Debt Denial

Decrease In Credit Card Debt All Down To Write-Offs, Report Says

Posted on Tuesday, March 22, 2011

Credit card debt fell last year only because of consumer defaults and bank write-offs, a new study argues. In 2010, U.S. credit card debt dropped to the lowest level in eight years, according to credit reporting agency TransUnion. But there is more evidence Americans may have taken on more credit ...

Student Debt Can Be Deadly

Posted on Thursday, March 17, 2011

We may be trying to Win the Future, be we sure do like to get our young people mired in debt at an early age. And we're doing less to help them stay out of it. President Obama's recent budget proposal included ending an experiment that gave out Pell Grants for summer courses and eliminating a subsi...

To Buy or Not to Buy, More

Posted on Friday, December 17, 2010

The holiday season is now in full throttle, which can mean only thing: Let's consume. And let's consume as much as is humanly possible in a very short period of time. Most of this consumption will take place in shopping centers, malls, and retail outlets, as well online. We are encouraged to purchas...

Five Money Myths That May Be Fouling Up Your Finances

Posted on Friday, December 17, 2010

Certain money myths may be getting in the way of how you handle your personal finances. Does your financial belief system include any of these? 1. Procrastination. What 24-year-old hasn't thought, "Ewwww, retirement planning? BO-ring! I'm young -- I'll have plenty of time to get around to that." ...

Household Deleveraging and the Economic Recovery

Posted on Friday, December 17, 2010

Karen Dynan, Vice President and Co-Director, Economic Studies The Brookings Institution Statistics on household borrowing released today showed another decline in the third quarter. The ratio of household debt to after-tax income is now 1.22, down from a peak of 1.35 at the end of 2007, though ...

Americans are actually plunging deeper into debt

Posted on Thursday, December 09, 2010

NEW YORK -- Contrary to the perception that consumers are diligently paying what they owe, Americans are actually plunging deeper into debt, with the risk of soon wiping out this year's progress, according to a new study. In the years leading up to the financial crisis, many Americans spent beyond ...

After Cracking Down on Debt Collectors, New York State Is Now Set to Hire Them

Posted on Friday, November 19, 2010

In these hard times, New York’s future governor, Andrew M. Cuomo, has made a point of standing alongside consumers who are down on their luck. As attorney general, he conducted a statewide crackdown on debt collectors who ran afoul of consumer protection laws, and his office encouraged consumers wit...

US Debt Crisis: What NOT to Do When Your Country is Broke

Posted on Tuesday, November 02, 2010

Bill Bonner Another month gone by. Another month closer to bankruptcy. Not you, dear reader. We're talking about the US government. But hold that thought... Let's turn to the markets. Hmmm... Not much action. The Dow rose a piddly 4 points on Friday. Gold went up $15. Not much to tal...

Ways to Save

Posted on Thursday, October 21, 2010

It's been a rough few years. Unemployment woes, foreclosure fears and economic uncertainty rule the headlines. It's a time where being frugal has become chic and "tightening our belts" de rigueur. With this in mind, and inspired by reader submissions to our Biggest Money Wasters message board,...

How to Get Out of Debt

Posted on Friday, September 24, 2010

Jennifer Jones was $80,000 in debt and unable to get out from under it. Excessive spending and being out of work several times over the past 15 years was her downfall. "I was keeping up with minimum payments, then the bottom fell out, and I couldn't keep up," says Jones (not her real name). She...

rouble Ahead With Retirement?

Posted on Friday, September 17, 2010

America's retirement crisis has reached epic proportions, according to a recent study by Boston College's Center for Retirement Research. The study estimates that the current retirement income deficit, or the gap between the retirement savings of U.S. households and what they need to have in order t...

Average American's Financial Distress

Posted on Wednesday, September 01, 2010

High levels of unemployment and the strain of housing costs continue to keep consumers mired in financial distress, according to data released by the nonprofit credit counseling agency CredAbility. The Atlanta-based organization’s quarterly Consumer Distress Index measures the financial conditio...

Federal Deficit

Posted on Tuesday, January 26, 2010

In 2007, the federal deficit stood at $161 billion, or 1.2 percent of our economy. In 2008 it was $455 billion, or 3.2 percent. In 2009, figuring in the billions spent to pull our economy out of recession and on various bailout efforts, the deficit rocketed to about $1.42 trillion, 9.9 percent of ou...

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