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What to Know About the CFPB’s Plan to Slash Credit Card Late Fees

At a time when everything seems to cost more, finding out you owe a fee on top of a base purchase price is rage-inducing. Even the federal government is getting annoyed. Fees got a mention in the 2023 State of…
Educational News

Federal student loan payments could restart in roughly 2 months — or 6. What to know

The pandemic-relief policy suspending federal student loan payments has now been extended eight times and spanned nearly three years. When will the payments actually resume? It’s still uncertain. Experts say the Supreme Court hearings on Feb. 28 over President Joe Biden’s student loan forgiveness plan will…
Government News

Some medical debts can be erased from credit reports

Starting this year, the three leading credit agencies began wiping medical debt under $500 from americans’ credit reports. To benefit from this change, you don’t have to do anything. But experts say it’s still smart to check on it. “If…
Editorial News

Mortgage demand took a big step back last week, even after interest rates fell further

After a stronger start to the year, mortgage demand plunged last week, despite another drop in interest rates. Total mortgage application volume fell 9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.…
Bankruptcy News

Supreme Court rules 9-0 that bankruptcy filers can’t avoid debt incurred by another’s fraud

The Supreme Court in a unanimous decision Wednesday ruled that a California woman could not use U.S. bankruptcy code protection to avoid paying a $200,000 debt that resulted from fraud by her partner. The court said that the woman, Kate Bartenwerfer, owed the debt even if she did not know…
Legal News

U.S. credit card debt jumps 18.5% and hits a record $930.6 billion

For most Americans, inflation and rising interest rates are a one-two punch. On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers…
Educational News

The $1.8 Trillion Student Debt Bubble Is Now The Supreme Court’s Problem

By Claire Ballentine, Ella Ceron and Mackenzie Hawkins The $1.8 trillion student debt bubble is about to burst. After a three-year pause, payments on federal student loans are set to resume in the next six months, and the economic consequences will be far-reaching: More…
Government News

Debt collectors re-evaluate medical debt furnishing in light of data integrity issues

A new CFPB report estimates that medical collections tradelines declined by 37 percent between 2018 and 2022. “Market Snapshot: An Update on Third-Party Debt Collections Tradelines Reporting” also found that medical debt constitutes a majority (57 percent) of all collections on credit…
Editorial News

Commercial Collection Agencies of America Gives Back

Contact: Annette M. Waggoner; awaggoner@commercialcollectiongenciesofamerica Commercial Collection Agencies of America Gives Back January 25, 2023-Chicago-Commercial Collection Agencies of America announced that through its initiative, Commercial Collection Agencies of America Gives Back, a portion of the proceeds of its annual conference…
Editorial News

U.S. Added 223,000 Jobs in December, a Slight Easing in Pace

The U.S. economy produced jobs at a slower but still comfortable rate at the end of 2022, as higher interest rates and changing consumer habits downshifted the labor market without bringing it to a halt. Employers added 223,000 jobs in…