The Biden administration is trying to eliminate medical debt from your credit report. Is it true? There are many players in this and it will yet to be determined if that will be true. What will happen to the medical service providers? Will they be willing to provide services and not have an avenue to collect payment? That is a very good question.

The credit repair industry just took a big hit. It is very doubtful you will be hearing about credit repair. With the two largest credit repair companies fined billions this week, the credit repair business is facing a big reckoning. What happened?

In an effort to address the inflation problems, the Federal Reserve has been on a march to higher interest rates. This powerful counter action over the last year has had unintended consequences and has lead to a housing deficit. It is impacting millions across the country and will take a generation to resolve unless the Federal Reserve takes some counter actions.

I told you so last year.

Almost 44 million Americans have had their student loans in deferment since March 2020. Those payments will start up again the end of this summer – around September 1, 2023. Many of these borrowers have not had to budget for the student loan payments, possibly creating some real challenges. There is fear that student loan delinquencies will jump to 10% or more. What can you do if you are one of these borrowers that need to start paying? There are some options.

The FHFA has responded to criticism about their new fee structure. How does the fee structure for a conventional mortgage work and how does these changes impact a homebuyer’s interest rate?

The FHFA – the federal regulator for Fannie Mae & Freddie Mac -- set out new guidelines for interest rates and one part of the change has certain consumers with lower credit scores qualifying for lower interest rates than other consumers with higher credit scores. Someone with a 640 credit score in essence will qualify for about ¼% lower in interest rate on a 30 year mortgage than someone with a 740 credit score. This is flat-out wrong! How does this happen?

For many years, Mr. Dave Ramsey, debt solutions guru, advocates a position that no consumer needs a credit score. He claims that you can purchase a house or anything else without a credit score. He basically tells his followers that a credit score is a bad thing. Since he doesn’t understand FICO® credit scores, he pushes a position that is financially illiterate.

Things are changing in the consumer world. For the last couple of years, auto lenders have become more aggressive in their lending practices, making loans to those with less than-below average qualifications. Now, many consumers are defaulting on their auto loans, even after just one payment. It is raising alarms across all lenders.

Interest rates have jumped from the low 3’s to the low 6’s just this year. Principal and interest payments have jumped over 40% for many prospective home buyers. Many homebuyers have now been pushed to the side while more and more sellers try to move their homes. As a result of the sudden change, the housing market is truly in a recession and it will be creating more opportunities for many future home buyers.