Debt
CNN's 'Almighty Debt' brings together religion, personal finance
Can religion help you get out of soul-crushing debt? Somebody say AMEN!When DeForest Soaries Jr. was in his twenties, he went to work in his father's church. A committed social activist, he told the elder Pastor Soaries "Let's cut a deal: You get people to heaven, and I'll do the earth piece."
'Debt-relief' companies banned from charging advance fees over the phone
Starting next week, telemarketing companies peddling debt-relief services to consumers will be banned from charging customers advance fees. Any unscrupulous companies that flout the new rules will be caught and punished, the Federal Trade Commission announced.The modifications to the Telemarketing Sales Rule, first announced last July, represent an effort by the commission to rein in abuses by an industry that's profited from thousands of financially-distressed Americans during the Great Recession.
Law student, worried about debt, wants his money back
Frustrated by high debt, poor job prospects and his wife's pregnancy, a Boston College Law School student has offered to quit school in exchange for a tuition refund.The student, who is in his third year, spelled out his concerns in an "Open Letter" to George D. Brown, the school's interim dean, posted on the website of EagleiOnline, the Boston College Law School student newspaper. His name was not disclosed but his story probably is not unusual.
Top five strategies for paying down your debt
While some of us fantasize about cutting up our credit cards and bidding good-bye to them forever, that's not a realistic scenario. Unfortunately, those tempting pieces of plastic can make it all-too-easy for you to fall into bad habits and rack up hundreds or even thousands in unwanted debt. We've already told you how to whittle away at your debt quickly, but what if you're ready for the long haul of eliminating your credit card debt? We got on the phone with financial experts to ask for their best advice for setting up a fiscal fitness plan. Keep in mind, just like shedding unwanted pounds, getting rid of that debt takes time and discipline, so stick with it.
Living without a bank account
There's a troubling trend in this nation: People are giving up their banks.Exactly how many people are going "bankless" is hard to track, but in the late 1990s, the number bandied about in newspaper articles was approximately 10 million Americans, and the FDIC estimated that 13% of all American households were without a bank account.
Now that number has risen to nearly 17 million, although, because of population growth, the percentage of American households that are "unbanked" has decreased to 7.7%.
Consumer Law Group illegally collected $2.6 million to settle debts, state says
Consumer Law Group, a company that promises consumers it can help get them out of debt, has been sued by North Carolina's attorney general, who wants to stop it from collecting money from customers and issue refunds instead.In the suit, the attorney general alleges that the Boca Raton, Florida-based Consumer Law Group offered debt settlement schemes to more than 650 North Carolina consumers and charged them upfront fees, which is prohibited under state law.
Credit card default rates show that recovery is slowing
A new study shows bank-issued credit card delinquency rates dropping, but the sluggish pace of improvement points to a still-struggling economy and an elusive recovery. According to the American Bankers Association's Consumer Credit Delinquency Bulletin for the second quarter, delinquencies on bank cards were 3.62%, an improvement over the previous quarter, when the rate was 3.88%. While this is a marked improvement over last year, when bank card delinquency rates edged up to 5.0% in the second quarter, we're not out of the woods just yet. Keith Leggett, senior economist and vice president at the American Bankers Association, tells WalletPop this data shows that persistently high unemployment is acting as a brake on economic recovery.
Harris Poll shows slight uptick in those who plan to buy houses
While nobody should hold their breath here, the most recent Harris Poll on consumer spending plans found that things haven't changed much since May -- with a few notable exceptions.Those who expect to buy a new house or condo are up from a puny 7% to a measly 10%. Those who expect to buy a boat or RV have doubled from 3% to 6% and now a whooping 10% expect to start a new business compared to 6% last May.
How to be a happy cheapskate: Q&A with Jeff Yeager, author of The Cheapskate Next Door
Tara-Nicholle Nelson
Oct 4th 2010 @ 12:00PM EST
Filed Under: Bargains, Budgets, Debt, Home, Saving Money, Wealth, Recession
In his latest book, The Cheapskate Next Door: The Surprising Secrets of Americans Living Happily Below Their Means (Broadway, 2010), the "Ultimate Cheapskate" Jeff Yeager (right) shares insights he gleaned from hundreds of self-described cheapskates. We sat down recently with Jeff and asked him to share some of what he learned with WalletPop readers.Q: Many people cringe when they hear the term cheapskate, because they imagine that cheapskates are penny-pinching, gnarled up misers with 50 loaves of bread in the freezer who can't enjoy life because they spend so much of their time clipping coupons and arguing for discounts on the dented cans of food. (Or actually denting the cans so they can argue for a discount.)
But the picture you paint of the cheapskates you talked to is very different than that. You go so far as to say they are happier and think about money less than non-cheapskates! How is that possible, and who are these "Cheapskates" you interviewed for the book?
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No matter how deep in debt, you can still work your way out. Get great debt management advice, savings suggestions and new spending habits.
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