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 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. Bill can be reached at [email protected].

student loan bankruptcy

Bankruptcy & Student Loans

By Bill Fay | July 9, 2012

More than four million borrowers have defaulted on student loans, but if they’re hoping bankruptcy will bail them out, they better have a Plan B. The majority of consumer debt…

Building icon with "Credit Union" spelled under it with spreadsheet in background

Credit Unions & Debt

By Bill Fay | July 6, 2012

Some borrowers who are looking for trustworthy lenders are simply swayed by news out of the financial sector, news that documented at a rash of bank failures and subsequent efforts…

Picture of for sale short sale sign in front of two story house

Short Sales

By Bill Fay | July 2, 2012

A short sale of a house happens when a lender agrees to release a homeowner from his or her mortgage for less than what is owed so the property can…

We have listed some ways to avoid foreclosure

Foreclosure Defense

By Bill Fay | July 2, 2012

Foreclosure Defense Facing foreclosure? Call for nonprofit help. Depending on your situation, you may be able to access grants, government assistance programs and/or a mortgage modification that can help you…

American soldier family photo outside of apartments

Federal VA Benefits & Programs

By Bill Fay | June 27, 2012

Benefits for America’s military veterans go back to 1636 when the Pilgrims passed a law to support disabled soldiers. Problems claiming those benefits have existed since then. There are just…

United States Department of Treasury on United States ten dollar bill

The Federal Government and Debt

By Bill Fay | June 19, 2012

Article 1, Section 8, of the U.S. Constitution empowers Congress to borrow money against the full faith and credit of the government. And since its beginning as a sovereign nation,…

Close up of brass lock behind blue credit card on top of keyboard

Credit Monitoring, Credit Reporting Services and Identity Protection

By Bill Fay | June 19, 2012

Consumers’ financial identities are always at risk. A single late payment might bring down your credit score, a clerical error may lead to inaccurate or outdated information being reported, and…

How often does your credit score change

How Often are Credit Scores Updated?

By Bill Fay | June 18, 2012

Every consumer should be interested in their credit score, especially if they are considering a major financial move that will require a loan. Anyone wanting credit for a mortgage, auto…


10 Ways Banks Take Advantage of You

By Bill Fay | June 18, 2012

Banking used to be simple. Bankers lived by the 3-6-3 rule — borrow at 3 percent, loan at 6 percent, and hit the golf course by 3 in the afternoon.…

Smiling man activating his credit card on his laptop while on his cell phone

How to Establish and Build Credit

By Bill Fay | June 18, 2012

Where can you go in today’s economy with good credit? Just about anywhere! Where can you go in today’s economy with bad credit? Just about nowhere! Building good credit has…

Office binder labeled "Insolvent" next to glasses, calculator, pens, and paper on table

What Is Insolvency?

By Bill Fay | June 18, 2012

You can be insolvent without being bankrupt, but you can’t be bankrupt without being insolvent. Confused yet? Many people think of the two as the same thing, but they are…

Concrete wall with arrow pointing to left with words "U.S Bankruptcy Court" engraved on it

Bankruptcy Court

By Bill Fay | May 30, 2012

Bankruptcy laws go all the way back to the U.S. Constitution and have seen many changes over the years. Article 1, Section 8, Clause 4, of the Constitution authorizes Congress…

Group of medical students in hallway with girl smiling at camera one hand in pocket, holding clipboard

Health Professions: Loans for Medical and Nursing School

By Bill Fay | May 29, 2012

The demand for doctors and nurses in the United States is extremely high, but so is the cost of education for both professions. More than 76% of the 2016 medical…

Veterans Jobs Wanted

Veterans, Jobs and Unemployment

By Bill Fay | May 25, 2012

Prospects for U.S. veterans returning to the civilian workforce have improved dramatically since the Great Recession of 2008, when unemployment spiked and newly discharged service members struggled to find any…

Soldier holding managing finances by putting money in a piggy bank

How to Manage Your Finances When Serving in the Military

By Bill Fay | May 23, 2012

Every branch of the military recognizes that managing finances successfully is a critical element in soldiers being prepared to carry out their responsibility to protect our nation. It is difficult…

Good and Bad Credit Cards Being Cut Up

Signs of Good and Bad Credit Cards

By Bill Fay | May 22, 2012

The selection process for credit cards has become a lot like choosing a new car: it’s a beauty contest, with banks and card companies offering many attractive choices. In the…

Our infographic has some helpful Bankruptcy Statistics to help you understand the data behind it.

Bankruptcy Statistics

By Bill Fay | May 22, 2012

Bankruptcy is a scary notion to many, but for those caught in challenging financial situations that involve heavy debt, bankruptcy is a viable option to gain a new start. Most…

Multi ethnic group sitting in lobby keeping to themselves awaiting job interview

Finding a Job in Your 40s & Beyond – Strategy & Advantages

By Bill Fay | May 21, 2012

The recent recession battered all segments of the U.S. economy, erasing 8 million private sector jobs in the process. More than one-third of the people officially counted as unemployed have…

Persons hand holding pen, ready to fill out unemployment benefits form

How To File For Unemployment – Claims & Benefits

By Bill Fay | May 21, 2012

If you were laid off from your job and are worried about having enough money to pay your monthly expenses, one option potentially available to you is filing for unemployment.…

Employees walking down hallway

Jobs & Unemployment

By Bill Fay | May 10, 2012

Choose Your Debt Amount Consolidate Debt in Minutes AVERAGE UNEMPLOYMENT RATE IN 2012 0% NUMBER OF UNEMPLOYED AMERICANS $0 Million AVERAGE LENGTH OF UNEMPLOYMENT 0 Weeks Finding a Job Job-hunting…

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…