A search for “‘upside down’ mortgage” on Google returns 687,000 results. “housing crisis” returns 2,270,000 results.
In fact, housing news is so focused on the real estate bubble, that it’s difficult to find information about managing a mortgage loan responsibly. You’ll read more about home buyers walking away from their home than about paying [...]
This week I received a direct mail card from a national cash advance company. Everyone in my neighborhood, maybe even in my town, received it. It was addressed to “Current Resident”. (You may have received one, too.)
The mailer has two side-by-side photos. The first is of a black child in a doctor’s [...]
Some borrowers walk into a bank or credit union to borrow money and they have no clue. Those are the people who pay much more for the money they borrow than may be necessary.
Others scratch on the back of a napkin to play with loan numbers. Some create spreadsheets and crunch the numbers. [...]
The Next Meltdown: Credit-Card Debt describes an additional source of stress to our already mired economy. Rising (credit card interest) rates are accelerating credit-card defaults and soured debt could further undermine the financial system, is an appropriate subtitle for Jessica Silver-Greenberg’s article in BusinessWeek.
I like to say, “every pendulum swings”. Lately, the financial [...]
I’m the happy driver of a 2000 Ford F150 XLT SuperCab with 130,000 miles on it. It’s a great truck and it’s paid for.
My good friend also drives a 2000 Ford F150 with more than 300,000 miles on it. His is a great truck, looks good and is paid for, too. In [...]
The Federal Reserve Board has proposed rules to prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions, protect consumers from unexpected increases in the rate charged on pre-existing credit card balances.
Highlights of the Proposed Rules Regarding Credit Cards and Overdraft Services:
http://www.federalreserve.gov/newsevents/press/bcreg/highlightscredit20080502.htm
The press release and request for public comments is here:
http://www.federalreserve.gov/newsevents/press/bcreg/20080502a.htm
Read [...]
Wheatworks’ new “get out of debt calculator” (aka GOOD Calculator) was mentioned recently in this blog. The beta software has been christened with its final name: DebtDasher™
The initial website, DebtDasher.com, is now up with some screenshots and additional information about this new personal debt management software.
Debt management tools offered in DashDasher™ help you:
Determine Your [...]
Get Out of Debt Calculator will soon be released by Wheatworks Software, LLC.
Designed to help people who are burdened with debt, Get Out of Debt Calculator is a collection of integrated debt management calculators.
Starting with a Net Worth Calculator, Get Out of Debt Calculator then helps users study their loan and credit card debt, review [...]
Maxed Out: Hard Times, Easy Credit and the Era of Predatory Lenders is an eye-opening book by James D. Scurlock.
Read the online excerpt for an excellent summary of the state of the American debtor economy. One conclusion, “death, for many of those in trouble, is the only way out,” is enough to make this [...]
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