Undermining the CFPB: Chamber Seeks Light Regulation of Credit Cards by Limiting Powers of the Consumer Financial Protection Bureau
As congressional Republicans threaten to shut down the government over ideological policy provisions including an attempt to eviscerate the U.S. Consumer Financial Protection Bureau (CFPB), Public Citizen’s U.S. Chamber Watch released a report documenting the business lobby’s efforts and arguments against the new agency’s benefits to consumers.
The analysis is contained in the second of three reports on the Chamber’s broad attack against Wall Street reform. Titled “Undermining the CFPB,” the report highlights the Chamber’s defense of the onerous credit card terms megabanks promote at the expense of consumers. It also looks at the Chamber’s attempt to stifle dialogue between the CFPB and the U.S. Department of Defense as the agencies work to protect members of the military from predatory lending – a goal especially important for vulnerable service members deployed overseas.
March 1, 2016 @ 4:03 pm
If the car loan and the student loans are your only debt, you are much better off leaving these separate from each other. However, if you have not already done so, you should go ahead and consolidate your student loans (but keep separate from the car loan). Doing so allows you to lock in to a low interest rate, and you do not lose any of the advantages of your student loans. For example, if some or all of your loans were subsidized, that portion of your consolidated student loan balance will remain subsidized.Student loans carry possible tax advantages the interest can be tax deductible and they also can be eligible for deferment and extended terms if you lose your job at any point in the future or you fall on hard financial times. If you were to consolidate your student loans with your auto loan, you would lose those advantages.Pay off the car loan as soon as possible, but you can take more time with the student loans. It’s probably the least expensive debt you have. Once you earn a higher salary and have some savings set aside and have paid off your car loan, then you can get to work paying off your student loans.