WalletPop Bloghttp://www.walletpop.com/blogWalletPop Bloghttp://www.walletpop.com/blog/media/feedlogo.gifWalletPop Bloghttp://www.walletpop.com/blogen-usCopyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/Want to pay down the national debt? Here's where to send your checkhttp://www.walletpop.com/blog/2009/11/16/want-to-pay-down-the-national-debt-heres-where-to-send-your-ch/http://www.walletpop.com/blog/2009/11/16/want-to-pay-down-the-national-debt-heres-where-to-send-your-ch/http://www.walletpop.com/blog/2009/11/16/want-to-pay-down-the-national-debt-heres-where-to-send-your-ch/#commentsFiled under:

national debtFor years, I've wondered if anyone ever just sent the government money and said, "Here, apply it to the national debt." After all, our national debt's a big problem, and if you're the charity-giving sort, you might want to make the United States your charity.

And then Reuters goes along and does a story about people who do just that. As it turns out, there's a government office that will be more than happy to take your check, should you decide your pet cause this year is going to be the United States' debt.


Continue reading Want to pay down the national debt? Here's where to send your check


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]]>Bureau of the Public DebtBureauOfThePublicDebtnational debtNationalDebtGeoff WilliamsMon, 16 Nov 2009 15:00:00 EST5 words never to say to your lenderhttp://www.walletpop.com/blog/2009/11/16/5-words-never-to-say-to-your-lender/http://www.walletpop.com/blog/2009/11/16/5-words-never-to-say-to-your-lender/http://www.walletpop.com/blog/2009/11/16/5-words-never-to-say-to-your-lender/#commentsFiled under: , , , , ,

Getting a loan or a credit card can be a difficult task in this economic environment. Many lenders won't even consider an application for a credit card or mortgage unless your credit score is above 740. Others will consider an application, but zap you with an outrageous interest rate, such as 29.9% if your credit score is under 680.

Even if you have excellent credit, there are some phrases you should never say when trying to get a loan. For example:

1. "Primary residence"

Don't ever lie on a loan application. If you're applying for a mortgage on a property you intend as an investment, don't lie on your loan application and say this property will be your primary residence. This whopper can come back to haunt you.

Continue reading 5 words never to say to your lender


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]]>bankscredit cardsCreditCardsdebtfraudloansmortgagesLita EpsteinMon, 16 Nov 2009 14:30:00 ESTExtreme home makeover, Part V: $55,000 later, we're finally donehttp://www.walletpop.com/blog/2009/11/15/extreme-makeover-building-a-new-house-for-55-000-part-v/http://www.walletpop.com/blog/2009/11/15/extreme-makeover-building-a-new-house-for-55-000-part-v/http://www.walletpop.com/blog/2009/11/15/extreme-makeover-building-a-new-house-for-55-000-part-v/#commentsFiled under: , , ,

This is the last of a five-part series about how the writer and her husband, Charlie, tackled a major overhaul of their home and the pitfalls they faced along the way. To read the first installment click here.

The workers are gone, the dumpster was picked up, and we are touching up the stain and paint. Now that things are finished, we are so glad that we put in the quality finishes and the extra touches we wanted. The total cost was around $55,000 -- twice as much as we had originally planned.

The investment is definitely worth it. Now we have new plumbing throughout the house, updated electrical, refinished floors, and a state-of-the-art kitchen -- all upgrades that are bound to boost the value of our home if we ever decide to sell.

Continue reading Extreme home makeover, Part V: $55,000 later, we're finally done


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]]>home improvementHomeImprovementreal estateRealEstateremodelingBarbara BartleinSun, 15 Nov 2009 06:00:00 ESTFaces of loan modification: Kathy Partak, Auburn, Calif.http://www.walletpop.com/blog/2009/11/14/faces-of-loan-modification-kathy-partak-auburn-calif/http://www.walletpop.com/blog/2009/11/14/faces-of-loan-modification-kathy-partak-auburn-calif/http://www.walletpop.com/blog/2009/11/14/faces-of-loan-modification-kathy-partak-auburn-calif/#commentsFiled under: , , , , , ,

How well is the government's loan modification working? WalletPop's four-part special report continues with profiles of some of those trying to get help. To read the overview, click here.

Kathy Partak went into loan modification armed with the powerful combination of knowledge and motivation. She had worked in the mortgage business, so she knew her rights and the right vocabulary to use. And she had a step-rate loan that was about to step up dramatically.

Add to that an on-the-job shoulder injury that left her unemployed and Partak figured she was a perfect candidate for modifying the loan on her three-bedroom home in Auburn, Calif.

But Chase Manhattan Bank denied her a modification, Partak said, telling her, "Unemployment is not a permanent hardship."

"Hopefully not!" said Partak, 42. "But it's one of the reasons they allow for on their paperwork of qualification."

Continue reading Faces of loan modification: Kathy Partak, Auburn, Calif.


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]]>featuredHAMPloan modificationLoanModificationmortgagesreal estateRealEstaterefinancingAmy PyleSat, 14 Nov 2009 09:00:00 ESTExtreme home makeover, Part II: Demolition ensueshttp://www.walletpop.com/blog/2009/11/13/extreme-makeover-building-a-new-house-for-55-000-part-ii/http://www.walletpop.com/blog/2009/11/13/extreme-makeover-building-a-new-house-for-55-000-part-ii/http://www.walletpop.com/blog/2009/11/13/extreme-makeover-building-a-new-house-for-55-000-part-ii/#commentsFiled under: , , , , ,

This is the second part of a five-part series about how the writer and her husband, Charlie, tackled a major overhaul of their home and the pitfalls they faced along the way. To read the first installment click here.

Now it was onto the next step: Demolition. The destruction was scheduled to begin right after the holidays.

Tom's take: Good idea to hold off on demolition until after the holidays. I can't tell you how many panicked calls I've received on my radio show from folks that absolutely had to get a major project done before an event (a holiday, wedding, anniversary party, sweet-sixteen, whatever). It never makes sense to put that kind of pressure on yourself -- or your contractor. Build a fudge factor into the schedule and the stress factor goes way down.

Continue reading Extreme home makeover, Part II: Demolition ensues


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]]>home improvementHomeImprovementreal estateRealEstateremodelingremodeling older homesRemodelingOlderHomesBarbara BartleinFri, 13 Nov 2009 15:00:00 ESTLoan modification: Needed help or an exercise in frustration?http://www.walletpop.com/blog/2009/11/13/loan-modification-needed-help-or-an-exercise-in-frustration/http://www.walletpop.com/blog/2009/11/13/loan-modification-needed-help-or-an-exercise-in-frustration/http://www.walletpop.com/blog/2009/11/13/loan-modification-needed-help-or-an-exercise-in-frustration/#commentsFiled under: , , , , ,

How well is the government's loan modification working? Find out in this four-part WalletPop special report, which begins with this overview and continues with three profiles of those trying to get help, which can be found here, here and here.

If the goal of the federal government's loan modification program was to frustrate applicants, then it certainly is succeeding. But if its goal was to prevent foreclosures, the effort may simply be postponing that eventuality for many.

With an estimated 3.1 million mortgages at least two months delinquent, through the end of October, just 650,994 homeowners had received adjustments through the Home Affordable Modification Program (HAMP) -- a notable uptick from past reports and a measurable step toward the Obama administration's goal of helping 4 million by 2012.

But from the halls of Congress to Internet message boards, anger rises about mixed messages, delays and denials without explanation and, most tangibly, the sharp decline in converting short-term loan adjustments into something more meaningful.

Continue reading Loan modification: Needed help or an exercise in frustration?


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]]>featuredHAMPloan modificationLoanModificationproblems with loan modificationProblemsWithLoanModificationreal estateRealEstateAmy PyleFri, 13 Nov 2009 12:00:00 ESTExtreme home makeover, Part I: Decision timehttp://www.walletpop.com/blog/2009/11/13/extreme-makeover-building-a-new-house-for-55-000-part-i/http://www.walletpop.com/blog/2009/11/13/extreme-makeover-building-a-new-house-for-55-000-part-i/http://www.walletpop.com/blog/2009/11/13/extreme-makeover-building-a-new-house-for-55-000-part-i/#commentsFiled under: , , , , ,

Our house is a beautiful, 3,000-square foot home built in 1918 that sits across the street from South Shore Park and Lake Michigan in Milwaukee. But after living in our home for 25 years, we were faced with a difficult decision: Do we spend a chunk of money to fix up the place or move? We had done some remodeling in the past, but it was looking tired and the bathroom upstairs still had all of the original (read: very old) plumbing.

As much as we loved the place, the thought of undertaking another remodeling project was too overwhelming. I embarked on a house-hunting mission in nearby Madison and Middleton, WI, but soon discovered that to recreate anything close to what we have -- easy access to downtown, shops within walking distance, lake view, bike path and a quick commute to the airport -- was going to cost $1 million or more. So we reversed course and decided to remodel -- again. Our initial budget was $25,000 and our sights were on that horribly outdated bathroom upstairs.

Continue reading Extreme home makeover, Part I: Decision time


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]]>budgethome improvementHomeImprovementhomesreal estateRealEstateremodelingBarbara BartleinFri, 13 Nov 2009 06:00:00 ESTBlack Friday: Debit card 'don'ts'http://www.walletpop.com/blog/2009/11/12/debit-card-donts-for-black-friday/http://www.walletpop.com/blog/2009/11/12/debit-card-donts-for-black-friday/http://www.walletpop.com/blog/2009/11/12/debit-card-donts-for-black-friday/#commentsFiled under: , , ,

checkout counterEven though the most recent consumer credit reports show credit card debt is declining, consumer's debit cards are getting quite a workout. Debit card transactions recently surpassed credit card transactions for the first time ever.

Experts are forecasting debit card transactions to surge even further past their credit card siblings on Black Friday -- and caution that consumers need to be cautious when wielding their debit cards this holiday shopping season.

"Consumers are trying to keep their credit card balances low," Carrie Coghill Kuntz, spokeswoman for CreditFYI.com said in a press release. "So many are using debit cards."

Continue reading Black Friday: Debit card 'don'ts'


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]]>Black FridayBlack Friday 2009Black Friday SalesBlackFridayBlackFriday2009BlackFridaySalesdebit carddebit card chargesdebit card fraudDebit Cardsdebit-cardDebitCardDebitCardChargesDebitCardFraudDebitCardsGina Roberts-GreyThu, 12 Nov 2009 17:00:00 ESTConsumers could win big if Dodd's financial reform package becomes lawhttp://www.walletpop.com/blog/2009/11/11/consumers-could-win-big-if-dodds-financial-reform-package-becom/http://www.walletpop.com/blog/2009/11/11/consumers-could-win-big-if-dodds-financial-reform-package-becom/http://www.walletpop.com/blog/2009/11/11/consumers-could-win-big-if-dodds-financial-reform-package-becom/#commentsFiled under: , , , ,

Senate Banking Committee Chairman Chris Dodd unveiled his financial reform package on Tuesday and consumers could win big if the bill becomes law. Dodd proposes a strong Consumer Financial Protection Agency whose sole job will be to protect American consumers from fraud and abuse. He wants to be sure people get the clear information they need on loans and other financial products from credit card companies, mortgage brokers, banks and others.

Dodd introduced the bill along with fellow committee members Jack Reed, Charles Schumer, Robert Menendez, Daniel Akaka, Jon Tester, Mark Warner, Jeff Merkley and Michael Bennet -- all Democrats, so at least it looks as though this may be a partisan effort, but the issue is so important I hope it can become a bipartisan bill.

Continue reading Consumers could win big if Dodd's financial reform package becomes law


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]]>banking committeeBankingCommitteeconsumer protectionConsumerProtectiondoddfeaturedfederal reserveFederalReserveftcsenate banking committeeSenateBankingCommitteeLita EpsteinWed, 11 Nov 2009 19:15:00 ESTNo more Starbucks - we can't afford ithttp://www.walletpop.com/blog/2009/11/11/no-more-starbucks-we-cant-afford-it/http://www.walletpop.com/blog/2009/11/11/no-more-starbucks-we-cant-afford-it/http://www.walletpop.com/blog/2009/11/11/no-more-starbucks-we-cant-afford-it/#commentsFiled under: , , ,

Starbucks cupEvery morning my husband and I drive through Starbucks and get a latte. Great way to start the day. I can sip a Venti most of the morning.

After looking at our budget, however, we found it was time to evaluate this little habit. Our daily stop was costing close to $8 per day or almost $250 per month. When the economy was great and my business was booming, I rarely gave the money a thought. In fact, I thought I "deserved" this little luxury because I worked so hard.

Continue reading No more Starbucks - we can't afford it


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]]>budgetcoffeestarbucksBarbara BartleinWed, 11 Nov 2009 16:00:00 ESTFrugal consumers push companies to embrace new age of thrifthttp://www.walletpop.com/blog/2009/11/11/frugal-consumers-push-companies-to-embrace-new-age-of-thrift/http://www.walletpop.com/blog/2009/11/11/frugal-consumers-push-companies-to-embrace-new-age-of-thrift/http://www.walletpop.com/blog/2009/11/11/frugal-consumers-push-companies-to-embrace-new-age-of-thrift/#commentsFiled under: , , , , , , , , , ,

glad bagsConsumers are notoriously fickle in their allegiances and interests -- remember those food-assembly kitchens that were all the rage a few years ago? But the recession has sobered buying habits, and increasingly, more companies are viewing Americans' recent conversion to thrift as a long-term trend, not simply flash-in-the-pan fascination.

In an attempt to cash-in on this new sensibility, businesses are keen on promoting their products as a good deal. That's why, for example, Clorox Co. isn't raising prices on its improved trash can liners and Campbell Soup Co. has reduced the promotional price of its V8 brand vegetable juice by 17%, according to the Wall Street Journal (subscription required).

Continue reading Frugal consumers push companies to embrace new age of thrift


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]]>bargainsburger kingBurgerKingcampbell soupCampbellSoupcheerfast foodFastFoodfood assembly kitchensFoodAssemblyKitchensfrugal consumerFrugalConsumerfrugalfoodfrugalityfrugallivingmcdonaldsprocter and gambleProcterAndGamblethrifttidetide laundry detergenttidedetergantTideLaundryDetergentv8 vegetable juiceV8VegetableJuiceDavid ScheppWed, 11 Nov 2009 14:00:00 ESTWe shouldn't be talking about deficit reduction with 10.2% unemploymenthttp://www.walletpop.com/blog/2009/11/09/we-shouldnt-be-talking-about-deficit-reduction-with-10-2-unemp/http://www.walletpop.com/blog/2009/11/09/we-shouldnt-be-talking-about-deficit-reduction-with-10-2-unemp/http://www.walletpop.com/blog/2009/11/09/we-shouldnt-be-talking-about-deficit-reduction-with-10-2-unemp/#commentsFiled under: ,

There's a potential disconnect between the Obama administration, the unemployment rate and the deficit, and I hope there's some sort of resolution or else you and I could be looking at high unemployment for some time to come -- not to mention a backslide on the greenshoots and economic growth we're beginning to see.

The unemployment rate jumped to 10.2% last month, the first time unemployment has breached 10% since 1983. While monthly job losses are significantly declining since early this year, 10.2% is still a scary threshold.

Continue reading We shouldn't be talking about deficit reduction with 10.2% unemployment


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]]>budget deficitBudgetDeficitdeficiteconomyjobspresident obamaPresidentObamaunemploymentunemployment rateBob CescaMon, 09 Nov 2009 17:00:00 ESTBank of Mom & Dad's Money Coach: The truth about debthttp://www.walletpop.com/blog/2009/11/06/bank-of-mom-and-dads-money-coach-the-truth-about-debt-hold-for-v/http://www.walletpop.com/blog/2009/11/06/bank-of-mom-and-dads-money-coach-the-truth-about-debt-hold-for-v/http://www.walletpop.com/blog/2009/11/06/bank-of-mom-and-dads-money-coach-the-truth-about-debt-hold-for-v/#commentsFiled under: , , , , , , ,

My task each week on SOAPnet's Bank of Mom and Dad is to provide young women with solid advice that will improve their messy financial lives. In return I've received quite the education on some of the reasons we, as a society and particularly women, overspend and compile debt.

Continue reading Bank of Mom & Dad's Money Coach: The truth about debt


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]]>The Bank of Mom and DadTheBankOfMomAndDadFarnoosh TorabiFri, 06 Nov 2009 18:15:00 ESTAsk the Dolans: Can my credit card company change the terms on account I have closed?http://www.walletpop.com/blog/2009/11/06/ask-the-dolans-can-my-credit-card-company-change-the-terms-on-a/http://www.walletpop.com/blog/2009/11/06/ask-the-dolans-can-my-credit-card-company-change-the-terms-on-a/http://www.walletpop.com/blog/2009/11/06/ask-the-dolans-can-my-credit-card-company-change-the-terms-on-a/#commentsFiled under: , , , ,

Ken and Daria Dolan, America's first family of personal finance, answer your questions every Friday.

Click here to ask Ken and Daria your question

Credit card companies are on a tear, raising rates, slashing credit lines, increasing minimum payments and closing accounts in advance of the new credit card legislation that will restrict their more outrageous behavior. Today, Ken and Daria Dolan of Dolans.com help a WalletPop reader decide if she has any recourse against her credit card company's latest trick.

Dear Ken and Daria,

We got a letter from our credit card saying they were changing the terms on our card. We still have a balance on the card, but we opted out and closed the account. They STILL upped the minimum payment required on our balance. Can they do that?

You'll find simple, proven solutions for managing your credit card debt at Dolans.com.


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]]>Ask the DolansAskTheDolanscredit card companiescredit cardsCreditCardCompaniesCreditCardsinterest ratesInterestRatesKen and Daria DolanFri, 06 Nov 2009 10:00:00 ESTRecession tales: Saving vs. spending a tough battlehttp://www.walletpop.com/blog/2009/11/05/recession-tales-saving-vs-spending-a-tough-battle/http://www.walletpop.com/blog/2009/11/05/recession-tales-saving-vs-spending-a-tough-battle/http://www.walletpop.com/blog/2009/11/05/recession-tales-saving-vs-spending-a-tough-battle/#commentsFiled under: , , , , ,

There's no doubt that the current downturn has changed people's spending habits.

Since the peak in housing wealth, homeowners lost more than $5 trillion in equity and 15 million homeowners own homes that are now underwater (worth less than they owe). Unemployment is hovering near 10% with no clear signs of falling.

Homeowners' previous piggy bank -- home equity -- is no longer available for spending. Even if people still hold a job, many are worried that their jobs are at risk and won't spend except for necessities.

People, afraid for their future also changed their savings habits. In the first quarter of 2008, before the recession took hold people saved about 1% of disposable income. By the second quarter of 2009 the savings rate soared to 5% of disposable income. But now that we appear to be near the end of the recession the savings rate dropped back to slightly above 3% in the third quarter of 2009, as people see the end of the recession in sight.

While economists now don't believe this recession will be as deep as the Great Depression, its depth and length will certainly change people's spending and savings habits for a long time to come.

Continue reading Recession tales: Saving vs. spending a tough battle


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]]>consumerscredit cardsCreditCardsrecessionsavingspendingLita EpsteinThu, 05 Nov 2009 09:00:00 ESTRecession tales: Forget housing as an ATMhttp://www.walletpop.com/blog/2009/11/02/recession-tales-forget-housing-as-an-atm/http://www.walletpop.com/blog/2009/11/02/recession-tales-forget-housing-as-an-atm/http://www.walletpop.com/blog/2009/11/02/recession-tales-forget-housing-as-an-atm/#commentsFiled under: , , ,

Will the American Dream of home ownership go the way of the myth that our streets were paved in gold?

Home ownership has long been a milestone rung on the ladder of success. Much as we use birthdays to measure our personal progress toward life goals, buying a home of your own has been the way we announce to the world that we have arrived.

Throwing in tax incentives like mortgage interest and property tax deductions just sweetened the pot. If you wanted to keep up with the Joneses, you added a bigger deck whether you needed one or not.

Continue reading Recession tales: Forget housing as an ATM


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]]>homehousinghousing marketHousingMarketrecessionAnn BrenoffMon, 02 Nov 2009 15:00:00 ESTCredit card addiction: How to spot the warning signs and break the habithttp://www.walletpop.com/blog/2009/11/02/credit-card-addiction-how-to-spot-the-warnings-signs-and-break/http://www.walletpop.com/blog/2009/11/02/credit-card-addiction-how-to-spot-the-warnings-signs-and-break/http://www.walletpop.com/blog/2009/11/02/credit-card-addiction-how-to-spot-the-warnings-signs-and-break/#commentsFiled under: , , , , ,

With more than $40,000 in credit card debt and more than 20 credit cards to her name, Diana Ryan didn't think she had a problem -- even though her husband had no idea just how many pieces of plastic she had tucked in her wallet. "It sounds cliche," Ryan says, "but I thought I could stop at any time."

But the lure of special offers and other card deals was much stronger than Ryan's willpower. "I couldn't say no when a cashier asked if I wanted to open a new card to get an instant in-store savings or receive a new promotion," she says.

Ryan represents a growing number of Americans who've passed the point of merely overspending and have entered into the realm of addiction. And, in doing so, they're maxing out a record number of credit cards.


Continue reading Credit card addiction: How to spot the warning signs and break the habit


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]]>credit cardcredit card debtcredit cardsCreditCardCreditCardDebtCreditCardsdebtdebt advicedebt collectiondebt collectorsDebtAdviceDebtCollectionDebtCollectorsdebtsshoppingstoreGina Roberts-GreyMon, 02 Nov 2009 06:00:00 ESTCredit card issuers in support of debt repayment programhttp://www.walletpop.com/blog/2009/10/31/credit-card-issuers-in-support-of-debt-repayment-program/http://www.walletpop.com/blog/2009/10/31/credit-card-issuers-in-support-of-debt-repayment-program/http://www.walletpop.com/blog/2009/10/31/credit-card-issuers-in-support-of-debt-repayment-program/#commentsFiled under: ,

The actions of credit card issuers have come under close scrutiny of late. In attempt to gain some positive press, 10 of the major credit card companies have announced changes in debt management plans allowing consumers the chance to lower payments and qualify for enhanced benefits in recognized credit counseling services programs.

This new tiered system qualifies consumers for special benefits they might not otherwise be able to tap into. Among the highlights: lower interest rates, waived late fees and minimum payments. The goal is to help consumers pay off their high-interest credit cards.

Continue reading Credit card issuers in support of debt repayment program


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]]>american expressAmericanExpressbank of americaBankOfAmericabankruptcyhsbcGina Roberts-GreySat, 31 Oct 2009 09:00:00 ESTWalletpop round-up: Worst credit cardshttp://www.walletpop.com/blog/2009/10/29/walletpop-round-up-worst-credit-cards/http://www.walletpop.com/blog/2009/10/29/walletpop-round-up-worst-credit-cards/http://www.walletpop.com/blog/2009/10/29/walletpop-round-up-worst-credit-cards/#commentsFiled under: , , ,

Break out the rotten tomatoes. This is Walletpop's roundup of the priciest, sneakiest and just plain lousiest credit-card deals out there. Trust us, there are a lot of cards floating around the bottom of the barrel, so it took a lot of effort to find the ones you probably want to avoid at all costs.

Interest rate: If your credit isn't stellar, you can be looking at paying 20% or more for the privilege of whipping out the plastic. (Even if you have great credit, some cards will be oh-so-happy to sock you with a rate of 15% or so.) For real sticker shock, we checked out co-branded store cards, which typically have higher rates. Case in point: The Gap Visa card has rates that start at 18.24%. That could tack quite a bit onto the price of that pair of khakis. We also looked into the Best Buy Reward Zone MasterCard, issued by HSBC, but they won't even give users information about interest rates until they actually apply! Thanks, HSBC; you've forced us to leave it to our imagination, and what we're imagining is pretty scary.

Annual fee: To be fair, several American Express cards made our best list, but we've got a worstie here, too. With a whopping $5,000 initiation fee plus a $2,500 annual fee, the American Express Centurion Card wins this one, hands down. Luckily, this card is issued by invitation only, so you'll probably never be faced with the agonizing decision of whether or not to drop the price of a cheap used car every single year for the privilege of using this card. For that reason, we're nominating a second worstie in this category: the Visa Black Card issued by Barclays. It's got an annual fee of "only" $495 and an APR of 13.24% -- a higher rate by several percentage points than our best pick.

Continue reading Walletpop round-up: Worst credit cards


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]]>creditfeaturedGap branded credit cardGapBrandedCreditCardHSBCworst credit cardsWorstCreditCardsMartha C. WhiteThu, 29 Oct 2009 18:45:00 ESTThe for-profit college student loan nightmarehttp://www.walletpop.com/blog/2009/10/29/the-for-profit-college-student-loan-nightmare/http://www.walletpop.com/blog/2009/10/29/the-for-profit-college-student-loan-nightmare/http://www.walletpop.com/blog/2009/10/29/the-for-profit-college-student-loan-nightmare/#commentsFiled under: , ,

Over at Washington Monthly, Stephen Burd takes an extended look at one of the biggest -- and least reported on -- financial crises facing young people: unethical for-profit college foisting massive debt loads on their students. These debt loads often carry exorbitant interest rates and lack any consumer protections whatsoever.

The stories Burd tells are egregious: Slick, misleading advertising luring prospective suckers students into meetings with admissions officers -- glorified salespeople straight out of Glengarry Glen Ross. The admissions people then lie to students about the benefits of the program, and sign them up for high-interest student loans without explaining the terms.

Continue reading The for-profit college student loan nightmare


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]]>CollegesFor-Profit CollegesFor-profitCollegesStudent LoansStudentLoansZac BissonnetteThu, 29 Oct 2009 14:30:00 EST