As the value of medallions drop, owners are worried about possible bankruptcy, losing their livelihood and their homes. Faced with balloon payments, demands to refinance, and requests for mortgages on their homes, all coming from their lenders, drivers are not sure what to do or where to turn.
Millennials frequently face financial issues for two major reasons: they are entering the workforce during an economic downturn and are often uninformed about how credit works. You may not be able to do anything about the economy personally, but you can take charge of your finances by learning the smart way to use credit cards.
New regulations proposed by the Consumer Financial Protection Bureau are expected to bring forth the most significant federal changes governing debt collection in more than 40 years. Many consumers deal with harassing calls and letters from creditors. Fortunately, debt collection companies will soon be required to provide more complete documentation on consumer debts before the hounding begins. They will also be limited to how frequently they may contact people regarding claims.