Debt News
Reporting on credit cards, consumer credit, and the debt industry.
· Debtmerica
Tax Relief Scams
Optima Tax Relief have published a great article about tax relief scams on their blog. We thought we’d write a follow up. Because the IRS is increasing enforcement to unprecedented levels, there’s been an increase in the number of unethical tax resolution scams preying on people who owe back taxes. This year we’ve already seen […]
· Debtmerica
Financial reform almost caused rewrite of bankruptcy law
A proposal backed by advocates for homeowners as well as many leading Democrats nearly force the country’s bankruptcy laws to be completely rewritten. A potential change to bankruptcy law, known as a ”mortgagecramdown,” would have allowed judges to change the terms of mortgages for distressed homeowners who wound up in bankruptcy court, according to a […]
· Debtmerica
How to keep a car when filing for bankruptcy
When many consumers file for bankruptcy, one of their primary concerns is whether or not they will be able to keep their car. The answer is a bit complicated, but one way for consumers who have filed for Chapter 7 bankruptcy to ensure that they get to keep their vehicle is to sign an agreement […]
· Debtmerica
BEA: State personal income declines in 2009
Spurred by an economy in turmoil and a drop in personal income that led many to take on increased debt consolidation methods, new data released Thursday by the U.S. Bureau of Economic Analysis has found that state personal income took a nosedive and declined by 1.7 percent in across the country in 2009. Declines in […]
· Debtmerica
Mortgage rates remain unstable midway through March, says Bankrate
Mortgage rates had an unstable week as the threat of increased volatility loomed in the market, perhaps leading some homeowners looking to consolidate debt through mortgage refinancing to hold off for the time being. According to Bankrate’s latest weekly mortgage survey for the week ending March 17, the average interest rate for 30-year fixed-rate mortgages […]
· Debtmerica
Vermont sees heavy employment declines in industrial jobs during recession
Vermont is one of many states to see its employment figures in industrial sectors suffer mightily over the course of the recession, according to a new survey that found the state has lost 2,894 manufacturing jobs since December 2007. According to the 2010 Vermont Manufacturers Register released Monday by the Manufacturers’ News Inc., manufacturing jobs […]
· Debtmerica
Bankruptcies hit new high point in 2009
In a very telling example of how Americans fared throughout 2009 as many sought to consolidate debt amid the Great Recession, consumers’ bankruptcies soared to their highest rate since 2005. According to data filed by both the American Bankruptcy Institute, consumer bankruptcies totaled 1.4 million by the end of 2009. The figure was noticeably higher […]
· Debtmerica
Bank of America and Chase adjust handling of overdraft fees
Bank of America and JPMorgan Chase has announced that they will both be adjusting the way their debit card programs handle overdraft fees by allowing the opting out of overdraft protection and adjusting how charges are credited. News of the adjustments will likely be welcomed by those looking to consolidate debt that may have been […]