Friday, August 27, 2010

The dark side of loan-modification assistance

A reader writes: I am currently working temporarily for a loan-modification law firm. I use the words "law firm" loosely. It is more of a call center filled with cubicles and salesmen calling themselves case representatives and paralegals.

Preston Cochrane - 8/27/2010 4:10:01 PM
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Thursday, August 19, 2010

Preparing to live with less

Many people don't even want to look at how they can cut back on spending because they're afraid of how hard their financial diet will be.

Preston Cochrane - 8/19/2010 9:08:37 AM
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Friday, August 13, 2010

New Rules for Gift Cards Effective Aug 22

New Federal Reserve rules provide important protections when you purchase or use gift cards.

Preston Cochrane - 8/13/2010 10:59:57 AM
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New Credit Card Rules Effective Aug 22

More new rules from the Federal Reserve mean more new credit card protections for you. This set of rules is the latest in a series of regulations that implement the Credit Card Accountability, Responsibility, and Disclosure Act (the Credit Card Act).

Preston Cochrane - 8/13/2010 10:37:21 AM
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New Overdraft Rules for ATM and Debit cards

New Federal Reserve rules give debit and ATM card users additional options regarding overdrafts. In the coming months, banks, credit unions, and other financial institutions must offer you the ability to make decisions about overdrafts for transactions made with your debit or ATM cards.

Preston Cochrane - 8/13/2010 10:33:57 AM
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Thursday, August 12, 2010

The Association of Credit Counseling Professionals Supports New FTC Rules Aimed at Cleaning up the Debt Settlement Industry

The Association of Credit Counseling Professionals (ACCPros), the fastest growing trade association serving the credit counseling industry, supports the recently issued Federal Trade Commission Rule (FTC Rule) intended to curb abusive practices in the debt settlement industry.

Preston Cochrane - 8/12/2010 11:08:54 AM
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Monday, August 02, 2010

Utah bankruptcy on the rise

Utah bankruptcy filings are up by 31 percent from a year ago. The number of Utahns seeking debt relief has grown to 8,942 in the first six months of 2010, as compared with 8,942 in the same period of 2009. Experts say the continued housing slump, unemployment rate, and years of consumer debt are to blame, but they also say too many people are acting too fast when seeking protection for Chapter 7 and Chapter 13.

Preston Cochrane - 8/2/2010 11:44:46 PM
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Thursday, July 29, 2010

Concepts teens should learn along with their first job

One thing parents should do when their teen lands their first job is go over their first pay stub with their child. This conversation could be a big building block for parents trying to teach one of five key concepts that parents need to teach kids during their first summer job.

Preston Cochrane - 7/29/2010 11:30:45 AM
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Utah bankruptcies soar 31 percent in the first half of 2010

The lull in Utah bankruptcies that began in 2005 when a new law made it harder for consumers to declare themselves insolvent appears about over.

Preston Cochrane - 7/29/2010 10:28:23 AM
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Friday, July 02, 2010

Divorce, disease and desire torpedo finances

Divorce, illness, job loss, student loans and just wanting things seem to be the major torpedoes sinking family finances for many of the women who have applied for Deseret Media Companies' financial makeover.

Preston Cochrane - 7/2/2010 11:32:40 AM
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Monday, June 28, 2010

Experts say you don't have to pay for credit protection

Many consumers turn to credit monitoring services to ensure their credit is safe -- but some people may be buying this protection when they don't need it.

Preston Cochrane - 6/28/2010 10:14:01 AM
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Monday, June 21, 2010

Debt free: Experts help you manage your money

Today, the "Imagine a Happier You" campaign launches with a website that offers loads of great financial advice, links, calculators and other tools to help everyone — but especially women — learn about money and how to take control of their finances, from the intricacies of budgeting to debt elimination and retirement planning

Preston Cochrane - 6/21/2010 9:35:38 AM
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Friday, June 18, 2010

Kick Start Your Savings: The Emergency Fund

Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That's because maintaining emergency savings of $500 to $1,000 allows you to easily meet unexpected financial challenges such as a car repair or medical bill and avoid high interest, short-term loans. Get started now!

Preston Cochrane - 6/18/2010 9:34:13 AM
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Monday, June 07, 2010

Debt-settlement companies draw increasing criticism

Debt-settlement companies claim they can reduce borrowers' debts by negotiating with creditors. A growing group of lawmakers, regulators and consumer advocates say these companies exploit desperate borrowers, often leaving them deeper in debt.

Preston Cochrane - 6/7/2010 10:16:49 PM
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Wednesday, June 02, 2010

For Jobless With Dreams, IDAs Offer Small Boost

At a time when many people short on income are calling on their inner entrepreneurs, some start-ups are finding relief in a little-known resource —individual development accounts.

Preston Cochrane - 6/2/2010 12:24:50 PM
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Monday, May 24, 2010

Utah's foreclosure crisis: Worst lurks ahead

Having lagged behind other hard-hit regions where housing markets are now slowly improving, Utah has yet to reach the peak of its crisis.

Preston Cochrane - 5/24/2010 9:45:41 AM
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Crush of foreclosures overwhelms lenders, counselors

The unprecedented surge of foreclosures in Utah is overwhelming debt counselors, lenders and loan servicers. AAA Fair Credit Foundation, a nonprofit counseling agency, scheduled 225 client sessions in 2008, compared with 1,284 for the first four months of 2010.

Preston Cochrane - 5/24/2010 9:08:28 AM
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Tuesday, May 18, 2010

Washington pushes for free credit scores

People who are denied credit or a job because of their credit history may soon be able to get their credit score free of charge, thanks to an amendment passed by the Senate.

Preston Cochrane - 5/18/2010 3:26:12 PM
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Wednesday, May 12, 2010

How delinquencies hurt credit scores

Recently, Fair Isaac, which developed FICO scores, pulled back the curtain a bit, revealing some estimates of point-score declines following mortgage delinquency problems.

Preston Cochrane - 5/12/2010 2:43:54 PM
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Tuesday, April 27, 2010

Credit Counseling Agency Protects Consumers from Becoming Victims of Debt Settlement Scams

One size does not fit all: New debt resolution program guides financially distressed consumers to make the right financial decisions.

Preston Cochrane - 4/27/2010 12:13:35 AM
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Friday, April 23, 2010

Generation Y's steep financial hurdles

They're called "Generation Y" — teens and twentysomethings known stereotypically for their coddled upbringing, confidence, opinionated dialogue, free-spending habits and openness to change. Their generation is the first in a century that is unlikely to end up better off financially than their parents.

Preston Cochrane - 4/23/2010 12:10:01 PM
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Fed Investigation of Debt Settlement Finds 'Fraudulent, Abusive and Deceptive' Practices

A government investigation into the burgeoning debt-settlement industry has found that many firms misled consumers by claiming to be affiliated with federal stimulus programs and exaggerating their ability to reduce consumers' loans.

Preston Cochrane - 4/23/2010 9:24:00 AM
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Wednesday, April 21, 2010

Will Bad Credit Hurt Your Job Chances?

Tight times can blemish credit reports. How do background checks affect hiring decisions?

Preston Cochrane - 4/21/2010 9:06:13 AM
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Monday, April 12, 2010

New rules could provide millions with free credit scores

Starting next year, millions of consumers will begin to see a key piece of their financial profiles for free.

Preston Cochrane - 4/12/2010 11:10:39 AM
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Monday, March 22, 2010

Need help lifting a mortgage burden?

Nationally, hundreds of thousands of homeowners are being considered for help under loan modification programs. But housing advocates, analysts and others warn that most of those borrowers will eventually lose their homes. Even the widely touted $75 billion foreclosure-prevention program pushed by the Obama administration has only helped about 170,000 homeowners in the past year out of up to 4 million in need of assistance.

Preston Cochrane - 3/22/2010 9:23:52 AM
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