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Financial regulator outlines illegal fees, takes action to prevent unlawful debt collection. The Consumer Financial Protection Bureau (CFPB) recently issued an advisory opinion noting that the so-called "convenience fees" often charged by debt collectors to facilitate debt repayment are prohibited by federal law.

Have you ever wondered how much your neighbors spend each month to keep a roof over their heads and the lights on? A new study from Doxo has revealed the answer. A new study has revealed how much people living in Pennsylvania pay each month in bills.

What is a parent to do when they can’t afford childcare?. Childcare has been more and more difficult to access, and the pandemic played a big role in that. Many parents reported that they simply could not afford childcare anymore, or there weren't spots available during the height of the pandemic.

Report indicates consumers pay $12 billion a year in penalties, fees. The Consumer Financial Protection Bureau (CFPB) announced this week that they are taking action designed to reduce the amount and number of penalties and fees consumers pay to credit card companies.

A student loan debt relief company's operator will be banned from the debt relief industry under an order requested by the Consumer Financial Protection Bureau (CFPB) in response to multiple acts of fraud.

Ruling says algorithms no defense against adverse action requirements. In response to the frequent use of algorithmic models to determine credit eligibility, the Consumer Financial Protection Bureau (CFPB) released a circular that clarifies that customers who are denied credit must be provided with specific reasons for the denial in an adverse action notice. This requirement is a part of the Equal Credit Opportunity Act (ECOA).

Who is rightfully entitled to a person’s inheritance?. When a loved one passes away, it isn't uncommon for them to leave some sort of inheritance to their family. This can include possessions, heirlooms, or money.

Should a parent ever sell a child’s possessions to purchase something for their other child?. Raising children is incredibly costly. Data shows that the cost of raising a kid to adulthood in the US is on average $10,000 to $15,000 per year.

Is it anyone’s business how family members manage their money?. It isn't always easy to navigate relationships within a family. Especially when it comes to parents, they may have expectations of how you conduct your life and if you don't meet those expectations they may not always approve.

Those are the things I should be instilling into my own daughter right now when it comes to money management. Put a third of your money in savings first, a third of the money is yours to spend, and give a third away to charity.

Should anyone ever be responsible for funding someone else’s education?. Student debt is a reality that most young people know all too well. With the rising costs of education in the United States, it's quite common for most young people to have an average of $39,000 in student debt.

I just had my day in court — I am getting sued for a debt I can’t afford to pay. I like to use the expression “you can’t get water from stone” but apparently that isn’t the case when you are sued in small claims court.

Anyone who's ever been pregnant before will tell you that the process isn't exactly sunshine and rainbows. With hormonal changes, general physical discomfort, and the pregnant person's body just changing in dramatic ways, there's a lot of adjustment and frustration that can come along with pregnancy.

Should a parent ever feel entitled to take the savings of one of their children for their own use?. There's nothing simple about being a parent, and a lot of the time parents can wonder whether or not they're making the right choices and decisions for their kids.

With so many feeling financially squeezed, living in debt has become common. As inflation is looming, consumer confidence continues to remain low, and debt grows, with increases in all 50 states by at least 5% on average. A look at the average debt by generation revealed that Gen Z has seen a nearly 30% jump in average debt balance, the highest of all groups. According to the Federal Reserve, household debt in American hit a record in the spring of 2021 at $14.6 trillion. That's an increase of over 6% and the highest annual growth jump in over a decade. In a 2021 CNBC report it says the average American has $90,460 in debt, which included all types of debt products.

A public school education bill aimed to end the practice of school districts sending student school lunch debt to a collection agency was unanimously passed in the SC House and the SC Senate. The bill is now headed to Gov. Henry McMaster's desk.

CFPB files brief in suit against TransUnion, seeks to expand consumer protection. The Consumer Financial Protection Bureau (CFPB) has filed a joint brief with the Federal Trade Commission (FTC) in a case against credit reporting agency TransUnion. The legal move seeks to expand consumer protection in the credit reporting industry. Specifically, the brief argues that reporting agencies - including TransUnion, Experian, and Equifax - have a legal obligation under the Fair Credit Reporting Act (FCRA) to address inaccuracies in consumer credit reports.

Matt Berke, Project Self-Sufficiency will facilitate a virtual Financial Literacy workshop series.Rob Yaskovic. Those who need help understanding credit scores, setting up checking accounts, and establishing budgets and setting financial goals are invited to participated in virtual Financial Literacy workshops offered by Project Self-Sufficiency, Thursdays, 6:00 – 7:00 p.m., offered May 12th, May 19th, and June 2nd. Workshops will address credit scores, credit reports, checking and savings account, credit cards, loans, lines of credit, financial goals, and overcoming debt. The Financial Literacy workshops are free and open to the public. Interested participants are invited to call Project Self-Sufficiency, 973-940-3500, to obtain log-in details. Workshops are a program of the Sussex County Family Success Center at Project Self-Sufficiency. To find out more information about the programs and services available at the agency, visit www.projectselfsufficiency.org or call 973-940-3500.

Do you have student loan debt? Are you excited at the prospect of debt forgiveness? Well, President Biden revived the possibility of wiping millions of American student loan debt.

On a recent episode of Inside the Firm Alex and Lance discuss how the Federal Reserve plans to issue a new digital currency.