In the News July 5, 2017

Here is recent news that caught my attention:
        Personal finances are not about your Academic IQ, they are about your Financial IQ, and we all have to work to increase our Financial IQs. It is not like osmosis, it doesn’t just happen. It takes some time and effort. Take classes; read books, articles, and columns. Talk with friends or family members who seem to have it together when it comes to their finances. Way back in 2005, bankruptcy judge John Ninfo wrote, the “Top 20 Mistakes Made by People Who Have Filed for Bankruptcy”.  The principles still hold true today.
FTC Halts Operation That Unlawfully Shared and Sold Consumers’ Sensitive Data
        This is a lead generation firm that earned millions by falsely promising to match consumers with low-rate loans.  A few minutes ago I googled “debt relief”, and it returned 5,470,000 results in about ½ second.  From past experience I suspect that, of these more than five million results, only a handful of them are legitimate companies; most are for debt settlement or are merely lead generators..  For more information see the FTC’s Choosing a Credit Counselor that describes options such as debt management programs, bankruptcy, and debt settlement.  For people who are knee deep in debt, I can only recommend a NFCC agency.  See the June 26th Credit Counseling announcement for more information.

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