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Check Cashing

May 23rd, 2016 (No Comments)

In May of 2016, the Consumer Financial Protection Bureau took action against a company that offered check cashing and payday loan services. This company would not tell consumers how much they were charging to cash checks. Also, when consumers would ask to cancel or reverse the check-cashing transaction, the company would have excuses as to [...]

The Student Loan Payback Playbook

May 16th, 2016 (No Comments)

In April of 2016, the Consumer Financial Protection Bureau unveiled the student loan Payback Playbook. The Playbook gives borrowers personalized information from the student loan companies so people can get a monthly payment they can afford. Illinois Attorney General Lisa Madigan assisted with the formation of the Payback Playbook. The proposed Playbook would have no [...]

Tips to Avoid Identity Theft

April 24th, 2016 (No Comments)

Don’t carry your Social Security card or any other document that has your Social Security number on it. Check your credit report every 12 months. Review your Social Security Administration earnings statement annually. Change your passwords on internet accounts.

Over 40% of People Falling Behind on Student Loan Payments

April 20th, 2016 (No Comments)

The Wall Street Journal reported that as of January 1st, 2016, 43% of the 22 million people with student loans were not making their student loan payments. About 3.6 million of that group are in default. There are some doubts as to whether these former students will ever repay their student loans. The borrowers tend [...]

Robo Calls

April 14th, 2016 (No Comments)

In March of 2016, the Federal Trade Commission settled with an Orlando based company that was making robo-calls to consumers. With the robo-calls, the company was able to make calls at less than one cent each in cost. The company used automated dialing machines with pre-recorded messages. Here is the principle which applies to robo-calls: [...]

Credit Card Balance Transfers

March 31st, 2016 (No Comments)

Consolidating your credit card balances may help you to manage your credit card debt. Here are some steps to take when considering balance transfers. Figure out your total credit card debt. Figure out the interest rate on each of your credit cards. Also, you need to know what is the total amount you can pay [...]

Eviction Records

March 21st, 2016 (No Comments)

Transunion, which is one of the three credit bureaus, released a report in February of 2016 about evictions. Prior evictions and rental-related collections are predictive of future evictions. People who have been evicted have 3 times as many prior evictions and rental related collections activity than non-evicted people. Eviction losses average $3,500 per unit. This [...]

Student Loan Terms

February 26th, 2016 (No Comments)

There are certain key terms of student loans you should know. What is the interest rate on the loan? Interest rates of 4 to 10 % are common. What are the repayment terms? If you have a co-signer on the loan, they should know about the terms as well. The liability of the co-signer is [...]

Short Sale

January 23rd, 2016 (No Comments)

If you are faced with foreclosure, the bank or mortgage company may allow you to do a short sale.  In a short sale, you would sell the house for a lesser price than your mortgage.  For example, if you owe $100,000 on your mortgage and you sell the house for $75,000 that is a short [...]

Automatic Stay Under Bankruptcy

January 15th, 2016 (No Comments)

Section 362 of the Bankruptcy Laws refers to the automatic stay.  The automatic stay means that someone cannot start or continue a legal case against you.  The stay means that a wage garnishment has to stop.  The stay keeps your car from being repossessed.  The stay stops a foreclosure sale.  The stay can also stop [...]

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