Today AARP submitted a letter to the Consumer Financial Protection Bureau (CFPB) commenting on the agency’s proposal to regulate the payday lending industry. For years, many of AARP’s state offices have engaged their state legislatures and governors to secure consumer protections for Americans who find themselves in need of the small-dollar loans that the payday industry offers.
GE 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.
A dentist tells an older patient during an exam that she needs expensive treatment. She can't pay the fee outright, so the dentist immediately arranges financing through a medical credit card plan. A month later, the patient opens her first bill and discovers that the card is not interest-free, as she'd thought. In fact, it carried an annual interest rate as high as 27 percent if she didn't pay it off within a certain period.
UPDATE: Last week, we cited a report by The New York Times that a growing number of older adults are using their pensions as the basis to borrow cash -- and paying interest rates as high as 106 percent.
As we head into our retirement years, we could all use a little financial guidance to help us fluff up our nest eggs. Do we tap a certified senior adviser or chartered financial consultant for advice, or would a senior or retirement specialist be better? Maybe a certified trust and financial adviser or an accredited retirement adviser would be best? No, wait, what about a certified financial gerontologist? Or a chartered adviser for senior living?
Federal regulators announced new rules Thursday that are intended to protect homeowners from getting sucked into the kinds of risky loans that caused millions to lose their properties during the collapse of the housing market.
If you're a Discover, American Express or Capital One credit card holder, you may see your balance shrink in the coming months. And not because you dutifully paid down debt.
Reverse mortgages are not being used as Congress intended, according to a new report from the government watchdog agency Consumer Financial Protection Bureau (CFPB). Reverse mortgages were created to provide an income options for retirees. But these mortgages are increasingly being taken out by younger borrowers, which could decrease long-term retirement security. Borrowers also tend to take lump-sum payments that can be used up quickly.
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