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Posts tagged "Debt relief"

Five things baby boomers should know about bankruptcy

Bankruptcy is huge, no matter your age, but it's arguably more important as you grow older. You have less time to deal financially with your debt before retirement, and you must know all of your options. This is becoming more relevant for baby boomers, and here are five key things this generation needs to know.

Loan forgiveness rules proposed by Department of Education

People in Kentucky and throughout the United States who took out federal loans to attend for-profit colleges accused of fraud may be able to get those loans forgiven under a new Obama administration initiative. The Department of Education would also prevent universities that get money from federal student loans from requiring students to enter into mandatory arbitration agreements.

The truth about debt forgiveness

In 2016, John Oliver purchased $15 million in unpaid medical debt for $60,000. After purchasing the debt, the host of Last Week Tonight forgave it. While this may seem like a nice gesture, it may not have as much of a positive impact as one may think. First, the type of debt that Oliver purchased was time-barred. In other words, it was debt that could no longer be collected because of the applicable statute of limitations, which Kentucky and every other state has.

Scam debt relief companies target desperate graduates

Each year, many Kentucky college graduates are scrambling for enough income to repay their student loans. For a great many of them, it is a distant goal, and their finances may suffer due to entry-level jobs and the cost of living. Enter debt relief companies looking to capitalize on debtor desperation. A Forbes article outlines the national significance of debt relief scams and warns people about how to spot and avoid them.

Senate to debate student loan debt relief bill

Kentucky residents will likely be aware that student loan debt has become a major issue as the 2016 presidential election draws closer. Democratic candidate Bernie Sanders has proposed a that a college education should be free for all Americans, and several other candidates from both sides of the aisle have criticized some of the practices of for-profit financial institutions. Student debt in the United States has now reached $1.2 trillion, and many economists believe that this is hurting the U.S. economy be preventing young people from buying homes or making significant purchases.

Deciding between paying off debt or accumulating savings

To some Kentucky residents, debt is considered a necessary evil while others cannot stomach the thought of owing money to anyone. When people are considering paying off debt early, they might first want to think about their savings. Paying off debts is a relief, but building up savings might be more important than paying off obligations quickly.

Student loan borrowers preyed on by debt relief agencies

Many Kentucky residents who are overwhelmed by their student loan debts are often tempted to turn to debt relief agencies for help. However, state attorney generals are now suing many of these agencies for unlawful business practices. In early May, five debt relief agencies were sued by the attorney general of Illinois for breaking state laws.

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