Payday Loan Fees Often Exceed the Amount Borrowed

Posted on 03/25/2014 by |Senior Editor, Money Team | Comments

Money & SavingsIf you need more evidence that payday loans can be a debt trap, look no further than today’s report by the Consumer Financial Protection Bureau. The agency found that 4 out of 5 payday loans are renewed or rolled over within two weeks after the end of their term. In half of these cases, the borrower renews the loan at least 10 times in a row. And repeat borrowing may be more expensive than many borrowers may realize. Fees in …

The Takeaway: Americans Borrowing–and Not Repaying–Billions from 401(k)s

Posted on 07/17/2012 by |Brooklyn, NY | Comments

Bulletin TodayWhat’s a worse financial plan than taking a loan from your retirement savings? Taking a loan from your retirement savings and not paying it back. Yet a growing number of Americans are doing just that, according to a new study from financial services firm Navigant Economics. Defaults on 401(k) loans totaled $37 billion in recent years.

Making a Fresh Financial Start in 2012

Posted on 01/4/2012 by |AARP Blog Author | Comments

Money & SavingsThis is a guest post by Lynnette Khalfani-Cox, host of the AARP Pay Down Your Debt Challenge, which is taking place on through Jan. 29. Learn how to get started paying down your debt, join the Pay Down Your Debt group, and you could have a chance to win a prize. Lynnette will have a Twitter chat on @AARPMoney. Tuesday, Jan. 10, 3-4 pm EST. Ask her questions and follow via #debtchat. Happy 2012! I always love the start of a New Year. …