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Author: admin | Category: Loan Calculator Canada | Date: 30.06.2014

Read more about President Obama's, Elizabeth Warren's, and the Republicans' plans to fix student debt. Below are nine charts that help illustrate that the student loan crisis isn't just about interest rates but about how the cost of college has spiraled beyond the reach of many families and is leaving millions of students and grads with debts that are keeping them from realizing their financial goals.
The amount of total student loan debt has soared in the past decade, shooting up from $240 billion at the start of 2003 to nearly $1 trillion today. The rising price of college has contributed to overall student loan debt, but so has the fact that more students are attending college. Mortgage debt is still by far the biggest category of debt in the United States, totaling over $7 trillion. Even when students pay back their loans on a standard, 10-year repayment plan, the interest does add up. The silver lining to this story is that more Americans are pursuing higher education, even if they are taking out loans to do so. A consumer may not know the difference between a debt collector and debt buyer, but the fact is they are quite different – and consumers can benefit from knowing which is which.
Debt buyers are also commonly referred to as asset buyers, since they are purchasing the assets of entities and their accounts receivables. It is also important to note that just because a debt is purchased from the original entity doesn’t absolve a consumer of the debt as the original contract generally has provisions allowing the debt to be sold, thus forging a new relationship with the debt buyer and consumer. Debt buyers generally are also not debt collectors, but rather the debt buyer serves as a pseudo-originator and plays the role of client to the debt collector.
Being a legitimate debt collector is no easy task in today’s environment and requires strict adherence to the law. Debt collectors may not be on consumers’ list of favorite things, but the debt collection process is a necessity to help businesses to recover monies owed to them. Sign up for our Credit Report Card and receive the latest tips & advice from our team of 50+ credit and money experts as well as a FREE Credit Score and action plan.
Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser.
Please note that our comments are moderated, so it may take a little time before you see them on the page. Debt Buyer : A debt buyer is a company, sometimes a collection agency or a private debt collection law firm, that purchases delinquent or charged-off debts from a creditor for a fraction of the face value of the debt. Buffett's favorite bank Wells Fargo is a longtime Buffett favorite and is actually a close second for Berkshire's largest common stock holding. First, Wells Fargo has a strong history of prudent risk management and efficient operations, which has allowed it to consistently return better profitability than the rest of the "big four" banks. As far as valuation is concerned, the entire banking sector is on sale right now -- partially because of fears related to oil and gas loans on the books.
A ready-made portfolio at a great price I love Berkshire Hathaway as a core portfolio holding for several reasons.
However, the real reason I love Berkshire is that it's like buying an entire investment portfolio.
You also get Berkshire's 60+ wholly owned subsidiary companies, including GEICO, NetJets, Pampered Chef, Fruit of the Loom, and many others.
As far as valuation goes, Berkshire is also on sale now, trading at its lowest valuation in two years.
Matthew Frankel owns shares of AT&T, Bank of America, Berkshire Hathaway, and Goldman Sachs. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Matt brought his love of teaching and investing to the Fool in order to help people invest better. After the July 4 recess and before most students take out new loans for college in August, Congress will have a window to fix the loan rate.
You are far from alone: More than 38 million Americans have outstanding student loan debt totaling nearly $1 trillion, and those numbers are rising fast. Compared to the overall price of consumer goods, college prices have still risen sharply since 1980. As more students attend college, they're taking out more loans—and bigger loans, too.
But as more people have invested in college, the total amount of outstanding student loan debt exceeds auto and credit card debt. Low-income parents report they are less likely to know how they will pay for their children's college education.
The current proposals for changing interest rates on some federal loans could have a big impact on borrowers. Some economists are troubled by the fact that fewer people under 30 are buying homes and other goods as more are paying for college, but higher education is, on the whole, a solid place to put your money.
While debt buyers have been around for awhile, over the last decade they have become much more prevalent in consumers’ dealings with bad debt. Debt buyers structure their corporations as such and tend to focus solely on debt acquisition and management, leaving the actual collections up to a debt collector.
Debt collectors are required to be fully licensed, insured and bonded, which is why most debt buyers outsource their accounts to a debt collection agency. In the greater scheme of things, it helps keep the balance in a credit-based economy, and ultimately is an important part in maintaining access to credit for consumers. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. Any opinions, analyses, reviews, or recommendations expressed here are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any issuer.
The bank's year-over-year loan growth of 7% and deposit growth of 6% were among the best in the industry, and some of the individual areas of growth were even more impressive.
Obviously, you have Warren Buffett himself and his fantastic team managing your investments. As of this writing, Berkshire owns a substantial amount (defined as $250 million or more) of common stock in 34 companies, including Wells Fargo and several other names that read like a who's-who of rock-solid corporations.
The point is, Berkshire's revenue comes from not one, but nearly 100 different rock-solid businesses.
Warren Buffett has said that Berkshire would begin to aggressively buy back shares at a valuation of 1.2 times book value, which implies he would consider that level significantly undervalued. Not only is the diverse collection of businesses and stocks impressive, but shares are trading close to a level that Buffett himself says is significantly below intrinsic value. Matt specializes in writing about the best opportunities in bank stocks, real estate, and personal finance, but loves any investment at the right price. Senate Democrats are now pushing for a temporary fix, a one-year extension of the low 3.4 percent interest rate that would give Congress time to hammer out a long-term solution. This month, Congress will consider proposals to keep the interest rates on direct federal student loans down. One big reason is that higher education, especially at four-year colleges, costs a lot more than it used to. That's a low-ball estimate: The Federal Reserve Bank of New York guesses that, if you exclude borrowers that have deferred their loan payments, the share of delinquent borrowers would be more than 20 percent.

Keep in mind that the loans that Congress is discussing right now have some of the lower rates of the student loans out there: Federal loans for parents and grad students have higher interest rates than the rates below. In 2010, the median earnings for young adults with bachelors degrees were 50 percent higher than those of their counterparts with high school diplomas. Debt collectors, on the other hand, have been around much longer than debt buyers, and with consumers facing a historical amount of delinquent debt in recent times, debt collectors continue to garner front-page coverage because of how many consumers they come in contact with.
In doing so, the private entity relinquishes the legal rights to the existing debt and transfers that right to the entity purchasing the debt — the debt buyer. While there are some debt buying companies who also have set up debt collection companies, mostly they remain separate from each other, in which case the debt buyer will contract with a debt collection agency and place accounts with them to work on a contingency basis.
So for a consumer, it is important to understand the difference between a debt buyer and a debt collector.
However, Wells Fargo has already set aside $1.2 billion in reserves specifically for this purpose, and I think the default fears are overblown for the bank. And, Berkshire has a strong history of beating the market during bad times, which, as I've written before, is the most important component of solid long-term performance.
Besides, it's not like you really have to make a decision between the two stocks -- Berkshire owns more than 9% of Wells Fargo, so you'll reap the benefits of the big bank's growth regardless. According to the Hill, they have scheduled a vote on the proposal for July 10, though others (including House Republicans and even some fellow Democrats in the Senate) may not be on board.
But for many members of Generation Debt, the benefits of having a diploma may seem a long way off. The most common types of defaulted debts sold are medical and financial services-related products such as depository accounts, credit card debts and installment loans, among others.
Once a debt buyer attempts to collect on their own purchased debt, they in fact become a debt collector and are held to the strict legal and regulatory standards that apply to debt collectors. Odds are when a consumer is speaking with a debt collector, that debt collection agency is not the owner of the debt in question and didn’t purchase it.
He currently serves on the Board of Directors for ACA International and also serves as the 2014-2015 Missouri Collectors Association President. The website does not include all financial services companies or all of their available product and service offerings.
Despite both companies' somewhat limited growth potential going forward due to their sizes, there are still plenty of reasons to like each one.
The bank also produced record auto loan originations in 2015 and issued 2.7 million new credit card accounts -- an 18% increase from 2014.
Besides, Wells Fargo is trading for a price-to-book level not seen since 2013, so any negative effects should be more than factored into the stock price already. The Motley Fool recommends Bank of America, Coca-Cola, General Motors, and Procter & Gamble.
It’s also important for a consumer to ask for a verification of the debt so they can see where it originated, and they should also check their credit reports to see how the debt is being reported. He is adamant that the collection process is done the right way and that collectors always remain professional, respectful and compliant. He also uses analytics to develop proprietary scorecards that evaluate collector, client and overall company performance. He believes in management through open communication, creating a positive work culture and establishing clear expectations with accountability.

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