The Nightowl Newswrap

It's mid-December - you know what that means... It's time to nominate your favorite small-market blog(s) for a Monkeyfister award! ... progressive... Consumers need help with debt: The Federal Reserve on Thursday will vote on sweeping reform of the credit card industry that would ban practices such as retroactively increasing interest [more...]

Date: 2008-12-14 17:02:06

Blog posts (257) | Videos (269)
 

Taking the Mystery Out of Credit Card “Minimum Payment” Requirements

If you are one of the savvy consumers who pays off their credit card balances in full each month, ... will increase as the economy continues to suffer from layoffs, financial losses, company consolidations ... result being that those who only make minimum payments will simply see their debt continue to grow [more...]

Date: 2008-12-30 14:04:51

Sprint ETF Settlement a Raw Deal for Consumers: How you can (easily) fight back

Sprint recently settled an Early Termination Fee (ETF) class action suit ... $25 credit on that debt, if Sprint has already sold the debt to a third-party (collection agency ... . And, it’s quite broad, covering customers from 1999 all the way to 2008. The settlement makes [more...]

Date: 2009-01-06 16:23:10

Rebuild your nest egg - 17 moves to secure your future now

Consumer Reports - January 2009 When bad investments happen to good people, there's only one thing to do short of weeping: Turn to Plan B ... and household goods. About 20 percent have paid off most or all of their credit-card debt ... and making choices we'd hoped to avoid. We might have to work harder to slash debt, cut spending [more...]

Date: 2009-01-13 22:42:30

Branded Credit Card Searches Increase

With holiday shopping behind us and the economy in recession, I wondered if we'd see any change in Internet searches for credit cards ... debt? The latest data I could find were from November and indicate that consumers are becoming [more...]

Date: 2009-01-15 18:38:47

Will the GMAC Deal Spell Relief for GM?

“Consumer credit is the jet fuel of the auto business,” said Michael J. Jackson, chief executive of AutoNation Inc ... has to meet a certain quota for financing GM cars. Also, falling auto sales aren’t the only problem ... it is burning through cash to a punishing level of debt that couldn’t be funded through the markets once [more...]

Date: 2008-12-30 09:57:00

More consumers likely to seek help in 2009: debt counsellor

The Credit Counselling Society says 2009 will likely be a busy year for debt counsellors in British Columbia due to the global economic downturn. [more...]

Date: 2009-01-05 18:16:05

Dems: New Credit Card Regs Are No Substitute for Legislation

After months of proposals, arguments, hearings and public comments, ... sooner to protect American consumers by giving credit card protections the permanence and force of law ... card practices that mire families in debt. Legislation is needed to stop abuses such as charging [more...]

Date: 2008-12-18 21:12:36

Will the GMAC Deal Spell Relief for GM?

“Consumer credit is the jet fuel of the auto business,” said Michael J. Jackson, chief executive of AutoNation Inc ... . Also, falling auto sales aren’t the only problem facing GM. The auto maker is dealing with myriad issues, ranging from the speedy rate at which it is burning through cash to a punishing level of debt [more...]

Date: 2008-12-30 09:57:00

They cancelled my credit card

I just saw this article called “My credit card was cancelled” on the money section of CNN.com ... closing all the others. We also occasionally purchase something on them and quickly pay it off ... . We have been working the last three years to pay off over $30,000 of consumer debts. I love the feeling [more...]

Date: 2009-01-01 16:05:52

Thursday morning links

TOP STORIES GDP falls 0.3% in third quarter on dive in spending - MarketWatch World markets cheer Fed rate cut - AP Bernanke makes it official ... as U.S. dollar falls - Canadian Press Credit card borrowing reaches record levels as consumers turn to plastic ... . We are Japan. - MarketWatch Greenspan Slept as Off-Balance-Sheet Toxic Debt Evaded Scrutiny [more...]

Date: 2008-10-30 12:42:00

New Labour’s path to power is shattered

The Glasgow East byelection result is another nail in the coffin of New Labour ... at a time when the credit crunch and rising prices mean that the post-Thatcher settlement is being ... , to crippling consumer debt and insecurity at work, and on to the dysfunctional inequality [more...]

Date: 2008-07-25 15:13:18

Deregulation Japan-style: on the (local) grog

Author: Luke Nottage (with thanks to Ichiro Araki) ... of much accumulated government debt. The country was then hit by the collapse of its export markets ... , evident in product safety or consumer credit re-regulation. On the other hand, deregulation [more...]

Date: 2009-01-15 05:00:05

Fed Announces $800 Billion in Homeowner, Consumer and Small Business Aid

The U.S. Federal Reserve and Treasury Department announced yesterday (Tuesday) ... often taken for students, car owners, credit card ... in direct debt issued by those firms. Beginning next week, the Fed’s primary lenders will auction [more...]

Date: 2008-11-26 15:26:47

Sprint ETF Settlement a Raw Deal for Consumers: How you can (easily) fight back (Updated)

Sprint recently settled an Early Termination Fee (ETF) class action suit ... $25 credit on that debt, if Sprint has already sold the debt to a third-party (collection agency [more...]

Date: 2009-01-05 10:30:45

Episode #21: Getting Out Of Debt

Kristine McKinley joins me again, this time to discuss getting out of debt. The first step is to “face the music” says Kristine ... resources mentioned in this episode: Consumer Credit Counseling Services Dave Ramsey’s Financial [more...]

Date: 2009-01-14 01:51:26

A Plate Of Slim Pickin's For Investors

Adviser SoapboxCurtis Hesler, Professional Timing Service01.12 ... forward. Consumer loans will be all but impossible to attain, and this includes credit card debt [more...]

Date: 2009-01-14 02:23:00

Taking the Consumer Out of Consumerism.

With all the bleak news reported daily and seemingly updated by the hour, ... - excessive consumers. In an effort to keep up with the Joneses, we have become dependent on credit and debt [more...]

Date: 2008-12-09 14:00:33

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 [more...]

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

When To Consider Filing For Bankruptcy

There are many people who have been feeling overwhelmed by the burden of their high credit load. This can be seen though the increase in consumer bankruptcies over the past year. If you are feeling like you'll never be able to pay off the debt you've accumulated, you might be wondering if you should file for bankruptcy. 5 Vote(s) [more...]

Date: 2009-09-29 16:08:50

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 ... are not particularly keen to extend credit to them. We have long warned that America's debt-fueled [more...]

Date: 2008-10-21 04:06:27

Data Mining and Credit Profiling: How Lenders Lure You to Borrow

Although responsibility for every penny of debt ultimately rests with the borrower, lenders have developed tempting baits to lure consumers into their traps. A recent New York Times article by Brad Stone describes a system that works against Americans, not for them [more...]

Date: 2008-10-28 12:00:54

[IMG Woman in debt, bills, statement]

Woman in debt, bills, statement Will the UK pay full Icesave compensation? Ask an expert: Would the UK system be liable to pay the full £50,000 compensation if Iceland found ... Income bonds GO Consumer advice Shopping Your rights Buying and selling a car Holiday GO Credit [more...]

Date: 2008-10-09 11:59:29

Advanta Business Credit Cards: A Closer Look

The credit card wars continue to heat up and that spells “good news” for consumers ... , has thrown the gauntlet down and is now offering a low APR on balances until the debt is paid off. Let [more...]

Date: 2009-01-15 23:33:16

Transfer Your Balance to Avoid Interest

Consumers will spend around £11bn on plastic leading up to Christmas and the New Year, reported by the Association for Payment Clearing Services ... one credit card,another solution to save on interest would be to make use of a debt consolidation ... this you can switch your debt| by switching your debt on to the new card as soon as the festive season is [more...]

Date: 2008-11-13 22:08:22

Insolvencies rise by 8.8%

There were further signs of the impact of rising costs on consumers today as official figures showed the number of people in England and Wales ... and the credit squeeze put pressure on both companies and individuals. Borrowers who would once have found it easy to consolidate debts into a remortgage are now finding that option is unavailable as [more...]

Date: 2008-11-07 09:53:26

Credit card companies greedy plans have thrown them into the ringer

It is astounding how ugly the situation is getting in the American economy.  It appears like every week there is a fresh scam or another huge financial institution or bank needing capital.  This is making most consumers very frightened and has almost made every market seize up.  Unfortunately I don’t feel we have yet to endure the worse of what may happen.  There is another timebomb waiting to explode that has yet too really hit home and that is the unsecured debt crisis.  Each month more Americans [more...]

Date: 2009-09-24 14:47:25

50%+ rally in the stock market but situation is getting much worse

We have enjoyed a +50 percent rally in the stock market yet this rally has been unable to create private sector jobs or stem the economic pain for most. Millions have seen their bills skyrocket, credit card interest rates hiked, hour’s cut, wages slashed, and are dealing with an accelerating decline in home prices (FL) and pitiful stock portfolios. In order to get a sustained recovery, consumer spending (70% GDP) will have to rebound sharply, which is not going to happen anytime soon. [more...]

Date: 2009-09-29 12:17:40

They Call This Season ‘Fall’ for a Reason

Photo: Matthew Bradley / flickr So now it turns out that the whole Troubled Assets Relief Program (TARP) was a flop or more likely a scam. Remember Bush Treasury Secretary Henry Paulson telling us last September that credit markets had locked up, and then, after half of the $750 billion that he extorted out of Congress was handed out to Wall Street firms, new President Barack Obama justifying the spending of the second half of the money because we needed to “get the banks lending again”? [more...]

Date: 2009-09-28 16:27:36

They Call This Season ‘Fall’ for a Reason

Photo: Matthew Bradley / flickr So now it turns out that the whole Troubled Assets Relief Program (TARP) was a flop or more likely a scam. Remember Bush Treasury Secretary Henry Paulson telling us last September that credit markets had locked up, and then, after half of the $750 billion that he extorted out of Congress was handed out to Wall Street firms, new President Barack Obama justifying the spending of the second half of the money because we needed to “get the banks lending again”? [more...]

Date: 2009-09-28 16:27:36

The Collapse of Personal Savings Rate in America

This year’s dramatic shift in the economy found many Americans without a ‘rainy day’ fund.  Millions of Americans lost their jobs and saw their 401(k) wiped out.  It is unsurprising then to see that the trend of personal savings rate has been on a fast-pace decline since the mid 1980’s, reaching decade-low levels in recent years.   The following graphic shows the trend of personal savings rate per month from 1959 to 2009, along with an alarmingly opposing trend of rising consumer debt. [more...]

Date: 2009-09-29 15:15:49

Inflation is Our Future

On one hand, the deflationists are claiming that given the extremely high debt levels in the West, further inflation is impossible. On the other side of the argument, many proponents of inflation are calling for Zimbabwe style hyperinflation. In this business, everyone is entitled to their opinion; however it is my contention that we will get neither deflation nor hyperinflation. If my assessment is correct, once business activity picks up, our world will have to deal with high inflation. [more...]

Date: 2009-09-29 19:30:47

The Battle Continues

The rally may end any day, but it didn’t end yesterday. Stocks rose 127 points, as measured by the Dow. Oil closed at $66. Gold rose $2.50. We said we were doing some serious thinking this week. Maybe it is the season. But more and more, our thoughts become grayer. Less black. Less white. Less hard. Less soft. A few years ago, it looked to us as though the world financial system had gone to war. We cheerfully awaited the victory parade. We figured Mr. Market would whup the feds good and hard. [more...]

Date: 2009-09-29 18:37:13

US dollar set to be eclipsed, World Bank president predicts

Flashback: Bilderberg Wants Global Currency Now | Dollar to fall under scrutiny at G20 summit | IMF approves $13bn gold sale to boost lending fund | UN wants new global currency to replace dollar | G20 agrees to continue economic stimulus measures; Geithner shops international reserve accord | China Set to Buy $50 Billion in IMF Notes | Medvedev Unveils “World Currency” Coin At G8 | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister [more...]

Date: 2009-09-28 23:29:59

Dealing With the Sub-Prime Crisis and Home Loan Modifications | ArticlesBase.com

The United States of America is considered the world's greatest when it comes on to capital and investments opportunities. Other countries especially third world depends on the U.S. for advice and/or loan development. In the early 2000's, there was excess capital world wide, the number of sub prime mortgage loans rose significantly. No one did imagine there would be a global financial crisis and everyone investing their hard earned money was only concerned about where to invest to make a higher return. [more...]

Date: 2009-09-28 15:13:53

Citibank (NYSE: C) CEO Expects No Major Changes for Retail Banking

Rumors are flying that Citibank (NYSE: C) will be pulling out of all but a few major metropolitan areas, but contrary to recent indications in the Wall Street Journal, it seems that its branches nation-wide will be largely unaffected. The report that surfaced Wednesday indicated that Citibank might leave Pennsylvania, Massachusets and Texas to focus on its six biggest markets, which are Los Angeles, San Francisco, Chicago, Miami, New York and Washington D.C. [more...]

Date: 2009-09-28 14:00:05

Increasing your credit score is relatively easy

After you’ve paid off all of your debt there are particular steps you must take for you to begin rebuilding your credit history. The majority of debt settlement organizations or consumer credit counseling firms do not handle this for you. The headache of proving that your debt has been taken care of is on your own merit. Now, you can locate a company to do this on your behalf, but most consumers can accomplish this themselves due to the fact that it’s something kind of simple to do. [more...]

Date: 2009-09-28 16:48:40

Linkpile

A whopper of an illusion is being shattered by Burger King ads : “During a live webcast Oct. 20, NASCAR star Tony Stewart will be hooked up to a polygraph and asked: Does Tony really love Burger King’s Whopper sandwich? The webcast will be the climax of a monthlong campaign by Crispin Porter + Bogusky — “The Truth About Tony” — that seeks to demonstrate that Stewart actually, really, truly loves eating Whoppers.” LA Times muses on the celebrity endorsement. Sort of interesting. [more...]

Date: 2009-09-29 12:17:54

Will Deflationary Forces Overwhelm Global Fiscal Stimulus?

While Uncle Sam and his international brethren are doing everything they can to reflate the global economy, will the deflationary forces deeply embedded in the deleveraging process carry the day and the future? In doing so, will these deflationary forces usher in an economic dynamic not seen since the 1930s? The analysis and review by market savants, media mavens, and government pundits is ultimately mere noise relative to the denouement of the question proffered above. [more...]

Date: 2009-09-28 19:12:40

Following Grueling Financial Times You Can Re-establish Your Credit

September 29, 2009 | By Kevin Lynch In Blogging | by Kevin LynchRebuilding credit after a time of monetary hardships, insolvency, repossessions or other monetary damage that blemishes any credit report can be frightening and baffling. For most people these are times of awful pressure. But times change and situations change so don’t let the liberation than comes when the income and cash get back in line be overshadowed by the problems left on the credit report. [more...]

Date: 2009-09-29 17:00:00

Pimco’s El-Erian Properly Frames the Financial Debate

Pimco CEO Mohamed El-Erian I am increasingly impressed by Pimco CEO Mohamed El-Erian. Why? I believe El-Erian consistently provides a thoughtful and informed opinion and analysis of the global economic landscape. I witness his sagacity again this morning in reading his Financial Times commentary, Return of The Old Ways of Thinking Threatens Recovery : We are at the point of maximum confusion in the multi-year transition of the global economy, markets and policymaking. [more...]

Date: 2009-09-29 13:34:51

Operation Rollback

Posted by Review-a-Day, September 29th, 2009 3 CommentsFiled under:Review-a-Day. The Retail Revolution: How Wal-Mart Created a Brave New World of Business by Nelson Lichtenstein Reviewed by Jefferson DeckerThe Nation In October 2003 employees at more than 800 chain supermarkets in California walked out of their jobs after management demanded pay cuts and a reduction in health insurance benefits. [more...]

Date: 2009-09-29 09:54:00

The Three Factors of Personal Loans

by Martin Elmer A personal loan (consumer loan, private loan) could be an option, if you are short on money. But before you are raising a loan, you better learn about concepts like security, fees and interest rates. So what is a consumer loan? A consumer loan is a loan taken by an individual. Normally the loans are raised to pay for some kind of buying expense (like a television or a vacation). But it can also be relevant to take a loan to pay other debt. [more...]

Date: 2009-09-28 19:25:44

‘Cash for Clunkers’ Finds its Congressional Sponsors

How’s this for a stimulus plan? A trio of senators introduced legislation today allowing owners of gas-guzzlers to trade their vehicles in for ... and highways would help reduce our dependence on foreign oil, decrease greenhouse gas emissions, and stimulate the economy. In addition, it would help boost demand for manufacturers of newer, efficient [more...]

Date: 2009-01-14 22:54:42

Four at Four: A Familiar, Comforting Sort of Lousiness

The extended Santa Claus rally was cut off late last week and has run into a more alarming reality this week (other than Santa not being real): The banks aren’t coming along for the ride. “There’s just a lot of worry about financial companies, that they might have to raise additional capital — nobody really wants to buy aggressively here, [more...]

Date: 2009-01-14 12:59:00

Mortgage approvals dip in August

The number of new mortgages approved, but not yet lent, has fallen for the first time in 10 months, according to figures from the Bank of England. In August there were 52,317 approvals, down slightly from 52,404 in July. The data adds to growing evidence that the recent revival in the property market may have reached a plateau. Other figures from the Bank showed that total personal debt grew again in August, after falling in July for the first time on record. [more...]

Date: 2009-09-29 11:16:54

Putting Out Fires During Noah’s Flood, Or Eyeless In Gaza Part II

Paul Krugman had a short post recently drawing attention to a rather foolish and ill-thought-outstatement originating in the mouth of German Finance ... sure that a policy of cheap money does not lead to a new growth bubble founded on credit ... by debt,” Apart from the point Krugman wants to implicitly make about interest rates, the point [more...]

Date: 2009-01-09 08:21:49

Sunday Money Roundup - Frugal In Winter In The High Desert.

So, with over 2 feet of snow on the ground the other day, I hung out our laundry. Yep, the thermometer read 22 degrees, but at this altitude ( ... about buying something? He needs your advice! Gather Little By Little dips his toes into a 0% interest credit card. Go see what he is using it for! MoneyMate Kate tries to deal with United Airlines [more...]

Date: 2009-01-11 14:00:43

Bank of America smashes Acorn

Acorn has taken some huge hits from the money givers that fund their activities legal and otherwise.   The next after Census Bureau, Senate, House of Representatives and other Governmental Organizations, now have Bank of America who apparently used them or worked with them in predatory loans that were such a problem for the country that caused the collapse of U.S. [more...]

Date: 2009-09-29 06:05:34

Holiday debts again... Can I file for bankruptcy more than once?

You have filed for bankruptcy once before and hoped that by using the skills you learned in your two credit counselling sessions, ... who has had debt problems in the past, they are incredibly disappointed to find themselves in this situation ... already. In our corner of Ontario, one problem many local people here in Cambridge are facing are lay [more...]

Date: 2009-01-16 00:11:27

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