Posts By: Owlbert {Einstein}

We recently linked to the FTC’s advice for consumers who are “Knee Deep in Debt,” which includes a recommendation that consumers seek credit counseling if necessary. In giving this advice, the FTC cautions readers that “just because an organization says it’s “nonprofit,” there’s no guarantee that its services are free, affordable, or even legitimate.” Indeed,…

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It’s not uncommon to receive a phone call or notice in the mail from a collection agency looking for payments. When a debt collector contacts you about an unpaid debt, your first order of business should be to obtain a debt validation (DV) letter. Under the Fair Debt Collection Practices Act (FDCPA), collection agencies are…

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In the midst of the global financial crisis, Americans cited credit and debit card fraud as their number one fear, surpassing that of terrorism, computer and health viruses and personal safety.[1] For many Americans, this fear is not unwarranted. Each year, credit card fraud costs cardholders and issuers alike hundreds of millions, if not billions,…

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I wish I had learned about the power of compounding a long time ago. As a kid I walked dogs in the neighborhood, earning $5 a week. If I’d started investing that weekly $5 from age nine until 65, it would have grown to $254,000, assuming an 8 percent return. Unfortunately, I didn’t catch compounding…

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We’ve recommended that students get credit early and use it wisely to establish a healthy credit record.

Unfortunately, that’s easier said than done. There’s a reason laws like the Credit CARD Act of 2009 get passed: students averaged over $3500 in credit card debt, with 85% of cardholders carrying a balance from month to month and paying hefty fees and interest.