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80% of US shoppers use buy now, pay later to avoid credit card debt

Source: site Dive Brief: Following previous reports of increased digital payment adoption, the Experian Global Insights Report found that 62% of respondents said they use mobile wallets, and 63% use traditional forms of payment, the credit reporting agency announced on Thursday. More…
Editorial News

Fact Check: Is Congress Exempt From Paying Off Student Loans?

Source: site The Biden administration announced changes on April 19, 2022 that would result in immediate student debt relief to some 40,000 borrowers. The Public Service Forgiveness Program eliminates the debts of government and non-profit organizations’ workers, who have accrued at…
Bankruptcy News

Lawsuit claims USAA Bank benefitted from ‘excessive premiums’ amid pandemic

Source: site A lawsuit from a USAA Bank member in California claims the insurer profited off “excessive premiums” during the COVID-19 pandemic. Here’s what you need to know. USAA member Philip Johnson filed a class-action lawsuit last week in Southern California…
Editorial News

California Eyes $632 Million Plan to Help Students Attend State Colleges Debt Free

Source: site California is on track to remove any reason for its public university students to take out student loans. Known as Middle Class Scholarship 2.0, the “debt-free” program is slated to receive its first infusion of money this summer: a…
Legal News

CFPB Says Most Common Complaint Were Individuals Billed For Incorrect Debts

Source: site According to the Consumer Financial Protection Bureau, Americans’ most common debt collection complaints in 2021 were based on efforts to collect on a bill they said did not belong to them. In its April 2022 Complaint Bulletin, the CFPB found…
Legal News

CA Supreme Court Ends Bail Companies’ Debt Collection Efforts

Source: site ALAMEDA, CA – Last week, the California Supreme Court declined to review the California Court of Appeal’s decision holding that bail bonds companies must follow consumer protection laws that protect Californians from exploitative business practices. The Court of Appeal’s…
Educational News

Democrats face pressure from left, center on student loans

Source: site The question about what to do with an estimated $1.6 trillion in student loan debt is a growing headache for Democrats at a time when families are struggling with higher costs but centrist Democrats led by Sen. Joe Manchin…
Government News

Biden picks Barr as Fed bank czar

Source-site QUICK FIX It’s Barr — As MM foreshadowed earlier this week, former Treasury official Michael Barr is the pick for Federal Reserve vice chair for supervision, a surprisingly fast turnaround after Sarah Bloom Raskin withdrew her nomination for the same position…
Bankruptcy News

CFPB Releases Blog Post on the Dischargeability of Private Student Loans in Bankruptcy

Source-site On April 12, the Consumer Financial Protection Bureau (CFPB) released a blog post titled “Busting myths about bankruptcy and private student loans.” In the blog post, the CFPB argues that certain private education loans can be discharged in bankruptcy.…
Educational News

$1.7 billion in student debt canceled for 66,000 borrowers in Navient settlement

Source-site In January, 39 state attorney general offices announced that one of the nation’s largest student loan servicers would resolve allegations of widespread unfair, deceptive and abusive practices. Lawsuits claimed that Navient improperly drove some federal student loan borrowers into forbearance instead of…