Debt Relief News

Legal technology provider Epiq Systems estimates that 1.21 to 1.25 million Americans will file for bankruptcy this year, down from 1.38 million last year. Read More.

Almost 2 million people at least 60 years old are still paying on student loans, according to a recent survey conducted by the Federal Reserve Bank in New York. That's more than 5 percent of the 37 million who have student loans, the study found. Read More.

A study out this week from Pew Charitable Trusts finds that where you live matters a lot in terms of whether you can achieve the American Dream of moving up the economic ladder. The study was good news for residents of New York and New Jersey and not as cheery for those who live in Louisiana and South Carolina. Read More.

Couples retiring this year can expect their medical bills throughout retirement to cost 4 percent more than those who retired a year ago, according to an annual projection released Wednesday by Fidelity Investments. Read More.

have seen parents rack up serious credit card debt just so their kid can play and “look good” on the field. If the expense of youth sports does not fit in your budget you are going to need to make some adjustments or just say no. Read More.

Financial infidelity is not as common as you might think, with 92% of Americans saying that they never hide the details of their financial lives from a significant other. But of the roughly 6 million - or 7% -- who do, the thing they are most often hiding is a credit card account, according to a new poll by CreditCards.com. Read More.

One thing I found interesting is how my approach to this topic has changed over the five years I've blogged at The Dough Roller. Today, my starting point would be to prioritize savings and debt repayment. Let me explain. Read More.

So instead of waiting for the politicians, here are ten things new grads can do to take control over their student loan debt and the rest of their financial future. Read More.

The short answer is: half, U-5 probably tells you everything you need to know, and women are going to play the most interesting role as it evolves. Read More.

For sure the perks are tempting. But truth is, on top of student loan debt, many students are already saddled with credit card debt. Do they need yet another card? Will they spend more than they should in the almighty chase for rewards? You have to notice what’s missing on the list — a 0% transfer balance student credit card. Why not? One could argue that such a card would actually be helpful in managing their finances, if anybody was looking out for their best interest. Read More.

Fortunately, the solution to this widespread ignorance is already at hand: Home Economics. The age-old course should be repurposed for our financially-turbulent era. Instead of teaching flower arranging or button attaching, Home Ec should teach what its title purports: economics for the home. Read More.

The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research. Read More.

The nation’s employers are creating jobs at less than half the pace they were when this year began, according to a government report released Friday. Read More.

Finding ways to deal with mounting student debt has been on the forefront of the minds of legislators, educators and students throughout the school year. Read More.

The cost of a college education continues to rise faster than inflation, at roughly 5 percent per year. The average sticker-price for four years at a private college is now more than $150,000 — including $38,589 for the 2011-12 school year. Even going to your state's university runs close to half that total at an average $17,131 a year, according to the College Board. Read More.

In recent years, many Americans have become quite familiar with the different types of financing solutions available to them - whether it is in the form of student loans used for higher education, a home mortgage, an automobile note or the all-too-familiar staple of consumer debt: credit cards. Read More.

One item that's been getting a lot of press attention lately is the interest rate increase on subsidized Stafford loans from 3.4 percent to 6.8 percent, scheduled to take place on July 1. The increase would raise the cost of repayment by an average of $1,000 each for around seven million undergraduates. Read More.

The bottom 95% of Americans have seen debt levels balloon compared to their earnings over the past 20 years or so, as falling incomes made them more dependent on credit to maintain their lifestyles. Read More.

Setting up financial goals to achieve financial independence is important for everyone, not just those going through a divorce. Read More.

According to the April poll hosted on the National Foundation for Credit Counseling (NFCC) website, when asked to describe the state of their personal financial situation, 80 percent of more than 1,400 respondents admitted their finances were in need of a major overhaul. Read More.

Young people face a cruel irony. Most can't land a decent job without a college education, yet many graduates are locked into poorly paying positions that don't permit repayment of student loans. Read More.

In an attempt to slow the flow of stolen cards, the FBI announced on Thursday that it had shut down 36 sites that were selling them. The sites operated like any traditional eCommerce site, the FBI said, with buyers actually putting stolen credit card numbers into an online shopping cart for purchase. Undercover agents bought card numbers issued by banks including Bank of America, SunTrust, and Capital One, according to the FBI. Read More.

Debit cards, credit cards, saving and borrowing money – you probably learned a lot of what you know about personal finance from your own life experiences. But in a world of economic uncertainty, rising college costs and social media that can target some of the youngest consumers, financial literacy may be more important than ever for your kids. Read More.

Financial literacy is sort of like the weather: everybody talks about it. But are we becoming smarter about our money? Recent surveys suggest that we're not: Young adults fare poorly on financial literacy tests, and their parents don't do very well, either. As Financial Literacy Month comes to a close, USA TODAY teamed up with members of the National Foundation for Credit Counseling to answer some frequently asked questions about credit cards, credit scores, student loans and other types of debt. Read More.

Begin with sharing goals, understanding each other's perspective, swearing off secrets, and preparing yourselves for the inevitable change in course when the markets or your jobs don't go your way, and you need to re-evaluate your strategy. Read More.

Depression-era kids grew up as penny pinchers and accrued significant savings when retirement rolled around. Their kids however--the baby boomer generation--are finding their nest eggs underfunded. Generation Y struggles with starting careers and paying debt but the extent of how the Great Recession will impact their money habits in the future remains to be seen. Read More.

Financial Literacy Month is a great time to take a look at how we are doing when it comes to making the grade with our financial knowledge. Millions of Americans are failing miserably and among them, are college students. With little financial finesse and the freedom to make their own decisions many are starting their financial lives in need of debt help. Read More.

America’s current average national credit score of 660 suggests that our credit health is failing. Read More.

A recent study by the American Psychological Association found that money was respondents' leading source of stress. And, an Associated Press/AOL, poll comparing those with high debt-stress with those who had low debt-stress, found the following. Read More.

The law requires credit card issuers to carefully consider a consumer’s repayment capability before opening a new account or increasing credit limits on an existing account. As a result a stay at home parent with no “income” is unable to participate in credit related decisions, only the breadwinner can. Read More.

But in my experience, the root causes of being in debt are a bit more subtle than this. The problem starts well before you pull out your credit card. Read More.

If you're one of the many Americans with sizable credit card debt and you just received a fat tax refund, you might be trying to find out how you can use part of that money to help escape the monthly grind of credit card payments. Read More.

If children don't learn the principles of saving, spending and charitable giving at home, they don't learn it at all. Financial literacy is not taught in our schools and more importantly, parents need to impart their own personal financial values onto their children. Parents need to guide their children when it comes to how much they should save for a rainy day, when it's appropriate to reward yourself, and what's appropriate to give to charities and personal causes. Read More.

The average baby boomer will fall far short on their necessary retirement income. About 44% short.That’s the grim prediction in a new study by Fidelity Investments which looked at average amounts saved, projected Social Security benefits, home equity and other factors across three demographic groups: baby boomers, Gen-Xers, and Generation Y (aka echo boomers). Read More.

The Fairness for Struggling Students Act would allow students who borrowed from private lenders for their education to wipe out that debt in bankruptcy proceedings. Read More.

The average cardholder swipes the credit card 119 times a year with transactions averaging $88. Doing the math that is over $10,000 ($10,500) in credit card purchases. Read More.

Indeed, 42% of Americans give themselves a grade of C, D or F when it comes to personal finance, according to the 2012 Consumer Financial Literacy Survey from the National Foundation for Credit Counseling and the Network Branded Prepaid Card Association. Read More.

True, one consequence of the law is that stay-at-home parents will not be able to apply for a card at Macy’s on their own; and true, that in itself can be a humiliation. But for victims of financial abuse, the law’s impact is far greater. They may be cut off from credit altogether, or their abusers may ruin their credit and leave mountains of debt in their names. They may find leaving that much harder. Read More.

More banks are hawking prepaid cards as they try to win over the college crowd, a once lucrative market that analysts say is less profitable because of regulatory restrictions on credit and debit cards. Read More.

Spring is upon us and I feel the urge to purge - excess clutter that is. The same can be done with your finances. After facing a divorce it can be tough to look at the mountains of paperwork and files that are lying all over your desk, but it is definitely a necessary task. Read More.

High school's Class of 2012 is getting ready for college, with students in their late teens and early 20s facing one of the biggest financial decisions they will ever make. Read More.

More than half of U.S. workers are consistently carrying balances on credit cards and are worried about not having enough in savings to pay for unexpected expenses, according to the PwC 2012 Financial Wellness Survey. Read More.

Being in the dating game often involves an endless sea of dates, some more memorable than others. But, when you are ready to settle down the things you look for in your potential soul mate are subject to change. After all, this is someone you plan to spend the rest of your life with, maybe even have children with. Financially responsible men are very attractive to many women looking for Mr. Right. Read More.

But, there’s some good news. By reducing your spending and putting that money toward your debt, you can shave a significant amount of time off your debt repayment. Read More.

One in four Americans has more debt than savings. A recent survey by Bankrate.com found that 25 percent of Americans have more credit card debt than they have in emergency savings. Yikes, that is definitely a scary statistic. But, you don’t have to let it happen to you! Read More.

No one expects to face a medical emergency or a life changing illness, but it’s important to plan for them. Since I wasn’t as prepared as I should have been I will be facing the consequences for quite some time. Read More.

Eighty-four percent of undergraduates hold at least one credit card, and half have at least four cards and most (82%) maintain a balance thus incurring finance charges each month. Add that to the average school loan debt of $25,000 and you have a kid who is on the brink of disaster. Read More.

Nobody wants to pay more than they have to. But paying even just an extra dollar on credit card bills can save money in the long run as illustrated in CreditDonkey.com new educational infographic. Read More.

Travis Pizel, a CareOne customer, is halfway through his journey out of debt and is sharing his family’s experience of life on a Debt Management Plan (DMP). Read More.

Those are among the discouraging findings of an academic paper on credit card debt and the larger, even more troubling issue of general financial literacy on campus. Results of the survey, conducted by researchers from five American universities, were published in April 2012, coinciding with Financial Literacy Month, and the findings are disquieting. Read More.

Here’s a handy list of credit card charges that consumers have complained about during the first part of 2012. Do any of them appear on your credit card? Read on to find out why you should probably pull out your statements and check them. Read More.

Americans took out more loans to buy cars and attend school in February but used their credit cards less frequently for the second straight month. Read More.

When you obtain a new checking account you will most likely be asked if you would like a debit card complete with a VISA or MasterCard logo that is attached to your account. Of course with a debit card you can only spend as much as you have available in your account, so tracking purchases will be an important task to stay on top of. Read More.

The answer is being debated among two camps of prominent economic thinkers. One school of thought says that unemployment will return to around 5% as the economy eventually recovers. But an opposing view states that permanent changes in the labor market mean higher unemployment is here to stay. Read More.

The survey, released Tuesday to recognize Financial Literacy Month, also revealed that 39 percent carry over credit card debt from month to month; two in five are saving less than they were a year ago and 39 percent have no day-to-day savings. Read More.

So, am I statistic because of my gender and the fact that I have a child? Let’s take a look at why more women than men seek debt help. Read More.

Today millions of Americans are struggling with debt and have found that talking about it really helps. Not only do they see someone else that has been in, or is in their shoes, but they have found they can learn from them. I see this happening everyday in our online community. We even have several folks who blog about their journey out of debt. Their candid stories show that being in debt is hard, but making the sacrifices to get out of debt are much easier than they ever would have thought. Read More.

About 11 million homeowners owe more than their homes are worth, according to real estate data firm CoreLogic, and while taxes may not be the first thing they think about in deciding what to do, all the various options have tax consequences. Read More.

Not directly. But there are a few things you can do to monitor your credit and make sure that your cards aren't being used without your permission. Read More.

New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt. More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old. Read More.

Data from the accounts of up to three million credit card holders has been compromised by a security breach in a third-party service provider. Read More.

A new Consumer Reports analysis of prepaid cards has found that industry competition is beginning to help bring down fees, but fees aren't always disclosed up front and can still add up quickly. Moreover, prepaid cards also offer weaker consumer protections than those provided by traditional debit cards. Read More.

Founder of CareOne Debt Relief Services talks about how his experience with debt makes him believe in second chances. Read More.

So in a desperate attempt to keep their finances afloat many have turned to settling their debts. Settling a debt is certainly damaging to your credit, but to make matters worse, Uncle Sam wants his take as well. If you have a debt forgiven it is important to know that the amount of forgiven debt is taxable and could mean an unexpected tax bill. Read More.

The National Financial Educators Council launches new Financial EduNation personal finance programs over April, which marks Financial Literacy Month in the United States. Read More.

If you already have student loan debt, Consumer Reports recommends taking control of the situation. Figure out how much debt you have, to whom you owe it and what repayment options you have.If you can’t afford your payments, you may be able to get a deferment or even take a job or do a volunteer program that would qualify you for loan forgiveness. Read More.

Today is Roth IRA Movement day, an idea promoted by Illinois-based certified financial planner and blogger Jeff Rose. You'll find more than 100 personal finance bloggers today extolling the virtues of this savings account. Read More.

U.S. News recently spoke with Chatzky about why people complicate financial decisions and whether the recession has changed the rules. Read More.

According to Wise, mortgage delinquencies were a key factor for the rise. The number of homeowners at least 60 days late in making their mortgage payment rose slightly in the second half of last year. In addition, he says credit card issuers have returned to reaching out to non-prime consumers, offering to open new accounts, albeit at premium interest rates. “That’s affecting the risk profile of the overall group.” And, of course, we were in “holiday” mode, a time when folks traditionally ramp up their credit card use. Read More.

U.S. households owe a combined $11.5 trillion on credit cards, car loans, mortgages and other consumer debt, according to the Federal Reserve Bank of New York. Read More.

Student loan debt has become greater than credit card debt in the United States and Representative Hansen Clarke (D-Michigan) is doing something about it. He introduced the Student Loan Forgiveness Act to the House of Representatives on March 8 that would make student loans easier to repay. In an article in the March 21st U.S. News & World Report, student loan debt is on its way to exceed $1,000,000,000,000 by the end of 2012. Read More.

The job market today is tough—especially for those attending college or have just graduated. Recent unemployment statistics are still grim despite the hype that “things are looking up.” A recent USA Today article states that, “The unemployment rate dropped for the fifth straight month, to 8.3% — the lowest in nearly three years.” While that may be good news for some, those new to the job market or looking for additional part time income may still struggle to find the solution that they need. Read More.

Total student debt outstanding appears to have surpassed $1 trillion late last year, said officials at the Consumer Financial Protection Bureau, a federal agency created in the wake of the financial crisis. That would be roughly 16% higher than an estimate earlier this year by the Federal Reserve Bank of New York. Read More.

Nearly 4 out of 10 consumers admit to having just enough money to pay their monthly bills with no cushion leftover for financial emergencies, reveals a report from Yahoo! Finance and Fitness Magazine. Read More.

In the debt relief industry transparency is difficult to come by, CareOne Debt Relief Services leads the Category with a new Innovative Marketing Effort. Read More.

For many, we are in the midst of a historically controversial debate about how much Americans should rely on the federal government to provide a sustainable social safety net. Therefore, as we prepare for what should prove to be a tumultuous presidential election, each of us will have to weigh the perceived impact the outcome of the election might have on our personal finances. Read More.

As a certified credit counselor I spend the majority of my day helping people that have gotten in over their heads with credit cards. I am typically not a proponent of credit card use, however when used responsibly you can actually use credit cards to your advantage. Read More.

Twenty-somethings' mounting debt is taking its toll, as 60 percent of the generation who grew up amid economic growth and graduated into a hard-hitting recession say they feel stressed about their outstanding debt, according to a survey by The PNC Financial Services Group, Inc. Read More.

It’s no secret that the debt collection agencies are full of controversy and headaches for consumers struggling with debt. According to a new report released by the Association of Credit and Collection Professionals (ACA), debt collection agencies recovered $55 billion in debt owed to creditors during 2010. The good news is that there are laws to protect those being sought after by this usually ruthless industry Read More.

The government said Friday that its measure of consumer prices in February jumped 0.4 percent from January - the strongest pace since last spring - mostly because of a 6 percent rise in gas prices over the month. Read More.

With unemployment and home foreclosures still unusually high, consumer debt remains a major problem for many Americans. Read More.

In today’s world women are no longer “just staying home” to raise their children. I say “just staying home” as anyone that is a stay at home parent knows that raising children is one of the most difficult jobs you will ever have. Many women are both working full-time and raising their children out of necessity for their family. Whether you are married with kids, divorced with kids or widowed with kids it’s a tough dual role to play, for either parent. Read More.

After a divorce many of us find ourselves in tough financial situations faced with decisions we would have otherwise not been forced to make. Today’s troubled economy and high unemployment add to our stresses of finding solutions to better our financial situation post divorce. One increasingly popular way to generate additional income is by taking “renters” or “boarders” into your home; you’ll not only defray your rent, but you’ll also be able to recoup a portion of your utility costs. Read More.

CreditKarma.com, the consumer's credit advocate, today released its U.S. Credit Score Climate Report with trend data for February 2012. Since January, credit card debt increased slightly to $6,105. Despite this increase, credit card debt is still down 15 percent year-over-year. Read More.

If you have been through a divorce with children in tow most likely you have gone through many battles with your ex regarding child support; how much, what it’s used for, who pays for your child’s “extras”. Read More.

Some people wreck their credit before they learn to drive, author and consumer advocate Remar Sutton says in a video introduction to the FoolProof Initiative, a free online financial training program designed by and for teens and college students. “Bankruptcy for people under 25 now makes up a huge and growing portion of all bankruptcies. Read More.

Do you think your financial institution tells you everything you need to know? Don't bank on it. Read More.

On paper, consumer price inflation has been tame, personal incomes are modestly higher, and measures of senior poverty are reassuringly low. But in the real world, prices for many consumer items are much higher, especially in poorer neighborhoods without Wal-Marts and other price-conscious retailers. Incomes for many seniors are not rising. And many older households are experiencing what can best be called financial exhaustion. Read More.

It seems old habits die hard, according to a new study by credit card comparison website CardHub, which found that consumers are charging more on their credit cards again. Read More.

The first large-scale survey of Americans about their problems with medical debt show 1 in 5 are burdened by medical debt and half of them are unable to pay the debt at all. Having health insurance is a key to being able to pay for medical care, said the Consumer Watchdog Campaign, but spiraling insurance rates have left millions of Americans uninsured or badly underinsured. A ballot initiative proposed in California would make health insurance more affordable by regulating premium increases, and give the state the ability to curb excessive rates before they go into effect. Read More.

Young people coming of age in this challenging financial landscape just might end up better for it. A majority (56.5%) of the personal finance writers surveyed believe Gen Y has been prepared as well or better than Gen X to successfully manage their finances during their lifetimes. Of that 56.5%, some 34.8% report believing Gen Y is better off, and 21.7% say they believe Gen Y and Gen X are equally prepared. Read More.

You meet someone, you date for a few months, and then before you know it your clothes are tumbling along each other in the dryer, and your sharing bills? Read More.

A new report from the New York Fed entitled " Grading Student Loans " examined the trends from Q2 to Q3 2011 and concluded that student loans now represent a bigger portion of the total U.S. private debt balance than credit cards and auto loans. The report drew from Equifax and the Fed's Quarterly Report, which began publishing data in the middle of 2010. It should surprise no one that of the 37 million student loan borrowers in the country, nearly 40 percent are under the age of 30 and nearly 67 percent are younger than 40. This cohort holds a nearly identical proportion of the total $870 billion balance, with each borrower owing nearly $30,000. Read More.

Congress is considering legislation — the Medical Debt Responsibility Act — that would require credit agencies to delete paid-off medical debt from credit reports within 45 days.” We’re not talking about somebody buying a big screen television and not having the ability to pay. This is debt incurred because of a health condition. That makes medical debt unique," said bill co-sponsor U.S. Rep. Don Manzullo, an Illinois Republican. The bill has bipartisan support in the House, said co-sponsor U.S. Rep. Heath Shuler, a North Carolina Democrat. Shuler said the health care industry sends delinquent bills to debt collectors quicker than any other industry. Read More.

The key is to spend some time really learning about every decision you make, from the enormous ones like choosing a career path to the little ones like choosing a blender. The more you know, the better decision you’ll make. The better the decision, the more likely you’re going to wind up with money in your pocket over the long run. Read More.

A survey by Bankrate.com released Tuesday found that 25 percent of Americans have more credit card debt than they have in emergency savings, and that spells trouble if an emergency situation actually hits. Read More.

The country's new Consumer Financial Protection Bureau is taking aim at big financial firms and small print, while itself enduring fire inside the Beltway. Read More.

Given the disclosure, more consumers opted to pay more than the minimum, and some of them, some of the time, chose to pay the 3-year-payoff amount. But consumers who chose this option tended to be those with higher credit balances, those who paid more slowly and those with lower credit ratings. Even when paying the higher amount, they were consumers going ever more deeply into debt. Read More.

There’s a lot of talk about how parents can prepare their kids for financial independence, but it’s just as important to point out ways that parents can unknowingly hurt their children’s financial success. If you haven’t started teaching your kids about how to be financially responsible, now is the time to begin. It’s never too early or too late to brush up on the best ways NOT to teach your kids about money (and how to avoid these unhelpful strategies). Read More.

According to a survey by the National Foundation for Credit Counseling, fully 66% of Americans didn't even notice that their paycheck had been padded. A New York Times/CBS News poll supports that, showing that most people (53%) think that President Obama has kept taxes the same for the majority of Americans, while 24% think he has raised them, and only 12% are aware that he has lowered them. Read More.