Don't Let Debt Take Control
Medill Reports, the news service managed by graduate students at Northwestern University's prestigious Medill School of Journalism, today released another story of mortgage foreclosure risk and heartbreak.
Going into debt to get out of debt never is a good idea. And before signing loan documents, be sure to read the fine print. Don't agree to wage garnishments, they take control of your finances away from you.
In this story, the homeowner turned to short-term loans to make ends meet. Those same loans now may cause her to lose everything, including part of her $18,000 annual salary earned through two nursing jobs. The terms of her loans, by just six days, disqualify her from the protections of the 2005 Payday Loan Reform Act, something an attorney could have warned her about.
The $519 mortgage doubled three months ago. Small, plug in heaters and a constantly burning oven kept at least the downstairs warm. And Aurora Thomas doesn't know if her home will remain hers as debt threatens her comfort. Read the full story....







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