Debt Consolidation, Help and Relief

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 [...]

New Details Released In Plan To Eliminate Federal Debt

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  • Posted 12/2/10. by alison

President Obama’s commission on debt is preparing to release its recommendations for cutting the federal budget. Their plan would slash $3.9 trillion from the federal budget between 2012 and 2020. Here are some of the details of their plan:

Grants to large and medium-size airports would be frozen.
Funding for public broadcasting would be cut.
Tax-free [...]

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 [...]

Household Debt Getting Worse In UK

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  • Posted 11/25/10. by alison

A new poll says UK consumers are turning to their savings accounts in order to pay for expenses, according to The Press Association. More than one out of four people say their financial situation got worse in November, while just 7-percent saw improvement according to a survey by Markit. The report claims incomes are continuing [...]

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 [...]

Americans Cutting Back On Thanksgiving Dinner

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  • Posted 11/11/10. by alison

A new survey shows that nearly half of Americans are scaling back their Thanksgiving dinners this year. A study done by First Command Financial Services found that 40 percent of American families are cutting back and making adjustments. The most common change being made is reducing the guest list and inviting family members only to [...]

Funny Commercials Spread Word On Seriousness Of US Debt

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  • Posted 11/9/10. by alison

Debt is a serious topic, but a non-profit group is showing off its funny side. Three new television ads will soon start running across the country. Those behind the ads are hoping to get Americans to get involved in a movement to approve fresh government policies. “We are at a unique, historic moment in American [...]

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 Collectors Could Get More Aggressive With Debt Of Dead Consumers

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  • Posted 11/4/10. by alison

Debt collectors may be able to more aggressively target family members of recently deceased consumers. Laws that once blocked debt collectors from seeking payments from those who had recently lost family members could be weakened by a proposed Federal Trade Commission “statement of enforcement policy” according to a news release. “The plain language of [...]

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, [...]

Canadian Growth Expected To Slow; Personal Debt Increasing

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  • Posted 10/28/10. by alison

Canadian officials say the country’s debt is growing at staggering levels. The rebound in stocks and housing prices seems to have been a temporary improvement, say officials. The Bank of Canada has cut it’s growth projections so instead of predicting 3.5% GDP growth in 2010, officials say Canada will grow 3%. And projects for 2011 [...]

Man Convicted Of Killing Over $500 Debt

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  • Posted 10/14/10. by alison

A jury convicted a 27-year-old Philadelphia man this week for allegedly killing a man over a $500 debt. The 2007 shooting lead to the death of 25-year-old Derrick Ralston. According to the Pottstown Mercury, Ralston was the father of three. Williams was sentenced to life in prison.
According to reports, the shooting happened at 1 a.m. [...]

Social Media Sites Helping Debt Collectors

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  • Posted 10/12/10. by alison

There’s a new reason to keep your private life private. More than just your family and friends could be tracking your moves on social networking sites like Twitter, Facebook and Foursquare. According to a report by FOX Business, some debt collectors are checking social media sites to get information for collecting money.
The report says one [...]

Toni Braxton In Major Debt

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  • Posted 10/7/10. by alison

Recording artist Toni Braxton is in major financial trouble, according to the Wall Street Journal. Braxton filed bankruptcy a decade ago after a dispute over her recording contract. And now the singer says she’s forced to file bankruptcy again. She filed for Chapter 7 in Los Angeles at the end of September. In those documents [...]

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 [...]

Voice Of Bart Simpson Sued Over Cosigning Situation

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  • Posted 09/22/10. by alison

Actress Nancy Cartwright, best known for being the voice of Bart Simpson on the hit cartoon “The Simpsons”, is being sued by American Safety Casualty Insurance. According to a report by All Headline News, the company claims a construction company run by Cartwright’s fiance at the time was hired to renovate a restaurant called Off [...]

‘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 [...]

Journalist Reports On Debt Collection From The Inside

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  • Posted 09/9/10. by alison

Fred Williams is used to following leads and tracking down a good story. But in 2008 he put his journalism career on hold to try tracking down delinquent payments. According to a report from Walletpop.com, the journalist wanted to find out if the collection industry was as law-abiding and decent as it claimed to be. [...]

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 [...]

Will Money Problems Hurt The LA Dodgers?

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  • Posted 09/2/10. by alison

The LA Dodgers are yet another thing in California with money problems. Team owner Frank McCourt has levered the team to the tune of $433 million in debt and is now having trouble finding additional financing, according to the LA Times. Some fear the heavy debt will now inhibit the team’s ability to pay players [...]

Watch Out For Calls From Phony Payday Loan Collectors

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  • Posted 08/26/10. by alison

Illinois Attorney General Lisa Madigan warned people to watch out for calls from fake payday loan debt collectors. The scam artists are posing as debt collectors in order to get personal information and money. Madigan says the scammers are threatening consumers with legal action and jail time if they don’t authorize payments from bank accounts.
Madigan [...]

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 [...]

Foreclosure Rates Still Increasing

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  • Posted 08/19/10. by alison

Foreclosures jumped by four percent in July. There were an additional 325,229 filings added to the already massive pool of properties in foreclosure. The July numbers marked a ten percent increase compared to July of 2009, according to TheHill.com. It also marked the 17th straight month that foreclosure filings topped 300,000. “Declines in new default [...]

California Tops List Of Consumer Debt

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  • Posted 08/17/10. by alison

Ever wonder which state’s residents hold the most consumer debt? New research from the New York Federal Reserve points the finger at Californians. Here are some of the numbers:

Californians carry and average of $77,500 in consumer debt. That’s down by more than $10,000 from 2008.
Ohio residents have the least amount of debt, carrying an [...]

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 [...]

Student Loans Surpass Credit Card Debt

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  • Posted 08/12/10. by alison

According to recent research, Americans now owe more in student loans than they do in credit card debt. A report by MSN Money says the reason for this shift is two-fold. For one, Americans are paying down their credit cards more these days and secondly, they’re racking up more student loan debt. The article sites [...]

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 [...]

IRS Won’t Share Debt Information Anymore

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  • Posted 08/5/10. by alison

The IRS announced changes to its policy regarding releasing information about taxpayers’ debts. The debt indicators as they’re called, used to be passed on to inquiring financial institutions, but now the information will be withheld. The information was typically used by financial groups that provide refund anticipation loans. The organizations could then tell if someone’s [...]

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. [...]

Some States Racking Up Major Debt

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  • Posted 07/30/10. by alison

Recent statistics show that states are racking up more debt. According to Moody’s Investors Service, state debt increased by 10.3% in 2009, reaching $460 billion. CNN Money says the average state debt per person reached $936. Previously in 2008 it was sitting at $865 per person.
CNN Money says that states will likely use bond markets [...]

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 [...]

Man Trying To Collect Thousands In Debt From Real Housewives Star

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  • Posted 07/22/10. by alison

Daniel Aguilar says one of the stars of the “Real Housewives of New Jersey” owes him thousands of dollars. Aguilar told reporters that he was not harassing Danielle Staub in an attempt to get his money, he was simply working as a debt collector. “I am not threatening her,’’ Aguilar told NewJersey.com. “I don’t want [...]

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 [...]

New Study: More Americans Likely To Run Short Of Money In Retirement

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  • Posted 07/15/10. by alison

A new study shows more Americans are running out of money in retirement. In the 2010 Employee Benefit Research Institute Retirement Readiness Rating, research showed dramatically more Americans are likely to run short of funds after one or two decades of retirement. Sixty-four percent of Americans in the two lowest income levels prior to retirement [...]

UK Residents Willing To Fund Summer Travel With Debt

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  • Posted 07/10/10. by alison

The credit crisis isn’t stopping millions of British people from taking a summer vacation. A new study says more than ten million Britons will simply fund their trips with debt. And the reason may not be because they need escape from the stress of every day life. About 13 percent say they’re taking vacations because [...]

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 [...]

“Who Wants To Be A Millionaire” Creators Awarded Millions

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  • Posted 07/8/10. by alison

A jury awarded millions of dollars in damages to the creators of “Who Wants to Be a Millionaire.” Walt Disney Co. will have to pay $269.2 million to a British TV production company because a jury sided with them in a case accusing Disney of hiding profits with creative accounting, according to the Associated Press. [...]

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 [...]

Fannie Mae Cracking Down On Homeowners Who Walk Away

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  • Posted 06/24/10. by alison

Homeowners who walk away from Fannie Mae mortgages will be snubbed for seven years, according to the Associated Press. Fannie Mae says they’re trying to encourage homeowners to avoid foreclosure by banning those who walk away from getting loans. The idea is to deter homeowners who could pay from simply walking away from their responsibilities. [...]

King Of Pop Making Millions After Death

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  • Posted 06/22/10. by alison

It’s been about a year since Michael Jackson passed away, but the King of Pop is quite possibly making more money in death than when he was living. It’s not uncommon for celebrities to earn big bucks after their lives end. According to Yahoo! News, it happened to Elvis Presley and Yves Saint Laurent.
So how [...]

Reality Star $10 Million In Debt; Files For Bankruptcy

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  • Posted 06/10/10. by alison

Is it possible that reality TV isn’t exactly real? Turns out the lavish lifestyle captured by Bravo’s The Real Housewives of New Jersey isn’t what it seems. Teresa Giudice and her husband Joe live in a mansion with their four daughters and are often filmed on shopping trips, but the Real Housewife announced they’re broke. [...]

Oprah: America Needs A Debt Diet

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  • Posted 06/4/10. by alison

According to the Oprah Winfrey Show, 70 percent of Americans are living paycheck to paycheck. That’s why the talk show host is calling on Americans to go on a debt diet. This summer she’s devoting one show a week to the Great American Debt Diet. The plan is to follow three average American families with [...]

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 [...]

Music Star Saves Families From Foreclosure

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  • Posted 05/20/10. by alison

In case you missed last week’s episode of Oprah featuring music star Will.i.am, here’s a recap. The Black Eyed Peas member announced the launch of a new program he’s behind that’s  helping people facing foreclosure. It’s called the i.am home fund and Will.i.am hopes it will keep people impacted by the recession from losing their [...]

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 [...]

Foreclosures Plateau, Mortgage Interest Rates Fall

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  • Posted 05/13/10. by alison

Mortgage interest rates for 30-year loans fell to their lowest point of the year, according to Freddie Mack and a report on MarketWatch. Mortgage interest rates are currently at 4.93% with an average .7 point. That’s down from 5% during the last period and 4.86% compared to a year ago. “The National Association of [...]