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].
Bankruptcy World has two distinctly different “Dis-lands.” One, “Dis-charged,” is the magnificent, joyful, cherished holy grail of bankruptcy outcomes. Every bankrupt wants to get through the Discharged finish line —…
Would you be able to pay off your credit card debt, if creditors forgive 40% to 50% of your debt? And agreed to those numbers up front without negotiating? And…
Filing for bankruptcy may or may not offer all consumers the clearest path out of debt but one benefit might just feel like the arrival of the cavalry. Filing for…
Bankruptcy is meant to give consumers drowning in debt a second chance, which a lot of people who overspent heavily using credit cards, think they need. But if you look…
This is the story for anyone who thinks a bankruptcy is a bankruptcy is a bankruptcy. Not so. In fact, bankruptcies are like Nike sneakers: They come in a variety…
Imagine logging on to Facebook and finding a new message in your inbox. It’s not from a family member or an old friend. Instead, it’s a debt collector asking why…
You may know your credit score, but understanding how you are graded can be a tool to help you raise your score in the future, and avoid repeating the mistakes…
You don’t have to be a millionaire to know what achieving that financial ranking means. Being a millionaire means you have crossed a huge economic threshold. Doors open. Opportunities are…
As the temperature outside drops, your utility bill is on the rise. We get it. It’s cold outside and you want to keep warm and cozy inside, but before you…
There have been so many dispiriting numbers resulting from the COVID-19 pandemic that it’s hard to pick which one is the worst, but here is one that belongs somewhere near…
If the pile of bills you’re dealing with from credit card companies has grown out of control, it might be time to consider a debt consolidation loan. In many cases,…
The decision to get yourself out of debt is a life changer, if you are willing to make the necessary commitment that goes with that. You can learn how to get out of debt and how…
Do you know anything about the California Relay and Community Surcharge or the Texas Poison Control Fee? How about the Federal Excise Tax? Or the Universal Service Fee? Those are…
There are 250 million registered passenger vehicles in the U.S. today — and just 115 million American households. According to government statistics, 57 percent of those households have two or…
Compound interest is a powerful tool for building wealth. It’s also a devastating tool that can destroy wealth. It just depends on which side of the financial equation you use…
Everyone wants investments, but far fewer have them. In some cases, a catastrophic health problem or some other disaster wipes out a person’s savings, but most of the time the…
They say money makes the world go ’round. That well may be true, but you don’t have gravity and other universal constants to keep your financial world in a constant…
Humans are creatures of habit, and a lot of us creatures are in debt. What habits got us there? How did we fall into a life of anxiety over credit…
Stretching dollars until the next paycheck arrives has become a regular practice in America. More than 38 million U.S. households are pinching pennies between paydays and the surprising fact about…
We all know traveling isn’t cheap or easy. Depending on the destination and the length of stay, a vacation can take months of researching, planning and saving. Despite this, people…
Most Americans will face a nice little dilemma in 2018. Thanks to tax cuts, we are going to take home more of our paycheck. But what should we do with…
Military veterans are more likely to suffer through credit problems, underwater mortgages and late house payments than the civilian population. Those are some of the findings from a 2017 analysis…
Would you like to save an extra $1,000 in 2018? Maybe you should eliminate that latte on the way to work. How about earning an extra $3,000? That can easily…
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…
Debt collectors frequently use threats to extract payment from the more than 70 million consumers who fall behind on their bills, the Consumer Financial Protection Bureau reports in a new…
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…
Now that the college graduation parties are over, parents and students can sit down and have a serious talk about who’s going to pay for it. College, that is, not…
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…