USA Today recently reported that student loan debt in the United States, which totals $850 billion, now exceeds outstanding credit card debt in the U.S., which totals $828 billion.
USA Today gets its numbers from a web site publisher named Mark Kantrowitz, who publishes two scholarship matching services called FinAid.org and FastWeb.com. I was unable to independently verify Mr. Kantrowitz’ numbers but if you Google “total credit card debt in U.S.” and “total student loan debt in the U.S.” you will get numbers in the range quoted in the USA Today article.
More on Student Loan Debt may be a Bigger Problem than Credit Card Debt
Filed under Consumer protection, Discharge issues, Student loans by 
Yesterday, my son graduated from high school. His class selected a math/environmental sciences teacher named Nicole Brite to deliver the faculty address to the senior class. Ms. Brite delivered a spectacular address which was meaningful, witty and thoughtful (and she received a well deserved standing ovation from both the students and the audience).
Filed under Consumer protection, General consumer bankruptcy info, Georgia Bankruptcy by
The Wall Street Journal recently published a new story entitled Hidden Medical Debt Trips Up Homeowners. The report documented several cases in which small medical bills that had been turned over to collection resulted in a more than 50 point drop in a homeowner’s credit score.
More on Tiny, Hidden Credit Report Errors Can Lead to Bankruptcy
My Bankruptcy Law Network colleague Dana Wilkinson, who practices in South Carolina, reports on an unbelieveable scam perpetrated by a collection agency in Pennsylvania. According to a press release issued by the state attorney general, the Unicredit Collection Agency created a bogus “court system” to trick consumers into paying debts.
More on Authorities Halt “Unconscionable” Scam by Collection Agency
Filed under Consumer protection by
As you may know, last year Congress passed a law called the Credit Card Accountability Responsibility and Disclosure Act of 2009. This law, nicknamed the CARD Act of 2009, was designed to regulate a variety of unpopular credit card tactics, such as interest rate increases without notice, inactivity fees and unfair interest calculations.
More on New Credit Card Protections Trigger Higher Fees by Card Issuers
Filed under Consumer protection by
Last month, my friend and colleague, Charleston bankruptcy attorney Russ Demott published an interesting article on his web site entitled “Fired for Filing Bankrutcy? No way!” This article was written by Elyria, Ohio bankruptcy lawyer Bill Balena, who notes that the Bankruptcy Code specifically forbids “employee discrimination” based on a bankruptcy filing if:
More on Afraid that You Could Lose Your Job if You File Bankrutpcy? The Law Says “No,” but….
Filed under Consumer protection, General consumer bankruptcy info by
As you may know, there are both federal and state laws that offer a variety of protections to individuals who are in debt and who are being dunned by debt collectors. The Fair Debt Collection Practices Act offers a variety of protections in cases involving collection agencies (as opposed to the actual creditor). In other words, a credit card company can do and say certain things and remain legal, but if a collection agency does or says the exact same things, those actions would be a violation of the FDCPA and make the collection agency subject to a claim for damages.
Filed under Consumer protection, FDCPA Claims by
Can you modify your mortgage loan to reduce your principal balance? your interest rate? other terms of your mortgage? Over the past few months, I have heard a lot about mortgage modifications but very few details have emerged and I know of no one who has actually and successfully modified his mortgage.
Filed under Consumer protection, Mortgage modifications by
Although I am a bankruptcy lawyer, I tell everyone who visits my office for a consultation the same thing: “bankruptcy is a last resort – do not file for bankruptcy unless you have no other choice. It will damage your credit and negatively affect your financial future for months or years to come.”
Filed under Consumer protection by
Over the past few months, my of counsel officemate Susan Blum and I have met with dozens of potential bankruptcy clients for whom bankruptcy may not be the best solution. While it may seem strange that a bankruptcy lawyer would tell you not to file bankruptcy, I advise everyone with whom I meet that bankruptcy is and should always be considered a last resort and that non-bankruptcy alternatives should be part of the discussion.
Filed under Consumer protection, General consumer bankruptcy info by
