New study reveals how much it costs the average person to live in Pennsylvania
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.
Mom Offers to Hire Babysitter for $1.36 Per Hour
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.
Consumer Bureau Taking Action to Reduce Credit Card Penalty Fees
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.
Consumer Bureau Seeks to Ban Student Loan Debt Relief Scammer
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.
Consumer Bureau Clarifies Protections Under Equal Credit Act
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).
Wife Refuses to Use Inheritance to Pay Off Husband's Student Loans
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.
Mother Sells Daughter's Concert Tickets to Buy Son New Shoes
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.
Father Furious at 'Poor' Stepdaughter for Buying Kids Cars
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.
Some Americans are too poor to have a savings account and I am one of them
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.
Man Refuses to Pay College Tuition for Niece After Cruel Comments
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.
Going to small claims court for a debt you can't pay is humiliating
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.
Man Refuses Wife Credit Card to Buy Maternity Clothes
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.
Mom Takes Son's Savings to Pay for Stepson's Car
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.
Is Dealing With Debt is Harder Than Ever?
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.
South Carolina passes bill banning schools sending lunch debt to collection agencies
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.
Consumer Bureau Takes Action to Ensure Accuracy of Credit Reports
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.
Financial Literacy Workshop Series Planned
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.
The Cost of Biden's Student Loan Forgiveness Plan
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.
Colorado Business Owners Discuss The Federal Reserves Plans to Issue Digital Currency
On a recent episode of Inside the Firm Alex and Lance discuss how the Federal Reserve plans to issue a new digital currency.
Student Loan Payments Are Delayed Again to Aug. 31
On April 24, the Federal Student Aid division of the US Department of Education announced a further "pause" in loan payments and set interest rates to 0% for eligible federal student loans. The pause is set through Aug. 31, 2022.