On October 28, the Department of Education issued final regulations intended to protect student loan borrowers against school closures and fraud.  To that end, the rules include significant provisions restricting school arbitration agreements; clarifying student rights to raise school fraud as a defense to loan repayment; providing automatic closed school loan discharges to certain eligible […]

As more American’s move into retirement, more and more people are taking advantage of a reverse mortgage to access the equity in their home. However, this also means that scams involving reverse mortgages are on the rise. These scams can take many forms, including: Contractor Fraud: This scam involves someone convincing you that you need […]

What is a payday loan? Short-term loan designed to meet immediate needs Generally three features Small amounts —Typically due your next payday You must give lenders access to your checking account or write a check for the full balance in advance that the lender can deposit when the loan comes due. How much does a […]

Payday loans can be difficult to understand, and the costs associated with them can be incredibly burdensome.  Prior to obtaining a payday loan, you should try to understand as much as possible about what you are actually going to be on the hook for.  Here is an example of what potential costs could look like […]

This blog has periodically covered the dangers of payday loans. Payday loans charge extremely high interest rates and often leave borrowers deep in debt. Sources show that the average consumer who takes on a payday loan is in debt for over 6 months, is charged an annual interest rate of over 400%, and has to […]

Increasingly, consumers are leaving traditional banking avenues and moving towards alternative sources of money management such as prepaid cards. According to Nilson, “the top 50 largest US Banks and credit union issuers of general purpose prepaid card accounted for $118.09 billion in spending at merchants in 2013.” Additionally, the Mercator Advisory group found that from 2008 […]