Archive for February, 2008

“As people get squeezed, they still have the credit demand”

Seven years in the credit-counseling business didn’t prepare Ann Estes for the alarming trend she began noticing last fall: As her clients’ mortgage bills became unaffordable, a growing number of them began … via Coshocton Tribune

“Individuals need to get their finances under control. Start saving. Stop spending every dime.”

A failing economy can make for a flourishing courthouse as debtors file small-claims actions, foreclosures and evictions.

Clerks in Madison and St. Clair counties are seeing a growing amount of legal action to collect debts, including hospital and credit-card debt, and rent and mortgage payments, as the economy slides toward what many economists believe is a recession.

On Wednesday, the Associated Press reported the Federal Reserve chairman is ready to lower interest rates again to brace the economy as higher oil prices spread inflation. Nationwide since last summer, the housing slump has worsened. And the AP reports concern is growing about ’stagflation,’ when stagnant growth is combined with rising inflation. Read more

“The economic situation has become distinctly less favorable”

Federal Reserve Chairman Ben S. Bernanke told Congress today that nearly every corner of the U.S. economy was in danger of running into more trouble, suggesting that Americans were in for a period of tough … via KCPQ

“There has to be a better balance between borrower education and lender responsibility”

U.S. Credit Card Debt Rising as Other Sources Dry Up A new study by the Center for American Progress, a liberal Washington research institution finds that as the credit squeeze has made it more difficult to … via Chosun Ilbo

By creditconsole - February 25, 2008 - 12:08pm Some people have been wondering what credit counseling is and how it can work for you in terms of getting out of credit card debt . via BlufftonToday.com blogs

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“And it occurred at the same time I lost my job.”

Like many Americans, 34-year-old Jack Zenteno and his wife, Betty, found their finances taking a severe hit from the housing crisis. via The Daily Advertiser

“But then things started to go downhill.”

It wasn’t just a home loan, Steve Nusky said, it was the first step toward realizing a dream. via MiddletownJournal

“The people with the best credit have a utilization rate of no more than 7 percent”

Americans are drowning in debt. Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year. via CNN

“The aggregate (corporate) balance sheet is in the best shape in 20 years in terms of the ratio of debt to net worth or debt to cash flow”

The housing bust and weak consumer spending may be pushing the economy into recession. via Investor’s Business Daily