Wall Street cautious as earnings season starts Oct 8, 2009
The Federal Reserve reported Wednesday that total U.S. consumer debt outstanding fell in August by 12 billion dollars, as households cut spending and banks lowered credit lines. It is the seventh straight month decline of the data. (People's Daily Online, China)
Consumers cut borrowing by $12B in August, 7th straight monthly drop Oct 8, 2009
The said Wednesday that total consumer debt outstanding fell in August by $12 billion, a 5. 8% annual rate. (USA Today -- Money)
Jobless number is the true indicator Oct 5, 2009
Add to that July s largest decline in consumer debt ever recorded and the sixth consecutive month of reducing debt and you see a consumer hold up in his fallout shelter. Consumers remain worried. (Atlanta Journal-Constitution -- Business)
Banks trim use of emergency Fed programs Oct 2, 2009
52 billion) government debt-buying program aimed at lowering rates on all kinds of consumer debt. Those moves reflect the huge challenge facing Fed policymakers: with the economy is showing signs of life, they must decide how and when to withdraw the huge amount of money they've pumped into the economy. (Sydney Morning Herald -- Business)
Skewed up recovery Sep 30, 2009
5 trillion in consumer debt. Every month 350,000 American houses are being seized by creditors. (Asia Times Online)
Fed members walk fine line in remarks on economy Sep 26, 2009
In August, the Fed said it would wind down a $300 billion government debt-buying program to lower a range of rates on consumer debt. Related Searches. (Yahoo News -- Press Releases)
HSBC bids farewell to dollar supremacy... Sep 25, 2009
" Ahhh the poor widdle Chinese are having difficulty manipulating their currency. What a shame. Let the USD fall. Then we will quit buying so much Chinese junk. Karla H on September 24, 2009 at 08:19 PM HSBC is the domain of George Soros. Isn't that a coincidence? Margaret on September 24, 2009 at 08:19 PM What you all fail to realize as I am looking down reading your comments is YOU put them in office. If you did not vote, then you did not put them in office so be quiet because it is just as... (The Drudge Report)
Fed scales back 2 emergency lending programs Sep 25, 2009
And in August, the Fed signaled that it would wind down a $300 billion government debt-buying program aimed at lowering rates on all kinds of consumer debt. The Fed currently has $816. (MSNBC -- Business)
Things are getting better? Sep 24, 2009
We are getting back on trends that have created the consumer debt problems and the bubble, boom and bust cycle that has defined the US economy for more than a decade. The great mass of Americans live on income earned from employment. (Asia Times Online)
Summary Box: Fed Says Economy Is Picking Up Sep 24, 2009
That follows a decision in August to slow a government debt-buying program, which aims to lower rates on home mortgages and other consumer debt. HIGH-WIRE ACT: As the economy gains traction, the Fed will come under more pressure to wind down the emergency support, which has caused its balance sheet to jump to $2 trillion. (ABC News -- Wire)
China's Stimulus Delays Restructuring of Economy to Consumption, ADB Says Sep 22, 2009
China Stimulus Delays Economy Restructuring, ADB Says (Update3) - Bloomberg. Updated: New York, Sep 22 04:25 London, Sep 22 09:25 Tokyo, Sep 22 17:25. (Bloomberg -- Asia)
DEBT SETTLEMENT: A booming business now, but beware Sep 22, 2009
Delinquencies on consumer debt have hit a record 3. 23%, the American Bankers Association says, and the percentage of borrowers at least 30 days late have hit the highest level in at least 35 years. (USA Today -- Money)
Bankruptcy ahead Sep 22, 2009
7% rate, with home mortgage and consumer debt down 1. 4% and 6. (Asia Times Online)
Mortgage delinquencies at a record high Sep 22, 2009
Total consumer debt is down more than $300 billion, or almost 3 percent, from its peak in September 2008, Adams said, while the savings rate is nearing 5 percent, "a level we haven't seen in years.". Copyright 2009 Reuters. (MSNBC -- Business)
Fed likely to continue emergency aid programs Sep 21, 2009
That program is designed to force rates down for mortgages and other consumer debt to get Americans to spend more. But the program's effectiveness has been questioned on Wall Street and Capitol Hill. (MSNBC -- Business)
Have the markets been set up for a fall? Sep 21, 2009
An ongoing deterioration in consumer debt repayments and a worsening picture in commercial real estate are all putting additional strain on already-heavy balance sheets. Joseph Stiglitz, a prominent economist and Nobel Laureate from Columbia University in New York, argued last week that the U.S. banking sector is now in worse shape than before the collapse of major investment bank Lehman Brothers in September 2008, because banks seen as too big to fail before the crisis had grown even larger. (India Times)
High stakes in Pittsburgh: Let's hope the G-20 leaders can produce a sense of stability ... and the promise of recovery Sep 20, 2009
In an Oval Office interview with the Post-Gazette on Friday, the president added, "I think this is a recognition that Pittsburgh is a world-class city, that it represents the transition of the U.S. economy from an industrial state to a mix of strong industry -- steel, but also now biotech and clean energy. It has transformed itself after some very tough times into a city that's competing in the world economy.'' There is plenty of reason for optimism on the economy -- but just as much reason for... (Pittsburgh Post-Gazette, PA)
Sumant Batra, President of UK-based INSOL Sep 19, 2009
We have seen a massive rise in consumer debt due to the credit card boom, housing mortgages, consumer and personal loans, but sadly no thought is given about the consequences of large-scale defaults in a financial crisis. Reforming personal bankruptcy laws should be given top priority. (India Times)
Our views: Reforming Wall Street Sep 18, 2009
It would regulate mortgages, credit cards and other types of consumer debt and provide the hard and concentrated regulatory muscle thats lacking. It should become law. (Florida Today)
$100m annual pay is too much: Vikram Pandit Sep 18, 2009
Citigroup has received more government support than other major US banks after suffering big losses from bad assets linked to consumer debt. It has collected more than $45 billion of government capital in two separate transactions last year. (India Times, India)
Gain in U.S. Household Wealth Will Help Ease Strain on Consumer Spending Sep 18, 2009
Consumer debt fell at a 1. 7 percent annual pace, the fourth consecutive decline. (Bloomberg -- US)
Risky business Sep 16, 2009
The Fed also bought mortgage-backed securities and government bonds to drive down interest rates on mortgages and other consumer debt. For much of the Feds nearly 100-year history, it was reluctant to meddle deeply in financial crises, especially to save individual firms. (MSNBC -- Business)
A consumer-friendly credit card? Blueprint helps users manage debt Sep 15, 2009
Amid the recession, issuers have reason to be concerned about consumer debt loads. Credit card defaults and delinquencies have hit records, roiling the industry's balance sheet. (USA Today -- Money)
A lost decade ahead Sep 15, 2009
For every dollar of consumer debt reduction, 66 cents will be cut from the GDP. ... The effect can be expected to be exponential since the "saving" is merely going to extinguish a small portion of outstanding mortgage and consumer debt. (Asia Times Online)
Summers concedes risks of ending support for banks Sep 14, 2009
That program had been aimed at driving down rates on mortgages and other consumer debt. The Federal Deposit Insurance Corp., meanwhile, is considering whether to stop making new guarantees for bank debt at the end of October, as now scheduled, or extend the program. (Orangeburg Times and Democrat, SC)
A Pessimistic Economic Prediction Sep 11, 2009
Private consumption does drive a huge portion of our economy and consumer debt levels and unemployment make me queasy when it comes to consumer-driven businesses like Apple (Nasdaq: AAPL) and Best Buy (Nasdaq: BBY). But I also believe that the U.S. economy is more robust than many people are giving it credit for. (MSNBC -- Business)
Consumer borrowing took a vacation in July Sep 10, 2009
The drop in consumer debt for the month was the largest since the Federal Reserve began tracking the data in 1943 and the sixth straight monthly decline in outstanding consumer debt, the longest streak since 1991. The amount of the decrease five times what analysts had predicted along with continued job losses and an uncertain housing market show that consumers are still too skittish about borrowing money for big-ticket purchases, even though economic data show signs that the deep recession... (Honolulu Advertiser)
Encore Capital Group Settles Legal Dispute Sep 9, 2009
SAN DIEGO, Sept. 8 /PRNewswire-FirstCall/ -- Encore Capital Group, Inc. (Nasdaq: ), a leading distressed consumer debt management company, today announced that it has settled a pending legal dispute with Jefferson Capital Systems, LLC and its parent, CompuCredit Corporation. Under the terms of the settlement, all of the parties' obligations relating to the purchase and delivery of accounts under the Asset Purchase and Forward Flow Agreement dated June 2, 2005, as amended, as well as the related... (PR Newswire)
Consumer debt takes plunge in July Sep 9, 2009
Local Search Site Search. THIS STORY HAS BEEN FORMATTED FOR EASY PRINTING. (Boston Globe)
US consumer debt in record fall Sep 9, 2009
Page last updated at 20:03 GMT, Tuesday, 8 September 2009 21:03 UK. US consumers are focusing on paying off debt rather than spending. (BBC News -- Americas)
150 000 SA consumer under debt review by Xmas Sep 2, 2009
Consumer debt is spiralling with 150 000 consumers expected to be under debt review by Christmas, the National Credit Regulator (NCR) said on Tuesday. The NCR said the 100 000 consumers presently under debt counselling owed R20 billion of which R12 billion was mortgages. (Business Report, South Africa)
Personal debt dips for first time Sep 2, 2009
4 trillion mountain of consumer debt is desirable ... FROM OTHER NEWS SITES Britons' debt level falls in July - PA - 8 hrs ago * British love affair with debt cools - 8 hrs ago Bank figures show first consumer debt drop - 9 hrs ago Home Loan Approvals On The Rise - 18 hrs ago Mortgage Approvals Highest Since April 2008 - 19 hrs ago * Requires registration. (BBC News -- Business)
Bias against innovation Sep 2, 2009
Yet plastic cards, which make day-to-day transactions so much easier, are often instrumental in creating the worst consumer debt problems. In wholesale finance, innovative products can have both huge benefits and huge costs. (FT.com -- Markets)
How to Arrange Credit Card Debt Set... Sep 1, 2009
Avoid Bankruptcy with the Best Plan for Consumer Debt Settlement. Consumers seeking an effective debt settlement plan can arrive at the best credit settlement by doing it themselves or staying actively involved in negotiations. (Suite101.com)
Who Really Speaks for Consumers in the Arbitration Debate? Aug 31, 2009
Just days later, the American Arbitration Association halted consumer debt collection arbitrations, pending a review of their practices and procedures. These events will make arbitration less available for consumers. (Townhall.com)
Guest presenter: Ron Curtis, vice president and regional credit manager of National Bank of Arizona spoke Friday at the Benson/San Pedro Valley Chamber of Commerce luncheon. (Thelma Grimes/photo.) Aug 27, 2009
"Something had to happen. Consumer debt hit an all-time high. With all this demand, there had to be a correction; we couldn't keep going like this forever.". Now, many people could no longer qualify for homes they are already in. (Benson San Pedro Valley News Sun, AZ)
What Debt Reduction Services Are Av... Aug 27, 2009
The May 2009 U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery", said that revolving consumer debt amounted to $950 billion in the fourth quarter of 2008. A total of 13. (Suite101.com)
A clunker of a holiday on the way Aug 26, 2009
What if the Cash for Clunkers program, by causing new car buyers to take on additional leverage at a time when they may be least prepared to manage it, actually causes consumer debt default rates to spike. This would truly be a disaster, and it is hardly a far-fetched scenario. (Atlanta Journal-Constitution -- Opinion)
Bernankes star rises after one year in crisis Aug 24, 2009
The goal is to lower rates on mortgages and other consumer debt. Mortgage rates did ease. (MSNBC -- Business)
Fed chairman's star is no longer flaming out Aug 23, 2009
The goal is to lower rates on mortgages and other consumer debt. Mortgage rates did ease, but many feared the Fed's buying of government debt made it appear to be printing money to narrow a bulging federal budget gap. (The Augusta Chronicle)
Filing Chapter 13 Bankruptcy Aug 23, 2009
Chapter 13 bankruptcy is a reorganization proceeding intended for use by individuals seeking relief from consumer debt. According to Stephen P. Parsons, author of The ABCs of Debt, the new bankruptcy laws that took effect in 2005 are intended to force more consumers to file Chapter 13 reorganization (repayment) bankruptcy instead of liquidation bankruptcy. (Suite101.com)
Fed faces balancing act Aug 22, 2009
The Fed also bought mortgage-backed securities and government bonds to drive down interest rates on mortgages and other consumer debt. Bernanke also moved to support the mutual fund industry. (Pocatello Idaho State Journal, ID)
Westpac upbeat but wary of aftershocks Aug 22, 2009
As for consumer debt, the bank had seen a slight decrease over the same period in an indication that borrowers were building up a buffer against any future problems. Deposit growth had also continued to grow strongly, up 2. (Sydney Morning Herald -- Business)
South Africa: Debt Soars as More Job Losses Loom Aug 22, 2009
While consumer debt fell slightly from its recent high of 78,2% of household income in the first quarter of last year, it has been creeping up again. It fell to 75,5% in the third quarter of last year, but rose to 76,7% by the first quarter of this year. (allAfrica.com)
Money wanted Aug 21, 2009
1% fall in sales at US retailers in July has been termed "unexpected" for some reason that I don't understand since wages are not rising, consumer debt is not rising, equity withdrawals are not increasing, unemployment is rising and consumer price inflation is rising ... of ravenous wolves snarling and snapping as they ate people alive, who were themselves screaming in terror and pain, a terrifying soundtrack that segued to "Dateline: Earth. The recent, unsettling fall in retail sales is... (Asia Times Online)
Microsemi settles DOJ suit Aug 21, 2009
6 Million In Consumer Debt At 49 ... 02 in consumer debt during July 2009, saving $13,420,102. (Fresno Bee -- Business)
Debtors File Class Action Alleging Attorneys Conspired to Defraud Aug 18, 2009
In a federal class action suit filed on Aug. 6, the plaintiffs allege two Texas lawyers conspired with others to defraud debtors who sought help because of credit card and unsecured debt and to "evade" Texas laws that regulate consumer debt management services, attorney-client solicitation and lawyer advertising. "By masquerading as attorney referral services, unregulated debt negotiators and exempt attorneys, the defendants collaborate to evade strict state consumer protection regulations... (Law.com)
Americans' appetite for debt did them in Aug 17, 2009
"Collateral Damaged: The Marketing of Consumer Debt to America" by Charles R. Geisst; Bloomberg Press, 288 pages, $27 ... This economic malady has been usurped by "cannibal consumption" the perilous intertwining of the housing and consumer credit markets, says Charles R. Geisst, author of Collateral Damaged: The Marketing of Consumer Debt to America (Bloomberg Press, 288 pages, $27 ... Consumer debt is at an all-time high, exceeding $2. (USA Today -- Money)
Banks May Reach Point of No Return as Toxic Loans Exceed 5% of Holdings Aug 14, 2009
Almost 300 reported 3 percent or more of their loans were nonperforming, a term for commercial and consumer debt that has stopped collecting interest or will no longer be paid in full. The biggest banks with nonperforming loans of at least 5 percent include Wisconsins and Georgias , according to Bloomberg data. (Bloomberg)
Bank of America Drops Arbitration Requirement Aug 14, 2009
A few days later the American Arbitration Association said it would stop arbitrating consumer debt collection until the process is reformed. And a Congressional committee has held hearings on a proposal to ban arbitration clauses from credit card agreements. (ABC News -- Wire)
Oil rises slightly in Asia Friday to near US$71(update) Aug 14, 2009
The program is meant to lower mortgage rates and other consumer debt, but some economists see it as inflationary, making it look like the government is printing money to fix the economy. In other Nymex trading, gasoline for September delivery gave up less than a penny to settle at $2. (The Star Online, Malaysia -- Business)
Asia Stocks Rebound After Fed Boosts Economic View Aug 13, 2009
In another sign of confidence in a U.S. revival, the central bank said it would dial back one of its main emergency lifelines to the economy a program to buy government securities as a way to keep rates on mortgages and other consumer debt lower. The Fed's reassurance that an economic turnaround was at hand sent U.S. markets higher overnight. (ABC News -- Wire)
Fed sets optimistic tone on economy Aug 13, 2009
The program is designed to force interest rates down for mortgages and other consumer debt and spur Americans to spend more money. I think the Fed is feeling increasingly comfortable about where the economy is going, said Mark Zandi, chief economist at Moody s. (Boston Globe)
Stocks Jump as Fed Raises View of Economy Aug 13, 2009
The program is designed to reduce rates on mortgages and other consumer debt. "The fact that they are going to wind down the Treasury purchases I think leaves the clear impression that they are quite satisfied with the progress we are making in the recovery," McCain said. (CBS News)
Fed Will Keep Key Rates Low Aug 13, 2009
But it is unclear whether the Fed will continue some programs that have kept mortgages and other consumer debt even lower than the market might expect. One such program involves buying U.S. Treasurys. (Realtor Magazine Online)
Broken promises Aug 13, 2009
Incentive sales rob future auto and other consumer sales by creating more current consumer debt. The taxpayers are stuck with higher taxes and wealth transfers few benefiting and most paying. (Hudson Register Star, NY)
Fed says economy 'leveling out' Aug 13, 2009
The program is designed force interest rates down for mortgages and other consumer debt and spur Americans to spend more money. "I think the Fed is feeling increasingly comfortable about where the economy is going," said Mark Zandi, chief economist at Moody's. (Republican-American)
Concern over rising debt problems Aug 12, 2009
Consumer debt was the biggest issue for clients. Debt is the biggest concern for those seeking help from Citizens Advice Scotland - with a 14% rise in debt-related issues in the last year. (BBC News -- Business)
Mood’s brighter, but Fed may still extend stop-gaps Aug 12, 2009
One such program, aimed at driving down interest rates on mortgages and other consumer debt, involves buying US Treasurys. The central bank is on track to buy $300 billion worth of Treasury bonds by the fall; it has bought $253 billion so far. (Boston Globe)
Anticipating recovery, Fed likely to hold rates Aug 10, 2009
One such program, aimed at driving down interest rates on mortgages and other consumer debt, involves buying U.S. Treasurys. The central bank is on track to buy $300 billion worth of Treasury bonds by the fall; it has bought $236 billion so far. (MSNBC -- Business)
Baird defends choice not to hold town hall meetings Aug 9, 2009
kalama river resident wrote on Aug 8, 2009 5:42 PM:" pangborn- You are kidding yourself if you believe this economy is recovering, the stock market is topped out and on the verge of crashing, the Dollar is at a all-time low, slightly above a very critical support level that when it fails, the Dollar will crash, unemployment is getting worse (U-6), there are no new jobs being created, just people who have used up their benefits and are no longer being counted as unemployed(Thanks to Bill Clinton,... (Longview Daily News, WA)
Hot and cold of economic winter Aug 8, 2009
I cannot pass up the opportunity to proclaim that you should be heeding the Loud Voice Of The Mogambo (LVOTM), the introductory overture of which predictably begins "We're Freaking Doomed (WFD), you morons! Your money is dead and you will be economically dead, if not actually dead, all because you turned your backs on your own Constitution and its requirement that money be only of gold and silver coin, and instead embraced a stupid fiat currency, unleashing torrents of new money (inflation in... (Asia Times Online)
How Americans Got Into a Credit Card Mess Aug 8, 2009
In Collateral Damaged: The Marketing of Consumer Debt to America, Charles Geisst, a professor of finance at Manhattan College, takes us through the centuries to explain how we wound up at our most recent and spectacular credit bubble. TIME's Barbara Kiviat spoke with him. (Time.com)
Consumers Pay Down Debts Fifth Straight Month Aug 8, 2009
The Fed says Americans cut their outstanding consumer debt by $10. 3 billion, or 4. (Newsmax)
Consumers cut debt for 5th straight month Aug 8, 2009
Outstanding U.S. consumer debt fell $10. 3 billion, or 4. (USA Today -- Money)
