Please Pay Your Taxes.

In case anyone reading this post has been snowed by the insanity that snared actor Wesley Snipes into not paying his taxes, I wanted to take this opportunity in this pre-tax season to set the record straight.
You DO have to file your taxes. The forwarded email your crazy Aunt Polly sent you explaining how [...]

Who’s Really to Blame for the Subprime Mess?

As the word “bailout” becomes the banking and credit lobby’s favorite two syllables ever (but only whispered behind closed doors, apparently), it’s a good time to ask the question that the New York Times asks in this article, “A ‘Moral Hazard’ for a Housing Bailout: Sorting the Victims from Those who Volunteered“: who’s really to [...]

Senate Debating Bankruptcy Changes Now

From ConsumerAffairs.com:

In an effort to throw an additional lifeline to consumers facing the threat of foreclosure, the U.S. Senate is set to consider changes to U.S. bankruptcy law, giving judges wide authority to not only reduce interest rates, but actually reduce the amount of a homeowner’s mortgage.
Lawmakers are tentatively scheduled to debate the proposal on [...]

Foreclosures Up 57%

CNNMoney.com reports that national foreclosure filings rose 57% in January over the same time a year ago. How far can this go, we might wonder? What’s going to turn it around?
I found this quote very interesting:
The only good news was the comparatively modest month-to-month increase in total filings.
“It could be that some of the [...]

American Lives Ruined by Credit Card Practices

CNN is joining the growing assortment of public news sources beginning — finally! — to pay attention to the damage done to the middle class family by credit card practices.
In the article “When credit cards put you in jeopardy,” the overused “Americans are drowning in credit card debt” is the opening line. But we’re finally [...]

Finances Causing Fights? Here’s Help

Recently, I ran across this interesting piece on Today’s website at MSNBC.com entitled “Fighting Over Finances? Four Tips To Ease Stress.”
It’s disheartening to see so many folks affected by deep and soul-crushing debt, but when the money woes come between partners and spouses, it’s even more tragic.
Money is frequently cited as a central cause [...]

“Author” Kevin Trudeau “Offering” Debt “Cures” “Work”

I have to apologize for the liberal use of quotation marks in the title. But Kevin Trudeau’s earned those marks.
If you’re not familiar with Mr. Trudeau, he’s the brain behind such classics as Natural “Cures” Revealed (there are those quote marks again!) and More Natural “Cures” Revealed (OK, now he’s just making it too easy). [...]

Debit Cards Not The Easy Solution You Might Think: Why You Want To Think Twice Before You Swipe

If, like thousands of credit-conscious consumers, you rely on your bank-issued debit card for daily purchases, you might want to reconsider.
As this article from the Today show at MSNBC.com demonstrates, there are plenty of reasons to keep that card in your pocket.
The most damaging problem, in my view, is the overdraft risk. You [...]

New SC Bill Would Limit Payday Loans to $500

In what I can only call a mild effort to limit the damage wreaked on South Carolina lives by payday lenders, the South Carolina General Assembly is apparently considering action to limit payday loans to $500 or 20% of the borrower’s annual income, whichever is less. The suggested legislation would also require lenders to offer [...]

NY Times Money Expert Advises Chapter 7 Over Creditor-Sponsored Loss Mitigation Plans

As this New York Times article (free registration required) makes clear, bankruptcy isn’t necessarily the “option of last resort” for those battling crushing debt
.
The article quotes a law professor named Ronald Mann as suggesting that the credit industry practices are designed to keep debtors entrapped in the prison of debt, and that most would [...]