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Europe puts tight controls on £4bn bank offer

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Europe puts tight controls on £4bn bank offer Times Online, UK - 37 minutes ago At the same time the Prime Minister pledged to take action against companies that force people out of their homes for trivial amounts of credit card debt . ... Read More »

Consumers Feel the Next Crisis: It’s Credit Cards

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Indeed it is. If you're not in top shape for the credit card shakeout that's already taking place, there isn't much you'll be able to do about it. It's probably already too late. After years of flooding the market with credit cards (and generous limits), banks are finally starting to take it back. Eric Dash, a New York Times reporter, does an excellent job of distilling the situation. From Read More »

The Perfect Debt Assistance Program

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I can dream, can’t I? If I could get a wish for debtors it would be to wave a wand and implement this perfect debt assistance or debt relief program. Here is what the program would look like. A Sliding Scale Nominal Charge – Consumers would have to pay a sliding scale setup fee. It is too expensive to start ... Read More »

Bad Economy Leads To Opportunity

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It’s nice to see our friends in Scotland able to put a smile and optimism on an otherwise depressing economic time. Here is an article from Edinburgh. Nobody said it would be easy. As the threat of a deep and lengthy recession looms over the country like a soggy, grey cloud, we could all be forgiven for feeling a bit ... Read More »

Credit cards face bad debt

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Credit cards face bad debt SunJournal.com, ME - 1 hour ago Asked in a recent TV interview if credit card debt would be "the next shoe to drop" for the banking industry, Lewis replied: "It, in some ways, already is," ... Read More »

Is Consolidating Debt the Way to Go? – American Chronicle

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Is Consolidating Debt the Way to Go? American Chronicle, CA - 21 minutes ago ... the debtor to discharge their debts by filing for payday loans in recent years, offering some contrast to the get-out-of-debt ads we´re bombarded with. ... Read More »

Debt Counselors of America – What I Learned

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In 1994 I decided I would start a non-profit charity to help find good solutions for bad debt problems, all I really knew was that I wanted to help people. Almost every organization at the time was named something with credit counseling in it. I figured that I did not want to counsel people about credit, but about debt, so ... Read More »

As Economy Slows, Lenders Begin to Curb Credit Cards

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As Economy Slows, Lenders Begin to Curb Credit Cards New York Times, United States - 2 hours ago Currently, the total losses amount to 5.5 percent of credit card debt outstanding, and could surpass the 7.9 percent that occurred after the technology ... Read More »

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Writing this article is a bit of a double-edged sword. You see while I think that open communication is always the best way to deal with a debt situation, sometimes people just need to find a way to escape from the pressure just to recover their sanity. If you are having a difficult problem handling collection calls or dealing with ... Read More »

Woman Chains Self to Home to Prevent Foreclosure

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I’m not quite sure how effective this particular approach is but one foreclosure specialist, facing financial problems of her own, has chained herself to the front porch while awaiting eviction. The woman chained to the porch is June Reyno. June Reyno, her husband and their five dogs have lived in their Mira Mesa home for nearly 20 years. Now, they ... Read More »

Would You Like to Be a Debt Collector?

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Recruitment Video For Debt Collectors This recruiting video for a major banks debt collection department is very interesting if you listen closely to the words. I’d suggest that you even consider watching it with your eyes closed. I think you’ll find the video a very interesting approach to try to put a positive spin on what can be a very ... Read More »

Credit Card Horror Stories: Tales of Credit Limit Reductions and Account Closures

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Bankrate.com did a story on Friday (sorry for not getting to this earlier) highlighting some of the same stuff that I've been pointing out here for weeks. More and more customers are experiencing credit-limit reductions and account closures. Over the course of the past few weeks, Bankrate.com readers have been chiming in with their own credit-card tales. Many of their stories will seem familiar. Read More »

Medical Debt Sending Many Over Financial Brink

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Since 1999, Keith and Deborah Krinsky of Magalia, Calif., have seen their health insurance deductible soar from $1,000 to $10,000. A combination of Keith’s chronic asthma and potential heart problems, Deborah’s connective tissue disorder and fallen arches, and their kids’ various scrapes and stumbles led them to amass a pile of credit card debt and forced them to refinance the ... Read More »

Meltdown risks mental health disaster

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Fears over job security, paying the bills or even just whether your house is going to be foreclosed are fuelling an epidemic of stress, anxiety and sleepless nights among workers on both sides of the Atlantic – and it is managers who are having to pick up the pieces. Increased stress, anxiety and tension inside as well as outside the ... Read More »

Outrage Over Credit Cards with 222% APR

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Outrage Over Credit Cards with 222% APR QCK, UK - 1 hour ago The money must then be repaid at a rate that is more than 10 times the average APR of a credit card. Debt groups and politicians have expressed anger at the ... Read More »

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