The 17,000% APR You Might Be Paying

Personal Finance

The 17,000% APR You Might Be Paying

The 17,000% APR You Might Be Paying

Would you agree to pay a 17,000% APR for a loan? Of course not, but many consumers are paying stratospheric rates when they opt into overdraft programs offered by their financial institutions, according to a report released Thursday by the Consumer Financial Protection Bureau. I am one of them. A few years ago, I used… Read More

Legislators Propose Interest Rate Cap, But Will It Work?

Personal Loans

Legislators Propose Interest Rate Cap, But Will It Work?

Legislators Propose Interest Rate Cap, But Will It Work?

Congress is taking aim at high-rate, short-term lenders in the U.S. Representatives Matt Cartwright and Steve Cohn are joining forces with Senators Dick Durbin, Barbara Boxer, Richard Blumenthal, Jeff Merkley and Sheldon Whitehouse to establish a national usury limit for consumer credit transactions. Their targets are banks and finance companies that market payday- and account-advance… Read More

At 3 Years Old, the CFPB Gives Americans a Soapbox

Personal Finance

At 3 Years Old, the CFPB Gives Americans a Soapbox

At 3 Years Old, the CFPB Gives Americans a Soapbox

America’s newest federal agency just turned 3 years old, and it continues to be the preferred punching bag for everyone from the American Bankers Association to politicians like Rep. Spencer Bachus (R-Ala.), who once famously and proudly proclaimed that, “Washington and the regulators are there to serve the banks.” The CFPB, on the other hand,… Read More

The CFPB Announces Its Largest Credit Card Discrimination Settlement Ever

Credit Cards

The CFPB Announces Its Largest Credit Card Discrimination Settlement Ever

The CFPB Announces Its Largest Credit Card Discrimination Settlement Ever

GE Capital discriminated against consumers who indicated they preferred speaking in Spanish, and deceived customers when selling credit card debt relief products, the Consumer Financial Protection Bureau alleged on Wednesday. The firm was ordered to pay $225 million to impacted consumers to end two separate enforcement actions brought by the Department of Justice and the… Read More

Elizabeth Warren’s Student Loan Bill Is Dead, But There’s Still Hope for Borrowers

Students

Elizabeth Warren’s Student Loan Bill Is Dead, But There’s Still Hope for Borrowers

Elizabeth Warren’s Student Loan Bill Is Dead, But There’s Still Hope for Borrowers

The Bank on Students Emergency Loan Refinancing Act is dead. We can debate all we like the wisdom of proposing legislation that calls for additional taxation on consumers rather than allocating a portion of the excess revenues from student loans (an exceedingly profitable and, arguably, perpetually sustainable enterprise). In the meantime, here’s what can and… Read More

Will Obama’s Student Loan Plan Really Help Borrowers?

Students

Will Obama’s Student Loan Plan Really Help Borrowers?

Will Obama’s Student Loan Plan Really Help Borrowers?

It seems that the Obama administration is finally ready to put its money where its mouth has been on the student-loan crisis. The president announced that he will be taking certain executive actions to expand the relief programs the government has in place. One action would eliminate the absurdly limited eligibility standard that currently exists… Read More

Will the New Plan to Cut Your Student Loan Payments Work?

Students

Will the New Plan to Cut Your Student Loan Payments Work?

Will the New Plan to Cut Your Student Loan Payments Work?

Big news on the student loan front: Sen. Elizabeth Warren (D-Mass.) and a cast of thousands — well, 23 of her Democratic Senate colleagues, anyway — introduced the Bank on Students Emergency Loan Refinancing Act. The bill proposes to significantly expand the Federal Direct Student-Loan program by allowing those who financed their higher education in… Read More

How Banks Use Fear to Make You Pay More for a Loan

Personal Finance

How Banks Use Fear to Make You Pay More for a Loan

How Banks Use Fear to Make You Pay More for a Loan

In this era of attention-getting sound bites, the financial services industry has come up with one that seems to work every time. Beefed-up regulatory oversight and capital requirements? It’ll hurt consumers. Bolstered securities disclosure statements? It’ll hurt consumers. The industry repeatedly uses the word “regulation” as code for tougher lending times ahead. Indeed, added regulation… Read More

Show Me More

Find out where you stand.
Get your FREE personalized credit report card.

Sign Up Now
X

Start Maximizing Your Credit Today

Credit ScoreGet a FREE personalized credit check-up today.

Get Started - It's Free!