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'Payday loan' chains look to expand Maine presence
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Some of the nation's largest chains want to increase their presence in Maine. They have asked state lawmakers to rewrite regulations for so-called payday loans, a lucrative and controversial lending practice.
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BANKRUPTCY: Sensible changes
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Under the proposed law, bankruptcy judges would have less discretion to determine how much debt a consumer could wipe out. Instead, a formula would be used, the Post reported.
The proposed law also includes a requirement for credit counseling, though the method of imple- mentation needs to be studied.
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Bankruptcy Bill could spell doom for many consumers
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Consumer groups and many bankruptcy trustees say approximately two-thirds of consumers now in Chapter 13 fail, mostly because, like Sullivan, they live paycheck to paycheck with little ability to survive a downturn such as a cut in pay or a sudden medical expense. Putting more debtors into Chapter 13 is simply asking for more failures, they say.
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States consider laws to stop Identity Theft
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State legislators around the country think they have found a better answer: a credit report 'security freeze.' Put simply, a freeze would lock down a consumer's credit report, preventing anyone -- including the legitimate consumer -- from instantly opening new credit cards or taking out loans.
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More taxpayers whip out the credit cards
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The Internal Revenue Service said it received 950,715 credit card and debit card payments in 2004, triple the volume of 2002. An additional 834,000 payments last year were automatically transferred from checking or savings accounts, the IRS said.
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Pass bankruptcy bill, but remember debtors
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The bankruptcy bill would make it more difficult for debtors to wipe their slate clean through a Chapter 7 bankruptcy filing, and many of the 1.6 million Americans who file for bankruptcy every year would be forced to file under Chapter 13, which requires a partial repayment to creditors.
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Credit counselors see more elderly drowning in credit card debt
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More and more senior citizens and aging baby boomers are accruing higher credit card debt, a trend that is expected to continue as retirement funds fall short and the cost of prescription drugs goes up.
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Bankruptcy Reform And You
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Over the past several years, Congress, with heavy support from the banking and credit card industry, has considered legislation that would make it harder for consumers to file for Chapter 7 bankruptcy, a form of bankruptcy where debtors get to walk away from debts and creditors get little, if any, repayments. Until recently, such legislation stalled each time it was introduced.
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Senate bankrupting the bankruptcy law
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The Bush administration's proposal erodes government protection for ordinary citizens against misfortune, while protecting big business from the consequences of its own actions.
The banks and credit card companies that helped shape this bill have been trying to see it become law for seven years. President Clinton vetoed it once. Having cleared the Senate, the bill is expected to pass in the House this week.
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Bankruptcy bill could benefit unscrupulous advisory firms
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The safety net is that the bankruptcy trustees and courts themselves are going to have an approved list of nonprofit credit counseling agencies: an industry recently frought with allegations of abuse.
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Credit card companies big winners in bankruptcy reform
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Everyone who could, which means pretty much every home owner, has increased their mortgage and paid off their more expensive credit card debt. The worrying conclusion? That $801 billion is now owed largely by people who have few, if any, assets.
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Senate OKs tougher bankruptcy rules
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If the measure becomes law as expected, many Americans who file for bankruptcy protection against their creditors will be unable to wipe out medical bills, credit card debt, automobile loans and other debt as they can do now. The bill would set up a complex means test to determine whether bankruptcy filers would be able to entirely dissolve their debt.
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