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.
You can have as many credit cards as you want. That doesn’t mean you should get as many as you want. What is the right number for you? That depends…
The average American has about four credit cards. If you’re an average American, you might want to get rid of at least one of them, thinking it will help you…
Few concepts are more rooted in the ideal of the American dream than owning and operating your own business. But making the dream a reality demands more than a great…
When the federal government shuts down, the first question millions of federal employees ask is: Who still has to work, and who gets paid? Shutdowns happen when Congress fails to…
Among the myriad wonders of medical care in the United States, medical debt stands stubbornly as the one incurable malady. And like any lingering condition, it can quietly weaken your…
A lot of people would rather inherit a doghouse than a timeshare. At least the doghouse won’t require a $1,000 annual maintenance fee. If someone dies and leaves you a…
If you can’t pay your credit card bills, you’re probably losing sleep. But there is at least one thing you don’t have to worry about – you can’t be thrown…
Bankruptcies are increasing in the U.S., which means financial dishonesty is also on the rise. The legal term is “fraud,” which is an all-purpose word for lying, cheating, or other…
Divorce does more than end a marital contract. It also severs most of the couple’s financial entanglements — most being the keyword. Debt is stubborn; as surely as it dogs…
Collections — the process of pressing a borrower to repay money owed to a business or organization — can present a thorny patch in the road to your financial goals.…
You’ve bought a house. You’ve locked down all the details, signed all the papers, and are set to make a monthly payment for at least 15 years. Then one month,…
Anyone new to bankruptcy can’t be blamed for thinking the whole process equals doom, gloom, and forfeiture. After all, filing bankruptcy is not going to look good on your resumé…
Credit card debt has skyrocketed to more than $1.1 trillion. So has looking for ways to avoid paying interest on that mountain of money. For millions of Americans, the search…
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…
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…
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…
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,…
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…
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…
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…
The recent data breach at Equifax, one of the three major credit reporting bureaus, has created an uncomfortable situation for the more than 145 million American consumers whose personal information…
The Consumer Financial Protection Bureau, which prides itself on being the watchdog for U.S. consumers, has been snarling at America’s three major credit bureaus for a while and finally decided…
The Frugal Man has never in his life bragged about throwing money around, but that 60-year silence on silly spending is over. I just dropped a boatload of money on…
American consumers say they are having an easier time paying bills and are feeling much less stress over their financial situation than they were in 2009… unless they happen to…
During Alan Greenspan’s nearly 20-year reign as Chairman of the Federal Reserve, commentators used to look at the heft of the briefcase he carried to meetings to guess whether interest…
The Consumer Financial Protection Bureau has proposed new rules aimed at putting more responsibility on payday loan lenders and their crippling triple-digit interest rates. The CFPB proposals would require lenders…
The latest trends in spending and debt indicate that America already has forgotten any lessons we might have learned when the bubble burst on the U.S. economy in 2008. The…
If you’re wondering whether a summer vacation is worth it, ask your doctor, not your accountant. Every medical study ever done on the subject concludes that summer vacations – especially…
Analysts predict record-setting sales for the automobile industry over the next year, though feuding between government leaders over whether discrimination exists in car financing could slow things down. WardsAuto Dealer…
America’s holiday season has begun, which means excessive consumption is not only allowed, it’s encouraged. At least until it’s your turn to pick up the bill. There is no reason…
The United States government is opening the door to retirement savings for the millions of Americans who have nothing invested there, but a word of caution if you go inside:…
The U.S. Department of Education (DOE) announced it was imposing regulations to prevent colleges from steering students to specific debit and prepaid cards for use with federal grant and loan…
There is a new twist on the ages old discussion about how much is needed for retirement savings: Employers – not employees! – are taking the initiative. The Vanguard Group,…
American workers have found another escape hatch to avoid contributing to their retirement savings and at least 33 percent of them say they would voluntarily take it. The LIMRA Secure…
While most retailers in the United States struggle to catch up to the new EMV chip technology for credit cards, Walmart has been ready for nearly a decade. The nation’s…
The 77 million Americans pursued and often harassed by debt collection agencies won a moment of relief when the Consumer Financial Protection Bureau (CFPB) ordered the nation’s two largest debt…
There aren’t many words in the English language less understood and more avoided than bankruptcy. “There definitely is a stigma attached to it,” Jeff Badgley said. “When people hear it,…
Father’s Day is just around the corner and I think it’s time to change the way we celebrate the occasion at the Frugal Man’s house. I think I will do…
There are approximately 2.8 million college graduates this year and 75 percent of them – 2.1 million people – borrowed an average of $35,000 to pay for that diploma. That…
Advertisers have teased American consumers forever with deals too good to be true and today’s boasts are more enticing than ever: Zero-percent financing on a new car and some credit…