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Common Questions About Consumer Debt

My Ex Husband took our credit card debt in the divorce, but he has stopped paying those cards. Now they are coming after me.

Unfortunately, this is a very common divorce debt situation. Just because your divorce decree states that your husband is responsible for the debt does not let you off the hook for that debt. Your divorce decree is an agreement between you and your ex. It does not affect…

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#credit card #debt collector #old debt

Relief for Student Loan Borrowers May be on the Way, But Not Soon Enough

The Obama administration has recently proposed a new set of guidelines that would apply to direct federal student loan servicers. These guidelines seek to shift the focus of companies like Navient and Nelnet from a collections role to a counseling role intended to help guide borrowers down the path of paying off their student loan debt.

This shift in focus would come as a welcome change to anyone…

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#borrowers #federal student aid office #student loan relief

A New Trillion Dollar Record In Credit Card Debt

According to a recent study, “for the first time ever, total credit card debt in the United States is approaching a trillion dollars.” As the United states credit card debt skyrocketing, Michael Snyder, Credit Card Debt In The United States Is Approaching A Trillion Dollars, according to The Economic Collapse Blog (March 11, 2016). You read that right – a staggering trilliondollars! Indeed,…

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#credit card #Debt

Are You at Risk for Being Arrested if You Don’t Pay Your Student Loans?

We have all heard the same, quintessential horror story that has been regurgitated all over the media in recent months: a poor, unsuspecting former student gets the surprise of his or her life when he or she is suddenly arrested and tossed into jail for not paying his or her student loans accumulated decades ago. 1stThe media does a great job of fear mongering and painting a picture that just…

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#arrested #failed to pay #student

Average U.S. Household Debt – The Numbers May Astound You

Staggering U.S. Household Debt

According to a 2015 American household credit card debt study, “the average U.S. household with debt carries $15,762 in credit card debt and $130,922 in total debt.” Erin El Issa, 2015 American Household Credit Card Debt Study, NerdWallet, Inc., (last visited May 10, 2016). To breakdown these figures, a typical United States household owes about $15,762 in credit…

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#credit card #Debt #loan

Tax Season is the Best Time to Tackle Old Debts

Tax season is usually the time of year that people sit down to take an honest look at their finances. For many people, taking an honest look at their finances includes taking a look at the amount of debt they have accrued in the past year. If this is the case for you, and you are struggling to find solutions to get out of debt, now may be the best time for you to evaluate your options and set up…

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#bankruptcy #creditors #Debt #settlement #tax

Student Loan Assistance the Latest Trend in Employer Perks

According to a recent article by Fortune, student loan payment programs are the latest trend in recruitment tools for many top companies. This is coming in response to the $1.2 trillion student loan crisis in America. Many top companies are finding that their employees are not taking part in employer sponsored retirementprograms, and are instead directing any money they would contribute to their…

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#employee #employer #program #student loan

Co-Signing Private Student Loans: A Double-Edged Sword

Unless you have been living under a rock, someone you know has co-signed for another person’s private student loan. Heck, maybe you yourself are a co-signer – yes, YOU! In this day and age, the majority of lenders require co-signers for private student loans. It has become standard practice. And surely you, the savvy consumer, understand why: it gives the lender security. In other words, the more…

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#borrower #co-signer #Debt #debt forgiveness

The Legal Battle Commences: Kroger v. Equifax

Extra! Extra! Read all about it! Equifax faces another massive lawsuit, this time for its involvement in the theft of sensitive data.

Hackers allegedly used a website, run and managed by Equifax, in order to steal the personal information from W-2 forms from potentially hundreds of thousandsof Kroger employees across the country. It is also believed that these identity thieves used information…

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#Credit #identity theft #lawsuit #legal

Student Loan Debt is Ruining Retirement for Millions of Americans

Two groups of people are being put between a rock and a hard place when it comes to managing student loans and their retirement. Recent graduates and parent-cosigners. The types of challenges these two groups face are different, but they are both facing some very difficult choices in the years ahead of them. In my past post about “Eliminate Debt Before Retirement” I discussed effective and…

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#Debt #delay retirement #retirement #student loan

Lawsuit Against TranUnion

TranUnion Loses Pivotal Case in the 7th Circuit

On March 25, 2016, the U.S. Court of Appeals for the 7th Circuit held that a person is not bound by a contract unless it was made clear that you were supposed to actually read it, regardless of whether you read it or not.

This ruling came about when a Mr. Gary Sgouros signed an online contract to receive his credit report from TransUnion. By…

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How To Navigate Private Student Loan Debt Amongst A Sea Of Federal Student Loan Debt Policy Reform

Recently, the Department of Education, under the Obama administration, proposed a new federal rule that would allow student borrowers to have their federal student loans forgiven in cases of fraud. See, e.g., Patrick Torphy, Obama Plan Eyes Debt Relief for Defrauded Students, PBS (June 15, 2016), available at http://www.pbs.org/wgbh/frontline/article/obama-plan-eyes-debt-relief-for-defrauded-stu…

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Consumer Credit Bureau Complaints Skyrocket

The CFPB and What it Means For You

May 24, 2016. Just another day? Au contraire. The 24th of May marked the day that the Consumer Financial Protection Bureau (CFPB) released its monthly consumer report to the public. More importantly, it was the day that more of the credit bureaus’ dirty laundry was hung out to dry.

Shockingly, or maybe not so, there have been 882,800 complaints filed against the…

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#CFPB #credit report errors

TransUnion Moving Into Different Credit Arenas

TransUnion is currently the third largest credit bureau in the country. Along with the other credit bureaus (Experian and Equifax), TransUnion tracks everything related to a person’s finances and how well one keeps up with payments. Given the intrinsic nature of a credit bureau’s business, it’s no surprise that these companies have an abundance of data collected on each and every consumer. Most…

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Finally, anyone can access their official FICO credit score for free. http://www.qoo.ly/96y7e

Your credit score is important. Avoid these three mistakes to protect it. http://www.qoo.ly/96ggp

There are pros and cons to both consolidating and refinancing. http://www.qoo.ly/95ntx

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