14
Recent college graduates face a number of barriers after getting their diplomas – finding a job, moving out on their own and paying back thousands of dollars in student loans. But now consumers struggling to pay back private student loans might find a bit of relief in new refinancing options from banks. [More]
More Shoppers Concerned About Getting Fat During The Holidays Than They Are About Going Into Debt
By 12.20.13
For many Americans, the last two months of every calendar year inevitably involve eating too much and spending a lot of money. Given the still-choppy economic waters, you might think that consumers would be more concerned about their bottom lines before thinking about their waistlines, but you’d be wrong. [More]
Americans Racking Up Debt Faster Than We Save For Retirement
By 10.24.13
This seems to be the week for sad news about Americans and our retirement-saving behavior. A new study shows that while we might be sticking money in our 401(k) plan like dutiful money squirrels, in general, Americans aren’t doing ourselves any favors for retirement as we rack up debt at a higher rate than we sock away money. [More]
How To Not Suck… At Getting Out Of Debt
By 10.15.13
You’re in debt and you know it. But (a brief pause, while I invoke my inner Jersey) whaddya gonna do about it? Credit card debt can seem like a never-ending spiral. As you try to pay it down, more interest charges accrue, and it seems your balance isn’t getting anywhere. Stop the bleeding already so that you can ultimately get back in the black. [More]
Report: Student Debtors Under 30 Are Shying Away From Buying Homes, Cars
By 4.18.13
If life were a 1950s sitcom, college graduates would zoom out of school, get a job, buy a house, buy a car and get married. But these days, student loans are just one of many reason debtors under 30 are staying far away from the housing and auto markets. That, and life isn’t a sitcom. A new report from the Federal Reserve Bank of New York shows that this age group could be a drag on the economy by the very fact that they aren’t participating in it. [More]
Lunch Ladies Teach Middle Schoolers About Debt, Trash Their Lunches If They Owe Money
By 4.5.13
It’s never too early for kids to learn that living in revolving debt is bad, but how you get that lesson across is a tricky thing. For example, let’s say that you’re the contractor that serves school lunches in a middle school, and you take away the trays of children whose parents owe the lunch vendor money and toss a few dozen perfectly edible meals in the trash. This would be a bad way to teach kids about debt. [More]
Debt Collectors Keep Calling About Bogus Debt, Even After Being Threatened With Suit
By 2.19.13
From calling at all hours of the day and night to contacting you at work, we’ve told you before about the large number of banned practices for debt collectors. But one man says he’s the victim of a tenacious debt collector trying to collect a debt he doesn’t even owe. [More]
Senators Take Another Stab At Eliminating Paid Medical Debt From Credit Reports
By 2.8.13 — Updated: 2.11.13
This happens all too frequently: Someone with good credit suddenly incurs a large number of medical bills. Sometimes it’s too much money for the person to pay off in time, sometimes one bill will get overlooked and the debt is sent to collections. That person’s credit will now carry that stain for up to seven years. [More]
How Does Emmy-Winning Comedian With Her Own MTV Show Have $57,000 In Debt?
By 1.31.13
Comedian Sara Schaefer already has two Emmys to her name, and her new TV show Nikki & Sara Live just debuted this week on MTV. But fame and notoriety don’t necessarily equate to being smart about your finances. [More]
8 Things We Learned From FTC Report On Debt-Buyers
By 1.30.13
In spite of the many rules imposed on the debt collection industry, it still generates, by far, the largest number of complaints to the Federal Trade Commission each year. That’s why the agency recently completed a lengthy investigation into debt-buyers and why they do such a bad job. [More]
Student Loan Debt Is Creating Generation Of High-Risk Borrowers With Low Credit Scores
By 1.30.13
Lots of people graduate college with minimal credit histories. Repaying student loans was always a dependable way to build that history. But recent, rampant growth in student loan debt in the U.S. could slow that process for an entire age group. [More]
We Would Like To Shake The Hand Of The Man With A Credit Score Of 848
By 10.26.12
If you know what your credit score is (and you should), you might know that the best possible score is 850. So the fact that there is a man who has a score of 848 might just impress you — and maybe simultaneously make you super, super jealous that he’s managed to pull that off in this economy. As he explains it, it’s not that he doesn’t have debt. He’s just very wise about how he handles it. [More]
