… defense.  The same goes with student loans.  The best offense is to be defensive in applying for student loans.  Historically, students and parents borrowed money for a majority of college expenses. However, over the last two years, more parents and students are become more prudent in their choices regarding college to alleviate many of the problems with student loans.

According to an article in the Austin American Statesman, “A National Association for College Admission Counseling …

Tags: Education National Association for College Admission Counseling Student Undergraduate education United States

… in DetNews, credit card companies are already swarming campuses with tempting credit card offers for college students.

The article said:

“Banks have a certain idea that parents will bail them out, or they will graduate and get these really high-paying jobs and be able to handle the bill,” said Linda Sherry, a spokeswoman for Consumer Action.”

And once the new law passes parents who co-sign credit cards for their college aged children may end up actually bailing them out whether …

Category: Credit Counseling , Debt and Tax Relief , Economy

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According to an article at KFoxTV, credit counseling /debt settlement companies are using deceptive practices to con credit card consumers by giving the impression that they are calling from a credit card company and offering “lower credit card interest rates.”

The article said:

“Vasquez has received a number of calls on his cell phone playing recordings that claimed to be from his credit card company. “Hi this is Kathy with …

Comment by Jacob Sparks: … or email that asks for personal information.

Category: Credit Counseling , Fort Worth Attorney , Lawsuits

Permalink: /lawsuits/debtor-alert-credit-counseling-deception/

In the bankruptcy case of Anderson, Ronald an incarcerated debtor who filed for bankruptcy, the bankruptcy court dismissed the debtor’s bankruptcy case because he failed to obtain and deliver to the court the prepetition credit counseling certificate required by bankruptcy law. The debtor claimed that he was unable to meet the credit counseling requirements because of his incarceration.

Here’s an excerpt from the case:

The debtor argued that his …

Category: Credit Counseling

Tags: Credit Counseling

Permalink: /credit-counseling/incarceration-does-not-waive-prepetition-credit-counseling-bankruptcy-requirement/

AmeriDebt Inc was the first credit counseling company to have a federal lawsuit filed against it.   It was the FTC’s largest case involving deceptive credit counseling and debt management.

In November 2003, the Federal Trade Commission (FTC) charged AmeriDebt, DebtWorks Inc and Andris Pukke, the founder of the two companies had deceived consumers with claims that AmeriDebt was a nonprofit organization and that it provided …

Category: Credit Counseling

Tags: bankruptcy lawsuit Credit Counseling

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… have the power to modify a toxic mortgage in bankruptcy.  In a letter from The Mortgage Bankers Association to Congressional leaders, mortgage bankers expressed their outright opposition to a mortgage bankruptcy “cram-down” amendment in the Wall Street Reform and Consumer Protection Act that would give homeowners the power they need to modify toxic mortgages in bankruptcy.

It shouldn’t surprise the average American homeowner, especially those facing foreclosure, that the letter …

Tags: foreclosure Mortgage Bankers Association

Permalink: /foreclosures/mortgage-bankers-association-battles-homeowners-facing-foreclosure/

The December 1st deadline for securing the $8,000 tax credit for buying a new home (if you’re a first-time buyer) is quickly approaching.  But is this program just a government sponsored no-money down scheme that could increase the number of foreclosures in the long-term?

According to an article in the Star-Telegram, the tax credit has already had a big influence on the housing market encouraging many first-time …

Comment by Jacob Decker: … we are really in for some hard times. Until at least …

Tags: foreclosure Loan Mortgage National Association of Realtors Tax credit U.S. Housing Market

Since the new bankruptcy laws went into effect in 2005 consumers filing for Chapter 7 or Chapter 13 bankruptcy are required to go through a government-approved credit counseling program within six months before they file for bankruptcy protection. Credit counseling can take place in person, over the phone, or online. The credit counseling session will last about 90 minutes and will include an analysis of their personal budget, including income, expenses and …

Category: Credit Counseling

Permalink: /credit-counseling/credit-counseling-required-before-filing-bankruptcy/

Many Americans drowning in student loan debt and many of those considering college listened to President Obama with much anticipation as he tackled the issue of crippling debt burdening most Americans who pursue a college education.  President Obama announced that he was working with Congress to create a national program which would ease the burden of student loan debt.

The President said:

To make college more affordable, this bill will finally end the unwarranted …

Tags: College Economy President Barack Obama State of the Union Student Loans

… article in the Dallas Morning News, Parents who invested in Texas’ prepaid tuition plan to pay for their child’s education and avoid student loans may be out of luck after November 30, 2009. On November 30 th new rules governing the program take effect that will change the way the Texas Guaranteed Tuition Plan calculates refunds.

The article said:

“The plan, which started selling contracts in 1996 as the Texas Tomorrow Fund, gave families the chance to prepay tomorrow’s …

Permalink: /student-loans/avoiding-student-loans-seems-impossible-for-texas-future-college-students/

… to find out the best way to draft your resume depending on which type of job you’re going for.  If you’re a college grad, don’t hesitate to contact your college’s resource center to see if they offer free resume counseling.  A stable employment history can go a long way toward making it easier to re-establish your credit when that time comes.

2.  Pay Your Bills on Time! Again, this may seem like an “Oh duh” bit of advice, but it’s still true.  It is imperative that …

Category: Bankruptcy , Credit Counseling , Filing Bankruptcy

According to an article in the U.S. News and World Report, the American Bankers Association announced record high delinquencies in consumer loans.  They attribute the increase to the almost 6-million jobs lost since the beginning of the recession.  Delinquencies are not limited to a particular type of loan.  The highest rate of delinquencies is in home equity loans.  They have gone from 3.03 percent to 3.52 percent.  Delinquencies have also increased for auto, mobile …

Tags: American Bankers Association Credit card Federal Reserve System Unemployment