A New Way To Avoid Bankruptcy Nov 14, 2008
Economists are calling a new group of Americans, the "near bankrupt," as millions are taking on more credit card debt to keep their finances afloat ... How high is their credit card debt. (CBS News -- Evening News)
Loans reach new depths Nov 14, 2008
Despite working 16 hours a day in two jobs, she and husband Keith, a truck driver, were several months behind on mortgage payments and owed thousands of dollars in tax, utility bills and credit card debt. They had already tried and failed to sell their house - then valued at $380,000 - so decided to refinance with Professional Funding Group. (Sydney Morning Herald -- Business)
Regulators nix credit card debt forgiveness plan Nov 14, 2008
WASHINGTON Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt. The Office of the Comptroller of the Currency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans ... Under the proposal, borrowers would be able to defer payment of income taxes they owe on the forgiven part of... (San Diego Union-Tribune -- Business)
Treasury scraps original bailout plan as economy worsens Nov 13, 2008
"Still, the man who shepherded the legislation through Congress, Rep. Barney Frank, D-Mass., was unhappy that the Treasury has moved away from plans to buy mortgage bonds and individual loans in order to prevent foreclosures by modifying the loans."We especially put in that bill authority to the secretary of the treasury to buy whole loans (and) mortgage-backed securities to make us the lender to make us the owner so we could do these kind of reductions," said Frank, the chairman of the House... (Anchorage Daily News)
ALL SWIPED OUT: AMEX SEEKS BILLIONS FROM TAXPAYERS... Nov 13, 2008
American Express relied on packaging pools of credit card debt and selling them to investors in the securitization market. As investors have shied away from purchasing all but the safest forms of debt, the market for credit card-backed securities has dwindled. (The Drudge Report)
Day-to-night Fashion Solutions for the Holidays Nov 13, 2008
Between holiday shopping and credit card debt, traveling to attend large family gatherings and cocktails parties, and balancing work, all the merriment can cause major stress, particularly in women ages 35 to 54. Women in this age group are more likely than men to feel stressed during the holiday season than any other time of year, according to the American Psychological Association. (Pekin Times, IL)
Clayson's 'nanny state' is nonsense Nov 13, 2008
" So, people going out and spending way more money then they have so they can have goods and services they really can't afford to pay for had nothing to do with our current problems? Credit card debt at all time highs, savings accounts at all time lows, folks making $30-50000/year buying $250000 and up houses, eating out 2 or 3 times a day, dressing in the latest fashions, trading cars just so you can show off for friends, etc had nothing at all to do with our mess?? It was all the big bad rich... (Waterloo-Cedar Falls Courier)
Breakingviews.com: $4 trillion in corporate debt coming due Nov 13, 2008
That is important, since the market for securitized credit card debt screeched to a halt in October, making it harder for credit card companies to fund their businesses. The Fed also waived its usual 30-day waiting period, giving AmEx the option to apply for a capital injection from the Troubled Asset Relief Program before the Friday deadline. (International Herald Tribune -- Business)
Personal bankruptcy: What you should know Nov 13, 2008
It's no wonder, with government figures showing Americans are lumbering under some $900 billion in credit card debt. advertisement. (MSNBC -- Business)
Paulson flip casts doubt on bailout Nov 13, 2008
Mr. Paulson said the administration is looking at ways to shore up the markets that support credit card debt, auto loans and student loans. He noted that 40 per cent of consumer credit is generated through selling securities backed by pools of auto loans and similar debt. (Globe and Mail)
Fed Bailout Revised; Markets Respond Nov 13, 2008
Treasury Secretary Henry Paulson said Wednesday that the money won't be used to buy banks' troubled assets; instead it will support financial markets, which supply consumer credit in areas like credit card debt, auto loans and student loans. Paulson says the administration will continue to use $250 billion to purchase stock in banks. (R News)
Business Highlights Nov 13, 2008
He also announced that the administration was looking at a major expansion of the program into the markets that provide support for credit card debt, auto loans and student loans. Stocks plunge for third straight session. (Pocatello Idaho State Journal, ID)
Paulson flip casts doubt on bailout Nov 13, 2008
Mr. Paulson said the administration is looking at ways to shore up the markets that support credit card debt, auto loans and student loans. He noted that 40 per cent of consumer credit is generated through selling securities backed by pools of auto loans and similar debt. (Globe and Mail -- Business)
Spotlight on ... Amy Bucher '87 Nov 13, 2008
AB: Well, I just finished a documentary for the History Channel about the American dustbowl called "Black Blizzard." I'm sort of in between projects at the moment, but I believe that my next project is going to be a piece on credit card debt. Page 1 of 1. (Middlebury College -- The Campus, VT)
Feds switch to bailout Plan B Nov 13, 2008
WHAT IT MEANS: Securitization is the process in which credit card debt, student loans and car loans are bundled together and securitized, or sold as bonds to investors, who receive monthly payments as Americans pay off their credit card bills and loans. HOW IT HELPS: Securitization gave millions of Americans more access to credit over the past decade. (News & Observer)
Paulson says not to buy bad loans, assets from banks Nov 13, 2008
Although this is a major accomplishment, we have many challenges ahead of us," he said. NEW YORK, Nov. 12 (Xinhua) -- Wall Street plunged again Wednesday as investors digested an update of Troubled Asset Relief Program (TARP) and Best Buy Co.'s worrisome profit outlook. Treasury Secretary Henry Paulson gave an update of TARP Wednesday, saying the second half of the 700 billion U.S. dollar financial rescue program will not be used to purchase troubled assets as originally planned. Instead, the... (Xinhuanet, China)
Wall Street plunges Nov 13, 2008
Instead, the program will be used to help relieve pressures on consumer credit in such areas as credit card debt, auto loans and student loans. U.S. stocks tumbled for straight three sessions amid concerns that a severe pullback in consumer spending will prolong a global economic downturn. (Xinhuanet, China)
Dollar rises Nov 13, 2008
The administration will continue to use 250 billion dollars of the program to purchase stocks in banks, while looking at a major expansion into other markets providing support for credit card debt, auto loans and student loans ... Instead, the program will be used to help relieve pressures on consumer credit in such areas as credit card debt, auto loans and student loans. (Xinhuanet, China)
Rescue package not for automakers, Paulson hints Nov 13, 2008
Instead, the program will be used to help relieve pressures on consumer credit in such areas as credit card debt, auto loans and student loans. NEW YORK, Nov. 12 (Xinhua) -- The dollar rose against most major currencies on Wednesday after U.S. Treasury Secretary Henry Paulson said the government won't buy troubled assets from banks. (Xinhuanet, China)
Taxpayers already on the hook Nov 13, 2008
He said the United States won't buy any of the dodgy mortgages that caused the subprime mess and indicated his government will instead spend its US$700-billion financial rescue package on really sound investments like auto loans and credit card debt. Canadian observers must have been wondering whether it was such a good idea for their government to be buying up more mortgages when their U. S. counterparts were indicating that even bankrupt automakers were a safer bet. (National Post)
How To Start An Amazon Seller Acct Nov 11, 2008
On-line selling is an excellent way to earn extra cash at a time when many people are exploring ways to payoff credit card debt and other pressing loans. Amazon Marketplace features a very user friendly web site and the process of setting up a seller account only takes a few minutes. (Suite101.com)
Banks offer to forgive some credit card debt Nov 11, 2008
When I heard last month that banks want to forgive up to 40% of some customers' credit card debt, my first question was, "What's the catch?""There's no catch," answered Scott Talbott, chief lobbyist for the Financial Services Roundtable, an industry group that helped concoct the debt-relief program ... No interest would be charged on the remaining amount of credit card debt ... According to the Federal Reserve, the 158 million U.S. consumers who use plastic will soon be carrying almost $1... (Fresno Bee -- Business)
LETTERS: NCT, Nov. 10, 2008 Nov 11, 2008
What WILL fix this economy is the individual consumers and business owners doing one simple thing - LIVING WITHIN THEIR MEANS. When the average American has over $10,000 of credit card debt, you know something's wrong. I pay off my card in full every month. (North County Times)
A California town drowns as home values sink Nov 11, 2008
Burdened with credit card debt and a house losing value by the day, they are learning the necessity of self-denial for themselves and their three children. No more family bowling night. (International Herald Tribune)
HSBC reports more bad loans at U.S. unit Nov 11, 2008
"Whilst the mortgage portfolio matured," he said, "the fact is that consumer lending and credit card debt is linked to the economy.". The U.S. unit would further deteriorate "in the near to medium term," he said on a conference call Monday. (International Herald Tribune)
Social workers boosting money expertise Nov 10, 2008
But in the contemporary era of rampant foreclosures, credit card debt, and ever-evolving scams that prey on the economically vulnerable, few social work schools offer specialized financial training to their students, leaving them collectively unprepared. Change is under way, however. (MSNBC -- Politics)
Clayson's 'nanny state' is nonsense Nov 10, 2008
" So, people going out and spending way more money then they have so they can have goods and services they really can't afford to pay for had nothing to do with our current problems? Credit card debt at all time highs, savings accounts at all time lows, folks making $30-50000/year buying $250000 and up houses, eating out 2 or 3 times a day, dressing in the latest fashions, trading cars just so you can show off for friends, etc had nothing at all to do with our mess?? It was all the big bad rich... (Waterloo-Cedar Falls Courier)
Economic crisis takes toll on minds, bodies of Central Illinoisans Nov 10, 2008
Some families are awash in credit card debt. Some parents of college students are trying to determine how they will pay off college loans. (The Pantagraph newspaper)
Layaway makes a comeback Nov 10, 2008
But instead of racking up credit card debt, she did something familiar to an older generation of Americans: She put her purchases on layaway. Burlington Coat Factory in Boynton Beach, where Childress works, holds her items in a back room until she pays in cash. (The Palm Beach Post)
Studies: Vitamin Pills Don't Prevent Heart Disease Nov 10, 2008
Find out how you can lower your interest and escape your credit card debt. Headache pain could be more than you think. (Click2Houston, TX)
My vision for America: Speeches by Barack Obama Nov 8, 2008
They're as genuinely "conservative" as a family living on uncontrolled credit card debt. A fitting image for the gov't which has led the USA to the brink of bankruptcy. (Independent)
Cutting Bills & Monthly Outgoings -... Nov 8, 2008
Avoid Credit Card Debt. If you don't have the money, don't buy anything. (Suite101.com)
My REAL life as a call girl Nov 8, 2008
I had debt, credit card debt. Then later, when I had a child, I needed the money to pay for food and things for my baby," she says. In May of this year, Celeste says, she decided to quit for good after a client, a doctor, hurt her during sex. "I figured he of all people would know the limitations of a person's body, but he didn't and I thought I was going to die. (CNN)
Rate cuts not passed to cards Nov 8, 2008
AUSTRALIANS struggling to pay off record levels of credit card debt are not having interest rate cuts passed onto their cards. "The banks should be passing on these rate cuts to help people clear their debts," Cannex financial analyst Peter Arnold said. (Sydney Morning Herald -- Australia)
Lower Your Credit Card Interest Rate? Just Call em Up! Nov 7, 2008
"Those at Consumer Credit Counseling Service say that keeping good customers is what the credit card companies want."Bankruptcy filings are up, default rates are up, credit card debt levels are higher than they've ever been, said Linda Howland of the Service, So I would say now is an opportune time to see what you can renegotiate. Absolutely. (WOKR13 Rochester)
Not taboo? Money talk flowing as woes mount Nov 7, 2008
But the economic crisis has some people coming out of the closet about their financial troubles, commiserating about declining 401(k) balances, mounting credit card debt and a stalled housing market ... com in June found that eight in 10 adults are reluctant to talk openly about the amount of credit card debt they are carrying with someone they just met ... Credit card debt still pretty shamefulCredit card debt may be the last source of financial shame, said consumer psychologist Kit Yarrow, who... (MSNBC -- Business)
Jogger Attacked By Rabid Fox Nov 7, 2008
" Distributed by Internet Broadcasting. This material may not be published, broadcast, rewritten or redistributed. Links We LikeSponsored Content Learn about 7 of the most common skin rashes and everything you need to know to avoid getting them and treating them if you already do. In many homes the kitchen is the focal point of the entire house. Keep your kitchen up to date and meet the needs of your familys lifestyle. Paying down your debt is one of the most important things to do to get... (Click2Houston, TX)
Republicans Will Emerge Stronger Than Ever Nov 7, 2008
The mortgage crisis will likely be followed by defaults in credit card debt, student loans and car loans. We will probably be set for two years of zero growth, according to economists with whom I talk. (Newsmax)
Towering economic to-do list for Obama Nov 6, 2008
Consumers who piled up credit card debt are pulling back, a major concern because their spending helped power economic growth in recent years. And with U.S. unemployment widely expected to increase to 8 percent or higher, from 6. (International Herald Tribune)
Buying Used Car Doesn't Have To Be Scary Nov 6, 2008
Marketplace+++Extras++Site ToolsKPRC Local 2. Online Research Helps Buyers, Sellers. (Click2Houston, TX)
Anger Stirs On Web Over 'Saved By Zero' Ad Nov 6, 2008
The Facebook group, "Stop Playing Toyota's 'Saved by Zero' Commercial, has swelled to more than 1,200 members and is growing. Its founder says the ad is aired too often during sporting events. Toyota has said it will extend the deal for another month after October U.S. sales fell 23 percent from a year earlier. A spokesman for the automaker said the ads will continue nationally through Sunday. Dealers then have the option of airing them locally.He said the campaign has been a hit with dealers... (KFOXTV.com, TX)
Carter wins T.F. sheriff post Nov 5, 2008
Tousley's office ran up nearly 20,000 in credit card debt that may have accumulated over more than 13 years. The issue became contentious late in the election. (Burley South Idaho Press, ID)
Fed Reports Banks Have Tightened Lending Nov 4, 2008
Nearly 60 percent of banks responding to the survey said they had tightened standards on credit card debt, while 65 percent said they had tightened lending standards for other types of consumer loans over the past three months. Continuing a pattern seen since the housing bubble burst, large majorities of banks reported tighter lending standards on prime mortgage loans, as well as nontraditional mortgage loans and subprime mortgages, loans extended to borrowers with weak credit histories. (Washington Post)
Cut used to lower other debt Nov 4, 2008
After yesterday's interest rate cut, Anesh Naidoo will pull a little money out of his mortgage repayments and move it into his credit card debt. The consumer market will not see a cent.. (Sydney Morning Herald -- Australia)
US banks cut back their lending Nov 4, 2008
A quarterly Federal Reserve survey in October found 70% of banks tightened standards on prime mortgages while 60% had done so with credit card debt. Some 95% of banks had tightened their standards for providing credit to large and medium-sized businesses. (BBC News -- Business)
Support I-1000 Nov 4, 2008
Credit card debt is the highest level in history, along with the national debt. Lots of this debt is the result of our over-inflated real estate market. (Longview Daily News, WA)
Whats in your wallet?: Too many cards could mean trouble Nov 3, 2008
Two traditional foes banks and consumer groups that lobby against easy credit are joining forces to encourage forgiveness of some credit card debt ... Overall credit card debt grew by 315 percent from 1989 to 2006 ... A publisher of a newsletter for the credit card industry told the USA Today reporter that in the next five years, the amount of credit card debt that banks won t be able to collect will grow 47 percent. (Anderson Independent Mail)
BIS says house prices to keep rising Nov 3, 2008
g. the rise of McMansions and credit card debt). The social contract is being torn up and at some point otherwise rational people who can no longer afford to house, provide health care or even feed their kids will begin to ask what the point is of being a part of or loyal to a society if it doesn't give them a fair go. (ABC Online)
Taking the pulse Nov 2, 2008
"Healthcare is now every bit as much an economic issue for the American people as job insecurity, mortgage payments and credit card debt," said Kaiser president Drew Altman. According to Kaiser, employer-sponsored health coverage premiums for family coverage have increased by 97% since 2000, from $6,438 to $12,680 in 2008, and the share paid by the workers has more than doubled, going from $1,619 to $3,354. (BBC News)
Candidates ignoring the 800-pound gorilla Nov 2, 2008
Living beyond our means permeates our culture, from our greedy, failing financial institutions on Wall Street, to the average American who has thousands of dollars in credit card debt so he may keep up with the Joneses. And when election year rolls around, the candidates appeal to our wallets and bank accounts, by promising to lower our taxes while still showering us with government benefits, and we end up with immense budget deficits on an annual basis. (The Augusta Chronicle)
What to Do With $5,000 Nov 2, 2008
Earn an instant 25% returnIf you're saddled with credit card debt, you really should pay it off before investing. Although you can hope to earn 10% to 15% per year on your investments, you may be forking over 20% to 30% or more per year in interest on your debt. (MSNBC -- Business)
Banks look for ways to trim consumers' credit card debt Nov 1, 2008
To head off surging credit card defaults, banks and consumer groups are lobbying regulators to make it easier to forgive a portion of struggling consumers' credit card debt ... Banks are proposing that they forgive up to 40 percent of the credit card debt owed by the most financially stressed consumers, who are close to bankruptcy ... Banks don't need regulatory approval to forgive credit card debt. (Honolulu Advertiser)
Help With Credit Card Debt May Be Coming Nov 1, 2008
For those struggling with too much credit card debt, help might be on the way. An unlikely combination of banks and consumer groups are asking the government's permission to forgive as much as 40 percent of credit card debt for some borrowers ... It may sound odd that banks would want to forgive large amounts of credit card debt, but they figure it's better to make it easier for people to pay off their debt rather than risk them simply walking away from it. (KIRO TV, WA)
Forming a Club to Share Financial Wisdom Nov 1, 2008
Ms. Hanna had actually saved $8,000 by living at home after graduating from college, but she blew through all of it once she moved out and had run up $2,000 in credit card debt. I was on track to be in Andrea s position, she said. (Atlanta Journal-Constitution -- Business)
Referendum chatter Nov 1, 2008
Our national debt in conjunction with personal credit card debt and home mortgages are spinning out-of-control. In addition to the above, the extremely delicate situation brewing in the Middle East, when ignited, will have major impacts on all financial institutions around the world. (Forest Republican, WI)
Cheetah Gets Loose In Plane's Cargo Hold Nov 1, 2008
Find out how you can lower your interest and escape your credit card debt. Understand the signs of mental illness and you can learn the best ways to treat whatever problems you may have. (Click2Houston, TX)
Experienced and independent-minded, Sen. John McCain is our choice for president Nov 1, 2008
edumacation wrote on Oct 31, 2008 6:45 PM:" To MARZO2008: I bet you have lots of credit card debt, made a recent house purchase that you can't afford or have no savings. Just wondering. These folks are the whiners who want it all without working for it. I won't pay more taxes for freeloaders. ". DanielH wrote on Oct 31, 2008 5:50 PM:" Cogito: Thank you. I finally saw what you typed. ". (Lodi News Sentinel, CA)
American Express will cut jobs, impose hiring freeze Oct 31, 2008
American Express has posted four straight quarterly profit declines and lost about half its market value this year as it set aside more for soured credit card debt. The company makes loans to consumers, exposing it to defaults fueled by more than 700,000 US job losses this year, unlike Visa Inc., which just processes payments and said yesterday that quarterly adjusted profit doubled to $448 million. (Boston Globe)
Consumer Reports Survey Finds One-Third of Americans Say They Are Worse Off Financially Than a Year Ago Oct 31, 2008
Another concern as some credit card companies reduce their limits or change their terms, 35 percent of respondents are worried about their ability to pay off their existing credit card debt. "The results show people are still very nervous and confused about what to do next. We took a look at many of the major personal money concerns and developed strategies to help people ride out the storm," said Noreen Perrotta, Consumer Reports money editor. (PR Newswire)
Banks seek way out for credit card debt Oct 31, 2008
WASHINGTON --- With defaults on credit card debt spiraling amid a global financial downturn, banks already reeling from the mortgage crisis are losing billions more from unpaid credit card bills. Big banks have formed an unusual alliance with consumer advocates to urge the government to allow huge portions of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy... (The Augusta Chronicle)
• Sheriff's office racks up $20,000 credit card debt Oct 31, 2008
Sheriff's office racks up $20,000 credit card debt TWIN FALLS, Idaho - The Twin Falls County prosecutor is looking into how the county sheriff's department ended up owing nearly $20,000 in credit card debt on an account the sheriff says he didn't even know existed. "It's just weird," Prosecutor Grant Loebs said. (Burley South Idaho Press, ID)
• Commissioners: System had holes Oct 31, 2008
Commissioners: System had holes Lack of credit oversight on sheriff led to 20K debt By Jared S. HopkinsTimes-News writer Top Twin Falls County officials said Thursday they are not letting Sheriff Wayne Tousley off the hook after learning his office amassed 20,000 in credit card debt, but acknowledged the problem might have been avoided with more oversight ... "I've never heard of this type of issue happening before, where there is a significant holdover of credit card debt from sometime before,"... (Burley South Idaho Press, ID)
Banks seek help to forgive some credit card debt Oct 31, 2008
By Kathy Chu, USA TODAY WASHINGTON To head off surging credit card defaults, banks and consumer groups are lobbying regulators to make it easier to forgive a portion of struggling consumers' credit card debt ... Banks are proposing that they forgive up to 40% of the credit card debt owed by the most financially stressed consumers, who are close to bankruptcy ... Banks don't need regulatory approval to forgive credit card debt. (USA Today -- Money)
Exxon Mobil posts biggest US quarterly profit ever Oct 31, 2008
"It creates bad press and costs go up. I think what's more important over time is getting some relative stability in commodity prices.'' If one-time gains like bankruptcy settlements and spinoffs are stripped away from other companies, Exxon Mobil owns the record for the top 10 most-profitable quarters for a U.S. company, as well as the largest annual profit. Both presidential tickets brought up Exxon profits Thursday, each charging the other with supporting policies that provide big oil... (The Star Online, Malaysia -- Business)
Exxon Mobil posts biggest U.S. quarterly profit ever Oct 31, 2008
Consumers got credit card debt and empty wallets, while Exxon got double-digit billions, said Judy Dugan, Consumer Watchdog's research director. Citizens deserve to be mad. (San Diego Union-Tribune)
