Blogs

The Phantom Debt

In late June, the Federal Trade Commission (FTC) filed a complaint in federal court in North Carolina against a debt collection company in that state. Allegedly, the debt collection company took money from consumers for fake (so called “phantom”) debts. In other words, for debts that the consumers did not actually owe.

CNN Money recently reported on the continuing challenges facing retail stores. According to the article, more than 300 retailers have filed for bankruptcy this year. This represents a 31% increase over last year. And while many of these bankruptcy filings are small local retailers, there are some big names on the list.

The Great Recession of a few years back might be fading in the memories of some; however, in nine states across the United States, the job markets have not fully recovered according to a recent AP report. According to the report, the job numbers and overall size of the economy are still below 2008 levels in the nine states.

On April 25th, U. S. Bank National Association (“Bank”) was fined the sum of $15 million by the Office of Comptroller of the Currency (OCC) for violations of the federal bankruptcy laws. This fine must be paid into the United States Treasury. The Bank agreed to pay the fine but did not admit to any wrongdoing.

According to a recent story in the New York Post, half of the working families in the United States are living pay check to pay check.  Living this way may work for a while or even a long time; however, the problem it presents is the inability to effectively cope with an unexpected crisis.

Normally, I blog about current events or about how we can help consumers can get real relief from financial pressures under the law. In today’s post, I digress to recognize one of our own. Recently, we celebrated the twenty year anniversary of our friend and trusted employee, Leann Wilkinson. Where has the time gone?

The Miami Herald recently reported on an interesting story from the State of Nebraska. The story illustrates that even government entities such as counties and cities can find themselves in deep financial trouble.

If you are old enough to have been watching TV in the early 70s, you probably remember watching The Partridge Family. For those of you who don’t know what I’m talking about, there’s always YouTube. The show featured actor and singer David Cassidy as teenage musician and lead family band member Keith Partridge. The series was quite popular during its four year run.

The cost of health care remains a major concern for nearly all Americans, and there is still no shortage of health care related news coverage. Since this post was originally published in 2017, the health care debate has changed. The Affordable Care Act a/k/a “Obamacare” remains in place, the Health Insurance Marketplace remains active, and many current questions focus on coverage, premiums, deductibles, out-of-pocket costs, and the future of premium tax credits. Regardless of what happens in Washington, D.C., medical bills and other health care costs continue to be a major expense for many Americans. At times, these costs can be overwhelming.

On Wednesday, USA Today reported that three reverse mortgage firms entered into consent agreements with the Consumer Financial Protection Bureau for using deceptive advertising.