Consumer Finance Protection Bureau Slaps Payday Lender ACE Cash Express …

July 24th, 2014 by Admin

For the second time in as many years, the Consumer Financial Protection Bureau (CFPB) has fined a major payday lender. On July 10, Director Richard Cordray announced that one of the nation’s largest payday lenders, ACE Cash Express,  will pay $10 million in restitution and penalties for directing its employees to “create a sense of urgency” when contacting delinquent borrowers. This abusive tactic was used to perpetuate the payday loan debt trap.

CFPB has ordered ACE Cash Express to provide consumers with $5 million in refunds and the same amount in penalties for its violations. The firm operates in 36 states and in the District of Columbia with 1,500 storefronts,...

Read Carefully Before Signing Up for Debt Settlement Programs

July 24th, 2014 by Admin

Debt settlement is supposed to be a lifeline for people struggling with money. However, even legitimate programs with good intentions can leave consumers with more debt than they started with, according to a new report from the Center for Responsible Lending. Read carefully before handing over the reins to your debt.

Debt settlement programs can make a huge difference–they usually promise to negotiate with your creditors on your behalf to lower interest rates, lower payments, and help you set up a payment structure that will get you out of debt over time and within your budget. The best ones follow through on that promise. However, the Center for Responsible Lending report...

Too Many Risks to Go With a For-Profit Debt Settlement Company

July 24th, 2014 by Admin

NEW YORK (TheStreet) — It seems like a no-brainer: When a problem gets overwhelming, hire a pro to sort it out. Like when your debts snowball out of control.

But not so fast. A studyby the Center for Responsible Lending shows that turning to a for-profit debt-settlement company can actually make matters worse.

The center describes the debt settlement option as a kind of leap into the void, and instead of finding a safety net, you could find yourself smashed on the rocks below. Thats because these firms typically require that you stop making payments on your debt before they start negotiating with the creditors. If the settlement talks fail, you could well be on the hook...

Why Recent Graduates May Want To Reconsider Their Bank

July 23rd, 2014 by Admin

Graduation is a turning point personally, socially and professionally. While those changes may take months or years to fully develop, getting your degree sets you on the beginnings of a new path.

You can add banking to the list of things that should be different going forward. Once you graduate, your banking needs may change. As a result, it may be time to graduate to a new bank. Here are six reasons why:

  1. You may need to look for a new no-fee checking account. As free checking accounts have become more scarce, a popular option remains checking accounts that charge no fees for students. Once you graduate though, you may no longer be eligible for these accounts. Free checking...

Don’t put the car before the horse

July 23rd, 2014 by Admin

The next time you#39;re in the market for a car, nowhere will you ever see a disclosure or a word of caution from the salesman about how financing that car could hurt your future chances for buying a house.

Unfortunately, auto loans will affect your ability to purchase a house no matter how big or small the loan is. Lenders account for all liability payments the same. Its not what you owe, but what you pay that counts.

So you could have a car loan for $30,000 and your balance has no bearing on your ability to close on a house; rather, its the payment associated with that balance that changes the game. This is key, especially if you proactively prepay your auto loan in an effort...

Gov’t to integrate microfinance programs for one-stop assistance

July 23rd, 2014 by Admin

By Kim Boram

SEOUL, July 16 (Yonhap) — The top financial regulator said Wednesday it will integrate redundant government-led microfinance programs to provide more efficient debt rescue services to people with poor credit ratings.

The government currently operates a number of programs offering small loans to borrowers whose credit standing is too low to qualify for bank loans, but it has been up to borrowers to search through them to find one that best fits their needs.

Should GE Really Dump Its Appliances Unit?

July 23rd, 2014 by Admin

The General Electric Co. (NYSE: GE) operations of today are becoming far different from the old General Electric operations of the prior generations. The company is already in the process of dumping its US consumer finance down to a very manageable level, with the hope that the conglomerate will be valued like an industrial conglomerate rather than a conglomerate tied to the risks of the Average Joes finance. Now we have word that GE may again be in the process of dumping its consumer appliances business.

3 Ways Student Loan Scammers Seduce You

July 23rd, 2014 by Admin

Millions of Americans dream of the day theyll be free from student loan debt, but for so many, it feels like that day will never come. Even with President Barack Obamas recent executive order capping student loan payments at 10% of monthly income, former college students across the nation struggle to afford their loan bills, and many would jump at the chance to reduce their education debt or eliminate it entirely.

Scammers and legitimate companies sense the desperation among student loan borrowers and try to work it to their advantage, meaning debtors have more than their loan payments to worry about. When you come across a program or opportunity that promises to take a chunk out of your...

The Best Secured Credit Cards in America

July 22nd, 2014 by Admin

In America, we believe that everyone deserves a second chance. If youve seen your credit suffer due to bankruptcy, joblessness, medical bills or just a pattern of poor decisions, there is always a way for you to re-establish your credit.

The problem is that you must obtain credit in order to build it, but it can be difficult to find a reputable lender when you have poor credit. However, a secured credit card can be a helpful solution. These are cards that require users to place a deposit with the bank as a condition of opening their account.

The deposit is held as a security against default, but in all other ways secured cards are just like standard credit cards. Cardholders...

4 Weddings in 4 States for Less Than $2200

July 22nd, 2014 by Admin

By Christine DiGangi, Credit.com

My husband and I received four wedding invitations for this summer, and we knew we wanted to do everything we could to attend each one. With some strategic saving, budget adjustments and frugal choices, well be able to enjoy them for less than $2,200.

That may not sound like a deal, but we easily could be spending more. MUCH more. The weddings happen within eight weeks of each other (time is always a squeeze on money), and theyre in different states, only one of which we live in (though I suppose we can be happy that at least one is local).

We knew we needed to strategize, and heres how we broke it down:

  • 4 roundtrip plane tickets:...