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 to the way they were before the recession while the average taxpayer shoulders the burden of a recession. So where do consumers really stand today in terms of debt as many struggle to readjust to a not-so-new economy?
Equifax has released some new numbers for September 2009 and they give a good thumbnail sketch of what consumers are dealing with and how they are responding to the recession. It is not a happy picture in most areas because there is a growing number of both delinquent mortgage payments and housing foreclosures. Other types of loans are reporting increasing delinquencies also.
On the upside, consumers are making a real effort to pay down their credit cards while credit card companies are reducing credit limits. Thi
It can be disheartening when you apply for a credit card and get turned down. However, in the vast majority of cases, it really is not anything that you need to worry about.
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It can be disheartening when you apply for a credit card and get turned down. However, in the vast majority of cases, it really is not anything that you need to worry about. While there are some people out there who would be approved for virtually everything they could think of applying for, for the vast majority of us, applying for a credit card can take a little time and some trial and error.
Credit card providers generally have pretty strict criteria that they are looking for from applicants when they launch a new credit card. They will be targeting the card at a specific segment of the market and will have a credit score range that they are seeking from applicants.
In a recent announcement, Federal Reserve Chairman Ben Bernanke said that a consumer loan program that was created to stimulate lending to business and consumers alike is still needed despite the fact that many other emergency lending programs are beginning to shut down in the wake of economic recovery.
According to Bernanke, the program, which also was intended to make loans available to the trouble commercial real estate markets, is still an essential element in stimulus efforts. He said during the conference sponsored by the Congressional Black Caucus Foundation that, “an ongoing need still clearly exists.”
Federal Reserve member Kevin Walsh added during a Chicago speech that the work of scaling back such programs will be just as challenging as it was to instituted them in the first place.
“We are at a critical transition period, of still unknown duration, and we must prepare diligently for an uneven road race ahead,” said Walsh. “If pol
A report issued by the Government Accountability Office (GAO) suggests that unfair debt collection techniques are commonplace. Senator Carl Levin, D-Michigan supports creating a new federal agency that protects consumer rights and enforces consumer entitlement to ethical collection practices. Although the Fair Debt Collection Practices Act (FDCP) was passed in 1977, Senator Levin suggests updating it to reflect new technologies and increasingly aggressive debt collection practices. It takes time to pass legislation, so consumers must protect themselves in the meantime.
Unsecured Debt Consolidation Options Scarce
Qualifying for an unsecured debt consolidation loan for enough to cover all of your bills can be difficult. Short of asking for loans from relatives and friends, what can you do? Consulting a credit counseling service can provide affordable options for repaying credit card debt. C
Nowadays, debt has become a standard part of life. It comes in many forms including student loans, medical bills, auto loans, unpaid utilities, mortgages, money borrowed from friends and relatives, store credit and the most dreaded of them all, credit card debt. It’s a part of life for almost all of us, rich or poor, but it doesn’t have to be. In this nine-part series of articles you will learn the steps to take to become completely debt-free and stay debt-free.
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Nowadays, debt has become a standard part of life. It comes in many forms including student loans, medical bills, auto loans, unpaid utilities, mortgages, money borrowed from friends and relatives, store credit and the most dreaded of them all, credit card debt. It’s a part of life for almost all of us, rich or poor, but it doesn’t have to be. In this n
Many Americans have turned to debt settlement to get their bills under control. But before attempting to settle your credit card debt and other loans, make sure you understand how your taxes will be affected.
Debt Reduction and Foreclosure
In many cases if you have a debt canceled or forgiven, you may owe taxes on the canceled amount. But if you have mortgage debt discharged on your principal residence, you should be able to exclude the amount from your taxes thanks to the Mortgage Forgiveness Debt Relief Act of 2007.
The act applies to debt reduction through mortgage restructuring or debt forgiven in a foreclosure from 2007 through 2012. You can exclude up to $2 million of forgiven debt, or $1 million if you are married filing separately.
Help with Debt and Taxes
If you get help with debt used to refinance your home, the forgiven amount can be excluded to the extent that the principal on your old mortgage would have qualified. You m
According to figures released by insolvency practitioners Adcroft Hilton, the number of bankruptcies recorded in Burnley was 32% higher in the second quarter of 2009 than in the same period last year, the Burnley Express reports.
The company`s autumn 2009 report shows an increase in personal bankruptcies in towns and cities across Lancashire, with Burney being hit particularly badly.
Other cities in the North-west have also been feeling the effects of the recession, with Blackburn and Preston both seeing a jump in the number of petitions recorded – suggesting that more people are struggling with unmanageable debt in the region.
A spokesperson for company Gregory Pennington commented: “At a time like now, more and more people are finding it difficult to manage their finances, leading thousands into unmanageable debt.
“Although bankruptcy might not seem like the most appealing option, many people will find it is actually the most appropriate way for them to tackle their debts.