| Volume 142 Number 70 |
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The People’s Lawyer’s Tip of the Day
If you have student loan debt, a program that promises to reduce or erase it might sound like just what you need. But some of these programs just take lots of your money and give you no help — or do only what you could have done easily by yourself. Click here for more.
Many consumers have nearly $30,000 in personal debt, study shows
A new report on consumer debt is the latest evidence to show that credit card debt continues to outpace all other financial obligations, except for mortgages. The Northwestern Mutual 2019 Planning & Progress Study shows adults 18 and older are carrying personal debt, exclusive of mortgages, of $29,800. On average, consumers are spending one-third of their monthly income on debt service. Even though student loan debt receives a lot of attention, the study finds that credit card debt is as prevalent as mortgage debt, though there is a world of difference between the two types of loans. When it comes to millennials, this generation cites credit cards as its main source of debt. Meanwhile, older Gen Xers say student loans make up their biggest source of debt. Click here for more.
Your Money
You don't have to be rich to learn how to invest in stocks. Only 55% of Americans invest in the stock market in 2019. That’s down from 63% of Americans who were invested in stocks directly (through equities), or indirectly (ETFs, mutual funds or retirement savings accounts) in 2004. Of those who invest, some people enlist the help of a financial advisor who makes a lot of the necessary investment decisions for them. But not everyone has the time, money and faith needed to use a financial advisor. The good news? Investing in the stock market has a lower barrier to entry than ever before. Here’s a brief breakdown of how to invest in stocks for beginners. Click here for more.
For the Lawyers
Debt collector hit with $267m in damages. A California federal judge has entered a $267 million judgment against a debt collection agency that a jury had found liable for blasting consumers with more than 534,000 unsolicited robocalls. The final judgment came after a May jury trial that concluded with a verdict in favor of plaintiff Ignacio Perez and a class of consumers. The suit accused debt collector Rash Curtis & Associates of violating the Telephone Consumer Protection Act by calling their phones using various automated dialers and without their prior express consent. The jury found that Rash Curtis had made more than 501,000 calls to class members with its Global Connect dialer, nearly 2,600 calls using a VIC dialer and more than 31,000 calls using a TCN dialer. The company also made 14 unwanted calls to Perez using the Global Connect dialer and an artificial or prerecorded voice, the jury concluded. The judge ruled that, consistent with the jury's verdict, each member of the class should recover $500 per call from Rash Curtis, for an aggregate award in favor of the class of $267 million. The judge separately awarded Perez $7,000 for the calls the jury found he received in violation of the TCPA. McMillion et al. v. Rash Curtis & Associates, case number 4:16-cv-03396, in the U.S. District Court for the Northern District of California. Click here for more.