Newsalert That May Help Boost Your Financial Well-Being
From time to time we will report on news that could help solve financial problems. We scoured the net for such news and posted comments on those that may impact you. Those comments are here for you for easy access. Try to click on the link that will take you to the full story as soon as possible before the news provider deletes it. At any rate, if it should happen, the comment may still help you.
The author was kind to say US is floating in a sea of debt because for most, the situation is akin to drowning in debt. But the author is right that the companies are the ones that have the money to get the economy going. The consumers are trying with savings up from in the zeros before and the personal debt load has gone down. So let's hope the companies will step up to save the day.
This is quite a pessimistic view on what is going on with the US economy. I would like to beg to disagree but I haven't got more reason to do so except that historically speaking the economy had rebounded from more federal debts incurred.
I understand why mortgage strategic default is risky for homeowners whose mortgage is underwater because state taxes may still have to be paid on the unpaid debt despite the extension of the Debt Relief Act of 2007.
Besides, lenders could still go after unpaid debt by obtaining a deficiency judgment against the borrowers or ask a collection agency to work with them unless you live in the 11 non-recourse states that give protection to the homeowners. Thank you for this valuable information so those concerned can investigate further their options.
This is an excellent article on how to get through college debt-free. The author has made credible ways on how to do this. You can be sure I will tweet this and put it up on my updates at Facebook. This is just too important not to spread it virally.
This is a sad state to be in. To have our future generation, our most important assets saddled with student loan debt so huge that it has gotten larger than the credit card debt is heartbreaking indeed. Something ought to be done and soon. Students should get more help in obtaining a college education.
How New FTC Rules for Debt-Settlement Firms May Protect You
This is an excellent post that outlines the important features of the new FTC Regulations regarding debt settlement. This will certainly protect the consumers. The only problem is that the rules are not effective immediately. In my humble opinion, it can't come soon enough.
Indeed, the data in the report will give incoming college students something to think about. I hope they take action and be guided accordingly in reaching the decision as to where to go for a university education. There is no sense in getting a $40,000 diploma when the job situation is iffy at best.
What a debt dilemma this is! Imagine being 74 years old with $41,000.00 in credit card debt! I like the advice given and that is filing a Chapter 7 liquidation would allow her to start anew, protect her from the creditors and erase her debt. It is a good thing to know that this will keep her retirement fund safe. I agree that the other option with the siblings pitching in to help pay the debts is not that great because she may just continue her debt spree.
How lucky this author is! He deserves it though for he did his homework and has come to this third stage of his personal finance. He went through being in debt and then saving for his emergency fund and retirement. But there's something that concerns me here. I thought the third stage of finance involves not only on contemplating about $1410 season soccer tickets and $10000 membership fee in some club but also on investment.
It's funny because I have been working on this and writing about this very topic during the last few days and here is a post about it. I agree with the author that snowball method works but I don't think it's only for the high income group as long as the debt is not too much out of hand.
I agree with the author's take on Tony Abbot's plan to have a debt reduction task force but really what it does do is paint ourselves in the corner where there is no way out. I would love to read what this author's (Cameron Murray) suggestion is to get us out of this situation where we appear to be between the mountain and the deep blue sea.
That is so true; the middle class is in such a messy situation it reminds me of what is happening in some third world countries. The middle class should stand united and put a stop to this or else the disappearing trend of this group will continue its downward slide into oblivion.
It scary to have more debt than the disposable income. How did that happen? Don't people check what money they have left before buying anything on credit first? As the author said and proven by statistics, this has been going on since 2000.
At least they are trying to deleverage now as shown by the household debt going down but it is still over 120% of disposable income by the first quarter of 2009. So I can't really say that the steep ascent in the market stocks in March 2009 is a reflection of the return to a more normalized environment.
I am so glad the FTC has stepped in to regulate the debt settlement industry. This way, debt settlement firms will work more diligently instead of getting their clients deeper in debt. The suggested questions that would-be clients should ask the company will deter scammers. I hope the government will regulate the communication industry too.
This really makes me so mad. People who are already behind their bills are already in need of help and over and on top of their problem they have to deal with fake collectors. I appreciate the author giving us the following hints:
It is hard to see if they're fake because while some make up what is owed others have real numbers from the credit info they bought or stole from mailboxes. One warning sign is if they call before 8 am or after 9 pm. Remember that debtors have consumer rights and do not need to be docile to the collectors.
FTC did a good job in making provisions to stop some debt settlement companies from scamming the debtors and I love the new rules. It is just right that they do not charge fees before settling or reducing their clients' debts. The only thing I don't like about this is that it will only take effect in the fall.
That figure 3 scares me. If the inflation rates go up that high then we are in such trouble. But with that stock market going up again maybe the underlying recovery is hopefully built on solid fundamentals. Mind you, the consumer confidence is not that strong but I am sure the stimulus has strengthened the productivity of the broader economy.
The author is right to say that unless people exercise due diligence, we could be on the same boat of debt troubles. Just because the government is trying to protect us with new regulations, we will still not be home-free if we borrow too much and not read the specifics. Only with a sound plan tailored to our needs and unique circumstances will position us on a safe financial stability.
This is great news for students to have other options to find money for college. Because they are asked to create profiles, privacy may become an issue. And I agree that work must be done to lower the college cost and not only on raising funds for school.
There is a thin line between what is wrong and what is right regarding the use of social networks by debt collectors. For one thing people who owe should pay up especially if they say they have new cars and this and that on Facebook. The other side though has to be considered and that is the privacy issue. Using the social networks could be against the Fair Debt Collection Practices Act.
Debt Supercycle? That's a new term. I suppose with countries' debts, the term is so suited. I am glad though the author said US has some room to maneuver. I believe so because there is improvement in global trade and increased manufacturing activity. As for the US not able to go the way of Japan because of the savings there, why doesn't the US encourage savings then the way Canada has done with the Tax Free Savings Account? I bet you people will grab this opportunity to save if given the right incentive to do so.
I didn't know there is such a thing as federal loan. This is an option worth looking into by debtors who are finding themselves squeezed into the corner. The other three methods may help lower the stress so much but of course any solution should come with the determination not to overspend again.
I am glad there is a bi-partisan effort to find ways and means to cut spending in order to pay down the country's debt. I think they will succeed if they put aside their personal agenda and just do whatever they can to realize the objective based solely on what is good for the country.
My Credit Cards Ate My Retirement
What an excellent article this is that should put us on the alert! It is true that when we are young we think retirement is a long time coming and so it is easy to whip out your credit card when you see something you just have to have without thinking of the ramification down the road just like some people whose retirement dreams go up in smoke due to the careless use of the credit card.
The US debt situation is gloomy indeed; I don't need a commission to tell me that. The thing is if we just take away the personal agenda and concentrate on the solutions, perhaps we will get somewhere. After all, the economic data continue to confirm recovery despite the volatility seen in the stock market. Positive comments continue to pour in and consumer confidence remains strong.
This article is a good food for thought that will help the debtors see the love-hate relationship between credit score and debt. This will enable them to see more clearly how any type of debt could catapult into trouble thus making them more careful in making sure all bills have to be paid on time.
There are some good suggestions here that will help the debtors make the right choice in the search for help with their debt dilemma. It was good of this company to warn them of fake firms that will not result in the shrinking of the debt, and worse it could make the debt grow to more unmanageable level.
There's good news in the sense that a debt collector company has shut down due, they say, to lawsuits. Why do I think this is good news? Well, for one thing it will prevent similar companies to indulge in shady practices. That can only translate as a good alert for those who may run into collection calls.
I am glad to hear that the FTC is going to prohibit the debt settlement companies from pocketing the debtors' money without the latter getting help. Now the American Bankers Association has come up in favor of this. Keep this advice though: Never pay money upfront or stop paying creditors to give this money instead to one who promises to solve the problem for this will only increase the penalties and collection calls.
If I ever would need to consolidate debt, this would be the company I would try. It explains well what it can do and cannot do. It does not make any unrealistic and empty promises. Working on the biblical principles of honesty and other virtues, this company would be the one to try.
This is an excellent article that could make us stand up and wake up to the reality of the unmanageable debt. There is no denying that governments world wide are broke and we should face the challenges head on which means sacrifices from all front.
That would mean getting rid of all the want-lists and just concentrate on the need-lists. For example, couldn't the G20 summit just have a conference call every other year instead of the annual costly meeting?
The author explained it so well as to how we got into debt. Having a credit card is a rite of passage just like driving a car when you're 16, whether one is ready or not, and buying a home of course.
I also like the way the author explained how the debt rose to such an almost unmanageable level in the national front. How to face the challenges is what I am going to follow this author for. I will find it interesting, no doubt.