Debt Consolidation, Help and Relief

Are Dads Getting The Recognition They Deserve?

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  • Posted 06/6/11. by admin

At present, members of Congress have raised the debt ceiling for the federal government a total of four times in the last two years. A fifth increase is likely to happen as soon as next month. The cause of this activity is due in large part to the record amount of borrowing the government has [...]

Stimulus Recipients Owe Millions In Back Taxes

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  • Posted 05/27/11. by alison

A federal auditor says that contractors and businesses that received federal stimulus money back in 2009 owe billions in unpaid government taxes. The Government Accountability Office says that as of last fall the total bill for unpaid taxes, interest and penalties was $330 billion. “We’ve known for some time that there’s a significant tax gap [...]

Tuesday’s Twitter To Follow: @USATODAYmoney

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  • Posted 05/17/11. by alison

Wondering who to follow in the big wide world of Twitter? There are plenty of great Twitterers out there tweeting [...]

Online Sales Tax Debate Heats Up In Tennessee

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  • Posted 05/13/11. by alison

A great perk of online shopping is not having to pay sales tax most of the time. But while it’s great for consumers on one end, it’s hurting the amount of revenue that the state and federal government can take in. Amazon.com is considering cutting its partnership with affiliates in more states that are requiring [...]

Former News Anchor Receives $20k Tax Bill

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  • Posted 04/8/11. by alison

As the tax deadline approaches, here’s a great reminder that just because your accountant says something is OK, doesn’t mean you won’t be in trouble with the IRS. Former TV anchor Anietra Hamper kept meticulous records of her business purchase, but according to an article in The Columbus Dispatch, that didn’t matter. A tax judge [...]

Australians Saving More And Paying Off Debt

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  • Posted 04/1/11. by alison

Just as Americans are paying off debt at faster rates and saving more than years past, Australians seem to be as well. According to a report by the Sydney Morning Herald, Australian households saved $74 billion last year. That equals out to $3300 for every man, woman and child. The newspaper says that was the [...]

Ja Rule Faces Five Years For Tax Evasion

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  • Posted 03/25/11. by alison

Here’s another celebrity example of why not to mess with the IRS. Jeffrey Atkins, more commonly known as rapper “Ja Rule” pleaded guilty this week to three counts of failing to file tax returns with the IRS, according to the US Attorney’s Office in New Jersey. The report says that Ja Rule admitted he did [...]

American Red Cross Announces First Major Donation To Japan

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  • Posted 03/18/11. by alison

The American Red Cross is already making it’s first major contribution to the Japanese Red Cross Society in order to help with relief efforts after the earthquake and tsunami there. The American Red Cross announced it is giving $10 million to assist.  “We are grateful for the American public’s generosity and compassion following what has [...]

IRS Lightens Up On Taxpayers With Unpaid Bills

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  • Posted 03/11/11. by alison

Owe money to the IRS? The Internal Revenue Service just announced that they’ll be helping people with outstanding tax liabilities get a fresh start. They want to get their money without adding more burden to taxpayers by issuing tax liens. “We are making fundamental changes to our lien system and other collection tools that [...]

Study: American Consumers Feeling Financially Fit

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  • Posted 03/4/11. by alison

A new study says more American consumers are feeling financially healthy as they emerge from the recession. The study, conducted for M&T Bank found that nearly 80% of consumers reporting have little-to-no debt or a comfortable level of debt. GfK Custom Research North America conducted the survey of more than 1000 randomly selected adults. They [...]

Kansas Parents Ask For Higher Taxes

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  • Posted 02/25/11. by alison

This story may contradict most reports out there of people pleading, arguing and debating for lower taxes. But 17 parents in a Kansas City-area school district actually want to pay more taxes to help their schools. Right now there are state property tax caps in place so they’re asking a judge to throw those out. [...]

Borders Debt Piles Up, Bankruptcy Looms

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  • Posted 02/18/11. by alison

According to reports, debt is piling up for bookseller Borders, forcing them to close hundreds of stores and file for bankruptcy. According to Reuters, the company will shut 200 of its retail outlets, that’s about 30 percent of its stores. Those bookstores that are closing are a mix of Borders stores and Waldenbooks shops.
Those stores [...]

Pitcher Gives Up $12 Million Paycheck

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  • Posted 02/11/11. by alison

Could you give up $12 million you were contractually obligated to receive because you didn’t work for it? That’s essentially what Kansas City Royals pitcher Gil Meche did. According to The New York Times the player’s contract stated that he would earn $12 million in 2011 and with most baseball contracts, players get that money [...]

Credit Card Company Tries Collecting Decade-Old Debt

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  • Posted 02/4/11. by alison

Debt more than a decade-old is being drudged up by at least one credit card company. According to the Los Angeles Times, Frank Cavestani and his wife got behind on their Capital One credit card payments ten years ago. They say they resolved the issue by writing off about $2,000 in debt the couple wasn’t [...]

North Carolina Credit Card Debt Ranks High

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  • Posted 01/28/11. by alison

A city in North Carolina holds the honor of having the highest percentage of credit card debt in the country, according to Equifax. Credit card debt amounts to more than 17% of household income for residents in Wilmington, North Carolina, according to Star News. The study showed the median income for the area was $42,392 [...]

Increased Debt Costs Could Leave Government With Very Little Money

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  • Posted 01/21/11. by alison

According to a simulation made by the Government Accountability Office, by 2020 the government could be left with just eight cents of every dollar to handle most services. Right now, the US spends about 76 cents of every tax dollar on the following: Medicare, Medicaid, Social Security, and debt interest. That means we currently have [...]

Treasury Department Trying Out Debit Tax Refunds

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  • Posted 01/14/11. by alison

The federal government is trying a new program to get tax refunds doled out quicker to those who don’t have bank accounts. The new program will test out the idea of issuing refunds on debit cards with hopes of deterring people from using Refund Anticipation Loans, which can be extremely expensive short-term loans. According to [...]

Survivor Winner Hatch Asked To Pay $1.7M Tax Bill

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  • Posted 01/10/11. by alison

Survivor’s first winner may lose a battle in court. Reality TV star Richard Hatch is back in court because officials say he didn’t refile his 2000 and 2001 tax returns, a provision of his supervised release from jail. That tax blunder could put him back behind bars. Hatch’s original conviction came in 2006 for not [...]

A Look At Household Debt Around The World

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  • Posted 12/31/10. by alison

Americans have a bad reputation for living beyond their means, racking up huge debt. But how do residents of other countries stack up? According to recent statistics the debt level of Canadians has passed US levels for the first time in a dozen years. According to Business Week, household debt compared to disposable income was [...]

Blizzard Freezes Many Cash Registers

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  • Posted 12/29/10. by alison

Holiday sales may have increased, but post Christmas sales were not so magical. The holiday blizzard sent a cold chill over cash registers across much of the US, forcing retailers to lose as many as $1 billion in post-Christmas sales. ShopperTrak records sales and traffic at more than 70,000 malls and retailers. They estimate that [...]

75% Of Consumers Opt In To Overdraft Protection

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  • Posted 12/10/10. by alison

Being declined for a purchase is embarrassing– there’s no doubt about it. That may be why three out of four consumers have opted to pay a fee for overdraft protection, according to Moebs Services Inc. The fee can be as much as $34 every time a consumer overdraws their debit account, says the Wall Street [...]

Lawmakers Call For Hault Of Mortgage Assistance Program

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  • Posted 12/3/10. by alison

A program aimed at helping hurting homeowners stay in their residences is gathering more criticism. The incoming head of the a House of Representatives panel overseeing the Obama administration is calling for the program to be stopped. It’s called HAMP- Home Affordable Modification Program. “This program seems to have outlived its usefulness,” Representative Darrell [...]

Debt Not Stressing People Out As Much, Says New Survey

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  • Posted 11/26/10. by alison

A new poll from the Associated Press and GfK says debt isn’t causing as much stress for consumers. That could be because more Americans have gotten a hold on their credit card use and they’re not planning to go crazy with holiday spending, either. The poll shows more people are paying off credit card balances [...]

Worldwide 300 Million More People In Poverty

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  • Posted 11/19/10. by alison

The United Nations recently released the latest numbers on poverty which show that 300 million more people are now considered poor. The Christian Science Monitor reports that a new method for measuring poverty shows that the number of poor people is at 21 percent. That equals about 1.7 billion people. Sub-Saharan Africa is still home [...]

Consumers Expected To Spend More This Holiday

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  • Posted 11/15/10. by alison

Life may not be completely back to normal after the great recession, but analysts believe Americans are taking baby steps in that direction. Analysts are predicting that holiday sales will increase by two to three percent this year after two years of declines. The National Retail Federation says that in 2008 holiday shopping dropped by [...]

Americans Paying Off Billions In Debt

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  • Posted 11/8/10. by alison

US households are lowering their debt according to Federal Reserve Bank of New York. They’re also borrowing less against their homes and cutting out credit card accounts. By the end of September consumer debt had fallen to $11.6 trillion– that’s down by $110 billion or .9 percent compared to the end of June, Bloomberg reported. [...]

Debt Forcing Older Americans To Put Off Retirement

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  • Posted 10/29/10. by alison

Retirement continues to be out of reach for a larger number of Americans age 55 and over according to a report by USA Today. Many have been forced to put their retirement plans on hold due to the recession, unemployment and falling home values. “My generation thought that we were on easy street,” Irene Froehlich, [...]

Are Refund Anticipation Loans Headed For Extinction?

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  • Posted 10/22/10. by alison

Back in the day, Americans strapped for cash around the holidays could take out a Refund Anticipation Loan. That meant that they could spend the money they expected to get back from Uncle Sam long before tax season even arrived. But a new battle brewing between H&R Block and HSBC Bank [...]

States Probing Possible Foreclosure Violations

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  • Posted 10/15/10. by alison

All 50 states and the District of Columbia are investigating allegations that mortgage companies used flawed documents when working on foreclosures of hundreds of thousands of homes. Some experts are hoping this in-depth look will lead to reform to fix the issues. But the changes could take a while.
The probe would force banks to follow [...]

Bankruptcy Doesn’t Stop Student Loans

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  • Posted 10/6/10. by alison

 
Filing bankruptcy won’t help those struggling with student loans. That includes James Reach who, according to the Chicago Sun-Times lost his house but can’t shake the education debt. A new bill co-sponsored by US Rep. Danny Davis could help those Americans like Reach. The Private Student Loan Bankruptcy Fairness Act of 2010 would make it [...]

New Study: 4 In 10 Worry About Debt

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  • Posted 09/24/10. by alison

A new study released by UK trade body R3 says four out of ten people admit to being worried about the amount of debt they currently have. Roughly 40% of UK consumers are concerned about the debt they’ve racked up with 13% saying they’re extremely or very worried. Of those surveyed, they say their main [...]

‘Til Debt Do Us Part: Breakups Caused By Money Problems

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  • Posted 09/17/10. by alison

Allison Brooke Eastman’s fiance was ready to walk down the aisle and commit to the wedding vows. Until he found out how much debt she had. Turned out when he was about to say “for richer and for poorer” he really had no idea just how poor. According to the New York Times, Eastman’s finance [...]

Student Loan Debt Surpasses Credit Card Debt

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  • Posted 09/10/10. by alison

It may seem like Americans are carrying a lot of credit card debt, but according to new information, it’s student loan debt that is a bigger burden. According to USA Today, outstanding student loan debt is sitting at $850 billion. That number comes from Mark Kantrowitz of FinAid.org and FastWeb.com. However, consumers owe about $828 [...]

Fumbling Fast Food Chain Finds Buyer

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  • Posted 09/3/10. by alison

It’s a Whopper of a sale as Burger King announces it is being purchased by 3G Capital for $4 billion dollars. According to The Economic Times, Burger King executives released a statement saying, “3G Capital announced that it has entered into a definitive agreement with Burger King under which affiliates of 3G Capital will acquire [...]

Cash For Clunkers’ Disposal Facilities Investigated

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  • Posted 08/27/10. by alison

It’s been a year since the Cash for Clunkers program where people received incentives to trade in gas guzzlers for new vehicles. According to the Orange County Register, the Inspector General of the US Department of Transportation recently discovered that many vehicles were not destroyed as required by the program. Officials visited 22 disposal facilities [...]

College Graduates Face Massive Debt

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  • Posted 08/20/10. by alison

Some students are starting to pay more attention to the high cost of college– and not just after they graduate. There are a growing number of 20-somethings struggling to pay back their college loans and experts say it’s because they didn’t do a good job saving for college, factoring rising tuition costs or researching opportunities [...]

Sarah Ferguson’s Debt Problems Mount

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  • Posted 08/13/10. by alison

You may remember back in May when Sarah Ferguson’s financial problems surfaced. The Duchess of York was caught trying to accept money in exchange for access to her ex-husband, Prince Andrew. The pair divorced in 1996 after a ten year marriage. Reports claim that Fergie’s debts have reached 5 million pounds, a massive total despite [...]

Even Young People Need To Hire Financial Experts

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  • Posted 08/6/10. by alison

When you’re young and struggling to make ends meet it may not make sense to hire a financial planner. After all, you don’t have much money to work with so it seems like a strange idea to spend some of your limited resources on hiring a professional for advice. But according to a new report [...]

New Rules Regulate Debt Settlement Companies

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  • Posted 07/30/10. by alison

New regulations handed down by the Federal Trade Commission may help consumers from shady debt relief companies. The FTC says consumers are often forced to pay upfront fees with hopes of reducing their overall debt, but that never happens. Under the new rules, companies won’t be able to charge upfront fees as of October 27. [...]

How To Protect Yourself From A Debt Collector

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  • Posted 07/23/10. by alison

We told you previously that complaints regarding debt collectors have skyrocketed. According to the Federal Trade Commission, harassment complaints jumped up by 50% in 2009. So what if you find yourself on the receiving end of harassment from a debt collector? Do you know what to do? It’s important to know your rights.
Debt collectors are [...]

Should Seniors Delay Retirement? Six Reasons Why The Answer Is Yes

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  • Posted 07/16/10. by alison

According to US News and World Report, the Senate Finance Committee is discussing the future plans of American seniors. Those nearing retirement may want to postpone it for a while in order to help themselves and the country. Experts say if Americans can work longer they’ll have a dramatic impact on the economy, Social Security [...]

Complaints About Debt Collectors Skyrocket

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  • Posted 07/9/10. by alison

Debt collectors seem to be getting more harsh in attempts to collect money from those who aren’t paying up. According to consumers, debt collectors are making harassing phone calls, using abusive language, and even threatening physical violence with hopes of squeezing money out of struggling people. //
cnnad_createAd(“270381″,”http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_position=220×200_ctr&cnn_money_rollup=quigo&params.styles=fs”,”200″,”220″);
// ]]>“The American consumer is really hurting [...]

Florida Real Estate Values Slip Again Thanks To Oil

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  • Posted 07/7/10. by alison

Tight credit, the housing market meltdown and now, just as Florida property owners hoped prices were on the rise, the oil spill is doing its damage. The April 20 explosion on BP’s Deepwater Horizon killed 11 people, burst an oil well and continues to gush up to 60,000 barrels of oil into the Gulf of [...]

Home Buyers Enjoy Lowest Mortgage Rate In Decades

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  • Posted 06/25/10. by alison

Home buyers are scoring mortgage rates that are around the rates their parents or even grandparents may have locked in. Those with job security, good credit scores and cash on hand will be able to take advantage of some of the lowest mortgage rates since the 1950s. The average rate for a 30-year fixed mortgage [...]

The Cure For Compulsive Shopping

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  • Posted 06/18/10. by alison

Compulsive shopping isn’t all fun, despite what you might see in the movies. According to the American Psychiatric Association, one in 20 Americans suffer from Oniomania or compulsive shopping. It can ruin relationships and do big damage to a person’s financial situation.
Gloria Arenson, a therapist and author of the book Born to Spend says [...]

Frugal Millionaire Shocks Small Town

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  • Posted 06/11/10. by alison

Ninety-eight-year-old Verna Oller passed away on May 10, leaving a hole in her community of Long Beach, Washington. It’s a hole big enough for an indoor swimming pool– the community’s first. You see, Verna Oller left the town a fortune of $4.5 million to build that swimming pool. The gift came as a shock to [...]

Why You Should Care About America’s Growing Debt

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  • Posted 06/3/10. by alison

The US national debt equals out to about $42,000 for each person and grows at a rate of more than $4 billion a day. With 14 digits and four commas, it’s a number almost too big to fathom. But a new report by CNNMoney gives us reasons to care about America’s growing debt. Not only [...]

Haiti’s World Debt Eliminated

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  • Posted 05/29/10. by alison

Haiti, the poorest country in the Western Hemisphere, is still struggling to rebuild after a devastating earthquake in January. In an effort to help this country, the World Bank announced that it has eliminated the country’s debt. According to AFP, that means that Haiti will not have to repay $36 million owed to the International [...]

Thousands Find Unclaimed Money, Millions More Available

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  • Posted 05/21/10. by alison

 
Thirty-three billion dollars in unclaimed money is sitting in state treasuries and government accounts, waiting to be claimed. That’s an average of $280 for each payment of unclaimed funds, according to the National Association of Unclaimed Property Administrators. The CBS Early Show recently aired a segment showing people how to get money that’s owed to [...]

Seattle Ranks Highest In Consumer Debt

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  • Posted 05/14/10. by alison

Maybe all those $4 coffees are to blame, but according to a new study Seattle ranks highest in consumer debt. Residents of Seattle hold an average of $26,646, according to Experian. However, Dallas, Denver, and Atlanta follow close behind. Well over half of the cities surveyed were over the national average in consumer debt [...]