Credit and Debt Blog

Calls for members of Congress to limit oil speculation may cause the bubble to burst in oil markets. The reason is that it could shut out buyers of oil commodities that do not actually intend to receive delivery of oil. If Congress passes such a limit, it could cause price drops of $1 or more [...]

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The Internal Revenue Service announced that the mileage deduction will increase from 50.5 to 58.5 cents beginning July 1, 2008. This increase is an adjustment to “better reflect the real cost of operating an automobile,” according to IRS Commissioner Doug Shulman.

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Hundreds of mortgage professionals have been arrested within the past week, with most arrests occurring Wednesday, June 18. According to the FBI, there may be as many as 1,400 additional investigations, which could lead to many more arrests for fraud.

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The Federal Trade Commission has scheduled a workshop to examine the proliferation of debt settlement companies that promise debt relief but rarely help consumers improve their financial situation. The FTC wants to see what impact these for-profit companies have on debtors and on the businesses they owe money to.

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Debt settlement sure sounds good when you are getting collection calls. Imagine, you can make much smaller payments to a debt settlement company and they will help you pay cents on the dollar and avoid judgments. This is the pitch, but if you fall for it, you will really feel the sting!

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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was implemented to reduce consumer bankruptcy filings. Apparently, it worked.

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