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.

Woman paying of her charged off credit card debt

Should I Pay a Charge-Off in Full or Settle?

By Bill Fay | March 27, 2024

Borrowers who’ve gotten themselves tangled in a charge-off situation face difficult choices. Pay the debt in full? Try to settle for a lesser amount? Run away and hide? “The world…

A toy car next to a judge's gavel

When Do You Have to Surrender a Vehicle in Chapter 7 Bankruptcy?

By Bill Fay | December 14, 2023

For those seeking a fresh financial start, Chapter 7 bankruptcy has plenty of upsides. It’s the cleanest, most straightforward, least time-consuming, and least expensive of the various bankruptcy options. The…

Couple discussing bankruptcy together

How Bankruptcy Will Affect Your Spouse

By Bill Fay | December 6, 2023

When people get married, they often vow to take each other through thick and thin. Bankruptcy can get pretty thick for a husband and wife. Bankruptcy is when a person…

Senior citizen reading loan offer

Loans for Seniors With Bad Credit

By Bill Fay | September 7, 2023

Growing older never was for the fainthearted, but it takes exceptional courage to navigate those Golden Years with dents on your credit report and a need for cash. Chins up,…

Attorney discussing converting Chapter 13 to Chapter 7 with his client

Converting Chapter 13 to Chapter 7

By Bill Fay | August 23, 2023

Choosing to declare personal bankruptcy can be among the most difficult decisions ever to confront an individual. Tougher still: Having to pick, under unmatched duress, which type of bankruptcy best…

Woman paying her car payment with a credit card using her phone

Paying a Car Payment with a Credit Card

By Bill Fay | August 3, 2023

There are plenty of reasons to consider making car loan payments with a credit card — everything from piling up rewards points or cash back, to scoring a bit of…

Two individuals negotiating at a table

How To Negotiate With Debt Collectors

By Bill Fay | July 14, 2023

With President Biden declaring an end to pandemic emergency provisions effective May 11, and states and companies already having rescinded most of their debt collections suspensions, debt collectors are totally…

Judge discharging debt in bankruptcy

Bankruptcy Discharge

By Bill Fay | June 7, 2023

A bankruptcy discharge is the legal holy grail for anyone who files for bankruptcy. A discharge means there’s a court order in the bankrupt’s case that erases all qualifying debts.…

Downtown Charleston, South Carolina

Debt Relief Options in South Carolina

By Bill Fay | March 10, 2023

Debt Relief Programs in South Carolina Those who are struggling to pay off debt in South Carolina can find programs to help through banks, credit unions, online lenders, and for-profit…

Bridge in Missouri

Debt Relief Options in Missouri

By Bill Fay | March 8, 2023

Debt Relief Programs in Missouri Missouri residents struggling to pay off debt can find assistance programs at banks, credit unions, online lenders, and for-profit and nonprofit debt relief companies. These…

Man discussing with lawyer about debt limits for chapter 7 bankruptcy

How Much Debt Do You Have To Be In to File Chapter 7 Bankruptcy?

By Bill Fay | February 24, 2023

If you have so much debt that you’re considering filing a Chapter 7 bankruptcy, you have enough debt to qualify. The U.S. bankruptcy code doesn’t specify a minimum dollar amount…

Bridge over a lake in Minnesota

Debt Relief Options in Minnesota

By Bill Fay | February 8, 2023

Debt Relief Programs in Minnesota There are banks, credit unions, online lenders, and debt-relief companies (for-profit and nonprofit) in Minnesota that specializes in helping consumers pay off credit card debt. These companies…

Couple discussing whether or not they should use a personal loan to pay off credit cards

Should You Use Personal Loan to Pay Off Credit Cards?

By Bill Fay | December 14, 2022

A rare silver lining to the Covid pandemic was Americans managed to pay down billions of dollars in credit card debt. Those days have screeched to a halt. Credit card…

Covered bridge in rural Indiana

Debt Relief Options in Indiana

By Bill Fay | December 14, 2022

Debt Relief Programs in Indiana There are banks, credit unions, online lenders and debt-relief companies (for profit and nonprofit) in Indiana that specialize in helping consumers pay off credit card debt.…

Wisconsin state capitol building

Debt Relief Options in Wisconsin

By Bill Fay | December 12, 2022

Debt Relief Programs in Wisconsin Wisconsin residents struggling to pay off debt can find assistance programs at banks, credit unions, online lenders, and for profit and nonprofit debt relief companies.…

Washington mountain view

Debt Relief Options in Washington

By Bill Fay | November 3, 2022

Debt Relief Programs in Washington There are a number of resources available for residents of the Evergreen State who find  themselves in financial peril. Banks, credit unions, online lenders, for…

Smoky mountains in Tennessee

Debt Relief Options in Tennessee

By Bill Fay | October 26, 2022

Debt Relief Programs in Tennessee Tennessee has a number of companies that specialize in helping consumers pay off credit card debt including banks, credit unions, online lenders, and both for…

A lake in Colorado with mountains in the background

Debt Relief Options in Colorado

By Bill Fay | September 22, 2022

Debt Relief Programs in Colorado Colorado has a number of companies that specialize in helping consumers pay off credit card debt including banks, credit unions, online lenders, and both for…

Senior couple filing the paperwork for banruptcy

Senior Citizens & Bankruptcy

By Bill Fay | June 29, 2022

Bankruptcy is a legal proceeding that could provide relief when a person can’t repay debts. Consider bankruptcy a legal life preserver for those drowning in debt. Chapter 7 bankruptcy is…

Skyline view of Baltimore, Maryland from the harbor

Debt Relief Options in Maryland

By Bill Fay | April 8, 2022

Debt Relief Programs in Maryland Debt relief in Maryland can come from several entities, among them, banks, credit unions, credit counseling agencies (nonprofit and for-profit), and online lenders. The goal:…

House changing hands

Major Mortgage Lender Begins Selling Loans in Default

By Bill Fay | September 21, 2012

The Federal Housing Administration (FHA) recently developed a program to help homeowners facing possible foreclosure and to prevent an excess of defaulted mortgages and home loans. The new program, known…

social security card image

Student Loans: Not Just a Younger Generation’s Problems

By Bill Fay | September 20, 2012

A growing number of retirees are facing the same battle as their grandchildren: student loan debt. According to the Federal Reserve Bank of New York, a small but increasing number…


Fannie Mae and Bank of America: Breaking Up Not So Hard to Do

By Bill Fay | September 20, 2012

Taxpayer-owned mortgage lender Fannie Mae wasn’t happy with how Bank of America serviced its mortgage loans and decided to find another partner. But instead of taking the loans back — as it could have under the agreement — Fannie Mae instead paid BOA millions for the right.

Cost of care image

Seniors Receiving Medicare Forced to Deplete Savings

By Bill Fay | September 19, 2012

American seniors are fighting an ongoing battle as they try to cope with medical expenses on top of an already high cost of living. A recently published study has revealed…


Debt Collectors See Student Loans as Industry’s ‘New Oil Well’

By Bill Fay | September 18, 2012

The U.S. Department of Education is making debt-collection companies rich as it seeks to collect repayment of wayward student loans.

Car sale

Auto Loans Easier to Borrow as Defaults Hit All-Time Low

By Bill Fay | September 18, 2012

As millions of Americans struggle to keep up with monthly expenses in a tough economy, consumers in search of automobile loans are in for some good news: not only have…


Matching District Attorneys, Bad-Check Collectors Is Bad Policy

By Bill Fay | September 17, 2012

A relationship between debt collectors and district attorneys that allows for the use of D.A. letterhead in the collections process shouldn’t be considered sound policy. It’s just too cozy.

worried senior image

Millions of Elderly Americans Face Foreclosure

By Bill Fay | September 17, 2012

America’s seniors were once considered among the most financially secure, with retirement at the top of the agenda. By the time people reached their 50s and 60s, Social Security and…

Piggy Bank with Student Loans

Student Loans Reach Record Highs With No Debt Relief in Sight

By Bill Fay | September 14, 2012

As a record number of borrowers default on their student loans, a new poll shows that those who haven’t paid off their loans want their lenders to forgive the debt.…

obama romney economy election

Will the Economy Affect the 2012 Presidential Election?

By Bill Fay | September 14, 2012

“It’s the economy, stupid,” was the mantra of Bill Clinton’s successful 1992 presidential campaign. At a time when the country was recovering from two-and-a-half quarters of recession and with unemployment…

Home inspection

Computerized Property Appraisals Downplay Home Values

By Bill Fay | September 12, 2012

It may seem ideal to refinance a mortgage or obtain a home equity line of credit (HELOC) at a time while interest rates are at an all-time low, but some…

teen taking money

Teens Are Counting on Parents to Finance Retirements, Study Shows

By Bill Fay | September 11, 2012

Attention moms and dads: your teens are counting on you for more than a few bucks for a movie or some new clothes. They’re depending on you to pay for…

Row of houses

Citibank to Reopen Suspended Home Equity Accounts

By Bill Fay | September 10, 2012

Good news is on the way for homeowners who held home equity lines of credit (HELOCs) with Citibank. Many customers’ HELOCs were suddenly suspended or canceled over the last four…


‘Death Master List’ Paves Way for More Identity Theft

By Bill Fay | September 8, 2012

What started as a legitimate attempt to prevent identify theft has instead resulted in a ripe opportunity for criminal activity. According to recent reports, for as little as $10, criminals…

credit cards image

Major Banks Discontinue Add-On Services

By Bill Fay | September 6, 2012

To the delight of consumer advocates, several American banks will be discontinuing controversial add-on products such as payment protection and debt protection in the coming year. Bank of America After…

Improving Housing Market

Increased Housing Prices Affect Affordability

By Bill Fay | September 5, 2012

As housing values inch their way up ever so slowly and the real estate market begins to recover, higher prices may actually make it a bit harder for some Americans…

Retirement photo

Study: Almost Half of Americans Die Poor

By Bill Fay | September 4, 2012

A recent study found that nearly half of all Americans live comfortable lives during retirement but die with little money in the bank. According to the nonprofit National Bureau of…

Couple buying a home

Program Offers Down Payment Assistance to Boost Housing Market

By Bill Fay | August 31, 2012

As the nation works to recover from a struggling real estate market, an innovative program called CityLIFT has been unveiled in an effort to boost homeownership. The program will benefit…

Home foreclosure sign

FHFA Simplifies Short Sale Qualifications

By Bill Fay | August 29, 2012

New guidelines are in the works to help relieve millions of Americans trapped by underwater mortgages, meaning they owe more than their homes are worth. The Federal Housing Finance Agency…

Senior couple signing papers

Seniors Lose Money to Family, Financial Scammers

By Bill Fay | August 28, 2012

An increasing number of seniors are becoming the target of predatory swindlers who come in two forms: those who convince seniors to make large financial investments based on bogus schemes…