Finance Bill Could Offer Opportunities for Chicago Consumers to Save

For Chicago shoppers looking to save a buck, the finance bill passed by the Senate this week offers some pretty intriguing speculation.

Free credit scores, the elimination of mortgage prepayment penalties, and a consumer financial protection agency are just some of the possibilities.

Here's a brief rundown of the potential ways the new finance bill could help you save money. But since we won't know for sure until the bill is finalized sometime in the future, remember that it really is just that: speculation. If you want to increase your income and get rid of debt, you don't have to wait for Uncle Sam - you need to take action today.

Let's start with credit scores. Currently, you can get a free credit report - i.e., a snapshot of your credit history - via But if you want a credit score - the actual number calculated from your history, the number lenders look at when they want to determine how much of a risk you are as a borrower - you usually have to pay a fee. Under proposed legislation, however, you would have the ability to check your credit score for free when someone uses your score against you, for instance if a lender doesn't give you a very good mortgage rate.

Speaking of mortgages, you know that you can be penalized for paying your mortgage late - but did you know you could also be penalized for paying it early? Yep, lenders are currently able to charge you extra money for finishing off your house payment before the loan is up - that's because they don't want to miss out on all that nice interest. But the new bill could eventually eliminate this unfair practice - meaning you'd be rewarded, not punished, for responsibility.

Lastly, the bill could create a new agency to oversee loans and enact new rules, hopefully so a future recession could be noticed - and nipped - in the bud.

It's fun to dream of a future where finance practices are, well, fair. But you don't have to wait until that dream becomes a reality. If your credit score or mortgage is holding you back, don't cross your fingers hoping Uncle Sam will fix things - take matters into your own hands. The sooner you pay down debt, the more money you can keep in the long run - and more money often means you can finally boost that credit score and manage your mortgage.

Got too much debt to handle alone? Bankruptcy can make it possible. To find out more about bankruptcy - for free - simply sign up for a no-cost, no strings personal debt analysis with one of our Chicago bankruptcy lawyers. So whether or not the House and Senate can agree on the bill, we can all agree your financial future is looking brighter.

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