Tightening Credit May Reduce Big Retailers' Christmas Sales by 8%
The consumer credit retrenchment is coming even faster and harder than many anticipated ... in the credit they extend to shoppers to avoid being left with bad loans when customers can't pay them ... at or near the limits on their primary credit card, and 20 percent said they're approaching the limit [more...]
Date: 2008-11-02 09:27:52
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Spot On: Old solutions for a new economy
Interesting article on the economy, “Old solutions for a new economy,” by the Spot On blog: ... of consumer credit - both created by debt. Even though equities are cheap, people have no money ... might hinder their repair. …On the consumer side, Washington should consider ways to free up credit [more...]
Date: 2009-01-15 19:53:52
Sunday Roundup
We had a very productive day today. We changed the water in all three of our hydroponic garden reservoirs, ... Kelly is also dealing with car repairs, but of a bigger variety. She’s in the “repair or replace” ... some tips from the Consumer Credit Counseling Service for how to survive a recession/depression/economic [more...]
Date: 2008-10-20 05:58:17
Credit Crunch Hitting Car Dealers
At least 600 of the 20,700 new-car dealerships in the U.S ... of years, " said Paul Melville, a Grant Thornton partner. "But the current credit crunch and high cost ... a credit crunch, consumers have their own problems: making the mortgage payment, paying the energy bills [more...]
Date: 2008-10-02 16:39:33
New margin lending regulations
Senator Nick Sherry, Minister for Superannuation and Corporate Law, ... provisions as part of broader consumer credit reforms covering all credit providers. [more...]
Date: 2009-01-18 01:17:03
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
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
Strategic Mortgage Defaults on the Rise
Strategic default— walking away from your home and mortgage —is getting more common. The interesting part is who is doing it: according to a recent study, people with good credit. For such consumers, strategic default may be the best of a range of bad options. The same study found that 588,000 people walked away from their mortgages in 2008, far more than the industry thought. And most of them seem to understand what they are doing—they just do not have any better option. [more...]
Date: 2009-09-25 16:39:05
Admitting to Our Brilliant Plan
It's time, according to my crazy Uncle Harvey, to take credit for the brilliant infiltration that we spendthrift Democrats have succeeded in, ... sending all those endless offers of great credit so they could continue buying as if their actual ... with this destruction of potential for a consumer economy, we gave credit card issuers the go-ahead to allow [more...]
Date: 2009-01-17 17:00:00
The Truth about Debt Management Plans
by Jon Ochs In my years of experience in the industry, I have found that most people are looking for a debt relief option that does not exist ... their credit - Not cause creditors to hound them with phone calls Reality Check ... loan. Consumer Credit Counseling: These are the ones that have been getting a lot of negative [more...]
Date: 2008-09-21 12:49:13
US News and World Report: The End of the Shopaholic Nation? (pfblogs.org)
Ideas we've been presenting since blog inception i.e. the Pooring of America - are starting to gain fame in the mainstream media. Again, gas dropping 50 cents is not going to fix the consumers problem. I don't care ... credit, and that credit is drying up by the day. Then in the past decade as the middle class loses [more...]
Date: 2008-09-20 21:59:02
Where Do We Go From Here?
Picking up any newspaper or listening to any news outlet will have you wondering if the days of a prosperous U.S. economy are over ... /transformations that got us here: Year 2K and Internet boom -massive spending in the hardware/software ... to increase causing refinancing, line of credit boom---consumer wave starts -Govt creates Homeland [more...]
Date: 2008-11-13 12:47:43
Mr. President: Please Look at What's Happening
Mr. President, I write this article to implore you to reconsider the direction your administration has embarked in attempting to try and reverse the ... from failing, but too much of anything can be bad. Pressuring banks to lend to one another is needed, but forcing more credit onto consumers already in debt is unwarranted. This country and its [more...]
Date: 2008-10-19 07:08:55
The Return of Depression Economics
What do you do when your demand driven economy is saddled with a demand side that is under-performing? ... experienced by the average American family). America’s credit markets are frozen - we’re in a full blown liquidity trap. Businesses can’t get money. Consumers are seeing their credit dry up. We can’t borrow [more...]
Date: 2008-11-30 00:47:55
Buying A New Auto During A Credit Crunch
With foreclosures on the rise, wages on the nose dive, and lenders tightening their practices, consumers are feeling the pinch ... , but only to those consumers with sparkling credit scores. Auto loan payments are seeing ... of the economy is feeling the negative impact of the current economic state; this includes the auto industry [more...]
Date: 2008-06-22 07:54:26
Fed decided to Institute Curbs On Issuers of Credit Cards
On Tuesday rules have been proposed by the Federal Reserve to end banks’ ability to apply credit card payments to balances having lowest interest rates first, implementing legislation Congress passed in May. The Fed also proposed that before charging fees for transactions that exceed credit limits creditors obtain consumers’ consent. The Fed said in a statement that restrictions on lending to people under the age of 21 and subprime credit card fees were also included. [more...]
Date: 2009-09-30 12:56:49
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
FICO, FICO un day
The Associated Press apparently frowns on bloggers linking to AP news articles and quoting the first paragraph in its entirety ... annually on credit card and other interest payments by raising their credit scores, but many consumers still don't know enough about the complex numerical values that represent their credit risk [more...]
Date: 2008-07-20 21:53:04
Paulson Translated
After listening to and reading the text from Paulson’s speech this morning, ... at a tipping point. Credit markets were largely frozen, denying financial institutions, businesses and consumers access to vital funding and credit. He uses past tense verbs, but I’m not sure [more...]
Date: 2008-11-13 03:56:07
Paulson Translated
After listening to and reading the text from Paulson’s speech this morning, ... at a tipping point. Credit markets were largely frozen, denying financial institutions, businesses and consumers access to vital funding and credit. He uses past tense verbs, but I’m not sure [more...]
Date: 2008-11-13 04:08:18
Questions About Collections? Ask Melissa
Dear Melissa, My daughter is in the midst of a career move and has had a bill sent to a collection agency in the state she previously resided in ... can absolutely not affect your credit report in any way. Consumer debt is not transferable ... the payment. The agency will report to the credit bureaus that the account is paid, if applicable [more...]
Date: 2009-01-14 13:00:17
Baron’s for This Bailout, Just Not That Bailout
I’m sure it all makes sense to him in his own mind, really. Baron Hill opposed bailing out the financial industry ... when you figure in businesses that are dependent on short-term credit, or consumers at stores ... of them were from Michigan though. Michigan, of course, had all of it’s Reps vote in favor of it except [more...]
Date: 2008-12-12 15:40:16
Above the fold
A DAILY round-up of economic news: Lots of news out there today. The Commerce Department has revised America's third-quarter GDP number down ... , in an attempt to increase other kinds of consumer lending, including student loans and car loans ... for retailers. The Federal Reserve announced two new facilities designed to boost consumer credit [more...]
Date: 2008-11-25 14:41:57
Self Credit Repair - The Truth Behind The Hype
by Tim BeachumThe consumers have been brained washed into believing the words, “Self Credit Repair,” are bad. This is mainly do to the unscrupulous business practices of some credit repair agencies. For the most part these companies have managed to illegally charge the consumers for services that they cannot deliver.While preparing to write this article, I read numerous books and articles on the subject matter. The majority of them centered on tactics that are extremely outdated. [more...]
Date: 2009-05-24 15:26:14
Bush to blame for mortgage mess...NYT
White House Philosophy Stoked Mortgage Bonfire By JO BECKER, SHERYL GAY STOLBERG and STEPHEN LABATON “We can put light where there's darkness, ... , laid out the latest terrifying news: The credit markets, gripped by panic, had frozen overnight ... championed. There are plenty of culprits, like lenders who peddled easy credit, consumers who took [more...]
Date: 2008-12-21 21:19:17
Latest News in Refinancing Home Mortgages - Dec 11, 2008
Mortgage rates foreseen under 4% - Baltimore Sun WASHINGTON Government efforts to provide easier credit to consumers and to help housing finance ... economy and troubled credit markets. Mortgage applications were up 112 percent during the week [more...]
Date: 2008-12-11 12:40:58
Friday morning links
TOP STORIES Credit expenses lead to $2.3 billion loss for Fannie - MarketWatch 2 Banks Buying Back $17 billion in Securities - NY Times Governments cause the credit crisis, but capitalism gets the blame - Telegraph 8 who saw the crisis coming ... Consumer credit jumps at fastest rate in 7 months - MarketWatch HOUSING Foreclosure refugees skipping [more...]
Date: 2008-08-08 13:38:00
Building New Credit For Credit Repair Success
By katie George Build New Credit Now The most common credit repair mistake people make is putting off building new credit ... with MasterCard, Visa, American Express, and Discover. Avoid store cards and consumer credit like furniture ... . If bad financial times have left you without open accounts you must start the rebuilding process [more...]
Date: 2009-01-03 16:29:15
Outdoor Wire Names Obama “Gun Salesman of the Year”
In recognition of the unprecedented demand for firearms by nervous consumers, ... the automotive and housing industries. It’s credit where credit is due. Mr. Obama has consistently ... . For December 2008 the National Instant Criminal Background Check System (NICS) recorded a twenty [more...]
Date: 2009-01-15 01:22:18
Wall Street Breakfast: Must-Know News
New acronym on the block... The government unveiled its newest initiative, called TALF, or Term Asset-Backed Securities Loan Facility. The $200B facility will support consumer finance, including student, auto and credit card loans ... $20B of credit protection from TARP funds. This is the first time the Fed and Treasury have stepped [more...]
Date: 2008-11-26 12:14:47
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
Another One Bites The Dust
Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business - closing its 567 U.S ... such as KB Toys, Mervyns LLC and Linens ‘N Things into bankruptcy. Experts believe ... had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer [more...]
Date: 2009-01-17 18:54:50
The Bad Paper Chase
And the handout/buyout craze continues. The Federal Reserve said Tuesday it will buy up to $600 billion in mortgage-backed assets in another attempt ... obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks ... also unveiled a new program to help unfreeze the market that backs consumer debt such as credit cards [more...]
Date: 2008-11-26 00:46:42
Credit Karma Uses Ad Model to Provide Free Credit Information
According to the 2007 Online Banking Report, approximately one in three US adult consumers monitors or checks their credit score in some form or ... the score is usually only free if you enroll in a credit monitoring service. In this margin-rich industry ... . FreeCreditReport.com and TrueCredit.com, the consumer direct sites of Experian and TransUnion [more...]
Date: 2008-11-25 19:39:56
Into the Abyss
Into the Abyss We are now entering a period of what can only be described as economic and financial chaos ... the credit markets seized up 15 months ago. Seven-point-four-trillion-dollars. Numbers ... that they are jacking up prices on existing consumer credit, even as the Fed and Treasury have been provided lots of low [more...]
Date: 2008-11-25 20:44:22
Who’s To Blame for Tech’s Woes? You and Me
The last time technology investments took a hit, it was easy to look around at the scattered sock puppets and dark fiber, ... t their wholehearted embrace of the web — it’s consumers’ wholehearted embrace of credit. That’s right, this tech ... debt, in the form of home equity loans and credit financing, which they’ve used to buy fancier cars [more...]
Date: 2008-10-31 04:01:17
investments that provide greater returns than what the money cost them to obtain ... . As credit card and loan balances are at all-time highs, it has become harder for people to save ... more challenging in today's spend-happy and credit reliant consumer world. It is hard to justify saving money [more...]
Date: 2008-12-27 11:06:33
The loan money i$ out there…….
Qualifying for a mortgage is not nearly as easy these days as it was just a couple of years ago, before the subprime-loan-market collapse and the worldwide credit freeze. Still, mortgages ... and detail – good or bad – your borrowing record contains. A consumer whose credit score is a little [more...]
Date: 2009-01-15 17:02:23
How to improve your Credit
Credit Score is the method used by financial institutes to measure your financial health at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers. In Canada, credit history is recorded in files maintained by at least one of Canada’s three major credit-reporting [more...]
Date: 2008-11-19 12:43:21
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
The Fed Should Buy Down Consumer Credit Card Rates - Fast
Lets say I owe the bank behind my credit card 1k dollars and Im paying 10pct interest because the best I can do is a little bit more than the ... that I have my credit card with and charge it 5pct plus some warrants to in turn loan that money back ... with to help save people’s homes, are many of the same banks that are pounding credit card holders [more...]
Date: 2008-10-24 23:38:36
Consumers' New Found Embrace of Savings Will Make for a Nasty Downturn
The blow to many Americans' net worth via diminished home values and shrunken retirement accounts has lead to a new found insecurity and ... by credit card companies, banks, and auto lenders getting more stringent and, where applicable, cutting back on credit lines. Thus, consumers suddenly (at least for now) want to be savers (note [more...]
Date: 2008-10-21 04:06:27
In The News Today
"During times of universal deceit, telling the truth becomes a revolutionary act" – Orwell Dear CIGAs, I am Outraged. This is simply too much ... to be funded under the programme are pools of credit card receivables, automobile loans and student loans ... for the first time under a landmark $200bn programme intended to support consumer credit. The [more...]
Date: 2008-12-22 17:17:41
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
Car, RIP: Now for Argentine Automaker Bailouts
Reading today's headlines, you cannot help but think that the days of the internal combustion engine-powered automobile are numbered ... of bad news for the global auto industry get you down. It appears that even LDCs are getting ... on a plan to provide consumer credit to finance the purchase of locally made cars. Reuters reports [more...]
Date: 2008-12-07 13:55:00
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
Specunomics: REWARD THE PRUDENT - Save The World
In recent months we have seen wave after wave of attempted solutions and bailouts to put a floor under collapsing housing prices with the only result so far being credit contraction and consumer strikes. In every case, the approaches ... with this focus is that it rewards bad economic decisions and in some cases even *actively encourages [more...]
Date: 2008-11-17 19:30:37
Circuit City to close 567 remaining US stores
Circuit City, unable to work out sale of company, will close 567 remaining US stores Michael Felberbaum and Vinnee Tong Associated Press Bankrupt ... by this outcome.” The company had been seeking a buyer or a deal to refinance its debt, but the hobbled credit market and consumer worries proved insurmountable. Negotiations for an acquisition went [more...]
Date: 2009-01-16 20:40:40
Rent to Own
At first reading about this rent to own company it got me thinking that if only we have that in here as well ... used in many walks of life. And they even have growing consumers without jeopardizing their credit or debt! With this rent to own industry, you can rent just any kind of home items. And since [more...]
Date: 2008-06-27 23:30:45
Data Shows Just How Bad Things Are
Data shows just how bad things are… Trade deficits narrow… EU confirms they are in a recession… RBA intervening again… And Now… Today’s Pfennig! ... just get right to it. The dollar continued to strengthen yesterday after another round of bad weekly ... , and job losses will only make this worse. While the total size of the consumer credit market is [more...]
Date: 2008-11-14 17:44:03
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