CFPB Report on Student Loan Debt Highlights Challenges for Older Consumers

In May 2015, the Consumer Financial Protection Bureau launched an inquiry into student loan servicing practices. In light of the increasing number of older Americans paying back student loan debt, they asked to hear about how it’s affecting older consumers.

The CFPB received over 30,000 public comments in response to our inquiry, including a number of comments . . . → Read More: CFPB Report on Student Loan Debt Highlights Challenges for Older Consumers

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CFPB: Snapshot of Older Americans and Mortgage Debt

CFPB: Snapshot of Older Americans and Mortgage Debt

The CFPB has been tracking the increasing levels of debt among older Americans. Today, older homeowners are carrying more mortgage debt than ever before. For many of the roughly 4.4 million retired homeowners with mortgages, making monthly mortgage payments on a fixed income on top of other monthly expenses is . . . → Read More: CFPB: Snapshot of Older Americans and Mortgage Debt

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Confused About Credit? Get Answers Here. NFCC and USA Today Partner to Host Weekly Twitter Chats

 

Confused About Credit? Get Answers Here.

Hey, Millennials, ever wondered what a credit score means and why it matters? Or how your significant other’s finances could affect your future together? What about protecting yourself from fraud? And do we really need to worry about retirement in our twenties?

The NFCC and USA Today have . . . → Read More: Confused About Credit? Get Answers Here. NFCC and USA Today Partner to Host Weekly Twitter Chats

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Older Americans Month Guest Blog: The State of Older Americans and Savings

The State of Older Americans and Savings

Older Americans Month – May

By Katie Bryan, America Saves Communications Manager

The numbers are shocking.

• In 2012, the average credit card debt among adults aged 65+ was $9,283 (Demos).

• One-third of senior households has no money left over each month or is in debt after meeting essential expenses (Institute on . . . → Read More: Older Americans Month Guest Blog: The State of Older Americans and Savings

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Workshop in San Francisco – Understanding the Life Cycle of Debt

Understanding the Life Cycle of Debt

The SF Smart Money Network (SF-SMN) will be hosting a professional development workshop on Debt Management and Understanding the Life Cycle of Debt.  Many consumers find themselves trapped in a cycle of debt and don’t know what options exist or what resources they can trust to get back on track.  We . . . → Read More: Workshop in San Francisco – Understanding the Life Cycle of Debt

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Webinar: Innovations in Paying Down Debt: Lessons from Borrow Less Tomorrow (BoLT)

Register Today for Innovations in Paying Down Debt: Lessons from Borrow Less Tomorrow (BoLT)
Tuesday, January 17, 1-2 p.m. EST (10:00 am in California)

CFED and NeighborWorks America will discuss the Borrow Less Tomorrow (BoLT) Program, a behavioral approach to helping low- and middle-income individuals and families pay down expensive debt. Using principles of behavioral economics, the BoLT Program . . . → Read More: Webinar: Innovations in Paying Down Debt: Lessons from Borrow Less Tomorrow (BoLT)

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Know Before You Owe – CFPB

The CFPB as part of their efforts to help college students know how much they will owe to attend specific colleges and help schools improve the information they present to prospective students and their families, has developed a draft financial aid shopping sheet and are requesting comments. See yesterday’s CAFLM Blog or go to the CFPB Web . . . → Read More: Know Before You Owe – CFPB

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Comment on the CFPB’s Financial Aid Shopping Sheet

The CFPB has prepared a financial aid shopping sheet, a “thought starter” as they describe it – an example (not a proposal) of how schools might improve the information they present to prospective students and their families. They want to know what we think about it.

See the CFPB’s shopping sheet (Adobe PDF)

Now ask yourself:

What do you like about it?

What . . . → Read More: Comment on the CFPB’s Financial Aid Shopping Sheet

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Co-signing on campus? – CFPB Blog

The following was posted to the CFPB Blog recently and has great information about credit and the issue of co-signers and co-signing, written specifically for college students.

Co-signing on campus?

Credit card issuers and private student lenders have long had a presence at America’s colleges and universities. In fact, there are more than 1,000 special marketing agreements between credit . . . → Read More: Co-signing on campus? – CFPB Blog

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