Monday, May 29th, 2017

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Personal Finance

Student Loans Exceed Total Credit Card Debt

New figures from reveal that in aggregate, Americans owe more money in federal and private student loans than they do in revolving credit, reports the Wall Street Journal. The Federal Reserve says that Americans owe a total of $826.5 billion in revolving credit debt, most of which is on credit cards. Outstanding student loans, meanwhile, […]

Smartphones Could Take the Place of Credit Cards

A simple wave of an iPhone or a Droid might replace the old-fashioned swipe and sign ritual of credit cards, reports Bloomberg/BusinessWeek. AT&T, Verizon Wireless and T-Mobile have reportedly partnered with Discover Financial Services – the fourth-biggest payment network after MasterCard, Visa and American Express – to transform smartphones into mobile payment systems. Some early […]

New Illinois Law Slams Debt Settlement Firms

Illinois Governor Pat Quinn signed a law this week imposing strict new limits on debt settlement companies working in the state, with the aim of protecting residents trying to get out of debt from the more predatory practices of these firms. The Illinois law follows a Federal Trade Commission ruling that bans many of the […]

Credit Card Terms Change, but Rewards Seem Untouched

Some watchers of the credit card industry predicted dire consequences if Congress passed the financial reform bill, claiming that issuers would recoup their losses by changing fees, charging more for issuing cards and cutting back on rewards. While the first two predictions appear to have been borne out, it seems that credit card companies aren’t […]

Meet the New Card, Same as the Old Card

You didn’t think it was going to be that easy, did you? The Credit Card Accountability, Responsibility and Disclosure Act of 2009 took a wrecking ball to some of the more frustrating practices of the credit-card industry in an effort to help Americans trying to stay and get out of debt. Some estimates put the […]

New FTC Rule Protects Consumers from Debt Relief Practices

The Federal Trade Commission issued its final rule on debt relief firms Thursday, banning those that engage in telemarketing from collecting advance fees from customers. The rule will come into effect in October of this year, and it should help protect consumers who are trying to get out of debt from some of the industry’s […]

New FTC Rules Crack Down on Get Out of Debt Schemers

The Federal Trade Commission revealed a new rule that will ban some types of fees charged by for-profit debt relief companies, reports the Wall Street Journal. As part of the newly signed financial reform bill, the federal government is cracking down on an industry built around helping, but sometimes exploiting, people struggling to get out […]

As You Move, Consider Your Commuting Costs

When planning a move, the number of considerations you need to make can feel overwhelming. Renting or purchasing, monthly costs, utilities, roommates, furnishings, even neighbors – all of these play a role. But the old rule of realtors remains the most important: Location, location, location. It’s more than just a nice view or a neighborhood […]

Use Cash to Get Out of Debt

It may sound a bit counterintuitive, but keeping some greenbacks on you can help you stay or get out of debt. Psychological studies have proven that spending on plastic just doesn’t feel "as real" as handing over a crisp new bill – or a wad of them. Here’s a strategy that may work for some […]

Are more Americans finding ways to pay off their credit card debts?

A new report finds that for the third straight month credit card charge offs have fallen, which might be good news for Americans looking to get out of debt. According to the June credit card report from credit-rating agency Moody’s, credit card charge offs – those debts credit card companies deem as uncollectable – fell […]