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. Bill can be reached at [email protected].

Equal Credit Opportunity Act

The Equal Credit Opportunity Act (ECOA)

By Bill Fay | July 16, 2018

Americans have about 800 million credit cards in their wallets and purses. If laid end-to-end, those 3½-inch pieces of plastic would circle the globe almost two times. Yet some people…

Credit Score Fluctuations

Credit Score Fluctuations

By Bill Fay | July 11, 2018

Credit scores are influential numbers because they usually determine the interest rates assigned to a consumer and whether someone can get a loan. They gauge a consumer’s paying habits and…

Credit cards are a type of revolving credit

Revolving Credit: What It Is & How It Works

By Bill Fay | July 11, 2018

Revolving credit is a loan with a predetermined spending limit that automatically renews as the debt is paid off. Credit cards are the most popular example of revolving credit and…

LendingClub Overview and Company Review

Lending Club Review

By Bill Fay | June 29, 2018

LendingClub has become one of the more reputable destinations for online personal loans, usually an ideal method to borrow for a special need or credit card debt consolidation. It helped…

Cash Advance Loans And What They Are Used For

Cash Advance Loans

By Bill Fay | June 21, 2018

  Almost 190 million Americans have a credit card and they will make about 30 billion transactions in 2018. Sometimes, however, cash is still king. If you don’t need actual…

Fraud Alert on a computer front of man

Consumer Fraud

By Bill Fay | June 7, 2018

Given the dramatic increase in the number of delivery systems bombarding American homes — television, radio, internet, social media, phone, mass mailings, magazines, flyers, advertising copy — and the fact…

Colorful background with 3 Major Credit Bureaus in print

3 Major Credit Reporting Agencies

By Bill Fay | June 7, 2018

  To many American consumers, the three major credit bureaus — Experian, Equifax and TransUnion — must seem like confusing and unexplainable financial force. The “Big Three” credit reporting bureaus…

Applying for HELOC on a smartphone

Using Home Equity Loans for Debt Consolidation

By Bill Fay | June 7, 2018

You’ve made mortgage payments for the past 15 years, your home has soared in value and you now have access to a pool of cash using a home equity loan…

Credit Scam Phone Lock

How to Avoid Credit Card Fraud

By Bill Fay | June 1, 2018

Welcome to every consumer’s nightmare. For years, you’ve have used credit cards for everything from gas to groceries to going out on the town and never thought twice about the…

Debt Arbitration

Debt Arbitration & Negotiation Services

By Bill Fay | May 31, 2018

Debt collection arbitration is a process for resolving unpaid debt that is seriously, sometimes hopelessly, in arrears. If being desperately and deeply in debt describes you, and settling up for…

Credit Unions written on a computer screen

Credit Unions

By Bill Fay | May 24, 2018

Credit unions are nonprofit organizations that provide members the same financial services as banks, but without the emphasis on making money. The 115 million Americans who belong to credit unions…

Credit Card Interest with many cards

How is Credit Card Interest Calculated?

By Bill Fay | May 24, 2018

Interest rates and credit cards have a powerful — and potentially explosive — relationship in the U.S. economy. Interest rates are the economic fuel that makes credit card companies so…

Repossession is a term used to denote a financial institution taking back an object that was either used as collateral or rented or leased.

Car Repossession

By Bill Fay | May 23, 2018

If you get too far behind on your car loan, it is in danger of being repossessed. The fallout from repossession, both for your current finances and your future ones,…

Dave Ramsey Envelope System Explained: Pros, Cons and Alternatives

Dave Ramsey’s Envelope System Explained: Pros, Cons and Alternatives

By Bill Fay | May 21, 2018

Grab four quarters from your car’s ashtray and make a quick trip to the discount store and you could immediately begin a budgeting system that can revolutionize your financial fortunes…

Money and credit card costs with debt snowball

How to Use the Debt Snowball Method

By Bill Fay | May 16, 2018

We’ve all heard this one: Numbers don’t lie. And, probably, this one, too: You can make numbers tell any story you want. Experience tells us both claims can be true…

Dictionary definition of bankruptcy. Close up view, soft focus

What Are the Consequences of Bankruptcy?

By Bill Fay | May 9, 2018

Filing for bankruptcy is a scary mystery to most people. They don’t know how it works and what the consequences are for throwing in the towel. Besides the financial ramifications,…

Coins on stack stair as step growing growth and wooden cube block with word BUDGET

The Dave Ramsey Budget: Is it Realistic?

By Bill Fay | May 9, 2018

Dave Ramsey, the silky voiced straight-arrow with 13 million radio listeners built an eight-figure media empire on the gospel of financial modesty rooted in self-reliance. He preaches daily against the…

FDCPA Fair Debt Collection Practices Act book on a table

Fair Debt Collection Practices Act

By Bill Fay | May 7, 2018

The calls came like clockwork, several times a week just as the Pinkuses were heading for bed. Each time, it was the same: a threatening voice with an even more…

One out of three American adults – 77 million people — have credit files that show debts in collection.

Debt Collection Agencies and Your Rights

By Bill Fay | April 30, 2018

It’s easy to get behind on paying the monthly bills. The economy may have slowed your ability to generate income, your investments may have dwindled, or perhaps you had an…

The Truth About Dave Ramsey: A Review of Dave’s Bad Math

By Bill Fay | April 30, 2018

What do you call it when someone tells one side of a story? Dave Ramsey calls it: “The Truth.” Ramsey boldly proclaims on DaveRamsey.com that he’s going to deliver “The…

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…