Archive | November, 2009
Consumer Debt Falls for Eighth Consecutive Month
The U.S. Federal Reserve issued a report that indicated U.S. consumer credit fell for the month of September. This makes the eighth consecutive month of consumer credit declines. It would be good to know the debt is falling due to better money management but for many the falling debt is a reaction to unemployment and [...]
Continue reading...5 Ways To Avoid Holiday Overspending
27. November 2009
The holidays are a great time of year, but it’s also a costly one. Many people every year pile up credit card charges during the second half of November and December that they have to pay off over the course of the next year, just in time to pile up charges again. There are some [...]
Continue reading...6 Ways to Avoid Overdraft Fees
24. November 2009
Nobody likes being nickel-and-dimed by their bank but one of the biggest revenue generators for most banks and credit unions are overdraft fees. Banks historically have been able to provide overdraft protection to their customers to help prevent checks bouncing and debit cards being declined for insufficient funds. However, most banks charge a fee of [...]
Continue reading...Consumers Dealing With Falling Home Prices and Unstable Stock Market
22. November 2009
Understanding how to handle debt and prepare for retirement in the current economy is certainly much more challenging than it would have been 2 years ago. Many consumers have had to put their planned retirements on hold due to loss of capital assets such as stock portfolio assets. But there are also many consumers who [...]
Continue reading...Fannie Mae Allows Foreclosed Homeowners to Rent
20. November 2009
Fannie Mae, the troubled mortgage company, is getting into the rental business in order to help some debt burdened consumers. Fannie Mae is a government controlled mortgage company and many feel it has an obligation to help consumers faced with losing their homes during the economic downturn. It seems the mortgage company is going to try [...]
Continue reading...5 Benefits of Using Credit Cards
20. November 2009
Credit cards have earned themselves a terrible reputation over course of the recession and financial crisis as card issuers have routinely abused their customers with high interest rates, late fees, and declining credit limits. Credit card debt is a problem that burdens millions of consumers who lack the resources and self control to spend only [...]
Continue reading...Unsecured Creditors and Bankruptcy
19. November 2009
Dealing with bankruptcy can be frightening event. Bankruptcy is meant to give a fresh economic ‘leg-up’ to people who have made some financial errors. There are two basic types of bankruptcy, Chapter 7, total discharge of debt, and Chapter 13, a reorganization of debt. There are rules [...]
Continue reading...Personal Loans: The Good, The Bad, and The Ugly
19. November 2009
Often the reasons for personal loans are just that: personal. We can all use a little extra cash now and then, and for some, living in the fallout of the 2008-2009 economic collapse, a little extra cash can be a matter of survival. There is no central database for personal loan statistics, but suffice it [...]
Continue reading...Students Turn to Federal Loans to Pay for College
17. November 2009
There is a nonprofit organization named College Board that has tracked the amount of student loans, among other statistics, originated each year. Based in New York, the most recent report on the 2008-2009 academic year shows there were approximately $11 billion in private student loans issued. This is a 52 percent decrease over the [...]
Continue reading...Changes to the New Homebuyer Tax Credit
17. November 2009
In a highly anticipated move, lawmakers extended the tax incentives to keep homes selling in the real estate market. Over the last several months, thousands of first-time homebuyers took advantage of the $8000 tax credit and purchased their first home, helping to stabilize falling real estate prices in the process. This credit was set to [...]
Continue reading...Changes to the New Homebuyer Tax Credit
17. November 2009
In a highly anticipated move, lawmakers extended the tax incentives to keep homes selling in the real estate market. Over the last several months, thousands of first-time homebuyers took advantage of the $8000 tax credit and purchased their first home, helping to stabilize falling real estate prices in the process. This credit was set to [...]
Continue reading...Medical Debt Can Ruin Credit
14. November 2009
Did you know that medical debt can ruin a consumer’s credit? Some people believe that medical debt is excluded from the credit calculation, or they don’t even think about the unintended consequences of medical debt. Yet every year millions of people find themselves faced with medical debt collectors or medical debts that are long term [...]
Continue reading...Collectcorp Collection Services
14. November 2009
Providing debt recovery services since 1978, Collectcorp Corporation boasts public and private sector clients in Canada and the United States. Offering third party recoveries, first party outsourcing, skip trace programs to banks, governmental agencies and private companies. Collectcorp was formerly known as Equifax/Collectcorp [...]
Continue reading...Groups That Benefit From New Stimulus Legislation
14. November 2009
As the economy struggles to regain its footing, the government is constantly looking for ways to help spur growth and provide aid to those who need it. Congress recently passed new legislation designed to help offset the continuing increase in unemployment, which is expected to top 10% nationwide before the end of the year, and [...]
Continue reading...US States Implement Stricter Rules on Debt Collection
13. November 2009
Consumers facing increasing delinquencies are also facing more aggressive debt collection procedures. Anyone who has had to deal with professional debt collectors knows they can be ruthless at times. Because of this ruthlessness the US Congress passed national consumer credit laws that limited the actions of debt collectors. For example, before the national law, [...]
Continue reading...Three Ways to Build a Retirement Nest Egg
13. November 2009
A recent survey showed that the average American in their 50’s thought that they would need approximately $800,000 to fund their retirement. This same group, only a few years from the age when most people think about retiring, had accumulated an average of $300,000 in assets. The survey also revealed that most people thought they [...]
Continue reading...Five Signs of Continuing Weakness in the Economy
11. November 2009
To many, the American economy seems to be on the road to recovery. The stock market is up more than 50% since just March, the national Gross Domestic Product increase during the third quarter for the first time since the recession began, and there is a general sense of optimism making its way back into [...]
Continue reading...Reasons to Consider Refinancing Your Mortgage
10. November 2009
If you have a mortgage lender that you work with, chances are that individual has contacted you during the last several months to discuss whether or not you’d be interested in refinancing. Mortgage rates are still near historic lows and locking in these rates can come with several advantages for the right situation. Determining the [...]
Continue reading...Consumer Debt Falls Even as Mortgage Delinquencies Rise
8. November 2009
There was a cartoon in a newspaper that showed an up trending stock market with a man standing next to it labeled “consumer”. On his back are a number of bags stuffed full and they are labeled with words like unemployment and foreclosures. It is easy for consumers to feel as if things are returning [...]
Continue reading...Consumer Debt Falls Even as Mortgage Delinquencies Rise
8. November 2009
There was a cartoon in a newspaper that showed an up trending stock market with a man standing next to it labeled “consumer”. On his back are a number of bags stuffed full and they are labeled with words like unemployment and foreclosures. It is easy for consumers to feel as if things are returning [...]
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27. November 2009
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