Posts Tagged ‘business’
New York Times columnist Ron Lieber finds that there is some cause for concern in the sweeping credit card legislation that passed the Senate on Tuesday.
Related Article: http://tinyurl.com/nytimes32
Duration : 0:3:22
Robert Manning, professor of finance in RIT’s E. Philip Saunders College of Business, discusses consumer debt relief program. Story does not reference RIT affiliation.
These days more people are using credit cards to pay day to day expenses hoping to stay afloat. Others are already drowning in debt. Last month more than 106,000 people filed for bankruptcy. That’s up 40% from a year ago, but there’s a new way to avoid all that as CBS News correspondent Priya David reports in our series Dollars and Sense.
Janine Cain prides herself on a tidy home. Her finances, however, are in a state of disrepair, ever since her husband lost his full-time job and their mortgage payments rose.
Now they’re working four jobs between the two of them – but it’s not enough to pay off their credit card bills.
“It wasn’t any extravagant items that we went out, or jewelry, or TVs or anything like that,” Cain said. “It was basically stuff to live with.”
How high is their credit card debt?
“It’s around $23,000 total for both of us,” Cain said.
The Cains are part of a growing group economists call the “near-bankrupt.”
On Main Streets across America, as jobs dry up and adjustable-rate mortgages increase, consumers are taking on more credit-card debt to try and bridge those gaps.
“The average American household has assumed unprecedented levels of debt. And they can’t afford to repay all of their debt, but they could pay a portion of it,” said consumer finance expert Robert Manning, author of “Credit Card Nation.”
Most debt-management companies require people to repay all of their debt – or declare bankruptcy. But Manning, who works at the Center for Consumer Financial Services, says he’s got a better way.
It’s a formula that determines how much a borrower can actually repay, based on income, local cost of living and local taxes. The consumer avoids bankruptcy, and the lenders get some of their money back.
His innovative program is administered by two credit counseling agencies, InCharge Debt Solutions and Hope Financial. So far it’s available in 25 states.
Manning’s program helped save Phyllis and Barnett Hoffman’s Lakeport, Calif., home.
“I was afraid, yeah we’re gonna lose our place because we got three notices of foreclosure,” Phyllis said.
Unable to pay their ballooning mortgage, they had racked up $50,000 in credit-card loans and owed $350,000 on the house.
“I’ve been through some tough times, but I never thought I’d have to go bankrupt,” Barnett Hoffman said.
Using Manning’s formula, the Hoffman’s credit card lenders agreed to clear the couple after they repay 37 percent of what they owe. And counselors got the Hoffmans’ mortgage payments of $3,000 cut almost in half, to $1,700.
“It’s very important for everyone to take a realistic approach and the realistic approach is ‘let’s reach a compromise,’” said Adam Levin, chairman and co-founder of Credit.com.
Compromise, with this approach, means lenders recoup at least some of their losses – and borrowers get a chance to wipe their debts clean.
Duration : 0:2:50
Discover the four main things that can hurt or help your credit score in this quick and very informative video.
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Duration : 0:1:34
This is one of Debt Warriors Credit Boot-camp Video Series. We never expected that the sub-prime credit crisis would make this video timeless, but credit repair and winning your war on debt.
Duration : 0:1:17
http://www.howtoconsolidatebusinessdebt.com/ Find out how a small business debt consolidation loan can help you save your business, free up cash flow, avoid layoffs and avoid bankruptcy.
Duration : 0:1:39
http://www.DEBTWARRIORS.com: Overwhelmed by unsecured debt? Did you know you can settle your debt for as little as pennies on the dollar. In this video watch as Former Legal Assistant in a Bankruptcy Prevention Law Firm makes his argument for why you should first seek to settle your debt for yourself.
Duration : 0:2:23
http://www.howtoconsolidatebusinessdebt.com/how-to-consolidate-commercial-debt.html Find out how commercial debt counseling can help your small business avoid bankruptcy. Avoid layoffs and get help.
Duration : 0:1:14
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Duration : 0:9:14
http://www.debtwarriors.com: There’s a truly Free Credit Report some people don’t want you to know about. Under the Fair Credit Reporting Act [F.C.R.A.] you are allowed to get a free copy of your credit once every 12 months via email. This video shows you what you may not know about getting your truly Free Credit Report.
Don’t Go To Court Alone! Hire an affordable Attorney in your state. For more info call 866-576-4996 – or go to www.prepaidlegal.com/hub/jeromeford
Duration : 0:1:31
http://www.debtwarriors.comThis video will help you figure out what stage of collection you are in so you can prepare to fight back and win your war on debt (for yourself).
Duration : 0:1:31