September 30th, 2014
A new report from NPR and ProPublica is shedding light on the concerning growth of wage garnishment as a collection tactic in the United States. ProPublica’s new data finds that 4 million American workers, about 3 percent of all employees, had wages garnished due to consumer debts in 2013.
While wage garnishment has been a common tactic used to collect child support for years, seizing funds to collect on old consumer debts hasn’t always been so typical. NPR and ProPublica report that millions of these debt collections lawsuits are now filed every year, and suggests that the current wave of lawsuits may be caused in part by the lingering effects of the recession.
The suits are most commonly filed by third-party debt collectors, credit card companies and payday or installment lenders. Medical and student debt are also common targets for this type of legal action.
September 26th, 2014
Marriott recently announced a partnership with A Woman’s Nation, a non-profit organization founded by Maria Shriver, to place tipping envelopes in 160,000 hotel rooms at Marriott hotels across the U.S. and Canada. The American Hotel & Lodging Association, a trade group, recommends that attendants be tipped $1 to $5 per night on a daily basis.
September 25th, 2014
According to a high-ranking House Democrat, the current credit reporting system needs some updating. We explore the significant changes in her proposal.
September 18th, 2014
Apple Pay will allow iPhone users to pay entirely with their cell phone. Apple suggests that Apple Pay will let customers make more efficient and secure purchases.
September 16th, 2014
More good news about credit card delinquency rates has arrived. The latest TransUnion Industry Insights Report found that the rate of credit card payments that were 90 days overdue or more dropped nearly 9 percent in the last year, from 1.27 percent to 1.16 percent of total payments.
September 12th, 2014
According to the Conference Board Consumer Confidence Index, consumer confidence improved for the fourth straight month in August. The new confidence total is the highest the monthly index has found since October 2007, indicating a growth in positive financial sentiment across the United States.
September 9th, 2014
It’s no surprise that raising a kid is expensive, but just how expensive is it? According to the U.S. Department of Agriculture, raising a child born in 2013 until they turn 18 will cost about $245,000 on average. The good news is that this is only a 1.8 percent increase from 2012, which makes it the smallest increase since 2009.
September 4th, 2014
According to the Federal Reserve Bank of New York, Americans added $101 billion dollars in new auto loans in Q2, the biggest quarter of new growth in almost eight years.
September 3rd, 2014
The CFPB recently reached a settlement with First Investors, an auto lender, which will pay a $2.75 million fine for illegal credit reporting practices. According to the CFPB, First Investors violated the Fair Credit Reporting Act by knowingly providing incorrect information about their borrowers to credit bureaus.
August 29th, 2014
Earlier this month, Manhattan District Attorney Cyrus R. Vance, Jr. brought charges against a Tennessee-based businessman and the 12 companies he allegedly created to offer payday loans to New Yorkers at illegally high rates.