Bipartisan Debt Commission Or Mission Impossible?
In an effort to rein in the ever growing national debt, President Obama signed an executive order last Thursday creating a bipartisan debt commission that will plan a course of action to address and diminish the federal budget deficit to 3% of gross domestic product by 2015. That is in comparison to the current 10% [...]
Ten Steps To Help You Be Debt Free
The current economy is now making it harder than ever before to pay off debt and remain debt free for any significant amount of time.
Top economist are now advising consumers to pay off their current debt and use cash whenever possible. These top economist have listed their key points in books and Internet articles. I [...]
Report: Consumers To Blame For Financial Crisis
A new report released from the Mckinsey Global Institute says consumers are to blame for the global financial meltdown of 2008. The Mckinsey report blames middle-class consumers… Americans, Britons, Canadians, and others for purchasing more home than they could afford.
The International banking Community and Wall Street have been looking for a way to deflect the [...]
Credit Card Debt Declining
According to the Federal Reserve, consumer credit card balances saw the largest dollar value drop since records began in 1968 and the biggest percentage drop of 18.5% since December 1974.
The Federal Reserves monthly G-19 Report considers various components of consumer debt which include revolving debt, consisting mainly of credit card debt, and non- revolving debt, [...]
New Consumer Protection Agency To Monitor Lenders
The Massachusetts Public Interest Research Group recently released a report which revealed practices of lenders who offer private or student loans. Private loans differ from Federally based loans. Private loans have no capped limit on interest rates and some lenders are charging significant up front fees in order to originate the loan.
Because of these practices, [...]
FTC Reporting Abusive Debt Collection Tactics
The FTC has received more than 45,000 complaints about debt collectors in the first half of the year, up almost 20% compared to the first six months of 2008. Debt collection agencies have been under more scrutiny in the last year than ever before.
If you are like many other Americans who have fallen behind on [...]
