Staff Writer

Bill Fay

Bill “No Pay” Fay has lived a meager financial existence his entire life. He started writing/bragging about it seven years ago, helping birth Debt.org into existence as the site’s original “Frugal Man.” Prior to that, he spent more than 30 years covering college and professional sports, which are the fantasy worlds of finance. His work has been published by the Associated Press, New York Times, Washington Post, Chicago Tribune, Sports Illustrated and Sporting News, among others. His interest in sports has waned some, but his interest in never reaching for his wallet is as passionate as ever. Bill can be reached at bfay@debt.org.

Buying & Owning A Home Like A Pro

Buying and Owning a House

By Bill Fay | February 11, 2019

  Buying a house is usually the largest purchase any of us will make. It rarely can be accomplished quickly and easily. And yet, as a country, we are always…

Consolidation loans and your options

Debt Consolidation Loans

By Bill Fay | February 6, 2019

What Is a Debt Consolidation Loan? A debt consolidation loan is a financial strategy to pay off multiple high-interest debts with one, low-interest loan. It simplifies bill paying – and…

Men talking about how to rebuild credit after a bankruptcy

Rebuilding Your Credit After Bankruptcy

By Bill Fay | February 5, 2019

Personal bankruptcy, the pneumonia of financial conditions, is without a doubt a serious setback, and you’ll feel its weakening effects on your finances for a while. But bankruptcy isn’t uncommon…

Couple excited in home after fixing their bad credit

Personal Loans with Bad Credit

By Bill Fay | February 5, 2019

A bad credit loan is a short-term financial fix for consumers who need to borrow money but have a bad credit score or poor credit history. It’s not a perfect…

Mortgage Loan on a computer keyboard

Mortgage Loan Modifications & Mortgage Relief Programs

By Bill Fay | February 5, 2019

  Not so long ago, home loan modifications were all the rage. Nowadays, the overall U.S. housing market is back on the upswing, delighting bankers, investors, politicians and, yes, homeowners…

Questions asked about Tax Consequences

Tax Consequences of Debt Relief Services

By Bill Fay | February 5, 2019

If you used debt relief options – specifically, debt settlement – to escape severe financial problems last year, you’re probably still celebrating your good fortune. Slow down. The IRS has…

Two wooden figures representing people with solution in between them presenting the idea of compromise

Offer in Compromise: How to Settle Your IRS Tax Debt

By Bill Fay | February 4, 2019

What is an Offer in Compromise? An “Offer in Compromise” is a little-known but remarkably effective way that thousands of people in trouble with the IRS routinely eliminate tens of…

Student Loan Refinance written on paper on top of desk

LendKey Review: What You Need to Know Before Refinancing Student Loans

By Bill Fay | January 23, 2019

LendKey, a relative newcomer to the field of student loan refinancing lenders, is a third-party online lending platform that connects clients to banks and credit unions offering loans. It promises…

Man avoiding taxes with tax loopholes - Illustration

Tax Loopholes & Credits to Reduce Your Bill

By Bill Fay | January 22, 2019

There’s an old accountant’s joke about the difference between a legitimate tax deduction and a loophole. A legit deduction is the item you’re claiming. A loophole is the item your…

Piggy bank and money on American flag

Key Figures Behind America’s Consumer Debt

By Bill Fay | January 17, 2019

Americans are drowning in debt. Before the recession, we were merely treading water in dangerous seas. But once the economy turned ugly, jobs went away and nest eggs cracked, those…

Young women happy standing in front of a light blue background

Review Your Personal Loan Options

By Bill Fay | January 17, 2019

Choose Your Debt Amount Get Loan Quotes Today Free to use, no hidden fees Requesting rates can take just minutes and costs you nothing. More lenders, Best options Pick the…

Man working to improve his house with a cordless drill

Best Options for Home Improvement Loans

By Bill Fay | January 15, 2019

Outdated houses can be a pain to live in and difficult to sell, prompting U.S. homeowners to spend billions of dollars annually on renovations and improvements. The high cost of…

Money on a table with Student Debt written on a paper

Ways To Lower Your Student Loan Payment

By Bill Fay | January 15, 2019

Forget terrorism, climate change or a Jonas Brothers reunion tour. The biggest worry millions of young Americans have is student loan debt. Here is how bad the situation stands in…

Gavel and paperwork for Bankruptcy Means Test

Bankruptcy Means Test: Am I Eligible for Chapter 7 Bankruptcy?

By Bill Fay | January 9, 2019

When debt becomes completely unmanageable and nothing in the near term offers hope for a solution, people often mull over filing bankruptcy, the nuclear option for personal finance. Chapter 7,…

Student Loan Forgiveness

Should I Refinance My Student Loan? Pros and Cons

By Bill Fay | January 9, 2019

If you’ve never considered refinancing your student loans, that’s almost certainly not the fault of the financial services industry. Lending institutions seek borrowers with an aggressiveness that compares favorably with…

How to Pay Military Taxes While Deployed

Do Soldiers Pay Taxes?

By Bill Fay | January 9, 2019

Tax season among members of the military is much like tax season among civilians: stressful. Just like for civilians, members of the armed forces must pay federal taxes, wade through…

Man with no money because of compulsive spending

Debtors Anonymous

By Bill Fay | January 9, 2019

Debtors Anonymous is dedicated to helping people dig out of financial holes. These days, that requires a lot of shovels. Americans are on a spending binge, with household debt hitting…

Build Credit After Bankruptcy

How Does Bankruptcy Impact Your Credit Score & How to Recover

By Bill Fay | January 3, 2019

Personal bankruptcy, the pneumonia of financial conditions, is without a doubt a serious setback, and you’ll feel its weakening effects on your finances for a while. But bankruptcy isn’t uncommon…

File Tax Return with cup of coffee

What to Do If You Did Not File Taxes

By Bill Fay | January 3, 2019

With the possible exception of trips to the dentist, filing tax returns is one of the least favorite things American adults have to do on a regular basis. Ignoring that…

Interest Rate for HELOC - Small House sitting on top of cash

Best HELOC Options

By Bill Fay | January 3, 2019

If you have faithfully made monthly mortgage payments and (hopefully) seen the value of your home increase, you are building home equity, which can become a life raft for homeowners…

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…

Envelope containing the third stimulus check

Will There Be a Third Stimulus Check?

By Bill Fay | January 5, 2021

It would not be a surprise if a bill for a third stimulus check – possibly for as much as $2,000! – is on President Biden’s desk a day after…

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 December 31.…

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…

Calendar with July 15 marked as tax day

Tax Season Countdown All Over Again

By Bill Fay | June 30, 2020

Everyone knows the old saying: Time flies when you’re procrastinating. Seems like only yesterday we were breezing past April 15 — the traditional deadline for income tax filing — and…

Second stimulus check being shredded

Republican Advisors Say No Need for Second Stimulus Check

By Bill Fay | June 16, 2020

Don’t plan on receiving and cashing a second COVID-19 stimulus check just yet. A group of 20 fiscal hawks, many of the close advisors to President Trump, sent Trump and…

Business with closed sign applying for paycheck protection program

Paycheck Protection Program

By Bill Fay | May 2, 2020

While Governors in several states are trying to crack open the door on the shuttered U.S. economy, the news from two key elements of a would-be revival – employment and…

Fact or Fiction: Debt Relief in the Time of Coronavirus

Fact or Fiction: Debt Relief in the Time of Coronavirus

By Bill Fay | March 20, 2020

Truth, they say, is the first casualty of war. And on March 13, President Donald Trump put America on a war footing. We’re coming for you, coronavirus. Speaking from the…