Friday, August 7, 2020
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Have you ever noticed that when people say not to worry about money it usually means they’ve got a lot and you don’t? Here at the Wake Forest News we take money seriously and cover the topic like nobody’s bidness.

Is Debthunch Really What You Think They Are?

A kind reader sent me in a copy of the Debthunch mailer they recently received. I have a very low level of confidence that the average consumer is going to figure out this offer at the first, second, or third glance. It took me some time to get some clarity, I think. This mailer was sent to me through my ... Read More »

My Wife and I Have a Bunch of Debt and It’s Time We Deal With It

Question: Dear Steve, In 2015 and 2016 both my wife and I got in a bunch of debt. Between us about $10,000 in various credit card company debt, $2000 in medical and then the whopper, about $15,000 in online installment and payday loans at over 100% interest. I just found out I have a judgment of $3500 against me that ... Read More »

I Just Enrolled With Student Loan Movement and I’m Worried

Question: Dear Michael, I need help ASAP! I have $40k in student loan debt and am a single mom with no support. I am concerned about an agreement I signed for debt consolidation What can I actually do about the debt? – Only student loans I’m overwhelmed with so many financial issues and have no help, so I guess I’m ... Read More »

Submit Your Comment to the CFPB if Debt Collectors Should Not Collect on Debt Outside the Statute of Limitations

The Consumer Financial Protection Bureau (CFPB) has extended the time for people to submit public comments on time-barred debt disclosures. The CFPB proposes to prohibit collectors from using non-litigation means (such as calls) to collect on time-barred debt unless collectors disclose to consumers during the initial contact and on any required validation notice that the debt is time-barred. Consumer research ... Read More »

Debt Relief Credit Card Processing Leads to $40 Million Settlement With FTC

One of the biggest payment processing companies and its former executive will pay more than $40.2 million to settle Federal Trade Commission charges they knowingly processed payments and laundered, or assisted laundering of, credit card transactions for scams that targeted hundreds of thousands of consumers. According to the FTC’s complaint, Atlanta-based First Data Merchant Services, LLC (First Data) allegedly ignored ... Read More »

How Do I Settle My Student Loans and Not Get Tricked

Question: Dear Steve, You don’t mention or get into detail on how to negotiate a settlement for private and federal student loans. I live in Pa. my loan is over 25yrs old, from 1989!! I haven’t paid on it in 24yrs. I have never been sued or had a wage garnishment, however I’m trying to sell my home and get ... Read More »

After Ten Years Consumers Finally Win $86 From I Works Scam

My history with a company named I Works began way back before the Federal Trade Commission went after Jeremy Johnson and his company I Works. After a decade, harmed customers are finally getting back refunds. The average refund is $86. At least it’s something. According to the FTC,”The Federal Trade Commission is sending full refunds—totaling more than $12 million—to individuals ... Read More »

Corporations May Deserve More Compassion Than Student Loan Debtors

Jonathan Henes, a corporate attorney, wrote an op-ed essay for the Wall Stree Journal a few days ago calling for Congress to codify one-day bankruptcies for financially troubled corporations. “The one-day bankruptcy would streamline the bankruptcy practice,” Henes argued and would reduce business disruptions and legal expenses. Henes’s appeal in the Wall Stree Journal is not the only suggestion for ... Read More »

What is the Best Way to Save for Our Grandchildren?

Question: Dear Steve, My son (30) and his girlfriend (25) don’t have a lot of money. They are expecting our first grandchild in Oct. 2020. We want to make sure this grandchild has a good start in life. My husband and I can afford to save for this grandchild and provide life insurance as well. We are not debt-free, but ... Read More »