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

Blog posts (366) | Videos (193)
 

Learn More About Avoid From Being Bankrupt

The Individual Voluntary Arrangement which provides an opportunity for the debtor struggling with unsecured debts to make a payment proposal to ... is one of the most efficient debt reduction systems that are very popular in UK. The advantages of Individual ... and consumer debt is one of the main problems faced by most of the families in UK today. Hence [more...]

Date: 2008-12-25 10:50:20

Debt Consolidation - How Obama is Making it Easier to Eliminate Credit Card Debt

Amazon.de Widgets Recent economic conditions and massive government spending have actually made it easier for consumers to eliminate credit card debt. The passage of the financial stimulus bills has given creditors much more flexibility when negotiating debt settlements. Not only do creditors have a lot of stimulus money to hedge their losses on debt settlements but they are also very worried about defaults on delinquent accounts. [more...]

Date: 2009-09-16 08:49:45

National Debt Relief Stimulus Plan Fights Recession and Unemployment

The U.S. economy has lost 5.7 million jobs since the recession began in December 2007. This frightening loss, which heightening the $2.3 trillion consumer debt epidemic, incapacitated huddles of Americans to default on financial obligations to their creditors. Aiming to curb the unemployment crisis, DebtFreeLeague.com rolled out the National Debt Relief Stimulus Plan. The incredible debt reduction benefit couldn’t have arrived at a more opportunistic time. [more...]

Date: 2009-09-05 09:06:40

Debt Reduction is more Important than Your Credit Score

If you are a baby boomer with a pile of consumer debt, you are not alone ... those with significant credit card debt to worry about. According to a report from the New York ... it) is a willingness to negotiate some of that debt away without regard to its effect on your credit score [more...]

Date: 2009-01-04 00:34:49

Debt collection tactics come under scrutiny

Debt collection firms may face a government crackdown amid concern about the "aggressive" tactics used by some, such as chasing the wrong people and refusing to deal with debt advisory services. Gareth Thomas, the consumer minister, told the Guardian he had summoned the debt collection industry's main trade [more...]

Date: 2008-11-18 00:06:10

Debt relief options to achieve a debt free life

Increasing numbers of debtors are having serious monetary issues ... . The debt consolidations programs are widely adopted by individuals to end their debt problems. Here ... overnight. With the state of today’s economy, consumer debt is increasing in number. There are many [more...]

Date: 2008-11-17 03:31:00

Let’s Look at the Issues: Consumer spending

What does Nobel laureate economist Paul Krugman have to say about the recent decline in consumer spending? ... been below 2 percent — sometimes it has even been negative — and consumer debt has risen to 98 percent ... Americans were offsetting their growing debt with the ever-rising values of their homes and stock [more...]

Date: 2008-10-31 12:34:33

homefront.

I have mentioned before that we have been doing some cleaning up since before New Year ... with his situation especially now that they have a baby. They have no choice but to resort to Debt Consolidation. Debtconsolidation.com offers advice and options to help you manage your consumer debt [more...]

Date: 2009-01-09 20:09:11

Debt Fraud is Real: What you Should Know

Recent statistics have shown that millions of consumers are affected by debt fraud each year, ... the identity of the debt collection agency. They do not consider the possibility that the whole thing ... with debt scams becoming increasingly common among younger generations. The truth is that people [more...]

Date: 2009-01-16 00:24:21

Tough Times ahead.....Life and debt

In the interesting article below, it talks about the US Federal Reserve cutting its interest rate to zero to prevent deflation from threatening the ... in US. Of course there are many differences. The US consumer is in debt while the Japanese were enthusiastic savers ... to get out of it now. A deflationary recession is going to make life miserable for [more...]

Date: 2008-11-20 10:57:12

Keeping Up with the Joneses...Reader's Submission

“Keeping up with the Joneses?” By: Nicole Little Some may say that the quote, “Keeping up with the Joneses" ... -workers and or associates. Well, I guess now we all are paying for Mrs. Brown trying to be Mrs. Jones ... ' average credit card debt in 2007 was $8400 per household. By the end of 2007, consumer debt in America [more...]

Date: 2009-01-15 12:54:03

America's gift to the world -- credit cards and debt

Guess what country this paragraph from a New York Times story describes: Outstanding card debt here ballooned to nearly $18 billion last year, ... -high interest charges. It's Turkey, where less than a generation ago consumer debt was almost unheard ... of the NYT's powerful series called "The Debt Trap" -- describes the spread of easy credit [more...]

Date: 2008-08-11 20:27:41

Carnival of Personal Finance, Cyber Monday 2008 Edition

Welcome to the Carnival of Personal Finance! It’s officially Cyber Monday 2008, the online doppelgaenger to Black Friday ... What is freedom worth?“ Posts on Credit and Debt Free From Broke chats about medical treatment ... some aspects of refinancing consumer debt. Blueprint for Financial Prosperity has a list of 0% balance [more...]

Date: 2008-12-01 06:02:01

Thank You Thursdays: Silver Lining of the Economic Downturn

I've been reading so much lately about lay offs and bail outs and the general state of panic everyone seems to be in ( ... and forces us, as a country, to face our own problem with greed that leads to so much inequality. 2. Thank ... that the explosion of storage spaces, consumer debt, and existential angst are not disconnected [more...]

Date: 2009-01-15 17:46:27

Study More About How To Keep Away From Being Bankruptcy

The IVAwhich provides an opportunity for the debtor struggling with personal loans or debts to make a payment proposal to their creditors is a ... systems. IVA is one of the most efficient debt reduction systems that are very popular in UK ... to people to avoid bankruptcy. The personal and consumer debt is one of the main problems faced [more...]

Date: 2008-12-26 04:55:47

Living Rich for Less by Ellie Kay Giveaway!

Who doesn't need a book like this in the troubled economic times? Here's the info ... vacations, dress her family in fine fashion; and support more than thirty non-profit organizations ... in consumer debt and seven children (and college educations) to support, to being completely debt-free [more...]

Date: 2008-12-19 16:41:02

Education Imperative to Help Borrowers Cope Says Burgess

(Finance News and Information) The financial services industry has a huge educational task to fulfil if it is to protect the millions of homeowners that are currently struggling with their mortgage Having been quick to offer debt to consumers SaraAnn Burgess a director at payment protection insurance httpwwwbritishinsurancecom PPI specialist [more...]

Date: 2008-12-22 08:17:07

August 20 roundup

Lawyers’ contingency fee is temptation to ethical corner-cutting in consumer debt collection, too ... -good “Donda West Law” but it won’t do much to keep impulsive clients from rushing into plastic ... fee, debtor-creditor law, endangered species, Indian tribes, legal discipline, medical, movies film [more...]

Date: 2008-08-20 10:32:48

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 ... by debt,"Apart from the point Krugman wants to implicitly make about interest rates, the point about consumer debt in a current account surplus economy like Germany is extraordinarily misplaced [more...]

Date: 2009-01-09 08:36:00

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 ... by debt,"Apart from the point Krugman wants to implicitly make about interest rates, the point about consumer debt in a current account surplus economy like Germany is extraordinarily misplaced [more...]

Date: 2009-01-09 07:57:00

What Else Did Brownski Need- A SMACK IN THE GOB…10 Folk that predicted the Meltdown…

October 12, 2008 Ten people who predicted the financial meltdown The financial events of recent weeks have filled many of us with shock and panic ... pinned against record levels of personal debt, which is secured, if at all, against house prices ... on the problem of consumer debt?”Mr Brown did not answer how he would solve the problem, merely [more...]

Date: 2009-01-10 10:45:36

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

2008 Adsense & Analytics Figures

One of my goals with Debt Prison, besides using it to convince consumers to stop using credit, ... of the ads appear to be offering debt settlement or debt consolidation programs.  These companies are seeking readers to sign up for their program, where they stand to make thousands of dollars [more...]

Date: 2009-01-02 04:50:08

Goal Setting: Getting Out of Debt Once and For All

By Nora Dunn It is easy enough to say that you have a goal of being debt free in “x” months or years ... out her credit card and dig an even deeper hole of debt in the name of “treating” herself ... are? A friend of mine has gads and gads of consumer debt – the worst kind, with high interest rates [more...]

Date: 2008-12-16 21:11:59

Rebates' Fiscal (Non)Stimulus

While I do not have time at the moment to do a proper summary of this paper by John Taylor at Stanford, it is a good read and not that long ... their means and it needs to remain there. Consumer debt is actually going down right now, minimally at least, and that is a good thing. The problem is not a lack of consumer spending [more...]

Date: 2009-01-10 18:33:31

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

Credit Card Balance SmackDown - Higher Fees + Lower Limits

Happy Holidays. Just when we enter the spending season, families are likely to see their budgets strained by another complication ... running up a lot of debt if you can. After the holdays, use our online debt payoff calculator to help ... consumers! Many major credit card companies will pass on costs by: Raising Credit Card Fees [more...]

Date: 2008-11-25 16:38:29

Consumer Debt Collection Lawsuits: Are They Federal Or State Matters?

When you’ve been sued or harassed by a debt collection agency or a debt buyer, a company that purchases debt and generally uses illegal, ... federal or state court. *Federal vs. state* While the Fair Debt Collection Practice Act (FDCPA ... have adopted their own laws. We asked Steve Recordon, an attorney from San Diego, California whose firm [more...]

Date: 2008-06-26 13:40:47

Reduce Your Debt Significantly!

A careful study of your finances reveal to you a numbing reality that you are in debt, and deeply so! You just can’t pay all your bills ... the new card. The most common form of consumer debt is credit card debit. Another way ... of its obvious benefits, a bill consolidation loan is always very attractive. Debt consolidation [more...]

Date: 2008-11-29 18:07:42

Names have been changed to protect the guilty

Row upon row of long faces trudge into the meeting room knowing the outcome is pre-ordained. The economic devastation wrought by the Wall Street mavens coupled with the cavalier treatment of debt by us consumers has finally rocked our little pond… Management is just as solemn, there’ [more...]

Date: 2009-01-15 07:02:33

Pensioners hit by spiralling credit card debts forced to take out loans as energy prices soar

One in four people is approaching retirement with thousands of pounds worth of debt because they cannot meet the rising cost of living ... for debt charity the Consumer Credit Counselling Service (CCCS) said the research tallied with its own ... to pay their bills. The average credit card debt for the age group is now just over £8,000, according [more...]

Date: 2008-11-23 00:05:36

Wage Deflation Underway

Price deflation isn't necessarily a bad thing if it is short-lived and does not lead to downward pressure on wages ... could fall. And that does not include the nasty factor that most consumers are carrying debt, both ... workweeks or unpaid vacations. However, the Times candy-coats this development, presenting it as a "win [more...]

Date: 2008-12-22 05:34:48

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. Today a PR company sent me a ridiculous and financially harmful message. These PR people want you to shred your unpaid credit card statements to ignore creditors, to hide consumer debt [more...]

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

2009 Bill Proposed For New Car Tax Deduction Up To $7,500

U.S. Representative Mike Rogers has proposed a bill to stimulate new cars sales by allowing for consumers to deduct $7, ... industry again, or will this just add to more consumer debt? If GM, Ford, and Chrysler continue ... here. Similar Posts 10 Ways To Make Your Stuff Feel New Again Free Creative Ideas to Help Friends [more...]

Date: 2009-01-14 17:14:57

The Inside Story (Java, Microsoft and MySQL)

As consumer spending slows across the world, a variety of "brick and mortar" retailers are clearly feeling the impact. Foot traffic is slowing, and it's getting harder to balance debt laden real estate portfolios and fickle consumer trends. For consumer product manufacturers, retail distribution is key [more...]

Date: 2008-11-13 07:19:56

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 ... , huge credit card debt for throw away consumer goods, and driving gas guzzler vehicles exemplify ... . Our government and its people have been living well beyond our means. The increased National debt, the federal [more...]

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

The Advantages Of Non Profit Debt Consolidation

These days, credit problems can affect anyone. With economic issues becoming a problem for more and more consumers, effectively managing your debt can be a challenge. If you are having difficulties in handling your monthly payments, you may consider a debt consolidation arrangement one good way to help [more...]

Date: 2009-01-13 22:32:51

"The $10 Trillion Hangover"...

You gotta read this...(Apologies and thanks to Harper's, etc.)The $10 Trillion Hangover: Paying the Price for Eight Years of BushBy Linda J ... , trade deficits, and debt have reached record levels. Unemployment and inflation ... , 5 million more Americans have no health insurance. Consumer debt has almost doubled, and nearly [more...]

Date: 2009-01-11 13:21:00

Credit card debt and a bad market are hurting US residents

Today here in the great country the United States of America we are sensing the full blown end product of what a economic slump can do ... in unsecured consumer credit card debt are also the ones who are going through the most problems. People ... about to get out of debt. These methods include the world renowned credit counseling, credit card debt settl [more...]

Date: 2008-11-05 00:02:15

Blog Tour: Living Rich for Less By Ellie Kay

I’m happy to tell you about a new book about wise management of financial resources ... and mom with $40,000 in consumer debt and seven children (and college educations) to support, to being completely debt-free and within fifteen years able to pay cash for eleven different cars, give away [more...]

Date: 2008-12-18 20:25:06

Britain Binged On Debt

by Abbi Rouse In the past few years, Britains economy has become bloated as consumers have been bingeing on debt and failing to work off the excess, ... for gross domestic product (GDP) growth. The tendency to rely on cheap credit cards and cheap loans ... to become corpulent with debt, as the public structural budget deficit has become the fourth highest [more...]

Date: 2008-12-25 20:53:28

Why Does Paulson Want Us to Keep Piling up Debt?

Bailout Nation turns to consumers today, as Treasury Secretary Henry Paulson prepares to announce a new program to encourage lending for auto loans, ... to complain when consumers finally get their turn. I know we need to get credit moving to help the economy ... the last decade piling up debt, taking out equity from their homes to spend [more...]

Date: 2008-11-25 14:40:19

AIG (AIG): Recycling Debt Without Paying Anyone Back

AIG is ready to repay the Fed $40 billion. The money will come from preferred shares it raised with backing from Treasury ... has funded. Banks may still face substantial write-offs from consumer debt and their exposure to mortgage ... the value of their own loans. The only answer???more money. Cure the default by risking another one down [more...]

Date: 2008-11-26 11:01:31

Best Web Sites to Learn About Consumer Law Issues -- Our Chicago Consumer Attorneys Can Assist You in Your Lemon Law, Predatory Lending, Auto and RV Fraud, Unfair Debt Collection, Unfair Wage Practices Claims and Other Consumer Rights Lawsuits

[ consumer%20protection%20m-Chicago%20Consumer%20Protection%20Attorneys%20--%20Chicago%20Consumer%20Protection%20Lawyers%20--%20Chicago%20Class%20Act ... more trouble Managing credit card debt Stopping eviction, lockouts and utility shut-offs ... consolidation options How to find effective credit counseling agencies Alternatives to filing bankrupt [more...]

Date: 2009-01-04 18:28:31

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

Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging

For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation ... that consumers are struggling with debt. Ed Stansfield of Capital Economics, said, “Today’s figures show that for a small but growing minority of borrowers levels of debt have become a problem, despite [more...]

Date: 2009-01-14 23:35:31

Living Rich for Less

Post a comment for your chance to win a free copy of Living Rich for Less! You really can be rich in every way, every day ... ; and support more than thirty non-profit organizations in more than a dozen different countries, giving away ... years, from being a new wife and mom with $40,000 in consumer debt and seven children (and college [more...]

Date: 2009-01-15 14:31:34

The Night that the Lights Went out in Moscow

The Moscow Times reports: A senior government official angrily called up Dominique Fache, the Russia manager for Italian utility giant Enel, ... industry is mired in debt linked to unpaid consumer bills and the multibillion-dollar investment ... ($1.1 billion) in the fourth quarter to refinance debt, Mikhail Slobodin, the president [more...]

Date: 2008-11-22 03:19:44

Got Credit Card debt? You may be in luck…

by Rolfe Winkler, CFA If you’re delinquent on your credit card balances, now may be a good time to pay down that debt ... are being offered deals that forgive 20 to 70 percent of credit card debt… Just as lenders competed ... desperate card companies: After helping to foster the explosive growth of consumer debt in recent [more...]

Date: 2009-01-03 01:44:51

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