In an interview with Yahoo Finance’s The Daily Ticker on March 30, 2012, former Clinton administration Secretary of Labor Robert Reich referred to the American economic recovery as “anemic,” and discussed the potential for outstanding student loans to be the next debt “bubble” to burst in the U.S.
Understanding the Basics of Bankruptcy
The purpose of bankruptcy law is to provide a framework in which both individuals and businesses can resolve debt obligations they cannot otherwise meet. The term “bankruptcy” in the popular vernacular is used broadly, but in fact there are many types of bankruptcy proceedings. The truth is that other attempts at debt resolution, like loan… Read more »
Home Equity Loan
In a home equity loan, the consumer takes out a second mortgage on their home by essentially borrowing against how much of the home they actually “own.” (Basically how much of their current mortgage amount has been paid.) That “equity” is measured against how much the property is currently worth on the real estate market… Read more »
Consumer Financial Protection Bureau Proposes Debt Collector, Credit Reporting Oversight
In response to a flood of complaints about debt collectors and credit bureaus, the Consumer Financial Protection Bureau has proposed a new rule that would make the biggest players in these genres — including Equifax, TransUnion, and Experian — subject to the same oversight policies that apply to banks. The agency, which was created under… Read more »
Dave Ramsey Says He’s Telling You the Truth About Debt Consolidation
Dave Ramsey says he’ll tell you the truth about debt consolidation. The process doesn’t work. Debt isn’t the problem. It’s the symptom. The only way you can resolve your debt is to change your habits. And he’s right. Most of us get into debt for one reason. We spend without discipline, generally using high interest-rate… Read more »
Paying of Christmas 2011 Means More Discipline in 2012
Now that the holiday season is over, the credit card bills are coming due — about $52 billion spent over just the Black Friday weekend. A primary rule of debt consolidation is not to get hung up on what you did, but on what you can do about it now. Look Your Debt in the… Read more »
Consumers Were Lured to Use Credit During the 2011 Holiday Season
For months now, financial experts have emphasized the need for renewed consumer confidence to bolster the sagging American economy. According to data collected by the Federal Reserve, Americans did just that over the Black Friday weekend, to the tune of $52 billion. Unfortunately, that “money” was actually spent with the swipe of a credit card,… Read more »
Student Loan Debt Creeping into Upper Age Brackets
While student loan consolidation has been at the heart of many of the “occupy” protests that began late in 2011, few people realize that older Americans are also building up education-based indebtedness that could well follow them for the rest of their lives. According to a report by Reuters released just this month, borrowing money… Read more »
Changes in 2012 for Holders of Student Loan Debt
One thing is quite clear about the changes affecting payment of student loan debt set to take affect in 2012: confusion. Exactly what is going to be different about how student debt is managed and how will it affect you? Change in Loan Subsidization Status One of the most frightening changes for most student loan… Read more »
At What Price were Black Thursday and Cyber Monday a “Success?”
As American consumers slowly begin to regain confidence in the state of their finances after struggling through almost three years of recession and high unemployment, they still face the threat of taking on even more credit card debt. This fact was in clear evidence on the busiest shopping day of the year, Black Friday, the… Read more »