debt

GE Capital Ordered To Pay $225 Million To Consumers

Posted on 06/19/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsGE Capital Retail Bank must shell out an estimated $225 million to consumers to settle government claims that it discriminated against Hispanic credit card customers and persuaded other card holders to buy add-on products that promised to cancel part of their debt if they became disabled, lost a job or suffered from another hardship, the Justice Department announced Thursday. “We will continue to take action against marketing tactics that trick consumers into buying credit card products they do not want or cannot use,” …

The New Piggy Bank: Your 401(k)

Posted on 06/18/2014 by |Money and Work | Comments

Bulletin Today | WorkToo many workers are using their 401(k) savings plan as a piggy bank, tapping it way before retirement for reasons such as to pay off debt, remodel their home or take a vacation they couldn’t otherwise afford. New research from the financial services company TIAA-CREF finds that one-third of 1,000 Americans surveyed in May have taken out a loan from their retirement savings plan. And 44 percent say they now regret it. The survey looked at what situations caused workers to tap those …

How to Retire the Cheapskate Way

Posted on 06/12/2014 by |AARP Blog Author | Comments

Money & Savings | WorkJeff Yeager — aka “the Ultimate Cheapskate” — is AARP’s savings expert and host of the weekly Web show The Cheap Life, produced by AARP and airing on YouTube. He’s also the author of four popular books about frugal living, including his most recent, How to Retire the Cheapskate Way. Jeff will be a guest on AARP Live on Thursday, June 19, so we sat down with him in advance to chat about retirement planning and living, cheapskate-style. What does it mean …

President Makes It Easier to Repay Student Loans

Posted on 06/9/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & Savings | Your LifeJust as the Federal Reserve Bank of New York is raising concern about growing student loan debt and defaults, President Barack Obama is moving to expand a repayment program aimed at helping lower-income borrowers. The president today signed an executive order that the administration says will allow nearly 5 million more borrowers to qualify for a program that keeps monthly payments on federal loans to no more than 10 percent of discretionary income. This plan has been available only to more …

Skipping Out on Student Loans? Check Your Wallet

Posted on 06/9/2014 by |Senior Editor, Money Team | Comments

Bulletin Today | Money & SavingsSo what can Uncle Sam do if you don’t repay your federal student loans?   Report you to credit reporting companies. Garnish your wages. Keep your tax refunds and Social Security payments until the debt is paid off.   That’s right, all of the above.  Only most people aren’t aware of it. Economists and researchers at the Federal Reserve Bank of New York asked this of more than 1,000 consumers — only to discover that less than one-third of them correctly answered that the …

Debt Collectors Fined, Told to Back Off

Posted on 05/9/2014 by |Money and Work | Comments

Bulletin Today | Money & SavingsHere’s some good news for people hounded by relentless debt collectors and hauled into court. Two of the nation’s biggest debt collection companies have agreed to stop lawsuits against borrowers and drop collections on some $16 million in judgments. In a settlement with New York authorities, Portfolio Recovery Associates, based in Norfolk, Va., and Sherman Financial Group, based in New York, also agreed to pay fines to settle allegations that they violated state law by pursuing borrowers for debts that …