Consumer debt

a day jobs, there are entrepreneurs who become self-made CEO’s and start businesses on social media platforms like Instagram and Twitter. Unfortunately one tradition that many have chosen to continue from our parents past is astronomical amounts of debt (Alini 2010). The main difference…

Explaining Deceptive Acts or Practices The Consumer Financial Protection Bureau (CFPB) continues to use unfair, deceptive, and abusive acts or practices (UDAAP) as its primary enforcement tool. Over the past four years, the CFPB has used UDAAP to enforce hot button issues such as credit card add-on products, credit card advertising, debt collection, credit reporting and monitoring, auto lending, and mortgage servicing. In the coming years, credit unions should expect to see UDAAP being used…

Consumer Credit: Too Easy To Fail What comes to mind when the term “credit” is used varies from person to person. Maybe credit means a pair of shiny new shoes, or just a fun shopping trip in general. Or maybe credit invokes stress when a pile of bills and late notices comes to mind. Or maybe, nothing comes to mind at all, because cash is king. Like everything, credit over the years has evolved. It has changed its face and grown into something much different from when it began. In today…

. In your own words, why did the debt problem occur? Debt problem occurs when you do not save money for an emergency situation. The use of all monthly payments means that you will not have reserve funds of an emergency situation occurs. When these situations occur, the more susceptible the more you will likely to have a debt. Also, when you own too many credit cards and unable to manage while using it, and when you set up budgets that you do not follow, etc. All of that eventually you will…

amount to be payed is too large. Dennis Kucinich display these reasons when he says: “For those barely holding on to middle-class status, the median income for a four-person family is just over $54,000. Yet the average US household with credit card debt owes more than $16,000 to credit card…

Bankruptcy assists consumers who can no longer pay their outstanding amounts on debts so that the consumer can get a renewed start by eliminating assets to compensate their debts or by constructing a repayment plan. Bankruptcy regulations also safeguard financially distressed businesses. Bankruptcy in the United States has had an extensive and wide-ranging antiquity since the outlining of the U.S. Constitution. Primarily, the framers of the Constitution pursued to demonstrate bankruptcy laws as…

I loathe my student loan debt, but then again, no one likes their student loan debt! Some news broke this week that added a bit more understanding to some of the heartache I’ve experienced with my student loan provider. A major student loan company, Navient, is being sued by the Consumer Financial Protection Bureau. I am particularly interested in this (ok part of me is really excited to see them get theirs!) because Navient happens to be the only company I owe any debt to. Navient is…

CONSUMER spending is in the doldrums, yet clothing sales are still beating the pants off other retail categories. In the first quarter of this year household consumption growth — a key demand-side driver of the economy — withered to 1,8%, its slowest since the 2008 global financial crisis. This doesn’t bode well for the second-quarter GDP figure, of which consumer spending accounts for around 60%. A heap of debt from store cards, microloans and unsecured credit has eroded disposable income,…

Personal debt has a way of sneaking up on even the most prudent individual, especially as it relates to credit card debt. If not addressed within a reasonable timeframe, personal debt can create a multitude of problems in almost every aspect of an individual's life. Debt Solutions Depending on the extent of one's debt, there are a variety of solutions. At the least intrusive end of the spectrum, a quick lesson in how to manage one's finances could suffice in righting the ship. At the darker…

TIP 25 Cut the Cards! “If you don’t want to buy it with your own money, you don’t need it.” ~Unknown By now you’ve figured out that one of the major themes woven throughout this book is getting out of debt—I write about it quite a bit even in the sections not dealing directly with money. Debt is one of the biggest problems facing modern families—a true American crisis—and yet so many people don’t seem to feel any urgency to do anything about it. Dare to be different and do something others…