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    News and Articles on Consumer Debt

    Archives: Consumer Debt

    Twenty Reasons Why We're Not Consuming  Nov 22, 2008
    Not only are debt ratios high and rising, debt-servicing ratios are high and rising, too, having gone from 11% in 2000 to almost 15% now, as the interest rate on mortgages and consumer debt is resetting at higher levels. 5. (Forbes -- Markets)

    JPMorgan cuts banking jobs: Sources  Nov 21, 2008
    But in recent calls with investors and analysts, Jamie Dimon, the bank's chief executive, has been warning about possible losses from exposure to consumer debt. At a conference two weeks ago, Dimon said the wider economic downturn could be worse for banks like JPMorgan than the credit crisis. (India Times)

    Report: Bankruptcy reform didn't help  Nov 20, 2008
    The study also reported debtors filing for bankruptcy in 2007 have heavier debt loads than those who filed in years prior, a development that seems to mirror a national trend of increasing consumer debt. In recent years, critics have complained bankruptcy was "too easy" - by writing off their credit card and consumer debt, the financially strapped received federal support to pay their debts. (Daily Iowan, IA)

    Spending Styles of the Rich and Famous Suffer  Nov 18, 2008
    No data currently available. No data currently available. (Fox News)

    Citigroup will slash 53,000 jobs  Nov 18, 2008
    And if the bank takes more hits due the worsening credit climate -- not only in mortgages, but other consumer debt like credit cards -- it might have to keep cutting costs further. "Of the big banks, Citi is the sickest dog," Howell said. (Sioux City Journal, IO)

    Consumers cut back sharply on spending  Nov 18, 2008
    These loans are packaged together as securities and sold to investors, but after the huge losses for mortgage-backed securities, investors have grown leery of buying other types of consumer debt. In a series of interviews on Thursday, Paulson provided new details of how the new program might work. (Madison Daily Leader, SD)

    Honoring tradition in troubled times  Nov 18, 2008
    Last month, travel-trend forecasters IHS Global Insight issued their own projections, which listed a litany of challenges, including rising inflation, increasing unemployment, tightening credit conditions, high levels of consumer debt, declining housing wealth and stagnant wages. . (MSNBC -- Politics)

    Why Credit Life Insurance Is a Bad Buy  Nov 18, 2008
    It's insurance that pays off your consumer debts if you die ... If you have a family you'd like to protect, see if your regular homeowner's or life insurance policy is large enough to cover the new consumer debt. (ABC News -- Business)

    Japan's `Least Ugly' Economy May Outpace U.S., Europe in Financial Crisis  Nov 18, 2008
    Almost two decades of sub-par growth and an aversion to business and consumer debt have produced a leaner economy. The country's banks are cash-rich and still able to lend, manufacturers such as have increased their efficiency and households have a mountain of savings that should buoy spending during the downturn. (Bloomberg)

    Citigroup slashes tens of thousands from payroll  Nov 18, 2008
    And if the bank takes more hits due to the worsening credit climate -- in mortgages or in other consumer debt like credit cards -- it might have to cut costs further. "Of the big banks, Citi is the sickest dog," said Robert Howell, a finance professor at Dartmouth's Tuck School of Business. (News & Observer)

    US's road to recovery runs through Beijing  Nov 15, 2008
    The tape cannot be run in reverse: America can't rescue an economy based on rising consumer debt and zero savings. America must become a technology exporter. (Asia Times Online)

    World Markets Steady Amid More Grim News  Nov 14, 2008
    The Treasury will instead rely on buying stakes in banks and providing more direct help to consumer debt markets. The trouble is still in both housing and in the financial system and trouble with the financial problem is it's a little like religion. (CBS News)

    How Do You Make Sense of the Current Market?  Nov 14, 2008
    -- Paying off high-interest consumer debt such as credit card balances and car loans -- and staying out of debt. -- Contributing to your 401(k) or other employer-sponsored plans at least up to the company match. (Townhall.com)

    Survey: Wary shoppers to crimp holiday season  Nov 13, 2008
    Gas prices might be coming down and anxiety over the election abating, but problems related to consumer debt still loom large. Outstanding consumer credit among Americans totaled $2. (Columbus Business First, OH)

    Alex Patellis,Head,International Economics, Merrill Lynch  Nov 13, 2008
    Since the crisis is mostly centred on complex financial architecture, a mismatch of short- and long-term liabilities, and excess consumer debt, developed countries are more vulnerable, in our view. In India, the growth is largely driven by domestic demand. (India Times)

    US abandons plan to buy toxic assets  Nov 13, 2008
    But on Wednesday he said the money earmarked to buy those debts would be better spent injecting cash directly into struggling banks and shoring up the market for consumer debt such as from credit cards and car loans. "This market, which is vital for lending and growth, has for all practical purposes ground to a halt," he said. (Yahoo! Asia News)

    Lonrho Raises 15.6 Million to Continue the Development of its Core Businesses  Nov 12, 2008
    Africaremains an attractive investment opportunity; it is an emerging market with little commercial or consumer debt. Economic forecasts for Sub Saharan Africa continue to predict GDP growth upwards ofbetween 5% and 6% for several strategic countries in which Lonrho's businesses operate, and forAngolawith 20% in GDP.. (allAfrica.com)

    Northeast Health System's board meets on CEO's fate  Nov 11, 2008
    The Fed lets banks post consumer debt, such as credit card receivables, as collateral for loans from its discount window, which carry a 1. 25 percent interest rate. (Boston Globe)

    Why banks are boosting credit card interest rates  Nov 10, 2008
    Rising demand for credit card securities enabled banks to become more innovative in raising rates and fees, says Nomi Prins, who formerly ran a Bear Stearns group that analyzed securitized consumer debt. "As long as investor demand grew for credit card collateral embedded with these fees and higher rates, issuers knew they had a place" to offset their risk and boost their profits, says Prins, now a senior fellow at Demos. (USA Today)

    Sinking Rates Still Can't Spur Risk-Taking  Nov 8, 2008
    The securitization market where banks repackage consumer debt into bonds that can be traded is at a virtual halt. Meanwhile, more individuals are losing their jobs, raising the probability that people will fall further behind on their debt payments. (ABC News -- Wire)

    Consumers Unexpectedly Borrowed More in September  Nov 8, 2008
    Graphic shows outstanding consumer debt from revolving credit accounts; (AP) ... Consumer debt rose by $6. (ABC News -- Wire)

    Campaign is one point of hope  Nov 7, 2008
    Looming rapidly into sight is the more than $20 trillion of private sector corporate and consumer debt. As is reflected in widening credit spreads and the threatened bankruptcy of national business icons such as GM and Ford, this debt is also being called increasingly into question. (Asia Times Online)

    Money for nothing  Nov 6, 2008
    " Today, the "legacy" of soaring house prices and record levels of borrowing amounts to a mind boggling 1.4 trillion. In other words, the total amount of consumer debt - what we owe on mortgages, loans and credit cards - outstrips the entire gross domestic product, or GDP, of the country. No life Bruce Eyre from Wiltshire is one such consumer who is now coming to terms with his own personal debt crisis. With more than 250,000 owed to his creditors, he has decided to declare himself bankrupt,... (BBC News -- UK)

    Chairman and Managing Director addresses to AGM  Nov 5, 2008
    Defaulted consumer debt which is the primary asset with which this business deals is increasing ... One of the few security companies in the industry with a network of Australian Grade A1 (or New Zealand equivalent) monitoring stations The lowest customer attrition levels in recent history The strongest organic sales growth since 2001 Increasing channel sales growth, particularly in Australia Strong growth in medical alarm monitoring in New Zealand Strong pipeline of accretive acquisition... (Sydney Morning Herald)

    Basic principles  Nov 5, 2008
    In one area, consumer debt, Americans are better off. Obviously, some major changes are needed. (Florida Times-Union)

    Bill collectors get tough, and complaints surge  Nov 4, 2008
    The complaints are also being attributed to the explosive growth in the number of companies that buy up bad consumer debt at a discount and try to collect whatever they can. U.S. law allows creditors to take aggressive steps to collect a debt, including going to court to freeze a debtor's bank accounts. (The Star Online, Malaysia -- Business)

    Deep in Debt  Nov 3, 2008
    In the interwar years, commercial banks began to invest in consumer debt, and retailers started to profit on the financing -- and not just the selling -- of goods. After World War II, indebted suburban Americans could leave their mortgaged homes in financed cars to shop on department store credit. (Boston Globe)

    Paul Krugman: When consumers capitulate  Nov 1, 2008
    Lately, however, the savings rate has generally been below 2 percent - sometimes it has even been negative - and consumer debt has risen to 98 percent of GDP, twice its level a quarter-century ago. Today in Opinion. (International Herald Tribune)

    Credit Card Losses Sting Banks; Borrowers Face Tougher Terms  Oct 29, 2008
    Even so, higher charge-off rates are an added headache for financial institutions saddled with big mortgage-loan defaults and growing losses on auto loans, student loans and other consumer debt. "Banks will have to set aside more provisions to cover those charge-offs and that will depress earnings," said Keith Leggett, a senior economist at the American Bankers Association. (Investors Business Daily)

    Keeping trains on tracks is Ramos's next challenge  Oct 29, 2008
    Consumer hardship has hit the new and used vehicle market, as have high consumer debt levels and the increase of almost 40 percent in interest rates since June 2006. Many consumers are both unwilling and unable to buy new or used vehicles - and dealers' stock levels have risen alarmingly. (Business Report, South Africa)

    Is U.S. buy-buy-buy mentality best?  Oct 28, 2008
    6 trillion in nonmortgage consumer debt. Meanwhile, much of what we buy comes from other countries, while those nations tend not to buy as much of our stuff. (Fresno Bee -- Business)

    Better to pay off bills or hold onto cash?  Oct 28, 2008
    Without savings and with less home equity to fall back on, American households are struggling with high consumer debt and a rising cost of living while trying to repair or improve their personal balance sheets. "Generally speaking, if people have high consumer debt, they really should focus on getting rid of that," said Eric Tyson, author of "Personal Finance For Dummies." One exception, he said, "is if someone has so much debt they may declare bankruptcy, they would do better to hold onto their... (Pittsburgh Post-Gazette, PA)

    Evil Wall Street Exports Boomed With `Fools' Born to Buy Securitized Debt  Oct 28, 2008
    U.S. consumer debt tripled in the two decades after 1988 to $2. 6 trillion, according to the Federal Reserve. (Bloomberg)

    Perhaps the financial fire of 2008 will burn off some of the investment chaff  Oct 27, 2008
    Consumer debt continually set new records. Combustible material was piling up everywhere, waiting for an ignition source. (Globe and Mail -- Business)

    Socialism robs us of free agency  Oct 26, 2008
    JGN69 wrote on Oct 25, 2008 10:15 AM:" Mr. Nilson writes: Freedom works and socialism never will. This statement is from a free agent of propaganda. Its old school Cold War rhetoricnonsense today and when it came out of the propaganda mills decades before. Are the people in the social democratic states of Denmark, Sweden, Norway, Ireland, Britain, Netherlands, Canada not free? You mistake socialism for totalitarianism. Is it the same thing? Ask a Swede, the Dutch, etc of course... (Logan Herald Journal, UT)

    With $605 million already, Obama seeks only $10 more from each of us...  Oct 24, 2008
    Having hauled in a record $208,333 every hour of every day last month -- -- plus a few more unreported millions so far this month, is worried that he might come up short in the political money war with the - ticket. Just to relieve himself of that $150 million before the polls open, Obama will have to spend $12. (The Drudge Report)

    Britain's boom is over and not everybody minds  Oct 21, 2008
    One-third of consumer debt in all of Europe is held by people in Britain, said Chris Tapp, deputy director of Credit Action, which counsels people about how to handle debt. Audrey Hurren, a retired secretary of 65 who was waiting for the subway in central London the other day, put it a different way. (International Herald Tribune)

    Financial crisis spares Russia's 'average Joe'  Oct 21, 2008
    The average Russian has little consumer debt and no exposure to the stock market via pension plans. The stock market is "totally speculative and not a place where most Russians would ever choose to put their money," says Sergei Glazyev, director of the independent Institute of New Economy in Moscow. (Christian Science Monitor)

    THE ECONOMY IN TURMOILThe Great Depression - how close are we?  Oct 21, 2008
    "That was a time of exuberance in financial markets; this is a time of exuberance in financial markets. (Both times) there was a big rise in consumer debt and leverage in general. That was a time when installment credit was taking off. People were buying all sorts of items - automobiles, radios. There were a lot of consumer purchases on installment credit. There was a lot more reliance on debt, including buying stock on margin." ... -- In the 1920s, outstanding consumer debt (excluding mortgage... (San Francisco Chronicle)

    Many Georgia mortgage holders still struggling to pay  Oct 20, 2008
    Some blame unwillingness by lenders until very recently, while others say the sheer magnitude of the problem overwhelms the bankers and consumer debt counselors working on the issue. Still others blame the government, saying solutions have been focused on Wall Street instead of on the masses of desperate homeowners. (Atlanta Journal-Constitution -- Business)

    South Korea braces for crisis fallout  Oct 18, 2008
    With its banks facing potential trouble, its currency and stocks reeling and consumer debt on the rise, the country's woes have stirred memories of the regional economic crisis that struck it more than a decade ago ... South Korea, where consumer debt levels soared in 2003 after the government encouraged credit card use to spur the economy, has again been seeing rising levels of personal red ink. (The Star Online, Malaysia -- Business)

    Signs of a deeper downturn in U.S.  Oct 16, 2008
    "You're beginning to see the deterioration of credit cards, consumer debt, home equity lines," said Stephen Wood, a strategist at Russell Investments. And a precipitous decline in consumer spending the primary engine of economic growth for the last decade could have dire consequences for the labor market, workers' salaries and American industry, which would in turn affect countries that are dependent on American demand for their goods. (International Herald Tribune)

    Your say Is Black October a black hole for stocks?  Oct 16, 2008
    Problem was that the speculative and therefore artifical value of those trillions of dollars was now unrecoverable debt in the form of overpriced real estate, consumer debt and bad loans (sub-prime mortgages ring any bells. . (Sydney Morning Herald -- Business)

    Michael West Fasten your seatbelts  Oct 16, 2008
    This time around, sadly, the level of consumer debt is far greater. More bad news in US. (Sydney Morning Herald -- Business)

    Next week at Arlington Community Education  Oct 16, 2008
    We will cover consumer debt management, common investment mistakes, tax saving strategies, insurance, FICO scores and retirement savings options. The instructor is a certified personal financial advisor who has worked with individuals for 11 years. (Arlington Advocate, MA)

    Our consumerism got old  Oct 14, 2008
    Consumer debt has soared to a staggering two and a half trillion dollars. More than a third of those carrying credit card balances of $10,000 or more earn less than $50,000 a year. (Albany Times Union)

    Fighting the credit crisis, one-on-one  Oct 14, 2008
    As far as he knows, he was the first such firm in the nation to counsel people on mortgages in addition to traditional consumer debt like credit cards. Seventeen years later, that decision has helped Auriton boast a 60 percent market share among consumers seeking credit counseling in Minnesota. (Twin Cities Business Journal, MN)

    Fed Role Is Sought in Interbank Lending  Oct 14, 2008
    These also are used to establish financing costs for corporate debt, home mortgages and other types of consumer debt. Following similar moves in Europe, the Bush administration is expected to announce Tuesday initiatives to shore up the financial system. (Wall Street Journal)

    Look to Britain, where it's déjà vu  Oct 14, 2008
    But terrible levels of consumer debt, poor productivity and low prospects for exports, and the fiscally expensive demographics of an aging population, make Britain vulnerable to a further downturn. Mr. Brown must have his mind on another Labour Party prime minister, who three decades earlier had been forced to endure a similarly humiliating reversal. (Globe and Mail -- Business)

    Our affluence puts us in abyss  Oct 13, 2008
    It s no wonder that consumer debt has soared to a staggering two and a half trillion dollars. Between mortgages, second mortgages and credit cards, many families, especially struggling wage earners, are barely getting by. (DeKalb Daily Chronicle, IL)

    Angry about financial crisis  Oct 13, 2008
    Consumer debt has been building for 25 years. People have maxed out several credit cards. (Logan Herald Journal, UT)

    Likely cure for borrowing is more debt  Oct 12, 2008
    As of July, consumer debt was growing about 25 percent faster than earnings. The banks that initially make these "revolving" loans have been able to bundle and sell them to others as "collateralized debt obligations," much the same way they did with mortgages. (Anchorage Daily News)

    Credit junkies and consumerism  Oct 11, 2008
    It s no wonder that consumer debt has soared to a staggering $2. 5 trillion. (Atlanta Journal-Constitution)

    The Russians get on message  Oct 10, 2008
    I thought is was strange that they thought that "most of her customers" would use the euro as a common currency, which means that they do NOT think that the Chinese would be most of her customers, even though they are right next door, they outnumber Europeans 2-to-1, and they have almost no consumer debt. So I thought that was a little strange; but it got spooky when they wrote the line, "the age of the dollar draws to a close", as my heart withered in fear and I suddenly mistrusted everyone... (Asia Times Online)

    Europe's Schadenfreude: Time to Get Over It  Oct 8, 2008
    To suggest that Americans are responsible for U.K. lenders writing mortgages for more than the value of the homes being purchased or the U.K. consumer having far more consumer debt on his balance sheet than his U.S. counterpart is absurd. The longer Europe spends its time wallowing in its misplaced sense of superiority instead of dealing head on with the crisis (yes, of its own making) it threatens not only its banks, but also the entire idea of the European Monetary Union. (Human Events Online)

    Bush and Cheney had a part in economic ruin  Oct 6, 2008
    Grant Uptain idgrantup wrote on Oct 5, 2008 4:03 PM:" A few facts: * U.S. official gold reserves are worth $261.5 billion[citation needed] (as of March 2008), foreign exchange reserves $63 billion[citation needed] and the Strategic Petroleum Reserve $67 billion (at a Market Price of $104/barrel with a $15/barrel discount for sour crude).[42] * The national debt equates to $30,400 per person U.S. population, or $60,100 per head of the U.S. working population,[43] as of February 2008. * In 2003... (Burley South Idaho Press, ID)

    Personal Finance: Deflating your debt  Oct 6, 2008
    Consumer debt is the real thief of your financial freedom. It sucks up your money, leaving you less if any money to save. (WWLTV.com, LA)

    Local lawmakers cast opposing votes Friday  Oct 4, 2008
    He also said the reasons at the root of the economic problem, such as Wall Street greed, consumer debt, and devious mortgage brokers, aren't tackled in the bill. Gallegly was flying back to California from Washington, D.C., and couldn't be reached for comment, a spokesman said. (Lompoc Record, CA)

    GORGING ON CREDIT  Oct 4, 2008
    The average American now owes more than 16,635 in consumer debt, excluding mortgages, according to US News. A 2004 Federal Reserve Board survey found that a majority of credit card holders, 58 percent, don't pay their card balances every month. (New York Post -- Opinions)

    Consumer bankruptcy filings up 29% in September  Oct 4, 2008
    The continued rise in personal bankruptcies reflects high consumer debt, made worse by energy costs and the weak housing market, trapping many households in homes they can neither afford nor sell, ABI Executive Director Samuel Gerdano said in a statement. Gerdano said the bankruptcy group expects consumer filings to grow to more than 1. (San Diego Union-Tribune -- Business)

    The glum old USA  Oct 3, 2008
    As Bernie Sanders, an angry independent senator from Vermont, said in a passionate speech: "The middle class has really been under assault. Since President Bush has been in office, nearly 6 million Americans have slipped into poverty, median family income for working Americans has declined by more than $2000, more than 7 million Americans have lost their health insurance, over 4 million have lost their pensions, foreclosures are at an all-time high, total consumer debt has more than doubled, and... (Sydney Morning Herald -- World)

    Arizona forecast: Economy may take years to recover, solar could be bright spot  Sep 25, 2008
    He pointed to negative signs in the national and state economies, including the credit crunch and finance-sector problems; a drop in sales of retail and durable goods; declining architectural billings and equipment sales; high consumer debt; energy and food inflation; and poor housing resales. Pollack expects more foreclosures with the housing market hitting bottom in 2009, but warned it will take multiple years to recover because of the glut of homes for sale. (Phoenix Business Journal, AZ)

    Trapped in plastic  Sep 25, 2008
    Given the high levels of consumer debt, the Government should be taking these issues more seriously. send photos, videos ffs to 0424 SMS SMH (+61 424 767 764), or us. (Sydney Morning Herald -- Business)

    First Priority loans to be sold by DebtX  Sep 24, 2008
    Another $16 million is categorized as commercial and industrial with another $18 million in consumer debt. Only the loans are being sold, not the properties, said a DebtX spokesman. (Tampa Bay Business Journal, FL)

    Arizona economists check in on proposed bailout  Sep 23, 2008
    Credit cards and other consumer debt should be left out as should any loans that were sold to foreign banks, Sanders said. John Mathis, a global finance expert and professor at the Thunderbird School of Global Management in Glendale, said the financial markets need immediate assistance and Congress should not delay the project or use it as vehicle for more spending and policies. (Phoenix Business Journal, AZ)

    Five Financial Truths Defy Wall Street Madness: John F. Wasik  Sep 23, 2008
    Has consumer debt become the latest flash point. As the economic reckoning continues, some 10 million Americans have filed for bankruptcy since 2000. (Bloomberg -- Columnists)

    Australia Stocks Snap Two-Day Rally on Global Slowdown Concern; Banks Fall  Sep 23, 2008
    8 percent on concern consumer debt levels and falling employment will crimp growth, while crude oil surged 17 percent, its biggest gain ever. Commodity Stocks Advance. (Bloomberg -- Australia & New Zealand)

    We don't need another Greenspan masterclass in bubble-blowing  Sep 21, 2008
    Even those of us who have been going on about the dangers of the house price spiral, the consumer debt mountain and the worship of 'financial engineering' are surprised by the sheer speed with which confidence in the most respected of financial institutions collapsed last week. As one battered banker said: 'There is no organisation that cannot potentially fail, because the whole world can bet against you. (guardian.co.uk)

    Statement From Sears Holdings Following Fitch Ratings Announcement  Sep 20, 2008
    The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: our ability to offer merchandise and services that our customers want, including our proprietary brand products; our ability to successfully implement initiatives to improve inventory management and other capabilities; competitive conditions in the retail and related services industries; the impact of seasonal buying patterns, including seasonal fluctuations due to... (PR Newswire)

    US at a turning point  Sep 20, 2008
    Credit conditions designed to keep the macro-economy and asset prices at peak levels filtered into balance sheet leverage, government debt and consumer debt levels well beyond prudence. This happened because credit easing does not and cannot substitute for earnings, wages or tax revenues. (Asia Times Online)

    Kingfisher fears banker-belt downturn  Sep 19, 2008
    Kingfisher's French business - DIY retailer Castorama and trade specialist Brico depot - fared better, aided by much lower consumer debt and lower levels of home ownership, making the business less tied to the fortunes of the housing market. The French arm turned in retail profit up 6% at 128m on sales of 1. (guardian.co.uk)

    Lehman and the end of the era of leverage  Sep 16, 2008
    Earlier this year, the American authorities allowed financial institutions to mark their books at fictitious values, in the hope that eventually prices for mortgages, consumer debt structures, corporate structured instruments and so forth would come back. If the authorities had forced the banks to mark to the existing market bid, all of them would have been insolvent. (Asia Times Online)

    Asia in a concertina squeeze  Sep 9, 2008
    German growth has kept going longer than other European economies because of low consumer debt and export growth to OPEC economies, but Germany is now also slowing. Moreover, its policies of wage restraint and hyper-export competitiveness pose a menace rather than a help to the overall European economy. (Asia Times Online)

    Europe halts global equities slide  Sep 9, 2008
    As optimism faded, a key U.S. subprime mortgage index nearly erased a 4 point gain made on Monday with rising consumer debt, delinquencies and unemployment weighing on sentiment. The top AAA slice of the ABX index ended slightly up on the day. (Globe and Mail -- Business)

    Mastering Personal Finance 101: Tips for managing money while away at school  Sep 6, 2008
    Consumer debt is more expensive and should be carefully monitored. Carrying high, unpaid balances is one of the quickest ways to incur too much debt and fall behind in payments. (Orangeburg Times and Democrat, SC)

    When the College Savings Plan Falls Short  Sep 4, 2008
    Consider paying off all high-interest consumer debt, such as credit-card balances. And make sure to max out your 401(k) and IRA. As a general rule, financial-aid officers don't expect parents to cash out their retirement accounts to pay for their kid's education. (SmartMoney)

    McGuire: Know your rights about debt collection  Sep 1, 2008
    With the economy on the fritz and consumer debt at record-high levels, does it surprise you that debt collection complaints are on the rise. The Better Business Bureau logged 18,000 complaints in 2007, up. (Corvallis Gazette Times, OR)

    Institutions get warning on canceling or reducing home equity lines of credit  Aug 29, 2008
    Compared to other consumer debt, a home equity line does appear cheaper. And people tell themselves it's a better way to borrow because the interest paid on this debt is tax deductible. (Boston Globe)

    S.F. lender to students is clearing out  Aug 28, 2008
    It is one of many lenders that have stopped making certain types of student loans in recent months, in part because they can no longer sell them to investors who buy bonds backed by pools of mortgages or consumer debt. The timing was especially bad in this case. (San Francisco Chronicle -- Business)

    Anxiety on the clock  Aug 28, 2008
    The deepening angst may reflect wage stagnation: "Real wages did not increase in the last four or five years for most Americans," Van Horn said, and consumer debt increased as many Americans, in effect, borrowed themselves a raise. Making matters worse are soaring gasoline prices, falling home values, and 401(k) retirement savings accounts caught in the stock market plunge. (NJ.com -- Times)

    Medical Credit Card Concerns  Aug 26, 2008
    Converting Medical Debt to Consumer Debt. By using one of these credit cards, patients convert their medical debt, which doesn't typically show up on a credit report unless it goes to collection, into revolving consumer debt. (SmartMoney)

    Trees Don't Grow To The Skies  Aug 25, 2008
    Falling home values, falling stock prices, less credit for mortgages and consumer debt, collapsing consumer confidence, a fall in employment for seven months in a row, a world full of problems (Russians in Georgia, Musharaff about to give up power in Pakistan). The correction in Asia still has a way to go. (Forbes)

    Personal account: debt danger is felt by all  Aug 24, 2008
    Consumer debt amassed through mortgages, loans and credit cards increased by 7pc to 1,440bn - or 1. 4 trillion - during the last year; up from 1,350bn last summer. (Telegraph.co.uk)

    Growth of personal debt means it outstrips UK's total GDP  Aug 23, 2008
    Growth of personal debt means it outstrips UK's total GDP - Scotsman. "Although there is no cause for panic, as personal debt is well covered by the UK housing stock, the figures clearly illustrate the continuing problem," said Gifford. (Scotsman)

    Sudeshna Sen: Get out of debt trap!  Aug 21, 2008
    After all, the UK's household debt, according to the latest estimate from Ernst and Young is 109% of its GDP. Last set of consumer debt figures, from Grant Thornton, (around end of 2007) was GBP 1345 billion - I'm not even going to try and convert that ... Indian consumer debt problems are at a very simple stage - credit card defaults. (India Times)

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