Private student loans are the worst debt in America, bar none. Lenders have flocked to making private student loans, knowing there are few legal protections available to borrowers. I can get rid of IRS debt in a bankruptcy easier than I can student loan debt. One of my clients was told his payment would be...
[caption id="attachment_298" align="alignleft" width="150"] The CARD Act's hidden dirty little secrets[/caption] While most consumers celebrated the new changes brought about by the CARD Act beware of two loopholes that can catch unknowing credit card users in a costly mistake. Banks vehmently opposed to the CARD Act put their collective heads together and devised ways to...
[caption id="attachment_279" align="alignleft" width="150" caption="Student loan debt exceeds credit card debt leaving many Americans strapped for cash."][/caption] A new report by USA Today finds that Americans' student loan debt is $850 billion dollars, which actually exceeds the total amount of Americans' credit card debt. What does that mean for our newest generation heading off to...
Reprinted with permission from Huffington Post 7-13-11 One newspaper article in 1997 told me all I needed to know about the business model for the credit card industry. Beneficial National Bank, the credit card lender for BJ's Warehouse, notified 12,000 of its customers that it was revoking their credit card privileges. A logical guess would be...
[caption id="attachment_172" align="alignleft" width="300" caption="Low Credit Score Cards Coming to a Wallet Near You?"][/caption] If you've been struggling with the economic recovery, it may be very tempting to loosen your financial needs by signing up for one of the numerous low credit score credit card solicitations you've received. But do a little research into what these cards offer...
[caption id="attachment_207" align="alignleft" width="300" caption="Americans are changing how they use credit."][/caption] According to a national survey by Javelin Strategy and Research, credit card spending is down, especially in the 18-24 age market. Does that mean that we Americans aren't spending or are we doing it differently? According to the NY Times report, the survey showed...
[caption id="attachment_76" align="alignleft" width="300" caption="Even Santa might be tempted to max his credit this holiday. (Photo Courtesy: Getty Images)"][/caption] Reports from last week’s Black Friday holiday shopping tell the tale of shoppers who are using their credit cards a bit less than last year. According to a National Retail Federation survey of 8,692 consumers reported...
Big Changes Coming for the Credit Card Industry The credit card industry is beginning some major shifts in response to requirements put forth in the Credit Card Accountability, Responsibility and Disclosure (CARD) Act signed into law on May 22, 2009. The law was enacted to help American consumers who were battling years of unfair rate hikes...
[caption id="attachment_10" align="alignleft" width="300" caption="The Credit Crunch Hits Home"][/caption] Like many Americans, nearly one in four today, you may be out of work and having difficulty paying your bills on time. The phone rings non-stop at home, the warning letters arrive daily, and you wonder if you will ever have another moment’s peace again. Consumers...