For the past 60 years, Americans have been impacted by the vicious cycle of credit cards. Now there is a new kid on the block.
"Buy Now, Pay Later" (“BNPL”) has taken the personal finance arena by storm. The number of Americans who have used the lending model, which is highly popular in Australia, has increased 300% every year since 2018, according to Bloomberg.
BNPL companies like Afterpay, Klarna and Affirm claim that the model is financially inclusive to people who can't access traditional forms of credit. Consumer Finance Advocates argue the model is under-regulated and poses risks to consumers. If this sector continues to grow, ...
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Senate Passes Bill Providing for Free Credit Freezes – Possible Expansion of VantageScore
The Senate has passed a bill that would roll back some banking regulations. Indirectly, the bill addresses Equifax’s historic data breach in which Social Security numbers and other personal data of 150 million people were exposed — a number that comprises well over half the U.S.’s adult population.
Though Sens. Mark Warner (D-Virg.) and Elizabeth Warren (D-Mass.) had put forth a bill in January that would hold credit reporting agencies responsible for breaches, it did not progress and Congress had failed to issue a legislative response to the Equifax breach.
In a move meant to benefit consumers, the new Senate bill, which was introduced ...
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Internet Fraud – Beware When You Are Online
Scam artists are always looking for new ways to use the latest technology in hardware and software in order to trick unsuspecting users into providing them with their personal identity or money or both. One venue that appears to be most attractive is social networking, especially Facebook.
Share and Win
Have you ever seen a post that says “Bill Gates will send you $50 if you share this post”? This is nonsense! Microsoft and all the other big companies that are being exploited will never place such an offer on Facebook or an other social medium.
Please ‘Friend’ Me
Other fraudulent claims are a little more sophisticated. One user, we will ...
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