Delinquency

Millennials are supposed to be the cautious generation where credit is concerned. Many were burned during the housing crisis and Great Recession and vowed not to be overextended with credit. However, evidence is growing that millennials are headed down the same dangerous credit path as previous generations. While millennials do have lower average credit card
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By Eric Olsen, Executive Director, HELPS Nonprofit Law Firm Recreational Vehicle (RV) loans last typically for 10-15 years and sometimes up to twenty years. Often a medical condition or simply a change in lifestyle makes the RV no longer necessary. Sometimes a high RV payment can become simply unaffordable. What are the solutions for seniors
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Watch Your Credit Card Debt Are you keeping your credit card debt under control? Recent data from Bloomberg shows that more consumers are having a hard time doing so. Credit card issuers reported a 3.82% charge-off rate on credit cards in the first quarter of 2019 – the highest percentage of written-off accounts in almost
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Survey Suggests Economic Overconfidence If the economy is so great and unemployment is so low, why do so many Americans live paycheck to paycheck? And why don’t we seem to care? The February PYMNTS.com Financial Invisibles Report attempts to answer these questions, noting, “For three consecutive quarters, consumers have been optimistic about their financial futures
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According to the latest Household Debt and Credit Report from the New York Federal Reserve, America’s total household debt has surpassed $13.5 trillion. Do you sometimes feel like $13 trillion of that debt is yours? Based on a recent survey by LightStream, almost one-quarter (23%) of Americans believe that it’s nearly impossible to climb out
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According to the Federal Reserve’s G.19 Consumer Credit report, America’s outstanding revolving debt – mostly credit card debt – was closing in on $1.04 trillion as of June 2018. How will we pay all that money back? An increasing number of Americans may not be able to do so. ValuePenguin analyst Joe Resendiz calls credit
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We frequently hear about America’s crushing student loan debt – but auto loans are not far behind. While student loans are approaching $1.5 trillion, outstanding auto loans topped the $1.2 trillion mark in the third quarter of 2017 according to the New York Federal Reserve. Subprime borrowers (FICO credit scores below 620) hold almost one-quarter
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America’s economy is improving by most standards – but is it improving on the backs of excessive debt? According to the New York Federal Reserve, total household debt reached a new high of $13.15 trillion in the fourth quarter of 2017. While the majority of household debt is mortgage debt, consumer credit rose by the
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The Equivalent of Debtors’ Prison Is there such a thing as a modern-day debtors’ prison? Not literally, as debtors’ prisons were outlawed by Congress in 1833. However, a recent ACLU report on the criminalization of private debt points out that some private debt collectors are creating the equivalent of debtors’ prison via the courts. The
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Has your rental application just been rejected? Determined to make lemonade out of lemons, you resolve to find out why you were rejected and change the situation so that your next application is approved. Assuming that you filled out the application correctly and made no obvious mistakes such as bringing your pet rattlesnake or a
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America may be in a continued economic recovery, but that recovery is not currently translating into more consumers paying their debts on time. At least that is the case with respect to auto loans and credit card debt in the third quarter of 2016, according to the American Bankers Association (ABA). The ABA tracks delinquency
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You have found the love of your life, but he or she is dealing with significant debt. The debt issue should be part of the overall financial discussion that every couple has – the smart ones, before they marry; the less-prepared ones as they fight about money that has already been spent. Finances are a
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Figures show that six million Americans are behind on their auto loan payments by at least 90 days. This delinquency is causing concerns for lenders. Researchers from the Federal Reserve Bank say that late payment levels are now at their highest since 2010, and pressure may increase for borrowers to prove their financial circumstances. The
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One of the consequences of the foreclosure crisis is that mortgage companies were told they needed to be more proactive in contacting and helping delinquent borrowers. However, this comes into conflict with another mandate from the administration: reducing the number of calls that consumers receive on their cellphones. With the two mandates in conflict, the
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You should be enjoying the fruits of your labor in your later years, not worrying about how to pay back debt. Unfortunately, too many seniors find themselves with high levels of debt and uncertainty about their future. If you are in this situation or heading that way, consider these steps to reverse your slide into
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During the financial crisis and Great Recession, thousands of Americans lost their homes to foreclosure when they were unable to pay their monthly mortgages. But now, a new type of foreclosure crisis is emerging in which people are losing their homes as a result of delinquent payment of their property taxes. How Tax Liens Work
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