Although once perceived as a ticket to a successful future and to financial security, a four-year university degree in America has become a ticket to years of debt slavery. Approximately 37 million American students are holding an estimated $867 million to $1 trillion in unresolved educational debt according to statistics compiled by the Federal Reserve […]

It’s not easy to attend a college these days. The average cost of attending traditional college is more than $27,000 (and this does not include other costs). Even if students cut down on books, gas and food costs by attending an affordable online college, they still have to pay for tuition. Current inflation has made […]

In an interview with Yahoo Finance’s The Daily Ticker on March 30, 2012, former Clinton administration Secretary of Labor Robert Reich referred to the American economic recovery as “anemic,” and discussed the potential for outstanding student loans to be the next debt “bubble” to burst in the U.S.

The purpose of bankruptcy law is to provide a framework in which both individuals and businesses can resolve debt obligations they cannot otherwise meet. The term “bankruptcy” in the popular vernacular is used broadly, but in fact there are many types of bankruptcy proceedings. The truth is that other attempts at debt resolution, like loan […]

In a home equity loan, the consumer takes out a second mortgage on their home by essentially borrowing against how much of the home they actually “own.” (Basically how much of their current mortgage amount has been paid.) That “equity” is measured against how much the property is currently worth on the real estate market […]

In response to a flood of complaints about debt collectors and credit bureaus, the Consumer Financial Protection Bureau has proposed a new rule that would make the biggest players in these genres — including Equifax, TransUnion, and Experian — subject to the same oversight policies that apply to banks. The agency, which was created under […]

Dave Ramsey says he’ll tell you the truth about debt consolidation. The process doesn’t work. Debt isn’t the problem. It’s the symptom. The only way you can resolve your debt is to change your habits. And he’s right. Most of us get into debt for one reason. We spend without discipline, generally using high interest-rate […]

For months now, financial experts have emphasized the need for renewed consumer confidence to bolster the sagging American economy. According to data collected by the Federal Reserve, Americans did just that over the Black Friday weekend, to the tune of $52 billion. Unfortunately, that “money” was actually spent with the swipe of a credit card, […]

While student loan consolidation has been at the heart of many of the “occupy” protests that began late in 2011, few people realize that older Americans are also building up education-based indebtedness that could well follow them for the rest of their lives. According to a report by Reuters released just this month, borrowing money […]

One thing is quite clear about the changes affecting payment of student loan debt set to take affect in 2012: confusion. Exactly what is going to be different about how student debt is managed and how will it affect you? Change in Loan Subsidization Status One of the most frightening changes for most student loan […]