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. Bill can be reached at [email protected].

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Biden declaring an end to pandemic emergency provisions effective May 11, and states and companies already having rescinded most of their debt collections suspensions, debt collectors are totally…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

Desert and cactus scene in Arizona

Debt Relief Options in Arizona

By Bill Fay | April 8, 2022

Debt Relief Programs in Arizona In Arizona, banks, credit unions, credit counseling agencies (nonprofit and for-profit), and online lenders can help consumers find solutions or relief to debt. Each offers…

Blue Ridge mountain range in North Carolina

Debt Relief Options in North Carolina

By Bill Fay | March 24, 2022

Debt Relief Programs in North Carolina If you need debt relief in North Carolina, banks, credit unions, credit counseling agencies (nonprofit and for-profit), and online lenders can help consumers pay…

Georgia peach on a tree

Debt Relief Options in Georgia

By Bill Fay | March 23, 2022

Debt Relief Programs in Georgia Relief for debt can be found in Georgia, with several options and/or programs addressing what can be burdensome problem. Credit counseling agencies (nonprofit and for-profit),…

Student rates on subsidized Stafford Loans doubles to 6.8 percent

Senate Proposes Plan to Lower Student Loan Rates Now, Raise Them Later

By Bill Fay | July 18, 2013

The U.S. Senate late Wednesday reached another deal to reset student loan interest rates, but it is unclear when that proposal will reach the floor for a vote. Interest rates…

Application for student loan consolidation

Senators Urge Probe of Dishonest Student Debt Relief Companies

By Bill Fay | July 16, 2013

U.S. Sens. Tom Harkin (D-Iowa), Barbara Boxer (D-Calif.) and 21 other senators sent a letter to the Secretary of State and officials at the Federal Trade Commission and the Consumer…

Student loan vote fails in U.S. Senate

Congress Dithers While Students’ Hopes Wither

By Bill Fay | July 10, 2013

The United States Senate on Wednesday failed to reverse the recent doubling of interest rates to 6.8 percent on millions of new federally subsidized student loans. While the measure to…

Black hole of debt in the U.S.

Is Debt Affecting our Economic Freedom?

By Bill Fay | July 3, 2013

As we approach July 4, the 237th anniversary of our nation’s independence, it’s also worth noting that our country is in its fourth year of a sluggish recovery from the…

Adult children are returning to the nest and depending on their parents

Financial Dangers Parents Face When Adult Children Live at Home

By Bill Fay | June 21, 2013

The American Dream is the ideal where parents work hard so they can own a home, send their kids to college and watch them grow up into happy and fiscally…

Student loans in financial aid office

Are Your Student Loans Federal or Private – Do You Know the Difference?

By Bill Fay | June 19, 2013

Did you get through college on federal loans or private loans? If you are among the 67 percent of students who needed a loan to pay for a college education,…

CFPB director Richard Cordray cracks down on debt-relief companies

Feds Continue Cracking Down on Dishonest Debt-Relief Companies

By Bill Fay | June 13, 2013

One of the ways in which debt-relief companies serve their clients is by negotiating debt settlement agreements with creditors with the goal of reducing the amount of money owed. When done…

College degree still worth the student debt

Despite Rising Student Debt, College Degree Is Still a Wise Investment

By Bill Fay | June 10, 2013

As troubling as some of the recent data is regarding the cost of a college education, the evidence is overwhelming that it is money well spent. Even if you had…

Highest consumer confidence index rating since 2007

U.S. Consumer Confidence Highest Since July 2007

By Bill Fay | June 3, 2013

The bull run on Wall Street and a continued surge in home prices pushed consumer confidence to its highest level in almost six years. The Thomson Reuters/University of Michigan consumer…

Senator Kirsten Gillibrand proposes bill to save billions in student loan interest

Sen. Gillibrand Aims to Save Debtors Billions in Student Loan Interest

By Bill Fay | May 22, 2013

A new proposal in Congress to tackle America’s $986 billion in outstanding student loan debt seeks to refinance high interest rate loans and save debtors millions in interest payments. Sen.…

JP Morgan Chase faces lawsuit for fraudulent debt collection

JP Morgan Chase Slammed for Debt Collection Fraud

By Bill Fay | May 17, 2013

Is the bank that issued your credit card dunning you for money it says you owe it? It’s possible. There’s nothing wrong with them trying to get it, as long…

Senator Elizabeth Warren proposes student loan bill

Proposal to Cut Student Loan Interest Rate to Near-Zero Percent

By Bill Fay | May 10, 2013

Today, more and more attention is being paid to the $1.1 trillion in outstanding student loans owed by more than 38 million American borrowers. That’s because student loan debt now…

Economic indicators show the economy is improving

U.S. Economy Is Slowly Improving

By Bill Fay | May 7, 2013

The snapshot of the U.S. economy in the first week of May looks unusually promising. Almost every arrow economists want pointing up – home sales, auto sales, stock market –…

Wisconsin Congressman Tom Petri speaks at a hearing

Bill to Pay Back Student Loans Proposed by Congressman Tom Petri

By Bill Fay | May 3, 2013

Legislation has been proposed to help people pay back student loans, but the bill’s sponsors disagree with doomsayers who say a disastrous economic bubble is brewing over defaults and late payments. Representative…

Consumer spending is up, but credit card use is down.

Credit Card Debt Decreases Even as Consumer Spending Climbs

By Bill Fay | April 26, 2013

After years of focusing on paying down debt, American consumers have started opening their wallets to spend again. Both moves helped the economy. Consumers paid down debt, especially mortgage and…

Student loan debt puts a drag on the housing market and economy.

College Debt Dragging Down Future of Graduates and Economy

By Bill Fay | April 24, 2013

Recent studies delivered another round of warning shots that the U.S. economy is losing a spark from one of its most potent sources – college graduates – because of problems…

Boston authorities warn about charity scams after bombings.

Boston Tragedy Sparks Warning About Charity Scams

By Bill Fay | April 19, 2013

The registration of 125 “charitable” websites within an hour of the explosions at the Boston Marathon on April 15 brings light to the issue of charity scams. In what is…

Obama's budget would change the way Social Security benefits are calculated.

Obama Wants to Cut Social Security By Changing Benefit Calculation

By Bill Fay | April 18, 2013

Last week, President Obama submitted to Congress his version of a federal budget for the 2014 fiscal year. And soon, like the half-dozen other budget proposals that have been introduced by,…

Economic indicators like housing and spending are confusing.

Despite Positive Economic Indicators, Consumer Confidence Continues to Decline

By Bill Fay | April 17, 2013

American consumers are a step slow in accepting the news that the U.S. economy really is on the mend. Consumer confidence and retail spending dipped in March, while the rest…

IRS tax code is thousands of pages long

Does the U.S. Tax Code Encourage ‘Tax Avoidance’?

By Bill Fay | April 16, 2013

April 15 has passed and you know what that means:  Somewhere around 140 million taxpayers are hoping they don’t get audited. Not because they cheated, but because they have no…