Posts Tagged ‘debt’

Warning: Seven signs of too much debt | Queercents

Probably, according to a poll by CreditCards.com.
Religious views, politics, age, weight and even health problems are more palatable topics of conversation than credit card debt . . . .
Not surprising, really, but the poll results do illustrate one of many reasons why so many Americans never deal with their debt problems: most refuse to even [...]

“Rather than dealing with debt collectors, foreclosure procedures and repossessions, it is best to honestly assess your finances to determine the impact of unemployment. . . . [D]ealing with the issue early on will save lots of money and prevent you from staying up all night worrying about debt.” Managing Debt in Times of Unemployment [...]

People with shaky credit are getting suckered by risky loans against their paychecks, homes—and even cars. Dragged Down by Debt | Newsweek

It’s not just Barack: Consumer debt an issue for some of state’s congressional delegation, too | MinnPost

I have a backlog of cool articles in my starred items folder in Google Reader. Here they are:

Good news from a debt-collection industry source: Collectors Face New Law in Colorado, and NY Considers Debtor’s Bill of Rights | Collection News
Countrywide CEO Gave Below Market Rate Loans To Senators From A Special “VIP Desk” | Consumerist
Subprime [...]

In almost every other state, a debt collector must file a lawsuit either immediately or within a short time after serving the summons and complaint. This means the court has an eye on the lawsuit, and the debt collectors must pay the “entry fee” if they want to use the considerable power of the court [...]

Chicago joins California and Minnesota in the news, as its civil courts try to deal with moving more than 119,000 debt collection lawsuits through the system.

According to an Associated Press-AOL Health poll, over half of those with debt (i.e., everybody) reported some physical effects of debt-related stress, from muscle tension to migraines, all the way to ulcers and heart attacks.
That’s it, Congress, the credit crisis is now a national economic and health problem.
That’s it, consumers, pay off the debts and [...]

“Two defendants have agreed to settle Federal Trade Commission charges for allegedly victimizing Spanish-speaking consumers nationwide by posing as debt collectors seeking money the consumers did not owe.” Defendants in Debt Collection Scheme Aimed At Hispanics Agree to Settle FTC Charges [FTC News]

Along with its great article on Pete Barry vs. the debt collection industry, the City Pages dug up a couple of vintage postcards used by debt collectors of yore to shame debtors into paying up.
Check ‘em out:

The Avenger: Expanded Content [City Pages: The Blotter]

The CityPages just did a feature on my colleague and friend, Pete Barry. Choice quote:
“Why did you call my client a lowlife piece of shit?” Barry asked.
He was in California, deposing a debt collector who wore a Sean John T-shirt and a look of disdain.
“In my opinion, why was he a lowlife piece of shit?” [...]

My officemate, Pete Barry, was on the local Fox 9 News last night in a story about abusive debt collectors, especially one of his clients. The segment includes some of Pete’s “greatest hits” from his cases, including some pretty impressive language and threats.

Like a sort of perpetual-motion machine for debt—a perpetual-debt machine, rather—Oregon debt collection agency Genesis Financial Solutions has started issuing credit cards to consumers, with the balance equal to the debt the consumer allegedly owes. As the consumer pays off the debt, of course, they generate more debt, making sure they remain “customers” for life.
While [...]

What is your contingency plan if the worst were to happen? In the present economy, everyone needs a backup plan.
CNN has a story on Patricia Guerrero, a single mother of two living in Altadena, California. Until Februry, when she was laid off, Guerrero made $70,000 per year. That is a pretty good salary, but not [...]

Pursuant to the Fair Debt Collection Practices Act, a debtor has 30 days after the first written communication from a debt collector to request validation of the debt. This form letter is a convenient form for requesting validation of the debt (PDF link). The form is a simple, fill-in-the-blank form. Keep a copy for yourself [...]

From the “sky is falling” department at the AP, a holiday story about the rising credit card delinquency rates nationwide. Says Cliff Tan of Stanford University, “Debt eventually leaks into other areas, whether it starts with the mortgage and goes to the credit card or vice versa.” Increases in delinquencies of 30 days or more [...]

The debt collection industry is booming. Unifund, one of the big U.S. debt buyers, files nearly 5,500 lawsuits a year in California. In Minnesota, where pocket filing makes the cost of obtaining a default judgment negligible, I would expect to see similar, if not greater, per capita figures. And, of course, it is not just [...]

This video outlines what money is, where it comes from (nowhere), and why we should (or shouldn’t) care.

If money is debt, then paying off debt reduces the supply of money. So what about interest? Since the money to pay the interest does not actually exist, loans can never be paid off without creating more [...]

It is tempting to talk about consumers who “find themselves in default” on a loan. But consumers rarely end up in default by accident, if ever. And really, there is no excuse. I see a lot of consumers who defaulted on their mortgage, credit cards, medical bills, or other loans. I often ask whether they [...]