(TriceEdneyWire.com) – As consumers complain about the real-life challenges of keeping pace with the rising costs of living, key financial reports reveal that the challenges are as high and widespread as this summer’s scorching heat.
In early August, the Federal Reserve Bank of New York released its quarterly report on household debt and credit. At mid-year, the nation’s total household debt rose to $17.06 trillion – a $2.9 trillion increase since the start of the pandemic recession in late 2019.
Little wonder then, that millions of consumers became susceptible to phone calls and advertising that promised financial relief. At the same time, businesses looking to make major profits from others’ financial woes have been busy. Chief among these financial predators are debt relief and credit repair firms that make promises, collect up-front fees and never deliver for consumers.
On August 28, the Consumer Financial Protection Bureau (CFPB) announced a $2.7 billion judgment…
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