She told us that some debt relief companies promise to save borrowers thousands of dollars on their student loan debt — an offer that sounds too good to be true. Borrowers sometimes think the quickest way to deal with student loan debt is to pay someone to contact their creditors. When it comes to federal …
When a credit card payment is due and you don’t have enough money, your next move is critical to your financial well-being. From updating your budget to evaluating debt repayment options, creating a plan early can control costs and prevent a drop in your credit score. Here are some steps that might prevent the situation …
Over the past few years, many Americans have refinanced to get lower market interest rates, saving money on their monthly mortgage and other loan payments. Unfortunately, with few refinancing options, many student loan borrowers tell us they still feel stuck with high interest rates after they graduate and find a job. With many borrowers unable …
If you currently pay full price at the pump, you may be missing out on opportunities to increase your home savings. That’s because many rewards credit cards offer bonus points when used at the pump. If used correctly, these rewards are like a discount on every gallon of gas you buy. And with the average …
J. Crew clothing is expensive, so if you’re a fan of the brand, it makes sense to find ways to save money. The J. Crew credit card wants to save you money, but the reality is that other credit cards may save you more. The J. Crew credit card, issued by Synchrony Bank, has a …
Today, we filed a report detailing complaints about default practices in the private student loan industry, where borrowers default even when their credit is good, and we remind consumers that they can avoid unexpected defaults by monitoring their co-signer’s releases. Today, most private student loans have a co-signer (usually a parent or grandparent). Having a …
Every year, the CFPB hears from thousands of student loan consumers who report a range of problems with their student loan servicers. Student loan servicers are the companies to which you submit your student loan payments each month. Many of you report a range of servicing problems that can be caused by incomplete, inaccurate, or …
The Servicemembers Civil Relief Act (SCRA) has been amended to make it easier to terminate residential and automobile leases without penalty. Servicemembers, veterans, and their families should also be aware to do their due diligence before waiving their SCRA rights. Failure to do so could have serious consequences! What is SCRA The SCRA provides additional …
Today, we joined other federal and state partners in filing a lawsuit alleging that mortgage rescue scammers illegally defrauded consumers of $25 million in down payments. This reminds us how important it is to track down scammers who try to take advantage of people who need help avoiding fraud. Federal law prohibits a law firm …
Recently, many student loan borrowers have complained to the Consumer Financial Protection Bureau (CFPB) about companies that promise hundreds or thousands of dollars in fee relief or deferrals. Borrowers believe they are talking to a servicer or company authorized by the Department of Education because they often know private information about the borrower, such as …