This is very poor advise, according to just about every financial expert familiar with the pitfalls of lingering, defaulted debt from college loans that can haunt a borrower for decades.
A “streamlined process” will be formulated to discharge loans tied to any college found to have defrauded borrowers, according to a statement by the Department of Education.
New data from CoreLogic found that the risk of default among renters nationwide decreased year over year, according to the firm’s index value of 108 for the first quarter of 2015.
The high court Monday ruled that struggling homeowners can’t erase the debt from a second mortgage in bankruptcy, even if the home’s value is less than the amount owed on the first mortgage.
Overall, non-prime consumers (generally, borrowers with below average scores) now make-up 35.6 percent of total originations in the credit card market.
A typical middle-income household needs a buffer of approximately $4,800 in liquid assets — roughly 14 percent of annual income after taxes — to sustain the typical monthly fluctuations in income and spending observed between 2013 and 2014.
The study reveals that while they apply for credit, Millennials are denied at a much higher rate – even though they outperform demographics within the same credit score range.
The CFPB says it is seeking information on such matters as: industry practices that create repayment challenges, hurdles for distressed borrowers, and the economic incentives that may affect the quality of service.
Recently, there’s been a new wave of media reports about how some Uber drivers are struggling to keep up with the monthly payments on these high-interest auto loans.
The website provides an interactive checklist that walks people through the recovery process, including a section titled, “What To Do Right Away.”