Number of Mortgages in Forbearance Spikes During COVID-19 Pandemic

There has been a sharp spike in the number of mortgages in forbearance as the COVID-19 pandemic drags on, according to the Mortgage Bankers Association. New data released by the MBA shows that the total number of loans now in forbearance increased from 7.54% of servicers’ portfolio volume in the prior week to 7.91% as […]

Look Out for Credit Card Scams Using Text Messages

A new credit card scam has surfaced in which you might receive a text message saying your credit or debit card has been locked. Don’t believe it. The scam has surfaced in Louisiana, but if it’s there, it could pop up anywhere. Television station WVLT reports that the scam is under investigation by the Assumption […]

It’s Not Necessary to Have a Perfect Credit Score

While having a credit score of 850 is nice for bragging rights, it’s not really necessary to get the best deals on mortgages and other credit. CNBC reports that, according to experts in the field, a credit score of 760 is just as good as a score of 850 for most consumers. John Ulzheimer, formerly […]

When to Apply for a New Credit Card

This may be a good time for consumers to apply for a new credit card despite the economic downturn due to Coronavirus. CNBC reports that new applications for credit cards fell by 40 percent from the first week in March. A Consumer Financial Protection Bureau report examining the effects of the COVID-19 pandemic found that […]

Education Secretary DeVos Sued Over Wage Garnishment

A woman in New York has filed a class-action lawsuit against the federal Department of Education and Education Secretary Betsy DeVos over the garnishment of wages to pay back federal student loans. Politico reports that plaintiff Elizabeth Barber “on behalf of herself and all others similarly situated”, has sued DeVos and the department for continuing […]