| Volume 141 Number 94 |
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The People’s Lawyer’s Tip of the Day
It’s Valentine’s Day and love is in the air. You may think you spend a lot on flowers or chocolate, but losing money in a romance scam would cost you even more. Not sure what a romance scam is? Click here for more.
More than 7 million consumers are delinquent on their car loans
The price of new cars has hit record highs in recent months. So has the number of consumers who are 90 days delinquent on their car loans. A new report from the New York Federal Reserve Bank shows more than 7 million consumers were 90 days behind on their car payments at the end of 2018. That’s at least a million more than in 2010 when the economy was struggling to overcome the financial crisis. Fed analysts say the rise in delinquencies suggests a sizable portion of consumers haven’t benefited all that much from the economic recovery. Click here for more.
Your Money
The amount of your Social Security payments depends on your earnings history and the age you sign up for benefits. Try these strategies to maximize your payments: Click here for more.
For the Lawyers
CFPB to eliminate consumer protections in payday lending rule. In 2017, the Consumer Financial Protection Bureau issued a rule to protect borrowers from payday lending practices that harmed consumers. Under the rule, set to take effect in August, payday lenders would be required to take several steps to ensure borrowers can afford the loans they are being offered. The new proposal would rescind these requirements and delay the rule’s implementation until 2020.The proposal eliminates several important protections that the CFPB earlier adopted to prevent industry practices from trapping low-income people in cycles of debt. Click here for more.