FTC Targets Big Sky Cash and Western Sky for Illegal Payday Loan Wage Garnishments
The Federal Trade Commission (FTC) has taken aggressive legal action against notorious payday lenders Big Sky Cash and Western Sky, alleging they engaged in illegal payday loan wage garnishments without court approval. This latest move signals the FTC’s ongoing campaign to protect consumers from abusive lending practices. If you’re facing financial hardship and considering payday […]
How Saving Money Now Saves Problems Later: For You and The Next Generation
Everyone wants to have more money, but not everyone wants to save more money. Yet the two go hand in hand. Many of you have read my book, Zero Debt: The Ultimate Guide to Financial Freedom, in which I talk about personally getting out of debt and saving more money, as well as learning how […]
Credit Utilization Rate Explained
Q: “I have good credit and own four credit cards with a combined credit limit of $24, 000. Three cards are at zero balance, and the other one has a balance of $100. I would like to close the newest card because I’ve only used it once. It has a credit limit of $2, 000. […]
The Student Loan Borrower Died – Am I Responsible?
If you are a parent or guardian of a student who has died and they have outstanding student loans, the government will discharge the loans so that you are not held responsible for paying them back. Standard student loans and PLUS loans are discharged when the borrower, or in the case of PLUS loan, a […]
Four Simple Ways to Boost Your Financial IQ
If you’d like to boost your financial IQ, there are some simple, straightforward ways you can make yourself a smarter, savvier individual. Get a Financial Education What you’re doing right now—taking the time to read a money-management article – is one basic step to greater financial literacy. You can also read personal finance magazines, or […]
Do You Have To Pay Back A Student Loan If You Are Disabled
If you were permanently disabled in years past, a letter from a doctor confirming your condition was required to have your student loan discharged. Back in 2002, however, the Department of Education tightened the guidelines and the rules concerning those loans that were being discharged due to permanent and total disability. Essentially, the department said […]
Does A Student Loan Have To Be Paid Back If The School Closed?
If you obtained a federal student loan for a school that closed, you may be eligible to have your loan discharged. If you weren’t able to complete your program because the college or university you got the student loan for closed down – and you weren’t transferred to another campus that would accept your student […]
Seven Ways To Pay Off Your Student Loans
Student loan debt has reached over 1 trillion dollars, which exceeds what Americans owe on credit cards. If you are burdened by student loan debt, here are seven ways to pay off or reduce your student loans: 1. Pick the shortest loan repayment program you can afford If you have federal student loans, there are […]
Someone Stole My SSN To File Taxes. What Should I Do?
Q: I filed for my taxes on Turbo Tax I got a message saying that my social security number has been used and one of my dependents. Can I ever find out who did it? What if their using numbers in other places? Will I get my refund? A: If someone has used your Social […]
Credit Reports and Credit Scores Explained
Two popular questions here at AskTheMoneyCoach.com are: “Why are my credit reports or credit scores different?” and “Why isn’t my credit score contained in my credit report?” This post will answer those questions. What is a Credit Report? A consumer credit report is a detailed file about you that has information on where you live, […]
Someone is Using My Social Security Number – What Should I Do?
If you recently had your Social Security card stolen or an identity thief had access to your Social Security number, someone could be using your Social Security number for a variety of purposes. Using someone else’s Social Security number is illegal but thousands of people become the victims of identity theft after losing their Social […]
Attn College Grads: Credit Cards and Student Loans Are Not Free Money
Millions of college students and college graduates blow it big time when it comes to taking on credit card debt and student loans. I know I did when I was an undergraduate at the University of California, Irvine. When I walked on campus and got tempted by those credit card hawkers saying things like, “Hey, […]
List of 5 Payday Lenders Sued by Minnesota Attorney General
Attorney General Lori Swanson filed lawsuits against five payday lenders that made loans to Minnesotans. The lenders were not licensed to make loans in Minnesota and charged excessively high annual interest rates. This is not the first time that Swanson has brought litigation against payday lenders and Swanson said her office is investigating complaints against […]
Why Your Credit Report and Credit Score are as Financially Important as Your College Degree
If you went to college, no doubt you tracked your grades carefully throughout school. But if you’re currently a working professional, or are looking for a job, you now have another important report card to pay attention to: your credit rating. Simply put, having perfect credit is just as financially beneficial to you as is […]
Millionaires Stick to a Budget. So Should You!
If you’re operating without a normal monthly budget, that’s a huge financial mistake. In fact, the lack of a budget is a big part of the reason that the average American now has nearly $10,000 in credit card debt. Of course, many people have mortgages, auto loans, student loans, and other consumer debt. But it’s […]