After the Consumer Financial Protections Bureau proposed a new rule imposing stricter requirements for pay day and car title loans, many who are strapped for cash wonder where to turn. Apparently, following a review of the credit market available to households with lower credit scores, alternatives are out there and they may help break the cycle of financial devastation caused by borrowers depending on a string of high-cost payday loans to get by. Here is a list of options to consider: … [Read more...]
Archives for June 2016
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Lack of College Oversight Leaves Students in a Financial Lurch
Many people struggle with debt problems, which sometimes include unpaid student loans. While many higher learning institutions offer a pathway to earn a living, some for-profit colleges misled or deceived students into taking loans to pay for programs only to learn they have nothing to show for it except a mountain of debt. As a result of the recent scrutiny of for-profit schools, the US Department of Education is recommending that the college accreditor that regulates hundreds of for-profit … [Read more...]
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Student Loan Forgiveness Helps Victims of Unscrupulous For-Profit Schools
Students who secured loans to attend dubious, for-profit colleges may be able to get their loans forgiven. The new regulations set forth by the Education Department would provide a process for borrowers who believe they were misled about job prospects or otherwise deceived into enrolling colleges to cancel their debt. More Transparency For Colleges The rules, expected to take effect in July of 2017, go further to require schools to be more accountable to students and require institutions … [Read more...]
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Payday Loans Can Spell Trouble for Consumers
The Consumer Finanacial Protection Bureau is taking aim at companies that offer high interest payday loans. New rules have been proposed to protect borrowers of these loans from an endless cycle of debt. Often times borrowers of payday loans are already living pay check to pay check and are using the loans to cover basic living expenses like rent and utility bills. Because of high interest rates, consumers end up having to borrow more and more to keep up, resulting in insurmountable … [Read more...]
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