Staff Writer

Bill Fay

Bill “No Pay” Fay has lived a meager financial existence his entire life. He started writing/bragging about it in 2012, helping birth Debt.org into existence as the site’s original “Frugal Man.” Prior to that, he spent more than 30 years covering the high finance world of college and professional sports for major publications, including the Associated Press, New York Times and Sports Illustrated. His interest in sports has waned some, but he is as passionate as ever about not reaching for his wallet.

Credit Card Illustration

Credit Cards

By Bill Fay | December 7, 2012

At its base, card ownership is a limited personal loan to you, whenever you need it. Keep a credit card in your pocket and you have the ability to make…

Child support agreement form on judges desk next to glasses and gavel

Child Support

By Bill Fay | November 16, 2012

Child support is a legal obligation that a biological parent has for providing for the basic living expenses of a child: food, clothing, shelter, health care and education. It is…

The Fair Credit Reporting Act (FCRA) is a federal law created to protect consumers and their personal financial information

Fair Credit Reporting Act

By Bill Fay | November 9, 2012

Are you worried about identity theft and someone ruining your good credit name? The Fair Credit Reporting Act was designed to ease your fears. The Fair Credit Reporting Act (FCRA)…

3D Model of letters "FTC" with a gavel behind them

Federal Trade Commission Act

By Bill Fay | November 9, 2012

The Federal Trade Commission, launched in March 1915, was created in response to a groundswell of public concern that followed separate U.S. Supreme Court antitrust rulings against Standard Oil and…

Photo of model bride and groom arm in arm walking on pile of change with groom tipping his hat

How to Avoid Going into Debt for a Wedding

By Bill Fay | November 8, 2012

Weddings are significant and important milestones in every society and culture. They celebrate and solemnize the marriage vows that unite a couple, and often their families, in many different ways…

Younger stressed couple discussing relationship issues on sofa

Bringing Debt into a Marriage

By Bill Fay | November 8, 2012

Marriage is an intricate arrangement. Two separate individuals decide to join together to form a new institution – the married couple. Each person brings the totality of his or her…

2023 Infographic full of charts, graphs and data to understand the demographics of finances

Demographics of Debt

By Bill Fay | November 7, 2012

The famed patriot Patrick Henry proclaimed “Give me liberty … or give me death!” at America’s founding. As the country emerges from the COVID-19 pandemic, Americans’ motto has changed to…

What to do and how to avoid predatory lending

What Is Predatory Lending?

By Bill Fay | November 7, 2012

“Predators” in nature are defined as animals that prey on others, like wolves eating rabbits. Unfortunately, there are a lot of wolves in the lending business. Predatory lenders don’t care…

Military husband in uniform being hugged by his spouse holding a mini American flag

How Military Spouses Deal with Benefits and Debt

By Bill Fay | November 7, 2012

Military spouses and dependents share in the benefits earned by service members and that often includes the pressure and stress that comes with trying to collect those benefits. Military spouses…

What to do With Retirement Accounts After Death

What to do With Retirement Accounts After Death

By Bill Fay | November 7, 2012

The U.S. government created retirement accounts as investment vehicles for people so they could save more of their income to pay for their lives after they stop working. These savings accounts…

U.S. Unemployment

By Bill Fay | November 7, 2012

The Employment Report put out monthly by the U.S. Bureau of Labor Statistics (BLS) is one of the most-watched indicators of the state of the United States economy, headed by…

Stressed senior Asian couple looking over papers, calculator and laptop to pay bills

Avoid Debt as a Senior

By Bill Fay | September 27, 2012

Before the creation of the nation’s Social Security system in the 1930s, 75 percent of American senior citizens lived in poverty. Today, thanks to Social Security, workers’ pensions and retirement…

3D Render of puzzle like U.S model with weight on top labeled "DEBT"

Learn About the National Debt

By Bill Fay | September 27, 2012

When a government or organization spends more money than it has available, a deficit is created. In some cases, a government may borrow money to fill the deficit. This borrowing…

Photo of amount financed detail of the standard federal truth in lending section on an automobile purchase form

What Is the Truth in Lending Act (TILA)?

By Bill Fay | September 26, 2012

There has always been a lot of lending in the United States. There hasn’t always been a lot of truth. Lenders could obscure information on interest rates, finance charges and other…

Illustration of types of Ecommerce on different platforms

Electronic Fund Transfer Act

By Bill Fay | September 26, 2012

In 1979, the Electronic Fund Transfer Act (EFTA), also known as Regulation E, was implemented to protect consumers when they use electronic means to manage their finances. Electronic fund transfers…

How do small businesses handle their debt?

How to Deal with Small Business Debt

By Bill Fay | September 26, 2012

Businesses, like individuals, sometimes suffer from too much debt. Taking on the right amount of debt – and at the right time – can mean the difference between a business…

Photo of downtown Detroit, Michigan, USA skyline near sunset

Debt Relief Options in Michigan

By Bill Fay | September 20, 2012

Debt Relief Programs in Michigan For the residents of the Great Lake State there are a number of different banks, credit unions, online lenders, and debt-relief companies (for profit and…

Small Business Administration

By Bill Fay | September 12, 2012

The U.S. Small Business Administration (SBA) was created by Congress in 1953 as an independent agency of the federal government. Its function, as articulated in its mission statement is to…

Photo of Richmond, Virginia, USA downtown skyline on the James River

Debt Relief Options in Virginia

By Bill Fay | September 12, 2012

Debt Relief Programs in Virginia If you need debt relief in Virginia, credit counseling agencies (nonprofit and for-profit), banks, credit unions and online lenders specialize in helping consumers pay off…

Debt Relief Options in Ohio

By Bill Fay | September 10, 2012

Debt Relief Programs in Ohio Several options exist to provide relief for those burdened by debt in Ohio. Credit counseling agencies (nonprofit and for-profit), banks, credit unions, online lenders and…

Chalkboard with guide on how to survive inflation

How to Survive Inflation

By Bill Fay | July 22, 2022

With a nod to Mark Twain, inflation has replaced the weather as the thing everyone talks about it, but nobody seems to do anything about it. Until now. Not that…

Employee resigning from his job

The Great Resignation: Why Is It Happening?

By Bill Fay | February 8, 2022

America has turned into a nation of quitters, though that’s not necessarily a bad thing. Spurred by the COVID pandemic, millions of people have joined “The Great Resignation” that’s happening…

Man handing refund of cash

How to Get a Refund on Your Student Loan Payments During COVID-19

By Bill Fay | May 3, 2021

The rules governing repayment of federal student loans contain so many nooks and crannies that it shouldn’t come as a surprise that you may have missed one created during the…

Envelope containing the third stimulus check

Third Stimulus Check

By Bill Fay | March 10, 2021

The average Joe – not Biden – figures to benefit most from passage of the $1.9 trillion American Rescue Plan. Approximately 145 million Americans will receive a third round of…

$15 minimum wage

$15 Minimum Wage Increase: Will It Happen?

By Bill Fay | February 10, 2021

Biden wants the minimum wage – currently set at $7.25 an hour – to jump to $15 an hour by 2025. The increases would be phased in at approximately $1.75…

Joe Biden announces American Rescue Plan

Details on the American Rescue Plan

By Bill Fay | January 14, 2021

President-elect Joe Biden unveiled the American Rescue Plan, a $1.9 trillion war on the prolonged suffering of Americans hardest hit by coronavirus. Included in his proposal: a fresh round of…

Image of newspaper titled Covid-19 Relief Bill with ribbon attached

Covid-19 Relief Bill

By Bill Fay | December 30, 2020

The second COVID-19 relief bill is now law – all 3,126 pages of it. The people in Congress who passed it admit they don’t know what all is in it,…

Second stimulus check on top of the first stimulus check

Second Stimulus Check Update

By Bill Fay | December 29, 2020

If you haven’t looked at your bank account this week, now might be a splendid time. The long wait for a second stimulus check from the U.S. government finally is…

Calendar with dart on second stimulus date

When Will a Second Stimulus Check be Delivered?

By Bill Fay | December 23, 2020

A second stimulus check – the financial gift from the U.S. government to help consumers recover from the economic belt coronavirus gave the American economy – needs only a signature…

Google search bar with phrase student loan benefit

Google Is the Latest Company to Offer Student Loan Repayment Benefits

By Bill Fay | November 3, 2020

If the biggest employee benefit you receive is when your company bothers to fill the toilet paper rolls in the employee bathroom, you might not want to read this: Google…

Woman deciding whether or not to pay down student loans during COVID-19

Paying Down Student Loans Before the COVID Suspension Is Lifted

By Bill Fay | October 28, 2020

If you are paying on a federal student loan, you probably already know that the government CARES Act has provided benefits that suspends payment and interest requirements through May 1,…

Campaign buttons for Trump and Biden

Trump vs. Biden: How Their Plans for Student Loan Debt Compare

By Bill Fay | October 16, 2020

Americans with student loan debt have a $1.6 trillion question on their minds: What would President Trump or a President Biden do about all that money these 45 million borrowers…

Gavel on table

Court Ruling Favors Student Loan Bankruptcy Discharge

By Bill Fay | October 2, 2020

There hasn’t been much good economic news in 2020, but if you’re buried in student loans, there was an astoundingly positive development recently. Thanks to a recent court ruling, you…

Woman applying for a new credit card on her computer

Should I Apply for a New Credit Card During COVID?

By Bill Fay | September 24, 2020

The COVID-19 pandemic has created record unemployment, erased profit margins, closed businesses and wreaked havoc on almost every family’s money outlook. It has even affected America’s ultimate get-out-of-jail financial symbol…

Sign for VA office

VA Extends COVID-19 Debt Relief to Veterans Through 2020

By Bill Fay | September 15, 2020

Veterans indebted to the Department of Veterans Affairs won a partial payment reprieve this summer that will last at least through the end of 2020. The VA action extends a…

For sale sign in front yard of house

Coronavirus and the Real Estate Market

By Bill Fay | August 14, 2020

Dorothy surely wasn’t thinking of life in a COVID-19 pandemic when she clicked those heels in the “Wizard of Oz” and opined that ‘there’s no place like home.’ But her…

Senator Mitch McConnell at a podium

Details on the HEALS Act

By Bill Fay | August 5, 2020

Congress and the White House are still debating whether the HEALS Act, HEROES Act – or some compromise Act in between – will deliver the next round of coronavirus relief…

Nancy Pelosi at a podium

Details on the HEROES Act

By Bill Fay | July 21, 2020

When the House of Representative passed the $3-trillion HEROES Act on May 15, it all but guaranteed that a second stimulus check would arrive for Americans in need of financial help…

Bankruptcy court with COVID-19 sign

COVID-19 Bankruptcies

By Bill Fay | July 16, 2020

The storm is coming. American consumers will be filing personal bankruptcies in record numbers by the end of 2020. That is the projection from bankruptcy attorneys, bankers and other experts…

Image of the stimulus COVID-19 relief check distributed by President Trump

Stimulus Checks for COVID-19 Relief

By Bill Fay | July 1, 2020

The phrase “stimulus check” is second only to “coronavirus” or “COVID-19” as something to talk about these days and people are definitely talking. About 159 million Americans have received the…