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Articles and Updates

710, 2015

Use This Simple Bankruptcy Trick To Slash Your Car Payments

People file for bankruptcy protection for a number of reasons: overdue credit card debts, tax obligations, mortgage issues, and more. One benefit of filing for bankruptcy is the ability to modify the terms of your car loan and pay it off through a court ordered repayment plan. If you've got a car and want to handle a particularly difficult car loan, you're going to look to a repayment plan under Chapter 13 of the US Bankruptcy Code. Depending on your situation you may be able to reduce your interest rate, lower the

710, 2015

6 Things You Need to Know About Charged Off Credit Card Debts

Knowing what charge-off means can make it easier to structure your debt relief efforts. When you go past due on a debt, the phone calls begin pleasantly enough. Customer service representatives try to move you to make a payment in as kind of a manner as possible. But within a few months of missing a payment, they start talking about charging off your account. Nobody explains it to you, but it sure sounds scary. Here’s what you need to know about charge-offs. “Charge Off” Is An Accounting Term Whenever I

110, 2015

Would You Fight Ronda Rousey for a Frappuccino?

There comes a time when you start looking at picking up extra jobs to improve your financial situation. For example, Megan Fox used to dress up as a banana. Whoopi Goldberg did time as a phone sex operator before her career took off. Brad Pitt donned a chauffeur's cap to be a limo driver for strippers. It's called a side hustle, and lots of people do it. When I opened my practice I had a side hustle working nights as a word processor at Morgan Stanley in midtown Manhattan. It

3009, 2015

Government Report Reveals Widespread Student Loan Servicing Problems

Talk to people with federal student loans and it's unlikely that you'll hear praise for companies responsible for overseeing their loans. Now a report issued by the Consumer Financial Protection Bureau confirms what many borrowers have known all along - the system is broken. The bureau found, "a wide range of sloppy, patchwork practices that can create obstacles to repayment, raise costs, cause distress and contribute to driving struggling borrowers to default." With public outcry at an all-time high, borrowers as well as servicers are urging new rules to be implemented.

3009, 2015

How Digit Can Help You Effortlessly Grow Your Savings Account

You know the best way to avoid debt is to have money in your savings account. But it feels impossible to fund a savings account when you're barely making ends meet. I know how it feels because I've been there, and because my clients roll their eyes at me whenever I talk about the importance of saving money for the proverbial rainy day. I can almost hear them thinking, there is no way I'm going to be able to put away any money on my salary! That's why I was

2909, 2015

5 Reasons To Embrace Income Based Student Loan Repayment Options

If you've got federal student loan debt, making the monthly payments can feel like an exercise in futility. With low post-graduate incomes relative to the amount of debt they carry, it's no wonder. The average class of 2015 graduate with student-loan debt will have to pay back about $35,000, according to an analysis of government data by Edvisors. And according to CNBC, average starting salaries for college graduates range from $80,600 for petroleum engineering majors to $43,852 for liberal arts/ general studies grads. Reports indicate that a number of early career

2809, 2015

We’ve Been Having the Wrong Conversation About Your Money

I've had this nagging though rattling around in my head for the past few years - the thought that you're not getting the right conversation when we talk about your personal financial situation. Yes, you're in debt. You've got student loans to pay, credit cards that are through the roof, and other bills that are piling up faster than snowflakes on the windshield in the middle of a Northeastern winter morning. You've got debt collectors hounding you, and they're not willing to cut you a break in spite of your

1409, 2015

New Student Loan Tool Reveals Earnings and Repayment Data

Choosing a college just got a little easier, thanks to a revamped government tool that provides information on what former students of each school might earn, how much debt they leave with, and what percentage can repay their federal student loans. The revamped government website, the College Scorecard, was unveiled by the Obama administration on September 12, 2015 and lets prospective students and families easily find information about colleges and universities. "Everyone should be able to find clear, reliable, open data on college affordability and value," President Barack Obama said

1009, 2015

13 Horrifying Facts About Midland Funding You Need To Know

On September 9, 2015, the Consumer Financial Protection Bureau entered into a Consent Order with Encore Capital Group as well the companies it owns -  Midland Funding, Midland Credit Management, and Asset Acceptance Capital - to refund millions to consumers who were subjected to illegal debt collection tactics by the companies. According to the Consent Order, Encore Capital Group will pay up to $42 million in refunds and stop collection on $125 million in debt. It will also pay a $10 million penalty to the bureau’s Civil Penalty Fund. Those are big numbers,

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