An estimated two-thirds of baby boomer households will receive an inheritance at some point, with a median amount of $64,000, according to an AARP study. I recently received an email from a reader who has fallen deeply into debt in anticipation of her legacy -- and is now worried that her bailout may not be at hand.
The Federal Trade Commission's telemarketing rules aim to protect consumers from debt-settlement companies that charge upfront fees or overpromise results. But some companies already have found ways to get around those rules, consumer groups warn.
Many Americans are desperate to relieve their debt burdens. Here are some good options for whipping your debt into a manageable condition.
Next month, debt settlement firms will no longer be able to collect advance fees from consumers seeking to escape their credit card debts. In the meantime, unlucky debtors are reporting losses as the firms begin to go belly up, taking their fees and deposits with them.
Consumers are being warned to exercise extreme caution in dealing with companies that offer to reduce credit card debts. Many of those companies will go out of business soon following a change in FTC rules -- and take millions in fees with them.
Business is booming for companies that reap profits from the growing number of Americans with their backs to the financial wall. Former New York Times reporter Gary Rivlin's new book Broke, USA dives into the world of pawnshops, payday lenders and the rest of the "poverty business."
