Learning a lesson the hard way — I write a lot about consumer protection — about the mainstream businesses that harm consumers through nefarious practices. However, there’s still the threat from the good, old-fashioned scam. A story from Orrin Onken about some Birkenstocks that never arrived offers some key lessons in how to avoid being scammed. I’m a Tech-savvy Know-it-all Lawyer and I Fell for the Online Birkenstock Scam Because I wanted it to be true.medium.com

The weather’s cooling off, but those triple-digit interest rates still burn — Just. Don’t. Do it. Maybe you feel like you need some extra cash just because the season changed to fall. Or, you’re in a car near a mountain and think: “High-interest cash would make this trip better.” Well, you’re wrong. You don’t need an extra cash advance from a cartoon…

But here we are — Medical debt is gross. It is clear evidence that in American capitalism, profit beats people every time. Insurance companies are the biggest winners in our healthcare system. But other profiteers are eager to get their hands on cash from people unlucky enough to fall ill or face a medical emergency. …

Crimes against consumers are low-risk, high reward — What happens when hundreds of thousands of consumers lose nearly $200 million in an illegal financing scheme? According to a cursory glance at consumer finance news, not much in the way of penalties for the wrongdoer. When a company that provides lease-purchase financing to customers of retailers like Sears and…

Sure, it sounds good, but is it worth it? — Here’s a tweet from credit repair giant Lexington Law, one of the largest credit repair firms in the country: They do a nice job of enumerating your rights when it comes to inaccurate information on your report. Of course, as a credit repair company, they’d also like your business. …

Banking giant continues to pay settlements for taking customer cash — Wells Fargo must like paying out settlements and fines for taking money from customers. And customers must not mind too much, because Wells is one of America’s five largest banks. Here’s the latest incidence of wrongdoing: Wells Fargo has agreed to pay a $35 million civil penalty to settle U.S…

Here’s some advice: Don’t borrow from a bear charging triple-digit interest rates — Our friends at the Dave App just want to help you out. You know, by offering you a cash advance to cover expenses, like back-to-school needs. Not only will Dave give you a cash advance, but the app also has some tips for getting the most out of your high-cost…

These predators will eat your lunch and more — Turns out, there are some new bullies seeking to take more than just your lunch when you head back to school. Fintech payday predators are out in force, encouraging families to use app-based loans to manage back-to-school costs. The ad above from Dave is one example. And it sounds so…

Disabled cars and illegal repos await victims of auto lending loan sharks — Reliable transportation is an essential element of American life. Sure, in some cities there is access to adequate public transit, but many Americans rely on personal vehicles to get to work and conduct the business necessary for their daily lives. Of course, cars can be expensive and though they can…

Lenders employ deceptive practices, aggressive (and illegal) collection techniques — A new report reveals that auto loans and medical debt can be danger zones for consumers in the financial marketplace. Report Highlights Unfair, Deceptive Practices in Consumer Lending | Advocate Andy | NewsBreak… Auto lenders, payday loans, and medical debt carry significant consumer risk. The Consumer Financial Protection Bureau…original.newsbreak.com

Big bank to pay $100 million to harmed consumers — America’s second-largest bank is no stranger to getting caught harming consumers. Since 2014, Bank of America has paid more than $1 billion in fines and penalties for various forms of malfeasance. Most recently, the company was ordered to pay $250 million for schemes that included “double-dipping” on overdraft fees and…

A week of consumer finance news — While some surprises can be welcome, the type of surprise that leaves you with a negative mark on your credit report and an overdraft fee in your bank account is not one of them. However, more and more consumers are using short-term, installment loans to pay for basics like groceries. Hungry for Debt? Debt trap danger lurks at the grocery checkoutadvocateandy.medium.com

Debt trap danger lurks at the grocery checkout — $17 trillion. That’s the current total of debt held by Americans — a new record! We’re always winning! That total includes a staggering $1 trillion in credit card debt. While inflation has led to soaring corporate profits — or, maybe the profit padding is part of the inflationary problem —…

Bank of America to pay $250 million fine — but no one will go to jail — It’s another day. Why not another scandal involving one of America’s largest banks? It seems Bank of America was double-dipping on overdraft fees and opening new accounts without customer permission. Now, they will be fined and have to repay customers. But that’s it. No BofA execs will face jail time…

Lender sets up gambling game to encourage borrowing — The Dave App’s cartoon bear is no stranger to using games of chance to encourage risky borrowing. Gambling with a Cartoon Bear How the Dave App entices borrowers to go further into debtadvocateandy.medium.com In the latest promotional email from the app-based lender, borrowers can be entered for a chance to win a cool $2000 in the heat of the summer.

A week of consumer finance news — The consumer finance marketplace can be full of traps and risks. And then, there are the places where there aren’t even banks, which creates a whole different set of challenges. Here’s more on the challenges of living in a banking desert — a problem that impacts many in the rural…

This week in consumer finance news — Payday loans bring pain and a new study reveals just how much: $3 billion extracted from low-wealth communities: Report: Payday and Car Title Loans Drain $3 Billion a Year from Low-Wealth Communities | Advocate… Triple-digit interest rates and car repossessions result in financial pain for borrowers. The Center for Responsible…original.newsbreak.com And if you think payday loans are painful, check out the pain caused by Phoenix Financial collecting on medical debt that wasn’t owed — and ruining consumer credit in the process:

Collecting on debts not even owed — Getting a call from a debt collector is no fun. It’s even worse if that collector is attempting to collect on a debt you don’t owe. That’s what happened to thousands of individuals thanks to Phoenix Financial Services. This case is particularly insidious because it involves medical debt. Toledo Takes on Medical Debt City passes plan that could help as many as 41,000 residents facing collectionsadvocateandy.medium.com

Installment lender defrauded 25,000 customers — A short-term installment loan can sometimes be a lifesaver. Or it can seem that way. You need some cash for an unexpected expense — not just a relatively small payday loan, but a few thousand dollars. Maybe your credit isn’t great, but you have reliable income and just need some…

Junk fees represent a multibillion-dollar profit center for banking industry — Consumers are on the verge of a huge win against the powerful banking industry as the Consumer Financial Protection Bureau (CFPB) has announced a new rule that would cap credit card late fees at $8. Companies currently charge people as much as $41 for each missed payment, and these fees…