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.

Timeshare folder with labeling, gavel and libra representing refusal to inherit.

How to Refuse to Inherit a Timeshare

By Bill Fay | June 24, 2025

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…

An Arrested Person Hand Linked To Credit Card.

Can You Go to Jail for Credit Card Debt?

By Bill Fay | April 3, 2025

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…

Concept For Corruption, Bankruptcy Court with Gavel, Bundle Of Dollar Cash On The Rough Wooden Textured Table Background.

What is Bankruptcy Fraud?

By Bill Fay | February 21, 2025

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…

Bag of money, wooden people and the judge's hammer. The concept of property and divorce.

Who is Responsible for a Credit Card in Divorce?

By Bill Fay | February 21, 2025

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…

Female Real Estate Broker presenting a small model home.

Can You Buy a House with Collections?

By Bill Fay | February 21, 2025

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.…

House icon and red arrow pointing up on yellow background representing increasing mortgage.

Why Did My Mortgage Payment Go Up?

By Bill Fay | January 22, 2025

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,…

Bankruptcy reaffirmation agreement paper with glasses on top.

What Is a Reaffirmation Agreement?

By Bill Fay | October 29, 2024

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 and flying coins on blue background.

What Is a Balance Transfer Fee?

By Bill Fay | September 6, 2024

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…

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…

Airline ratings are up, but so are complaints and fares.

Airline Ratings Are Up — So Are Complaints and Fares

By Bill Fay | April 10, 2013

The U.S. airline industry is coming off its second-best year ever in terms of customer service, but it comes with a price: Complaints were up, and so was the average…

Sequestration has not slowed the economy. Obama prepares to submit budget to Congress.

As Budget Talks Continue, Sequestration Has Yet to Stall Economy

By Bill Fay | April 4, 2013

A month after sequestration kicked in, the alarms sounded by President Obama – “It will cost us jobs and slow down our economy,” he said Feb. 5 – have not…

Some job applicants are rejected because of poor credit scores.

Some Employers Believe a Poor Credit Score Indicates Poor Work Habits

By Bill Fay | April 3, 2013

Looking for a job isn’t fun, even in the best of times. It’s a lot worse in the worst of times — times like these. While the national unemployment rate…

gay marriage would be economic stimulus

Could Legalizing Same-Sex Marriage Boost the Economy?

By Bill Fay | April 1, 2013

The hot topic in America is the issue of gay marriage, as the Supreme Court has been asked to rule on the Defense of Marriage Act and on California’s marriage…

college graduates are saddled with student loan debt

Defaults on the Rise as College Grads Drown in Student Loan Debt

By Bill Fay | March 29, 2013

Student loan debt could be the next economic bubble waiting to burst. Banks wrote off $3 billion in student loan debt the first two months of 2013, and an estimated…

As April 15 tax deadline approaches, IRS warns of identity theft and fraud.

Taxpayers Beware: Filing Scams and Refund Fraud on the Rise, Says IRS

By Bill Fay | March 27, 2013

There is encouraging news from the IRS this week: Statistically speaking, you likely are due a refund when you file a tax return. There is also discouraging news: That refund…

partisan budget battle in Congress

Nobody Winning Partisan Budget Battle in Congress

By Bill Fay | March 26, 2013

Before the ink dries, there will be at least six budget resolutions offered and voted on in the House of Representatives: The Paul Ryan budget, a budget crafted by moderate…

Bank of America's Better Balance Rewards Credit Card

Bank of America Offers Cash to Customers Who Pay More than Minimum on Credit Card

By Bill Fay | March 19, 2013

Bank of America has tossed a lifeline to American families drowning in credit card debt. BofA, the second-largest bank in the United States, is offering the “Better Balance Rewards” credit…

parents pay for kids cellphones

When Parents Should Stop Paying for Kids’ Cellphone Plans

By Bill Fay | March 18, 2013

It’s not easy being a 20-something nowadays. Between landing a full-time job, paying back student loans and building credit, it’s hard to be financially stable. But are young adults solely…

big banks too big to go to jail

Feds’ Handling of Big Banks Means Unequal Justice for All

By Bill Fay | March 18, 2013

If anyone in America still has faith in the quaint notion, enshrined in the Pledge of Allegiance, that we live in a country where there is “justice for all,” it…

economic recovery

U.S. Economy Continues to Crawl Forward

By Bill Fay | March 14, 2013

Unemployment dropped in February to its lowest levels in four years, consumers spent money at the fastest rate in five months, and Wall Street set new records, all of which…

spending up, income down

Is the Economy Getting Better or Growing Worse? It Depends

By Bill Fay | March 4, 2013

There are so many mixed signals coming from all sectors of the U.S. economy that you need a linguist to properly interpret the flow of information. Depending on where you…

sequester takes effect

Sequestration Cuts Likely Will Increase Airport Wait Times and Delay Tax Returns

By Bill Fay | March 1, 2013

If you are like every elected politician in Washington and have successfully ignored sequestration for the last 19 months, button up. The effects of the federal government’s disastrous financial policy…

obama sequester

Obama, We Need President Who Can Lead and Not Blame

By Bill Fay | February 28, 2013

Government services, teaching positions, research projects and hundreds of thousands of jobs are about to be cut in another self-inflicted crisis in Washington – The Great Sequester – and what…

Obama sequestration

Countdown to Sequester: Obama Pushes for Last-Minute Fix

By Bill Fay | February 25, 2013

There is no momentum in Congress for passing legislation to stop sequestration – the $85 billion mandatory budget reduction scheduled to take effect March 1 – but that hasn’t stopped…

Economic roundup

Private Business Moves Ahead, while Washington Sits on Sidelines

By Bill Fay | February 20, 2013

The complete lack of effort by politicians in Washington to find a solution to sequestration is sure to have some effect on the U.S. economy, but it’s not being felt…

Republicans oppose minimum wage hike

Congressional Republicans Balk at Raising Minimum Wage

By Bill Fay | February 20, 2013

In his recent State of the Union address, President Obama proposed raising the federal minimum wage from its current $7.25 an hour, a level where it has been stuck for…

sequestration debt ceiling

Five Things You Need to Know About Sequestration

By Bill Fay | February 18, 2013

President Obama and Congress are about to drag the country through another round of fiscal nonsense that likely will reinforce their reputations as indecisive politicians. The two sides are shadow-boxing…

state of the union

In State of the Union, Obama Focuses on the Economy

By Bill Fay | February 13, 2013

America needs a reality check. At least, that’s what President Obama said in last night’s State of the Union address. While the president acknowledged the fact that the economy is…

Credit report errors

Study: 10 Million Americans Face Costly Credit Report Errors

By Bill Fay | February 12, 2013

Mistakes by credit reporting agencies could be costing American consumers thousands of dollars, according to a report by the Federal Trade Commission (FTC). The FTC found that 5 percent of…