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Category: Debt

Not buying things you don’t have the money for might seem like Personal Finance 101, but our modern world often depends on taking on debt. At some point in life, most people take out a loan, whether it be for a small business, college, or a new home. Debt can be a force for good as long as you pay it back reliably, raising your credit score.

There is however, a dark side to debt. Sometimes, you have to take on debt unexpectedly for situations outside of your control, and that can quickly escalate if you aren’t prepared. Worse, there are people who prey on others’ debt for their own profit. You don’t want to fall prey to this side of debt, but it can be difficult to know where the line is. Educate yourself on how to responsibly take on new debt and pay off existing accounts.

What Is Debt Service Coverage Ratio, and Why Is it Important?

An image of a tablet displaying debt graphs.

Debt service coverage ratio (DSCR), sometimes known as debt coverage ratio, measures the income of an individual investor or business and compares it to their total debt. Lenders look at this ratio when they want to see if a business loan applicant has enough income to pay back the money that they borrow plus interest. […]

What Are Truth in Lending Act (TILA) Disclosures and Do They Work?

A consumer closely examines information about a loan.

The Truth in Lending Act (TILA) is a federal financial regulation intended to protect consumers against potentially exploitative practices by lenders. It requires lenders to be open and clear about the costs associated with a loan/debt, and gives consumers tools to fight back when struggling with significant debt or violations of their rights by lenders. […]

The Gramm-Leach-Bliley Act Privacy Rule: Requirements and Compliance

The Privacy Rule regulates how financial institutions can handle your personal information.

In 1999 the United States Congress passed the Gramm-Leach-Bliley Act (GLBA). Among other things, this act set forth requirements for financial institutions relating to the use and sharing of consumers’ personal information. Since its passage through congress, the provisions stipulated in the bill have been enforced by a number of government agencies, including the Consumer […]

UDAAP and the CFPB Regulations

Gavel sits atop a book full of government regulations.

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Inspired by the subprime mortgage crisis of the early 2000s, and the global financial crisis of 2008, Dodd-Frank aimed to put in place new regulations and entities for the financial sector of the U.S. economy. Among these are the Consumer Financial Protection […]

Civil Judgements, Credit, and Debt: What Happens When You Get Sued Over Debt

A statue of Lady Justice against the sky.

Let’s say, you haven’t paid your bills. It may have been so long since you were billed, you forgot they exist. Or, maybe you have had money problems. In any case, it’s now bad enough that the creditor has sued you. Either you didn’t answer the summons, perhaps out of fear, or you showed up […]