Debt Relief News

Researchers hired by MetLife’s Mature Market Institute surveyed more than 2,100 Americans between the ages of 21 and 65. They took a look at how three age groups viewed financial obligations: baby boomers (born between 1946 and 1964), members of Generation X (born between 1965 and 1976) and members of Generation Y (born between 1977 and 1990). They found a strong desire among all ages to help family members in financial need. Read More.

A surprising academic study, "Winning the Battle but Losing the War: The Psychology of Debt Management," sheds new light on why smart people make dumb moves when paying down debt. Read More.

You are one of those people that diligently budgets for every expense, cuts costs wherever possible–a sheer genius when it comes to personal finance. So why does it seem you just can’t get ahead as a middleclass American citizen doing all the right things when it comes to sticking to your budget? Read More.

Most Americans have an active stake in one issue that might be easy to overlook in the midst of the 2012 Presidential campaign: policies affecting our day-to-day use of credit cards. Read More.

Household debt, the biggest part of U.S. debt, fell by $584 billion, or 4% — two-thirds of which is due to defaults on home loans and other debt — to $13.2 trillion. Consumers are about halfway to reaching a sustainable level of red ink that equals 100% of personal income, a milestone. McKinsey says that will likely be achieved in 2013. Read More.

To better prepare yourself for your future it's important to take steps to save for retirement, emergencies, and goals you may have. Saving is an intricate piece of your financial puzzle and should be made a priority. Read More.

When it comes to debt, we usually think about mortgages and credit cards. Yet, the amount of student loan debt has recently surpassed credit card debt. Unlike a mortgage, you don’t have a tangible asset that you can sell to pay it off and unlike credit card debt, they’re notoriously difficult to get rid of even through bankruptcy. Read More.

The positive trend may not last for long, however. As the economy continues to rebound, Lin said debt is likely to rebound with it, adding that banks have recently started loosening credit requirements again. Read More.

There are certain things everyone should know about personal finance. The debate goes on as to whether or not personal finance should be taught in schools or if these are lessons best taught at home. Read More.

Nothing was more daunting for the global credit cards market than the recent financial crisis which drove it into darkness for almost two years, beginning 2008. Although overall consumer spending shrank during the recession, the bigger problem to confront issuers was piling up of enormous amounts of bad debts. Read More.

The average U.S. adult pays at least $942 each year in hidden fees, according to research conducted by the Ponemon Institute in 2006. Six years later, it’s unlikely that this number has gone down. If anything, industries that took a financial hit during the recession are passing more fees onto consumers than ever, regardless of whether they’ve recovered. Read More.

Over the last century, over-borrowing has gone from shameful to commonly accepted. An expert explains what changed. Read More.

Petreaus is a lifetime military family member who works to protect members of the military from predatory lenders and financial scams. She says the younger military members have more financial problems because of managing money they receive when they join the military, or they have more debt coming out of school. Read More.

US Consumers continue to make timely payments and pay down their retail credit card and bank card balances, resulting in a significant reduction in the number of card write-offs over 2010 levels, according to Equifax's latest National Credit Trends Report. Read More.

Taking the advice from his New Year's resolutions article, he started small, by putting away one dollar a day. Read More.

The CFPB, which was formed with the passing of the Dodd-Frank Bill, will regulate what are called “nonbank financial companies,” namely lenders, money transfer agencies, debt collectors and credit bureaus. Read More.

According to a new survey by the National Foundation for Credit Counseling, 62% of Americans say paying down debt is their focus in the new year, so you’ll have lots of company when you’re tackling those balances. Read More.

During the third fiscal quarter of 2011, U.S. consumers added $17 billion in new credit card debt, wiping out what remained of a $33 billion first-quarter pay down and putting us on pace for a $64 billion net gain in credit card debt during 2011, according to a Card Hub study. Read More.

Let’s face it returns are inevitable post holiday. No matter how carefully you shopped for a gift or how much thought your Aunt Betty put into yours, its human nature to return unwanted items for something you could actually use. In today’s economy we are all trying to be frugal and watch every penny spent and an unwanted item lying in the closet or on a garage shelf bother us. Read More.

Rates currently are the highest since we've been tracking them," says Ben Woolsey, director of marketing for CreditCards.com, which has tracked card rates every week for the past four years. The average rate nationally right now, based on new card offers by 100 of the most popular issuers in the U.S., stands at 15.14 percent, up from 14.75 percent six months ago. Read More.

The president's action means that the CFPB now has all its powers to protect students from unfair financial practices that pile on student debt, including lenders offering dangerously expensive private student loans and aggressive credit and debit card marketing. Read More.

There are many qualified and reputable debt relief agencies out there. While we cannot provide input on every one, we would like to draw your attention to one group we feel clearly meets this FTC criteria and more, CareOne Debt Relief. CareOne Debt Relief Services have helped over 5 million people, providing resources to help customers be financially fit. SpendLessTV.com often makes use of the CareOne Debt Relief’s easily accessible and valuable educational online resources. Read More.

The six-month-old Consumer Financial Protection Bureau heads into the new year without a leader and its future makeup very much up in the air. The bureau remains particularly contentious among congressional Republicans, who are urging the White House to overhaul the agency's structure. Read More.

"Many of the country's 13.3 million unemployed are relying on unemployment benefits to help them get through this holiday season--and into the New Year," said Rev. David Beckmann, president of Bread for the World. "We urge Congress to cut short its Christmas vacation and resume sessions by Jan. 3, 2012, to pass the overwhelmingly bipartisan Senate unemployment extension bill." Read More.

The National Financial Educators Councils’ holiday shopping tips to help parent’s begin teaching personal finance lessons to their kids. Read More.

At the Student Loan Ranger, we think it's great when major players in the private student loan market like Sallie Mae offer advice on how to avoid spiraling debt from credit cards. Read More.

With rays of light cutting through the financial gloom that surrounds the consumer, now is an ideal time to challenge your fiscal practice and build a vast resource of personal savings. By recognizing the need to change and taking practical steps to boost your disposable income, it is possible to invest in your future now and create the platform for financial independence. Read More.

Americans were expected to spend an average of $646 for gifts this holiday season, according to a survey by American Research Group, and many consumers chose to put some or all of that budget on their credit cards. If you were one of them, you don’t have to let a holiday spending hangover ruin the new year. Read More.

So it’s easy to see why consumer groups are pushing a law capping interest rates at 36%, and why payday lenders are opposing it. The details here aren’t pretty. Read More.

Americans are making progress in working down their heavy debt burden, but are struggling to break out of another funk holding back the economy: their deep pessimism. Read More.

The Bureau of Consumer Financial Protection (aka the Consumer Financial Protection Bureau), created by the 2010 Dodd Frank Wall Street Reform and Consumer Protection Act, is up and running. As one of its first official activities, the bureau has written a proposed model credit card agreement. Read More.

Saturday, the US Senate agreed on a two-month unemployment benefits extension and payroll tax cut that was set to expire on January 1, 2012. The House will need to agree to the 60 day deal in a vote scheduled for Monday. Most House Republicans were against the vote. Read More.

The debt-collection industry, booming as many Americans struggle to catch up on their payments or walk away from what they owe, was the subject of a record 164,361 complaints through Dec. 8 of this year, according to the Federal Trade Commission. Read More.

In the United States, initial claims for state unemployment benefits dropped 19,000 to 366,000, the lowest since May 2008, the Labor Department said. That follows a report earlier this month that showed the jobless rate hit a 2 1/2-year low of 8.6 percent in November. Read More.

Payday loans also tend to suck borrowers in. According to CRL, the average payday borrower takes out nine loans per year and borrows more and more over time. Read More.

Whether consumers were complaining that their interest rate suddenly went up or that they were charged a penalty fee, it often came down to one thing: they didn't understand the contract. And in credit card land, using the card constitutes agreeing to the contract, so you're stuck. Read More.

CreditKarma.com, the consumer's credit advocate, today released its U.S. Credit Score Climate Report with trend data for November 2011. Since January, credit card debt has fallen nearly 10 percent nationally to $6,503 Read More.

In the current economic climate, personal finance resolutions are especially widespread as we strive to tackle our debts and maintain prosperity despite the constant threat of a recession. With this in mind, you should look to set relevant and manageable goals for yourself as you enter 2012, and lay down a marker for a financially independent future. Read More.

That’s a tragedy for American families still suffering from crushing debts. They are putting off consumption, and in turn firms are holding back business investment because they can increase sales slowly without increasing capacity. Read More.

It's still too early to tell how the recent recession has altered how we manage our finances, but the early indicators give us some clue: Unlike after the Great Depression, not much has changed. The personal savings rate jumped sharply in 2009, but has already drifted back to a pitiful 3.5%. Read More.

These days, retirees "have to get creative when it comes to bringing in extra income," says Andrew Schrage, editor of the personal finance blog, Money Crashers. Read More.

Maybe you have to pay some unexpected car mechanic bill and can't contribute to your kid's college fund. How do you decide between this bill and that bill? Read More.

IMPOSTERS claiming to be from the Citizens Advice Bureau are preying on people with money worries with cold calls offering fake ‘debt help.’ Lynne Rawlings, manager of the Newmarket Citizens’ Advice Bureau (CAB), warned this week that commercial debt companies had been contacting individuals giving the impression they were from the CAB. Read More.

When you apply for a new store credit card this holiday season the damaging effect on the credit score will generally last one full year, twelve months. Read More.

This increase in credit card delinquency isn’t necessarily because cardholders have become more careless; in fact, credit card issuers have recently started focusing more on people who don’t have excellent credit than they did in the past, which could be the reason for this increase in late payments. Read More.

Congress has approved US unemployment extension benefits for 2012. This unemployment extension will allow unemployed workers in the US a 99 week extension of unemployment compensation. Read More.

There has been a sharp uptick in allegations of illegal, harassing and unethical treatment at the hands of unscrupulous debt collectors. Read More.

But the Consumer Financial Protection Bureau is giving it a try. The agency has released a prototype of a simplified agreement as part of its “Know What You Owe” campaign to help consumers understand the consequences of the debt they take on Read More.

Credit counselors say even people who manage to stay within budget most of the holiday shopping season — even the entire year — are most at risk for spending too much in the days leading up to Dec. 25. Read More.

If you talked your parents into cosigning for credit cards, then you might have been lectured about the dangers of college credit card overspending. You know to pay bills on time, use credit cards only when necessary, keep balances low, charge only what you can afford and avoid staggering credit card debt. Read More.

Currently, U.S. households owe an astounding $2.3 trillion in non-real estate debt, driving increasing numbers of Americans to turn to experts for help. Read More.

“CardHub.com, an online credit card resource, reports consumers piled on $16.8 billion in credit card debt in the third quarter of 2011, up 154 percent from the same quarter last year. Read More.

More consumers are choosing to pay credit card debts while letting the mortgage slip, helping push credit card delinquencies to their lowest point in 17 years, financial services and risk management firm TransUnion said. Read More.

Ah, Halloween. Which is your favorite bit? Is it the excitement of planning your little goblin's trick-or-treat route, and the frequent references to your local sex offender database that such an operation nowadays requires?... Read More.

Credit scores: Like a Halloween fright night, they can be kind of scary... Read More.

Brush with fraud prompts new debit-card attitude... Read More.

A month after Bank of America got pummeled by consumers and politicians for introducing plans for new debit-card fees, most other big U.S. banks are steering clear of imposing similar charges... Read More.

There’s no question that for many (if not most) Americans, today’s economy is challenging for numerous reasons we need not list... Read More.

Reloadable prepaid cards are magic bullets to help overspenders and those who steer clear of banks. But they won't build your credit and can cost you plenty in fees if you're not careful... Read More.

In a few years, you will reach the traditional retirement age of 65. You aren’t sure if you want to keep working past that age. What factors should you weigh?... Read More.

It's absolutely true that kids should learn about the mechanics of credit: How to use it responsibly and why it can get very expensive very quickly if you don't. But the idea that they need a card of their own to practice this is questionable, at best... Read More.

In its most simplistic form, financial planning is the process of charting a course from where you are today to where you want to go... Read More.

Remember the $1 coin? Probably not, considering none of us really use it... Read More.

For Reno car salesman Tim Ticknor, the squeeze on his middle-class existence gradually has turned into a chokehold... Read More.

After three years of belt-tightening, Tom Van De Water, 41, a customer information systems manager in Stratham, N.H., has finally loosened the family budget... Read More.

In tough economic times, with many people out of work and struggling to pay their bills, it’s no surprise that debt collectors are out in force... Read More.

It’s not unusual for a government agency to go after rogue debt collectors, but it’s rare that those collection firms are operating on behalf of another federal agency... Read More.

Wausau, Wis., has the highest average credit score in the USA, while Harlingen, Texas, has the lowest... Read More.

Contradictory data are nothing new in economics, but amid the slump in the United States and Europe, readers may find themselves paying increasing attention to indicators that seem to point every which way... Read More.

Firms are pushing everything from cancer coverage to tuition protection. We check the latest policies—and lay out what you really need... Read More.

“WE regret to inform you...”... Read More.

`New data from the American Bankers Association shows that the rates of late payments for most categories of consumer loans are creeping up... Read More.

Why are Bank of America and other financial institutions charging new monthly fees for debit card usage?... Read More.

Community banks and credit unions are moving quickly to take advantage of widespread hostility toward new fees charged by some of the nation's largest banks... Read More.

Amid complaints that nearly half of tax filers in the U.S. won't pay federal income taxes this year, this has been lost... Read More.

Making mortgage payments on a residence doesn't automatically entitle you to related tax deductions... Read More.

Just when you thought every bank in the country was tacking on as many fees as possible comes a Texas credit union that pays 15 cents every time its members make a debit card purchase... Read More.

Various costs associated with applying to college... Read More.

The banking industry on Tuesday defended a controversial new fee on debit cards as some Democrats called on consumers to abandon financial institutions that impose the charge... Read More.

In 1991, Dan Driscoll of Towson, Md., and his wife, Theresa, wanted to buy a house, but the lowest mortgage rate they could find was 9%... Read More.

There’s no shortage of grim employment statistics floating out there... Read More.

Debit cards are convenient, widely accepted and safe... Read More.

Retailers Face Reality That Many People Can't Trade Back Up... Read More.

I’m not a marriage counselor, but sometimes I feel like one... Read More.

Consumer spending, once the driving force of the U.S. economy, is likely to remain stagnant for years as households struggle to cut debt and build up savings... Read More.

When I was younger, I carried more than $20,000 in credit card debt, and it took a long time to recover... Read More.

In this gig, I run into all sorts of examples of mystifying consumer behavior... Read More.

Bank of America, the nation’s biggest bank, said on Thursday that it planned to start charging customers a $5 monthly fee when they used their debit cards for purchases... Read More.

What’s the least-friendly piece of plastic in your wallet?... Read More.

Consumers spent slightly more last month, but they earned less for the first time in nearly two years... Read More.

Staying in touch is the best way to prevent inconveniences such as having your account blocked or major problems such as fraud... Read More.

Health insurance premiums are going up -- 9% on average -- and you're getting less for your money. Many folks are cutting back on care in potentially dangerous ways... Read More.

Numbers can drive you nuts. Some folks don't like the digits that reveal their ages, others get frustrated by the ones that make up their bank balances... Read More.

Most bank accounts pay little or no interest these days... Read More.

More stores are offering limited editions and exclusive items, but they may not be great values... Read More.

As the cost of health insurance continues to rise, workers can expect to see high-deductible plans, with ever-higher deductibles, becoming the norm, the president of the Kaiser Family Foundation predicts... Read More.

The old savings advice about skipping your daily cup of coffee and banking the cash instead has never really resonated with me... Read More.

During a meeting I had last week with the incredibly creative design minds at Fahrenheit 212, someone reminded me of the old saying that disappointment is just the difference between our expectations and reality... Read More.

Almost all of us have walked out of a store having spent more than we planned thanks to a salesperson who helpfully suggested that your kids would love the accessories not included with a toy, or that the shirt you’re trying on could be a whole new outfit with just one or two more pieces... Read More.

Free checking is going the way of the free checked bag... Read More.