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Category Archives: Debt
KC Tax Preparer Sentenced for Wire Fraud, False Tax Returns
A Kansas City, Mo., tax preparer has been sentenced in federal court a nearly $1 million wire fraud scheme in which he filed federal income tax returns for his clients that contained false information. Louis-Loradin, was sentenced to 20 months … Continue reading
Americans’ Credit Card Debt Had the Biggest Jump in More than Two Decades
Americans added an additional $46 billion to their credit card debt during the second quarter amid the ongoing decades-high inflation. Balances saw the most severe increase in over 20 years, according to the Federal Reserve Bank of New York. Credit … Continue reading
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U.S. Household Debt Tops $16 Trillion Amid Rising Inflation
U.S. household debt increased to a record $16.15 trillion in the second quarter, driven mostly by a $207 billion jump in mortgage balances, with credit card and auto loan debt also rising as consumers raised their borrowing to deal with … Continue reading
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About 70% of Medical Debt Is Being Wiped Off Credit Reports
Effective July 1, the three major credit reporting bureaus (Equifax, Experian, and TransUnion) have removed medical debts that went into collection but were later paid from credit reports. Before this change, these types of debts would stay on credit reports … Continue reading
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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
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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
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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
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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
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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
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
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