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SEC Writes Off $10 Billion in Fines It Can’t Collect

Paul Bilzerian has been on the run from the Securities and Exchange Commission for so long that he now owes the agency $180 million with interest—almost three times what a court initially ordered him to pay. For 31 years, the agency…
Editorial News

FTC Sends More Than $540,000 in Refunds to Consumers Harmed by Phantom and Abusive Debt Collection Scheme

The Federal Trade Commission is sending more than $540,000 in refunds to consumers who paid a group of abusive debt collectors who threatened consumers with lawsuits or arrest if they failed to pay debt that they might not have even…
Bankruptcy News

Here are 12 well-known companies that went bankrupt in 2024

New YorkCNN —  This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim…
Legal News

Sweden’s Intrum Beats Bondholder Challenge to U.S. Bankruptcy Filing

Swedish debt collector Intrum won U.S. court approval for a $4.6 billion debt restructuring, defeating a bondholder group that argued the company didn’t need or deserve the protections of bankruptcy. Judge Christopher Lopez of the U.S. Bankruptcy Court in Houston confirmed a restructuring plan…
Educational News

This Week In Credit Card News: So Many Retail Credit Cards Rip Off Consumers

Despite Fed Cuts, Many Store Credit Cards Are Still Charging Customers Extreme Interest Rates Many credit cards offered by major retailers continue to charge exorbitant annual percentage rates, despite moves by the Federal Reserve to lower interest rates in the…
Government News

NYC DCWP Announces New Effective Date for Amended Debt Collection Rules

On November 1, the New York City Department of Consumer and Worker Protection (NYC DCWP) announced that the effective date for the amended debt collection rules has been officially moved to April 1, 2025. Late last month, we discussed how the NYC DCWP had…
Editorial News

How did Kamala Harris’s campaign rack up a debt after record fundraising?

It was a record-breaking fundraising campaign: Vice President Kamala Harris raised more than $1bn in less than four months, during which she strove to win the US presidency, after President Joe Biden withdrew from the race in July. Now, as the dust…
Editorial News

U.S. October budget deficit jumps to $257 billion, handing hole to Trump

WASHINGTON, Nov 13 (Reuters) – The U.S. budget deficit jumped nearly four-fold to $257 billion in October, a figure inflated by one-off factors, the Treasury Department said on Wednesday in a report that started off a new fiscal year with…
Government News

FTC Takes Action Against Phantom Debt Collector That Collected Millions In Bogus Debt From Consumers

The Federal Trade Commission is taking action against a Georgia-based debt collector that tricked consumers into paying more than $7.6 million in bogus debt by threatening them with jail time, harassing their family members, and other unlawful actions. In response…
Legal News

Mortgage Interest Rate Forecast for 2024 and 2025

When Will Mortgage Rates Go Down? Mortgage rates are expected to fall below 6% in 2025, but the forecast is far from guaranteed. In January 2023, some analysts thought that rates would be around 4.5% by the end of 2024, which obviously…