Niall Ferguson's "The Lessons of Detroit"

Here's an excerpt from Harvard financial historian Niall Ferguson's massive Vanity Fair article explaining it all: "Wall Street Lays Another Egg:" ... their homes as cash machines, converting their existing equity into cash and using the proceeds to pay off credit-card debts, carry out renovations, or buy new consumer durables. However, the [more...]

Date: 2008-11-07 12:06:22

Blog posts (42) | Videos (67)
 

MortgageNewsClips: Spreadsheet Resource, Realtors Beware, Credit Cards, Lou Ranieri, Securitization Primer, Popular Sells, Asymmetric Risk, Damage Report, Disparity, NY Mortgages, Freddie Automates, 3 more News Clips

RESOURCE: has list of sites offering free spreadsheets - Spreadsheets: Free to Learn - No-cost tutorials, instruction, ... Ross - Inman News ———— BusinessWeek_logo Credit-Card Rage - Debt-strapped consumers vent ... -old concept of securitization a bad name, IMF Economist Andreas Jobst writes. Securitization [more...]

Date: 2008-09-02 10:37:39

Lastest News in Credit Card Debt - Sep 29, 2008

Cards change America - Akron Beacon Journal 29 Sep 2008 at 4:53am T hey called it the ”Fresno Drop ... ., a small piece of plastic called the BankAmericard. The credit card had arrived, a shiny corkscrew for each recipient … Raising credit scores is key for consumers in time of tight lending - Dallas … [more...]

Date: 2008-09-29 14:32:04

Borrowing Beyond your Limit can Result in Consumer Debt

Consumer debt has risen to worrying percentages in the past few years ... debt can be acquired in various forms, including through a credit card or a payday loan. There are many ... of the loan, how much the borrower is able to pay back per month, their current credit score [more...]

Date: 2009-01-17 00:24:29

and we lost 5 bucks in the laundry yesterday, too

talkleft tells us that the stock market lost $3 trillion in the last three days: more bad news on the economic front ... for the program to support financial markets that supply consumer credit in such areas as credit card debt [more...]

Date: 2008-11-13 04:27:10

How To Deal With Bill Collectors

In today's unstable economy people are consumed with financial matters ... , the credit card company may report you to a collection agency. This debt collection company is hired ... . Initially, you'll receive calls from your credit card company informing you of your late payment [more...]

Date: 2008-12-04 01:40:51

Another Bad Day Dawns in Asia

As of this writing, the Nikkei is down nearly 500 points. Singapore is least trashed, down 3%, the Hang Seng is down over 6% ... no confidence in Paulson's latest folly, the "let's bailout credit card debt so the banks can let consumers ... in at least 15 years, according to Credit Suisse AG. ``Besides [more...]

Date: 2008-11-13 04:32:03

Stores With Layaway Option Seeing Increased Interest

I know it is en vogue to bring back things from the past, but this is a trend I thought had gone forever:  layaway.  With tightening credit policies, and maxed out consumer debt, it seems layaway is making a comeback.  Personally, I am not a big fan of layaway, ranking it somewhere between using a credit card [more...]

Date: 2008-12-15 19:00:32

"US Banksters Flip Flop On Bailout Rationale"

... expansion of the program into the markets that provide support for credit card debt, auto loans and student loans.Paulson said 40 percent of U.S. consumer credit is provided through selling securities [more...]

Date: 2008-11-12 23:52:00

Paulson Says Focus Of Bailout Is Expanding

Treasury Secretary Henry Paulson said today that he was changing the focus of the $ 700 billion bailout passed last month from buying up troubled ... in such areas as credit card debt, auto loans and student loans. Mr. Paulson said 40 percent of the nation’s consumer credit was provided through selling securities that are backed by pools of auto loan [more...]

Date: 2008-11-12 17:14:08

Debt forces shoppers to rein in their spending after Christmas last hurrah

The crisis facing the British high street was laid bare yesterday by results from quoted retailers which confirmed that margins are being squeezed ... was the last hurrah for consumers as December's credit card bills force them to confront their debts against [more...]

Date: 2009-01-16 00:01:00

Life goals for 2009

This time last year, I had three New Year resolutions: pay off all consumer debt in four months, ... : Never miss payments on credit card and mortgage loan. Last year, I had two late payments ... two steps backward and one step forward in personal finance may not always be bad. Like buying [more...]

Date: 2009-01-03 01:00:32

Debt Consolidation Explained

Debt Consolidation Explained December 16th, 2008 As more and more consumers struggle with out of control debts, ... large and small. In modern society, credit has become so simplified that individuals become burdened ... loan. These typically boast rates far lower than the interest rates offered by credit card companies [more...]

Date: 2008-12-16 15:57:23

JPMorgan profit drops 76 percent

JPMorgan Chase & Co. said that its profit fell 76 percent as rising defaults. The company said in a statement that the year-old U.S ... More consumers are paying late on their credit cards and mortgages, forcing banks to increase reserves, the statement said. JPMorgan has almost tripled its provisions for bad debt in the past year. Fourth [more...]

Date: 2009-01-15 14:23:57

Consumer civilization collapses. Now it's all up to MAKE magazine!

http://blog.makezine.com/archive/2008/12/remake_the_world.html? ... was that the credit-card-driven, debt-ridden, pay-later economy wasn't sustainable. Not economically ... of times and the worst of times." We hear plenty about how bad it is or how bad it is going [more...]

Date: 2008-12-13 11:54:01

Consolidate credit card debt with debt consolidation - Loan Modification not the answer

Amazon.de Widgets Consolidate credit card debt with debt consolidationThe move by the FTC comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers.. Try Credit card debt consolidationCan’t Pay Your Bills? You’re not alone. Today, millions of Americans are having difficulty paying their debts. Most of those in financial distress are middle-income families with jobs who want to pay off what they owe. [more...]

Date: 2009-09-23 18:54:41

paying tuition to life

Have you ever loaned money to a friend or family member? Did you really loan it or was it borrow? ... student he ran up credit cards, drove a a fancy car, and took out student loans, etc.  He was a ROTC ... my parents weren’t helping me, but had preached no consumer debt. Plus I had student loans. Anyway [more...]

Date: 2008-10-21 13:00:30

Consumer Reports Retirement Survey: Planning Ahead May Be Just As Risky As Rewarding

February issue offers 17 moves to rebuild the nest egg and secure the future In the wake of big investment losses many have turned to Plan B to ... their credit card use and spent less on groceries and household goods. “When bad investments happen to good people, they have to work harder to slash debt, cut spending and save more. Switching to Plan [more...]

Date: 2009-01-06 12:09:04

No getting laid in the NYT

Rob Walker's "Consumed" column in the NYT Magazine on Sunday (9 November) looks at prepaid credit cards, in particular the Prepaid Visa RushCard, "the product of a partnership between Unifund (a Cincinnati company best known for buying up and collecting on bad debts [more...]

Date: 2008-11-12 15:59:03

D. Other Publishers

A number of publications from non-Nolo publishers have a wealth of information beyond what is in this book. The Ultimate Credit Handbook, by Gerri Detweiler (Plume Books), covers everything you’d want to know about credit ratings, credit cards, completing credit applications, protecting your credit privacy and many other topics. Surviving Debt: A Guide for Consumers, by National Consumer Law Center. NCLC is a nonprofit organization that normally publishes books to assist lawyers. [more...]

Date: 2009-09-24 02:03:01

Manage Your Debt With CareOne Credit Counseling

We all strive for financial freedom.. a debt-free life.. a secure financial future ... : "The most common form of consumer debt is credit card debt, payday loans, and other consumer finance ... endless notices from creditors, accounts being turned over to debt collectors? Indeed, you're [more...]

Date: 2008-10-03 06:45:00

Collection Agency calling from 571-431-1958 (Washington, VA)

Steve reported a Collection Agency (5714311958 from Washington area, VA) . The following comments were posted: AACC AACC AACC 5127689800 AACC 804-234-9056 assetacceptance.com Asset Acceptance is a leading purchaser and collector of charged-off consumer debt. Since 1962, we have provided credit originators such as credit card issuers, consumer finance companies, retail merchants, utilities and others an efficient alternative in recovering defaulted consumer debt. [more...]

Date: 2009-09-25 19:53:49

Why Consumer Debt Is Hazardous to Your Financial Health

You don’t have to look far to find a financial expert who will tell you that consumer debt is bad ... . But has anyone ever really explained what the problem with consumer debt like credit cards and car loans is? On the surface, consumer debt doesn’t seem so awful. After all, using these types of credit lines [more...]

Date: 2009-01-04 13:49:19

Six Simple Steps to Avoid Credit Problems in a Bad Economy

The New York Times ran a story today that says the next consumer crisis is credit cards — a sobering fact in a nation that has racked up massive amounts of credit card debt. Unfortunately, when times get hard, many people turn to credit cards ... this myself, buying things on credit when I had no other way to pay for them. I’m not talking about [more...]

Date: 2008-10-29 23:20:31

The valuable things I learned from being in debt in the past…

… I used to have a high amount of consumer credit card debt years ago, but am very proud to have been debt-free ( ... within my means.  Credit cards make it easy and tempting to spend excessively.  The lender gives you a credit limit which can be high, so without the proper tools or experience, it can be remarkably [more...]

Date: 2009-01-09 14:00:25

You Can Legally Erase Your Credit Card Bill From Your Credit Card Company

American consumers can now legally and ethically discharge 50% of their debts that they owe to their financial institution. Not many Americans have been made aware of this fact because their CC company only wants them to pay the minimum payment each and every month and thus steal away their wealth from them pennies at a time so they go unnoticed.Last 5 posts by When Do You Apply For a Law Suit Loan? [more...]

Date: 2009-08-11 06:00:53

Credit Card Issuers See the Writing on the Wall: Forgiveness of Debt — they also got paid in full through securitization, so there is no obligation owed to them

Credit Card Companies Willing to Deal Over DebtBank of America says it eased off on more than 700,000 credit card holders in 2008, ... ring of a phone.Graphic Behind Changing Tactics, Mounting Losses Related Times Topics: Credit Crisis — ... to foster the explosive growth of consumer debt in recent years, credit card companies are realizing [more...]

Date: 2009-01-05 00:34:25

How To Eliminate Credit Card Debt

by Ada Denis There is almost nothing more serious than having too much debt to pay each month. Consumers get debt for many unusual reasons out. Sometimes illness, accidents, or just bad fate can make it appear impossible to find finances ... taking control of your financial position is to learn how to get rid of your credit card debt [more...]

Date: 2008-11-23 17:42:51

Record Credit Card Defaults Signals a Weaker Recovery

According to reports from Moody’s ( MCO ) Investors Service, credit card delinquencies surged to record levels in August.  In the first increase of charge-off rates since the rally began in March, credit card issuers wrote off 11.49% of uncollectible consumer debt compared to 10.52% in July.  Also loans more than 30-days past due also rose to 5.8%.  Moody’s report also suggests that charge off rates are not likely to peak until mid-2010, as unemployment continues to strain many consumers budgets. [more...]

Date: 2009-09-24 14:40:21

David Sirota: Top 5 Reasons to Vote Against Paulson's $700 Billion Bailout

There's news this Sunday afternoon of a congressional deal to bailout Wall Street fat cats with $700 billion of taxpayer cash ( ... INHERENT FISCAL INSANITY COULD MAKE PROBLEM WORSE When an individual consumer uses a new credit card to pay off astounding debt from an old credit card, it's called kiting, and in many cases [more...]

Date: 2008-09-28 23:35:52

TANSTAAFL - Ya gotta pay it sometime!

When TMEW and I spend more than we should, we end up paying for it later - by not buying much later ... more debt than they took on... Seasonally adjusted consumer debt -- including credit cards, auto loans ... 1990s. Nonrevolving credit -- such as auto loans, personal loans and student loans -- dropped sharply [more...]

Date: 2008-12-16 18:44:16

Is It A Good Or Bad Thing That So Many Companies Are Going Out Of Business?

What exactly will 2009 bring us in terms of businesses closing down for good? ... to the economy - which while sad for the workers is not necessarily a bad thing. We have consumed ourselves ... $2.56 trillion in consumer debt, with the average household’s credit card debt amounting to $8,565 [more...]

Date: 2009-01-06 14:00:00

Paying Down Debt In Your Marriage

Debt can be a real strain on any marriage. Today we’ll take a look at how you can work with your spouse to reduce debt together ... accumulate credit card debt. Before you know it, you’ve racked up $50k in consumer debt, not including ... such as an unexpected medical expense or car repair. Don’t skip step 1! It’s #1 for a reason. Step [more...]

Date: 2008-09-08 13:12:49

Consumer Credit Counseling

Consumer Credit Counseling January 17, 2009 at 5:00 pm · Filed under Credit Counseling Services div style=’float: right; width: 100px; padding: ... on financed loans and credit card debt can become onerous and when you add in penalties and late fees ... impossible for anyone to compete in today’s arena without the aid of a credit card. And that’ [more...]

Date: 2009-01-17 22:00:36

January 2009 Financial Status / Net Worth Update

Net Worth Chart 2008 Credit Card Debt I have no actual consumer debt. In the past, I have been taking money from credit cards at 0% APR and immediately placing it into high-yield savings accounts or similar safe investments that earn 5% interest or more, and keeping [more...]

Date: 2009-01-06 11:22:18

The Bad Paper Chase

And the handout/buyout craze continues. The Federal Reserve said Tuesday it will buy up to $600 billion in mortgage-backed assets in another attempt ... obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks ... also unveiled a new program to help unfreeze the market that backs consumer debt such as credit cards [more...]

Date: 2008-11-26 00:46:42

Friday morning links

TOP STORIES Rate cut from Japan, Barclays seeks funding - Reuters Nevada, Michigan, Florida lead 'underwater' list - AP Housing plunge: ... is more likely than many assume - MarketWatch Banks, consumer advocates urge U.S. to allow credit card debt ... it feels so bad - CNN/Money Economic data point to the start of a recession - LA Times Recession Ghost [more...]

Date: 2008-10-31 13:20:00

Do NOT Shred it and Forget it!

Public relations people often pitch products to bloggers like me. Most PR pitches tout harmless products, which I ignore. Until now ... you to shred your unpaid credit card statements to ignore creditors, to hide consumer debt ... with ease once all evidence of indulgences has been destroyed, thus keeping bills, credit card statements [more...]

Date: 2008-12-13 08:05:49

A Good Decision from the OCC's Tim Long

Regular readers know I don’t normally have much good to say about OCC bank regulator Tim Long ... proposal to defer losses on bad consumer credit card debt. The plan, concocted by an odd alliance of bankers and consumer groups, was a one-two punch of dumb ideas. First, it would have let card lenders “ [more...]

Date: 2008-11-14 19:35:26

Senate Steineger Addresses Address to AFP Summit

We received this email from State Senator Chris Steineger earlier today, and we wanted to share it with you uncut and unedited ... a nation living beyond its means, a nation living unsustainably. For its people, buying too much house, huge credit card debt for throw away consumer goods, and driving gas guzzler vehicles exemplify [more...]

Date: 2009-01-14 20:07:00

Credit Card Debt: Next Big Hit to Banks?

Given how overextended consumers are, and how banks have been cutting back on the cheapest piggybank, home equity loans, by slashing those credit lines, and the reports of rising delinquencies from even conservative ... in credit card losses. But under the new bankruptcy code, if you do no qualify for Chapter 7 bankruptcy [more...]

Date: 2008-10-01 09:17:30

The next meltdown?

So what is the next meltdown?  This article in MSN suggets it’s credit cards.  Definitely a possibility ... , but how are people affording credit cards, student loans, and car loans?  Much like foreclosures ... . First, the average debt of consumers is $16k when averaged over people who don’t have credit cards, pay [more...]

Date: 2008-11-06 17:42:46

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