Consumers Union Says Federal Government Should Set Standards to Protect Consumers Before Buying Any Securitized Credit Card Debt Nov 27, 2008
YONKERS, N.Y., Nov. 26 /PRNewswire-USNewswire/ -- The non-profit Consumers Union said today that the federal government should set detailed standards to ensure that consumers are protected before buying any securitized credit card debt from banks and other lenders ... Consumers Union was responding to the U.S. Treasury Department's announcement that it will provide $20 billion in bailout funds to back up a Federal Reserve Board "credit facility" program to purchase up to $200 billion in... (PR Newswire)
Save Money On Living Expenses Nov 27, 2008
Conducting an income and spending analysis means that ways can be identified to cut costs, save money and reduce credit card debt ... Are bank overdrafts, unsecured personal loans and credit card debt consuming a higher percentage of the net monthly income ... If struggling with credit card debt or making payments on personal loans, it is important to contact a debt counsellor before proceeding with a debt solution. (Suite101.com)
Meltdown 101: Why Fed Can Easily Offer Money Help Nov 27, 2008
The Fed said it would also create a new program to make up to $200 billion in loans to institutions where the collateral is various types of consumer loans ranging from credit card debt to auto loans and student loans ... A: The Fed normally is not in the business of buying mortgage-backed securities or making loans to boost the market for securities backed by such assets credit card debt and auto loans. (ABC News -- Wire)
Taxing traffic congestion Nov 27, 2008
As part of the deal, three federal agencies the Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. will share in a massive cesspool of bad mortgages, credit card debt and commercial real estate loans. Citi is working on the ultimate special purpose entity, just like those vehicles it helped create at Enron and just like those that it used to hide debt during the mortgage crisis. (Atlanta Journal-Constitution)
Socialist Republic Nov 27, 2008
Thus the levels of consumer debt, credit card debt, auto debt and mortgage debt. U.S. foreign-exchange reserves amount to a piddling $73 billion. (Human Events Online)
Black diamonds keep their heads above credit flood Nov 27, 2008
This is followed by credit card debt. The third largest debt type - car payments - tends to be concentrated among those earning R15 000 or more a month. (Business Report, South Africa)
Business Commentary: The fluffy money meltdown—Part I Nov 26, 2008
At an individual level, families were incurring massive debts for ever-larger, more expensive vehicles and mountainous credit card debt with little thought to consequences, much less saving or investing. Debt incurred as DASH and inflated real estate and expensive consumer credit is Fluffy Money. (Green Valley News & Sun, AZ)
U.S. providing huge stimulus for borrowers Nov 26, 2008
In the first of two new actions announced on Tuesday, the Treasury and the Fed said they would create a $200 billion program to lend money against securities backed by car loans, student loans, credit card debt and even small-business loans. The Treasury would contribute $20 billion to the so-called Term Asset-Backed Securities Loan Facility and assume responsibility for any losses up to $20 billion. (International Herald Tribune)
Planning is key Nov 26, 2008
The ride hasn't been all smooth sailing, and Sue says they incurred some credit card debt along the way. "But I'm very happy to say, and proud to say, that we're paying it back at nearly three times the minimum balance," she says. (CNN -- US)
Californians Sandbagging Ahead Of Storm Nov 26, 2008
Find out how you can lower your interest and escape your credit card debt. Dont be left out. (Click2Houston, TX)
TimeToHelpthe Average Joe Nov 26, 2008
Separately, the Fed and Treasury Department will create a $200 billion program to lend money against securities tied to car loans, student loans, credit card debt, and small-business loans ... As the LAT clearly explains this is potentially perilous territory for the government in part because credit card debt and student loans are often unsecured, "unlike home loans or auto purchases, which have tangible assets behind them," which means there's a higher risk they won't be repaid. (Slate)
Survey: More Americans using cash Nov 26, 2008
Another 69 percent say they are worried about credit card debt. The Coinstar Survey was conducted Nov. 5-10 by Kelton Research. (Charlotte Business Journal, NC)
Consumer confidence at lowest level since 1990 Nov 25, 2008
" Last week, TD Bank and the Bank of Nova Scotia both warned that they would book fourth-quarter losses. TD said it expects a $350-million loss on its wholesale banking operations and Bank of Nova Scotia expected a $595-million hit. In the U.S. this past weekend, Washington agreed to inject US$20 billion into Citigroup Inc. and back up more than $300 billion in loans to stabilize the faltering financial giant. Comments are now closed for this story Glynn, Saint JohnIf confidence is down, why are... (CTV.ca)
Will Jan. 20 ever get here? Nov 25, 2008
Hawkins was recently disbarred in Washington state for violating four rules of professional conduct, running a business that promised to reduce credit card debt (but did not), and lying about conflict of interest ... Hawkins was recently disbarred in Washington state for violating four rules of professional conduct, running a business that promised to reduce credit card debt (but did not), and lying about conflict of interest. (Atlanta Journal-Constitution)
Cledus T. Judd fired Nov 25, 2008
Most of you saying this moved here from Alabama, raised in a 2 bedroom 1 bath Sears starter home and now you live in debt in Alpharetta with credit card debt up to you eyes and butts and now you think you re living in downtown Manhattan. Give me a break. (Atlanta Journal-Constitution)
Expert: Houston leaders 'inventing gimmicks to handle fiscal problems' Nov 25, 2008
That s like rolling over your credit card debt. There s a day of reckoning that s gonna come, he said. (KHOU.com, TX)
Local business owners react to economy Nov 24, 2008
Ferguson believes the economy is troubled because of the election, credit card debt, gasoline prices and food prices. "What's happening is that people are afraid to spend money with everything that's going on," she said. (The Battalion, TX)
Marketing to holiday shoppers in a time of economic crisis Nov 24, 2008
Pick out what you want and pay a little at a time, avoiding credit card debt. That holiday music we started hearing in the stores a little bite earlier is a part of the plan as well. (Winona Daily News, MN)
Spend less, enjoy holidays more Nov 23, 2008
To some of us, this seems obvious, like not trying to strike a match against the side of a propane tank, and yet every year people charge gifts cavalierly, as if they're impervious to the press of credit card debt. And whatever you do, don't try to refinance your home or take out a loan to buy gifts. (Albany Times Union)
LETTER: 'We just witnessed a hostile takeover of US' Nov 21, 2008
The Question wrote on Nov 20, 2008 11:59 AM:" The Bush Republican legacy: an America buried under mortgage and credit card debt and a blown-out economy, with looming mass unemployment AND hyper-inflation. ". Cognitus wrote on Nov 20, 2008 12:06 PM:" NeoCon writes:"Teddy was a progressive and got booted from the Republican Party. (Mattoon Journal-Gazette, IL)
Citi shares sink despite Saudi prince's investment Nov 21, 2008
What began as a subprime residential mortgage crisis last year has ballooned into a full-blown debt crisis, escalating defaults in everything from leveraged loans to credit card debt to commercial real estate loans. As worries grow, investors sell and in the current Wall Street environment, selling has been leading to more selling. (India Times)
Back to Basics: How To Save Intelligently Nov 20, 2008
Pay off credit card debt: Priority No. 2 should be to eliminate high-interest, nondeductible debt -- in other words, credit card debt. Credit card rates vary, of course, but the national average is over 11 percent. (Townhall.com)
Kauffman will extend new-business survey Nov 20, 2008
Instead, the data show that external debt financing such as bank loans was found to be the more common source of financing during many companies first year of operation, with nearly 75 percent of most firms startup capital comprising an equal mix of owner equity and bank loans, credit card debt or both. It came as a shock to me, Robinson said. (Wichita Business Journal, KS)
Special report: How to escape if you're struggling with debt Nov 20, 2008
But somehow, they managed to rack up more than $40,000 in credit card debt ... She said the average American family has $9,000 in credit card debt. (KGW Northwest NewsChannel 8, OR)
> Small Business Administration lending continues to decline Nov 20, 2008
At most of these, 75 percent of the funding used in their first year of operation came from investments by their owners, bank loans and/or credit card debt. This finding highlights how important credit markets are to startups, not just existing businesses, according to the study s authors. (San Jose Business Journal, CA)
Nothing in it for him Nov 19, 2008
I have worked all those years, paid off my mortgage, have no credit card debt, and did not get myself overextended financially. Now as a taxpayer I have to pay for the people who got loans for houses they could not afford in the first place, others that ran up excessive credit card debt, and the banks that gave them the loans and credit cards in the first place. (Sioux City Journal, IO)
Legislative priority focuses on energy costs Nov 19, 2008
Anchorage Daily News. Complete coverage of a truly historical election for Alaska. (Anchorage Daily News)
Scam came wrapped in rhetoric Nov 19, 2008
Local companies that allegedly conned homeowners out of hundreds of thousands of dollars by selling fake bonds to avoid foreclosure, are also promising to negate property taxes and eliminate credit card debt, according to victims and lenders ... The schemes also promise to block property taxes and override credit card debt, all packaged with the promise of ownership in the true Hawaiian nation, which the schemes claim is legally exempt from U.S. regulations, according to victims and lenders. (Honolulu Advertiser)
Falling prices can't be all bad Nov 19, 2008
Consumers who have been living off mortgage and credit card debt will have to slow their rate of purchasing dramatically, Prechter says. As that covers the vast majority, such dramatic slowdowns result in the sales of just about everything declining, resulting in unemployment rising, among other recessionary traits. (Atlanta Journal-Constitution -- Business)
Consumers cut back sharply on spending Nov 18, 2008
Paulson said the administration was examining new uses of the bailout money that would try to relieve pressures that have developed in the financial market that supports consumer loans such as credit card debt, auto loans and student loans. 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. (Madison Daily Leader, SD)
College Grads Face Tough Job Market Nov 17, 2008
"Young adults, in some ways are some of the most financially disadvantaged folks in this country. If you think about graduating from college with an average of $20,000 in student loans. A third of all college students are graduating with $5,000 in credit card debt, and are entering a job market that has a big question mark over it," says Farnoosh Torabi, TheStreet. com. (R News)
Many magnify their efforts to cut back amid tough economy Nov 17, 2008
"We're hoarding every penny and trying to pay off some credit card debt," says Nichole Black of St. Louis. She sold a "kinked-up" gold necklace she hadn't worn in 20 years and put the money in her savings account. (USA Today -- Money)
Money - where does it all go? Nov 17, 2008
Monthly personal loan repayment (to pay off old credit card debt accumulated since the start of university), $175. Groceries: pasta, noodles, fruit and veg, bacon, eggs, bread, juice, rice, toothpaste, $34. (Sydney Morning Herald -- Business)
Financial crises, young people Nov 16, 2008
Margaret K. Scott, an Associated Press writer, wrote: "The economic crises have some people coming out of closets about their financial troubles, commiserating about 401(k) balances, mounting credit card debt and a stalled housing market." Financial failures are wreaking havoc on the emotional and physical well-being of so many people. But opined U.S. writer Truman Capote (1928-1984): "Failure is the condiment that gives success its flavor." While current financial crises are blamed for the... (Orangeburg Times and Democrat, SC)
Taking Stock of Henry Paulson Nov 16, 2008
Comment: One more thing, have the taxpayers buy up all the banks and financiers credit card debt. We only want the home debt. (Newsweek)
How To Tackle Post Christmas Credit... Nov 15, 2008
How To Tackle Post Christmas Credit Card Debt: Dealing With Financial Problems After The Festive Season ... How To Tackle Post Christmas Credit Card Debt ... How To Tackle Post Christmas Credit Card Debt. (Suite101.com)
Turning techno-junk into cash Nov 15, 2008
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. Multimedia and features. (MSNBC -- Business)
Would you go back to work? Nov 14, 2008
Currently no debt(house paid for, cars paid for, no credit card debt), and I could live off my retirement ($50,ooo plus a year and SS eventually) so I would also like to help my kids and endow a low cost/free spay and neuter clinic. By Tolkein says. (Atlanta Journal-Constitution -- Metro)
Many line up for cash, but U.S. financial rescue falters Nov 14, 2008
The vast market for bonds backed by credit card debt, auto loans and student loans has effectively shut down. No new credit card securities have been issued since the crisis reached a fever pitch in September. (International Herald Tribune)
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)
