Recent Blog Posts
Chasing The Elusive Dream Of Creditworthiness
The credit reporting system currently is supposed to be fair. The Fair Credit Reporting Act of 1970 went into effect in order to prevent subjective decisions by lenders about which borrowers to approve for loans and how much to charge them to borrow money. Before the days of the Fair Credit Reporting Act, creditors… Read More »
How Are FICO Credit Scores Different From VantageScore?
Sometimes it seems like the credit reporting system is designed to make it difficult for people who do not have generational wealth to build their creditworthiness. Only certain types of financial obligations factor into consumers’ FICO credit scores, and these tend to be types of financial obligations only accessible to middle class and upper-class… Read More »
How To Keep Your Car After A Bankruptcy Filing
Walking into a courtroom and then walking out with a much lighter debt burden, or at least a promise of a much lighter debt burden, sounds like a dream come true, but filing for bankruptcy protection is not quite that simple. For one thing, it costs money to file for bankruptcy, and if you… Read More »
How To Buy A Car When You’re Broke And Your Credit Score Is Terrible
These days, everyone is living paycheck to paycheck, and in South Florida, the only way to get to your job and your gigs is with a car. The financially prudent thing to do is to drive your old car until it will no longer budge. Of course, you are probably already doing that, which… Read More »
Is Co-Signing On Loans Fatal To Friendships And Family Ties?
Conventional wisdom says that you should not let a sociable conversation turn to the topics of politics, religion, and sex, although it seems that fewer and fewer people are observing this rule these days. Meanwhile, people hesitate to talk about their finances, even though evidence suggests that doing so can only open the door… Read More »
Consumer Financial Protection Bureau Imposes Penalties On Wells Fargo For Mismanagement Of Consumer Loans
Banks routinely charge people money to access their own money, and the less money you have, the more lenders charge you to borrow, and most of this is legal. It’s all written into the fine print of your loan agreement. When lenders fail to abide by the terms of the loans they have issued,… Read More »
Can Gap Insurance Protect You From A Car Loan Catastrophe?
Cars are virtually the only means of transportation in Florida, but many Floridians have a love-hate relationship with their cars. It’s fun to watch YouTube channels about the aspirational vehicles you will probably never be able to afford, but when you see the trust fund babies on South Beach parking one such vehicle across… Read More »
Unsurprising Medical Bills Can Still Ruin Your Day
Two new policies implemented in the past two years have provided a modest measure of relief from medical debt. First, the No Surprises Act, which went into effect at the beginning of 2022, limits the amount that healthcare providers, including physicians, radiologists, and air ambulances, among others, can bill patients for services rendered on… Read More »
Misconceptions About The New Rules About Mortgage Lending
Google has an uncanny ability to figure out your vulnerabilities and exploit them, no matter how much you try to keep your poker face on while choosing search terms. Google knows that you are in debt, and it taunts you with promises of quick fixes to your debt situation. If you subscribe to anything… Read More »
Business Bankruptcy And Your Personal Credit Score
The application for an employer identification number (EIN) is only one page long, but filling it out is an exhilarating moment. It is the official beginning of a new business venture. One of the few questions on the form asks you to choose a business entity type for your new business; a business entity… Read More »