Who is the CFPB really working for?
The Consumer Federal Protection Bureau is an arm of the Federal government, and claims to be an advocate for American consumers. It claims to want to protect those of us who need it most, from financial predators who seek to fleece them. It claims to be working towards a more stable economy.
But in actuality, none of this is true.
The CFPB is nothing more than an extension of Big Business, working in conjunction with the government to change the laws in a way to drive small business owners out of the market. (more…)
This week ABC News posted a troubling story about a retired Marine who was locked into a payday loan cycle of debt. Reportedly, he spent 5 years repaying $50,000 for $2500 worth of loans.
Legit? Possibly, but not for sure. The actual story may be different from the news story. (more…)
Quick, bookmark this site! Hurry hurry, Google is mad and about to ban us! We are not going out of business nor are we moving. We will be right here, where we have been for over a decade.
But Google has decided that businesses like this one – independent lenders who serve the hard working Americans the banks don’t like to deal with – need to be suppressed.
Is this because the massive company is complying with new guidelines put in place by the Consumer Financial Protection Bureau (CFPB)?
Or is it because Google itself backs its own private lender, and doesn’t really enjoy free market competition? (more…)
It has always been a bit of a curiosity that payday loans – the only lifeline available to working class people the banks and credit card companies won’t help – are staunchly opposed by many Democrat politicians.
The Dems want to be the voice of the 99% right? They claim to represent the voiceless and make government help all Americans. But if that is the case, why fight against payday lenders so forcefully? These same politicians who fight private lending usually take great amounts of campaign contributions from large banks and financial institutions. And that is about as far away as “fighting for the little guy” as a politician can get!
So it is a major story when the news broke that Representative Debbie Wasserman Schultz (Democrat, FL) is co-sponsoring a Republican backed bill to delay the attack plan of the government agency the CFPB to put the payday loan industry out of commission. Some Dems are shocked at her actions, and are denouncing her decision… but perhaps the Florida Representative is actually fighting the good fight and standing up for her constituents. (more…)
The Consumer Financial Protection Bureau (CFPB) recently made public its recommendations for the overhaul of the short term lending industry. It’s one of the strongest attempts to require federal regulation of payday lending, but what does that mean to the people who lean on these loans to get by? (more…)
After weeks of meeting with industry executives and financial advocates, the Consumer Financial Protection Bureau (CFPB) released its proposal for new rules to regulate short-term lending. The rules are sharp and restrictive, and seek to eliminate private lenders altogether.
While these rules are geared towards the payday loan industry, they are broad enough to encompass all forms of short term lending, including deposit advances, car title loans, and higher interest installment loans. If implemented, these rules could favor the big banks by making them the only legal way to lend and borrow in the country. (more…)
What if you could make money without driving to work? Without filling out paperwork, dressing up for an interview, or learning how to work a cash register?
Here are a list of four quick, easy, and FREE ways to start earning money from the comfort of your own home. If you have a laptop, or even a smart phone, you can get set up to start earning money immediately.
If you are already working full-time, you can still use any or all of these means as a way to earn some extra money on the side. It will be the most painless part time job you ever had. (more…)
No one likes paying taxes, not even the rich and famous. Sometimes living an extravagant lifestyle means you don’t have the money – or the inclination – to pay the government its fair share of your riches.
If the IRS has proven anything, it’s that they will go after tax cheats with the ferocity of a pit bull, regardless if you’re a work-a-day Joe, or an Oscar-winning star. (more…)
According to the Centers for Disease Control, between 1999 and 2010 the suicide rate increased by 30 percent.
US household debt has been steadily increasing since 1980. The average debt per household right now is $152,00 for mortgage, $15,000 for credit cards, and $33,000 for student loans. Roughly $200,000 per household.
Millennials, who are growing up with all this debt, have much higher rates of depression compared to other age groups, and other generations. Almost 1 in 5 members of Generation Y reported suffering from depression.
These are not three separate facts, these are three interconnected events that tell the same bleak story. The link between debt, depression, and suicide has long been known. Now that the economy is weak and debt seems overwhelming for a growing number of people, this dark connection is more dangerous than ever. If the people, like the nation itself, are digging deeper and deeper into debt and financial ruin, will more and more people suffer from depression?
You knew the student loan crisis and national debt were hurting people financially, but did you know how deep and dark that hurt can run? (more…)
Where do you get your financial advice?
It seems like everybody has an opinion on what you should do with your money. No longer do you have to make an appointment with a financial planner, or buy a book on budgeting advice. For anyone with a computer, there is an entire world of economic knowledge and monetary insight available at your fingertips.
But where to start? With literally tens of thousands of “experts” vying for your attention, everyone tends to make bold claims to grab your interest. You have to pick and choose your bloggers carefully.
In a perfect world, what you want to find is a blogger not just with knowledge of the subject, but also with personality, writing style, and maybe even a sense of humor. Let’s be honest here – finance is generally not an exciting topic. So its important to find a writer you can connect with; if they can keep you engaged, they can keep your mind focused on your finances. (more…)