Category Archives: Debt

CFPB Seeks Ban Against Operator of Student Loan Debt Relief Scam Reboot

The Consumer Financial Protection Bureau (CFPB) has taken action against the owner of a student-loan debt relief company for allegedly withdrawing hundreds of thousands of dollars from student borrowers’ bank accounts, without authorization . The CFPB alleges that Frank Gebase, … Continue reading

Posted in Debt | Leave a comment

CFPB Report Highlights Experiences of Military Families with Medical Billing, Credit Reporting, and Debt Collection

The Consumer Financial Protection Bureau (CFPB) recently released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that … Continue reading

Posted in Debt, General | Leave a comment

Consumer Debt Soared by $52 Billion in March

Consumer debt levels for March 2022 rose by $52.4 billion, an annual increase of 14%, seasonally adjusted, according to Federal Reserve data. Revolving credit, which includes credit cards, grew 21.4%. Despite strong wage growth—average hourly earnings grew 5.5% in the … Continue reading

Posted in Debt, General | Leave a comment

Education Department to Forgive $238 Million in Cosmetology School Student Loans

The Education Department said Thursday that it will cancel the loans of 28,000 student borrowers who attended a now-defunct for-profit chain of cosmetology schools. This is the latest move by the Biden administration to address the issue of student-debt forgiveness. … Continue reading

Posted in Debt | Leave a comment

Federal Student Loan Pause Extended Through August 31

Stressing about having to resume student loan payments? Take a breath because now you have more time to prepare. The U.S. Department of Education (Department) announced an extension of the pause on student loan repayment, interest, and collections through August … Continue reading

Posted in Debt, General | Tagged | Leave a comment

U.S. Household Debt Increased by $1 Trillion in 2021

U.S. consumers added to their debt loads at the fastest pace in 14 years in 2021 as they borrowed more to afford homes, cars and other goods that are becoming increasingly expensive, according to a report released by the New … Continue reading

Posted in Debt | Leave a comment

CFPB Sues United Holding Group, Its Affiliates, and Its Owners for Illegal Debt Collection Practices

The Consumer Financial Protection Bureau (CFPB) has sued United Debt Holding (UDH), JTM Capital Management (JTM), United Holding Group (UHG), and their owners, Craig Manseth, Jacob Adamo, and Darren Turco, for illegal debt-collection practices, according to a CFPB press release. … Continue reading

Posted in Debt, Lawsuits | Leave a comment

Bel Air Mega-Mansion to Hit Auction Block Amid Bankruptcy Proceedings. Minimum Bid: $295 Million

A 105,000-square-foot mansion in Bel Air, Calif., dubbed “The One,” could become the most expensive property to sell in the U.S. when it hits the auction block next month, CNN.com reported. The hillside property, which spans over a sprawling 3.8 … Continue reading

Posted in Debt | Leave a comment

Americans Have Never Been in So Much Debt

American households are carrying record amounts of debt as home and auto prices rise, COVID infections continue to fall and people get out their credit cards again. Between July and September, U.S. household debt climbed to a new record of … Continue reading

Posted in Debt, General | Leave a comment

Fried Chicken Chain Church’s Begins Bond Sale to Refinance Debt

American fried chicken chain Church’s is tapping the U.S. securitization market to raise about $250 million to refinance debt. Cajun Global LLC, a master trust associated with the fast food chain, is in the early stages of marketing a whole … Continue reading

Posted in Debt, General | Leave a comment