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How Payday Lenders Thrive Off Your Misery

Since the housing crisis of 2008, the term “predatory lending” has become very familiar to American consumers. A predatory lender is someone who exploits consumers’ financial difficulties to trap them into loans that benefit the lender much more than the borrower. The telltale signs of a predatory loan are easy qualification standards and ultra-high interest… Read More »

Illegal Repossession Tactics

Illinois law states the repossession of a car or truck is illegal if the consumer is not actually in default on the loan or if the creditor doesn’t have a valid security interest in the vehicle. But a valid repossession can become illegal if the repossessor used tactics that “breach the peace” when seizing the… Read More »

How Millennials Are Getting Hooked on Payday Loans and Pawnshops

According to a joint study by Pricewaterhouse Coopers, or PwC, and George Washington University, 28 percent of college-educated millennials (ages 23–35) have used payday loans and pawn shops to secure short-term financing over the last five years. As reported in a January 7 article from Reuters, these millennials defy the stereotype of the alternate credit… Read More »

Unlucky Thief Has Getaway Car Repossessed During Robbery

In August of last year, the Chicago Tribune reported that a Zion, Illinois, man had his car repossessed at a very inopportune time. Che Hearn, 25 years old, had planned to use the vehicle to carry about $300 worth of stolen electronics away from the Walmart store at 2680 N. Route 83. Unfortunately for Hearn,… Read More »

How to Get Debt Collectors to Stop Calling

These days, many Americans have fallen behind on some or all of their bills. People tend to believe that through hard work, budgeting and sacrifice, they will be able to get back on track and get the debt collectors to stop calling. In some cases, this may be true. For many others, however, no matter… Read More »

Knowing When to File Chapter 13 Bankruptcy

You should consider filing for Chapter 13 bankruptcy as soon as you realize your financial burden is too much to handle without help. There is no need to wait until your home is in foreclosure or your car is being repossessed. Chapter 13 is called debt reorganization because it takes all of your existing unsecured… Read More »

How to Stay in Your Own Home with Chapter 13 Bankruptcy

One of the most frightening things that ever comes in the mail is a notice that you are behind on your mortgage payments and your bank is considering foreclosure. If you act quickly, it is likely that you can avoid foreclosure through Chapter 13 bankruptcy. Debt reorganization, officially called Chapter 13 bankruptcy, is a way… Read More »

Strategies for Avoiding Student Loan Debt

The price of a college education is constantly increasing — and at a much higher rate than the income of the average American. For incoming college students, future debt from loans might seem to be an inevitability. However, there are ways you can avoid at least some of the debt to relieve the financial burden… Read More »

How to Deal with Wage Garnishments and Bank Account Freezes

If you start to fall behind on your debts, there is a chance your creditors could attempt to freeze your bank account or begin garnishing your wages. The garnishment process involves a certain sum of money being automatically withdrawn from your paycheck to be put toward your debt. Nobody wants to have these financial penalties… Read More »

What is a Debt Reaffirmation Agreement?

After you file for bankruptcy protection, you might decide you want to pay back a specific debt, or you might be asked by one of your creditors to repay a debt. If you pay a debt that would have otherwise been discharged in bankruptcy, you are required to sign a debt reaffirmation agreement and file… Read More »