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Can Obama Make Sense of All This Debt?

Published on 2008-11-27 14:48:00

Early Tuesday morning, the federal government announced a new, massive $800B program to buy up bad debt and pump money into the sagging credit markets. According to a NYTimes article entitled: “U.S. Unveils New Programs to Ease Credit,” the program would be structured as follows: "The Federal Reserve said that it would buy up to $600 billion in mortgage-backed assets from the government-sponsored mortgage finance giants Fannie Mae (FNM) and Freddie Mac (FRE). The agency would also buy up to

U.S. Mortgage Rates Drop Most in Seven Years on Fed Debt Plan

Published on 2008-11-26 08:40:00

Nov. 26 (Bloomberg) -- U.S. mortgage rates dropped by the most in at least seven years as a Federal Reserve pledge to buy $600 billion of debt succeeded where seven cuts in the central bank’s benchmark rate had failed.The average rate for a 30-year fixed mortgage fell to about 5.5 percent after starting at 6.38 percent yesterday, according to Bankrate Inc. It was the biggest one-day drop in at least seven years, said Holden Lewis, of the North Palm Beach, Florida, publishing and research firm.

New $800 billion rescue plan includes money for credit card debt

Published on 2008-11-25 12:02:00

WASHINGTON — Treasury Secretary Henry Paulson, warning that "millions of Americans cannot find affordable financing for basic credit needs," announced a major expansion of the federal bailout on Tuesday — as much as $800 billion to make mortgages and consumer credit more available and affordable.The government will buy up to $600 billion in mortgage-backed assets, and, in a separate action, lend up to $200 billion to investors who've bought securities backed by consumer loans such as credit

Credit cards with the happiest users

Published on 2008-11-24 05:33:00

If you hate your card company, it may pay you to check out the cards with the most-satisfied users. Credit cards aren't created equal. Neither are credit card companies.A recent consumer survey by J.D. Power and Associates recently confirmed what the credit-savvy already know: American Express makes its customers happier than any other issuer. "Happier" is relative, of course. The survey of nearly 8,000 consumers reported that AmEx scored 783 points out of a possible 1,000 when judged on five is

Your 5-minute guide to managing debt

Published on 2008-11-21 03:10:00

At some point in our lives, most of us have borrowed too much. If you're in over your head, don't despair. But make no mistake: You must learn to live on what you earn.First, stop making excuses about why you're in debt. Don't blame the credit card companies or your parents. Put that energy into reducing your debt.Debt can be extremely stressful, so tell someone you're in financial trouble. If you can't talk to a family member or friend, contact an organization that deals with debt reduction, su

How You Can Make Your Debt Consolidation Work for You

Published on 2008-11-19 22:16:00

How do you define debt consolidation? Consolidation is the process of combining all unsecured debts into one account. Thus, instead of paying multiple debts-each with its own interest rate, the borrower can submit only one monthly payment with a single interest. Thus, the money you save from the additional interest costs can be used in paying off your original debt.Many credit counseling services recommend consolidation on extreme cases of debt. If the borrower owes huge debts with different cre

The Debt Diet: Ways to Trim Unsightly Bills

Published on 2008-11-19 01:00:00

It's time to go on a debt diet. Carrying around a few thousand dollars in credit-card balances may have seemed perfectly acceptable a few months ago. But in this financial crisis, it can be downright dangerous to your financial health. Credit-card companies are jacking up rates and fees, making it easier to fall deeper in the hole. And during a recession, when the possibility of layoffs looms larger and most of us feel increasingly vulnerable, debt becomes even more pernicious.Unfortunately, eve

Checklist for Those on Debt Management Plan

Published on 2008-11-18 01:35:00

When faced with serious debt problems, people run to credit counseling agencies for help. True, there are many reputable non-profit organizations that offer credit counseling and help on financial management. However, there are also many organizations that pretend to offer credit counseling but charge their clients with unreasonably high fees for their services.The Federal Trade Commission (FTC) warns the public against such credit counseling agencies that claim to be non-profit but asks for u

Financial Focus: There are still ways to consolidate your debt

Published on 2008-11-16 23:38:00

Q: As credit tightens, what options are available to consolidate debt? What are some of the safest ways for consumers to consolidate debt?As credit markets continue to struggle, many consumers are concerned about how to best manage their current debt load. If you are fortunate enough to be a homeowner and still have some equity left, a consolidation refinance may be one option to consider.While most credit cards have variable rates of interest, home loans have the option of a low permanently fix

Regulators nix credit card debt forgiveness plan

Published on 2008-11-14 00:05:00

WASHINGTON – Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.The Office of the Comptroller of the Currency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans.An unusual alliance of financial industry interests and consumer advocates, represented by the Financial Servi

How does consolidating student loans help you?

Published on 2008-11-13 05:29:00

This is the time of year when the buzz starts up about student loan consolidation. Some people benefit from consolidating, others don't, and borrowers want to know which camp they fall in.Here are the facts: Until recently, borrowers were able to consolidate their loans each year at a low-interest rate, sometimes under 3 percent. In 2006, Congress set a fixed rate for Stafford and PLUS loans, which means that loans originating after July 1, 2007, largely won't benefit from consolidation. In fact

Ready to Consolidate That Debt?

Published on 2008-11-12 00:49:00

IF YOU'RE A homeowner saddled with debt (and we're talking about high-interest debt like the kind you pile up on credit cards), then a home-equity line of credit, or HELOC, might be a good escape hatch. After all, the average credit card now carries an annual percentage rate (APR) of around 14%, whereas the average APR for a $30,000 HELOC is about 8.2%, according to Bankrate.com. And that's before you consider the tax break on your interest payments. From a pure number-crunching perspective, con

Make It Through Holidays Debt-Free

Published on 2008-11-11 01:37:00

You probably don't want to start thinking about Christmas and the holiday shopping season this early, but it's in your financial interest to do so.While it is possible to escape Christmas debt-free, it does require a bit of organization, preparation and willpower. By taking the time now to create your holiday shopping plan, you are much more likely to find that there isn't any extra debt to have to deal with even after all the celebrating is over. Here are a few steps to take to make that happen

Is There Still Such a Thing as Good Debt in this Economy?

Published on 2008-11-10 04:50:00

The current economic crisis has been blamed in part on the lenders who issued mortgages to underqualified borrowers, spreading bad debt throughout the financial system. So, is there still such a thing as good debt?James Burns, author of the new book The 3 Secret Pillars of Wealth: How to Crack Your Wealth Code Using the Tools of the Self-made Billionaires, believes that there is, and that following some simple rules can help you determine when to borrow money."People often view debt as all bad,"

Debt Consolidation recommendation reiterated

Published on 2008-11-07 06:07:00

One of the men who caused the creation of the Marshall County Board of Public Utilities has been a champion of consolidation and as he was leaving that panel recently, he reasserted that method of improving public service. "We need to look at the opportunities for cooperation between the utilities... to bring these organizations together to achieve the economy of scale we could have together," Joe Barry Brandon told the MCBPU during a special called meeting of the rural water service on Oct. 21.

Credit card debt forgiveness for some benefits all

Published on 2008-11-06 04:21:00

In these extraordinary times, card issuers' plan to erase up to 40% of some customers' debt would also be good for those who pay their bills on time.When I heard last week that banks want to forgive up to 40% of some customers' credit card debt, my first question was, "What's the catch?""There's no catch," answered Scott Talbott, chief lobbyist for the Financial Services Roundtable, an industry group that helped concoct the debt-relief program. "There's no hidden agenda. These are extraordinary

Seven Tips To Avoid Drowning In Debt

Published on 2008-10-31 10:32:00

Don't hide purchases from family members. Dishonesty about your spending leads to financial trouble, as well as strained personal relationships. Honesty is the best policy. Don't start charging when there is no money. You should not be spending more than 20% of your take-home income on credit card bills or loans; this includes your car payment.Read full article: Seven Tips To Avoid Drowning In DebtResources:Free Debt Consolidation ArticlesFree Debt Consolidation Companies.

How Bad Credit Debt Consolidation Will Help You

Published on 2008-10-29 20:47:00

The concept of bad credit debt consolidation is supposed to make debt repayment easier for more people. Those who are stuck in huge debts can lighten their burden through consolidation. There are two ways to consolidate debts – first is through a debt consolidation loan and the other is by enrolling in a debt management plan. In this article, let’s discuss each of these options.Debt Consolidation Loans for Bad CreditBy acquiring a loan, a borrower can pay off all his existing debts at once a

Student-loan consolidation is not a sure thing

Published on 2008-10-29 03:32:00

This time of year, millions of college graduates face a reality of life after academia: With the six-month grace period on student loan repayment coming to an end, it's time for them to start making good on their debt.But this year, one popular option--student loan consolidation--is harder to come by.Consolidation loans are a type of refinancing for student debt. Graduates can lump all their college loans together, merging multiple bills into one and potentially lowering the interest rate.Lender

Negotiating Debts with your Mortgage Lender

Published on 2008-10-28 02:42:00

Missing payment on your mortgage could put you in a very dangerous situation. Three consecutive misses in your payments can force your lender to file for foreclosure. This is why consumers are advised to pay close attention to their payments. However, there are times when financial crisis can make it difficult for you to keep up with your payments. When this happens, what can you do to avoid foreclosure?Is there a way to prevent your mortgage lender from foreclosing your home? In this artic

101 Ways to Save Money

Published on 2008-10-26 14:18:00

Food is expensive, gas remains stubbornly high and winter's big heating bills are coming.Since loans are tough to get and our retirement funds are shrinking fast as the stock market crashes, we thought we'd share some old-fashioned penny-pinching tips.Some come from readers who responded to a business reporter's request for suggestions. Others come from the misers on our staff. And a few come from rules our mothers taught us or hints we've read over the years.Read full article: 101 Ways to Save

How Can I Recover from Bankruptcy?

Published on 2008-10-23 05:55:00

When it comes to finances, bankruptcy is definitely one of the most difficult problems that one can face. Nevertheless, this doesn’t mean that it’s a hopeless situation. As soon as you’ve been discharged, you can take action to rebuild your credit right away. You Can Rebuild Your Damaged Credit Once you’ve been approved for bankruptcy, your past credit history you’ve would be erased. In short, you should need to open new accounts and start over to build a new credit history.Read fu

Can I Get Debt Collectors Off My Back?

Published on 2008-10-21 02:33:00

What can add more stress and pressure to someone in debt are the constant calls from debt collectors. For debts that are long past due, a creditor may turn over the collection to a debt collection agency. But some agencies may use unfair debt collection practices to force a borrower to pay. What should you do if you find yourself in a similar situation? Here are some tips:Fight for your rights. Check the Federal Trade Commission’s website for a complete list of rules included in the Fair Debt

What Are the Benefits of Debt Consolidation?

Published on 2008-10-16 04:38:00

Many people today own a number of credit cards. Add to this, they also have loans from various lending companies all at the same time. If you’re in a similar situation, you may agree that keeping up with your monthly payments can be a headache. If you have been having a hard time remembering the different due dates of payment on your bills, you are not alone. Dealing with different creditors can really be a nerve-racking experience especially when your creditors start charging you with inte

What Are The Effects Of Debt Settlement?

Published on 2008-10-14 04:25:00

When confronted with bad credit problem, some credit counselors recommend a debt settlement. How does it work? A debt settlement is a negotiation between the borrower and his creditor in order to come up with a different payment term.With a debt settlement, the borrower will stop submitting his monthly payments to his creditors, instead he will be saving up the money on his settlement account. When enough funds has been saved, that’s the time the borrower will be submitting his payment to his