The Debt Lawyers Blog
Publications on student loan debt, credit card debt, credit report errors and more.
Dealing with Merchant Loan Lenders
Debt settlement companies are not attorneys and should not be giving legal advice about debt. This is one of the many claims in a new lawsuit brought by Funding Metrics against 14 individuals and two companies, Decision One Debt Relief and Veritas Legal Plan. The plaintiff, Funding Metrics, is in the business of lending against the accounts...
The Impact of Student Loan Debt
Student loan debt is, for many individuals and families, a significant financial burden. The outstanding loan debt in the U.S. is $1.52 trillion, according to the LendEDU annual Student Loan Debt by School by State Report. Student loan debt is now the second-largest type of consumer debt, only behind mortgages. Individual borrowers from the Class...
Speedy Student Loan Repayment
Have you heard that large lump sum payments may be key to speedy student loan repayment? LendEDU recently completed a survey with their findings hitting exactly on that point. As LendEDU states in their article, written by Mike Brown, “The fun years of college, potentially made possible by student loans, inevitably lead to the not-so-fun years...
Public Servants’ Second Chance at Federal Student Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) program was established in 2007 to provide federal student loan forgiveness to borrowers employed by local or federal government and certain nonprofit organizations. The loans must be Direct Loans from the federal government, including Direct Consolidation Loans. Eligible borrowers have to enroll in a...
CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH
A recent concern within the credit card industry is the growing number of “charge-offs” that are occurring at small banks. A charge-off is where a creditor declares that an amount of debt is not likely to be collected. This occurs when a consumer becomes delinquent on debt, which is usually six months of no payment. Although overall credit card...
Rise of the Jumbo Student Loans
A study released by the Brookings Institute on February 16, 2018 painted a harsh reality for student loan borrowers and the long road of repayment ahead of them. College graduation is supposed to be a time of embarking on the new chapter in your life instead of agonizing over how to make your student loan payment. The student loan crisis echoes...
Credit Card Market: Now and Then
The Consumer Financial Protection Bureau (“CFPB”) released its biennial report on the credit card market and compared its findings to those of the 2008 economic recession. With debt steadily rising each month, it is no surprise that the credit card market is beginning to crumble under the weight of delinquent payments and charged off debt....
Make Your Credit Cards Work for You
There is a belief out there that credit cards are bad. While it is true that having outstanding credit card debt is not a good thing since you'll have to eliminate your credit card debt, it is also true that credit is extremely important to your financial health. Having access to credit and making payments on time helps establish a foundation...
Private Student Loan Debt Affect Holiday Shopping
If you have private student loan debt, chances are that you are normally strapped for cash. Throughout the year, this can lead to stress and a struggle to cover basic expenses such as rent, groceries, etc. At this time of year, the added pressures of gift-giving, travel, and general merrymaking can really stretch your budget to its limits. Many...
