Social media and big data are being used in an innovative new payday loan banking model that’s more Silicon Valley than Wall Street. Most interestingly, the operation seems to have more in common with old-fashioned hometown …
Borrowing
The People’s Bailout: Occupy Wall Street Wants to Forgive Your Debt
During the height of the financial crisis, the federal government pulled out all the stops to ensure the survival of the nation’s largest financial institutions. Along the way, shareholders and creditors of big Wall Street …
With Obama Win, Wall Street Cop Stays On the Beat
This week’s election was a cliffhanger for many people, but the stakes were higher than most for the director and staff of the Consumer Financial Protection Bureau. The agency, which opened its doors in July 2011, was a …
Deep Impact: Sandy’s Big Effects on Car Sales Now — and for Months to Come
Floods, falling trees, and the disruption of what’s normally a hot end-of-the-month period for car dealerships will all affect auto sales going forward. So will new Sandy-related incentives from car manufacturers.
4 Ways You Pay Too Much–and What to Do About It
By seizing on promotions and not paying attention to new products and changing markets, consumers end up in the wrong loans all the time. They spend an estimated $541 a month more than necessary on their debt repayment. Here’s …
Is the U.S. Waging a War on Savers?
Government policies that discourage saving are one of the chief reasons that so many Americans fail to put money away regularly.
The Student Debt Epidemic: 1 in 5 Households Now Owe Student Loans
The Great Recession has pushed student debt to historic levels, and for the first time ever, almost 20% of U.S. households have outstanding educational loans.
Double Trouble: When Debt Collectors and D.A.s Team Up
Getting a letter on your city or county prosecutor’s letterhead, noting that you owe money and threatening you with jail time, is a scary prospect. Unfortunately, some 500 municipalities are allowing debt collectors to use such …
CFPB Plans to Fix “Anti-Housewife” Credit Card Law
The Credit CARD Act of 2009 ushered in a slew of new protections for credit cardholders, but it also led to some unintended consequences. One of the biggest was the clause that can be thought of as the “stay-at-home-mom penalty,” and the Consumer Financial Protection Bureau now says it’s going to fix that.
Yikes — When Debt Costs You a Job
Unpaid credit card debts can cause a whole host of headaches, from annoying collection calls all the way to wage garnishment. In the case of this one borrower, though, his debt situation snowballed so badly it cost him his job.
New Frontier in Student Debt: It Stifles the Housing Recovery
With the start of another school year, the air is once again filled with angst over the high cost of college. But the discussion is shifting. It’s not just about runaway tuition inflation anymore, or even the individual …
Lenders Use a New Dirty Trick to Jail You For Small Debts
Debt collectors can call you, hound you and make you feel like a lowlife, but here in America, they can’t throw you in jail over your unpaid bills. Or can they? A sneaky tactic called “body attachment” is a new twist on this …