Topics: Creditor/Debtor - 57 results

The amount of student loan debt in theUnited Statesis close to $1 trillion. Student debt has passed up credit-card debt to become the second-largest category of consumer debt in the country. Only mortgage debt is higher. Due to the poor job market of the past few years, nearly one in every six borrowers with a student loan balance is currently in default. About 5.9 million individuals have fallen at least 12 months behind on their payments of government-backed student loans. …

Outlawed in the United States in the 1830s, debtor’s prisons are somehow making a comeback now that regular folks are more vulnerable to financial trouble. Whether it’s inability to pay court fees as a criminal defendant or outstanding credit card debt, your unpaid debts can still land you in prison, even though the U.S. Supreme Court has said people cannot be imprisoned merely because they can’t pay up.   Deadly Circle of Debt “Everyone is facing tightening budgets in a …

Enduring debt collection can be a horrifying experience: calls all day, confusing and threatening letters and fear of legal action by creditors. Did you know that federal law regulates the practices of debt collectors? At least one U.S. senator doesn’t think it goes far enough and wants to expand its protections for consumers.   The Fair Debt Collection Practices Act “The FDCPA was first enacted in 1977 to protect consumers against what were viewed as abusive, deceptive and unfair debt …

Things to Know if Your Paycheck Is Being Garnished Garnishment allows your creditors get a court’s order to seize your wages or property. Creditors will usually try a variety of other efforts before turning to garnishment as a last resort to pay a debt. Find Out More…   Debt Counseling Tips You’re knee deep in debt. You’ve tried budgeting, talking to your creditors and other self-help methods of controlling your debt, and it just hasn’t done any good. Don’t give up! …

Debtors and their attorneys in California have contributed over the last seven years to a fivefold increase in lawsuits alleging illegal debt collection practices, according to an analysis recently published by the Sacramento Bee. The surge in suits against collection agencies has intensified as the economy struggles to recover, suggesting that collectors are increasingly pushing the envelope to extract payments from debtors. “You’re seeing more debt collection going on as the recession continues, particularly when it comes to credit card …