Finance Globe

U.S. financial and economic topics from several finance writers.

Loan Delinquencies on the Rise

The nation's economic troubles are taking its toll on consumers carrying too much debt - delinquencies are rising among many types of consumer credit accounts, as reported by the American Bankers Association (ABA) for the third quarter of 2008. Delinquencies are counted as accounts that are over thirty days past the payment due date. The ABA tracks eight types of non-revolving, closed-end installment loans - home-equity line-of-credit (HELOC), property improvement loans, direct and indirect auto loans,...
Continue reading
  2993 Hits
  0 Comments
2993 Hits
0 Comments

Obama Says Plan Could Save or Create up to 4 Million Jobs

In his weekly radio and YouTube address, President-elect Barack Obama reiterated the importance of moving quickly to stem the rising unemployment rate. He said, "It’s not too late to change course – but only if we take immediate and dramatic action. Our first job is to put people back to work and get our economy working again. This is an extraordinary challenge, which is working – even before I take office – with my economic team...
Continue reading
  3122 Hits
  0 Comments
3122 Hits
0 Comments

Brace For a Difficult 2009

2008 was been a rough year for all of us, and 2009 doesn't look much better. Millions of Americans have already lost their jobs - few industries have been safe from the plague of cutbacks among ailing businesses struggling to survive. Investors who've built up their life savings, their retirement funds, and their kid's college tuition through years of hard work and discipline have watched hopelessly as the value of their holdings plunge by 40% or...
Continue reading
  4746 Hits
  0 Comments
4746 Hits
0 Comments

Unemployment Rate for December Hits 16 Year High

The government reported today that U.S. economy lost 524,000 jobs in the month of December, bringing the unemployment rate up to 7.2% from November's 6.8% unemployment rate. This is the highest unemployment rate in sixteen years. Over just the last four months of 2008, almost 2 million jobs have been lost. The job losses were spread far and wide across most industries and over 11 million Americans are now out of work. Since the start of...
Continue reading
  3881 Hits
  0 Comments
3881 Hits
0 Comments

Obama's American Recovery and Reinvestment Plan

President-elect Barack Obama said today that the ongoing recession could last for years unless dramatic action was taken as soon as possible.Obama said, "Throughout America’s history, there have been some years that simply rolled into the next without much notice or fanfare. Then there are the years that come along once in a generation – the kind that mark a clean break from a troubled past, and set a new course for our nation. This is...
Continue reading
  2836 Hits
  0 Comments
2836 Hits
0 Comments

CBO Expects Federal Deficit of $1.2 Trillion...and other bad news

It's not like you don't already know that things are really bad, but here are some numbers for you.The Congressional Budget Office (CBO) reported yesterday that the U.S. recession - officially recognized to have started about a year ago - is likely to last well into 2009.If it doesn't end until the second half of 2009, it'll be the longest recession since World War II. The two next longest recessions since that period, 1973-1974 and 1981-1982,...
Continue reading
  490 Hits
  0 Comments
490 Hits
0 Comments

The Student's Guide to Bill Payment

Have a bill payment system, avoid late fees.If you're away from home for the first time, you've just been handed a long list of big responsibilities - and paying the bills is likely to be on that list.This may seem like common sense, but it's important to pay your bills on time. Nearly every one has forgotten to pay a bill at one time or another, me included, until we figured out a system to help...
Continue reading
  3663 Hits
  0 Comments
3663 Hits
0 Comments

The Student's Guide to Banking - Types of Accounts

Banks and credit unions offer a variety of FDIC or NCUA-insured accounts - checking, savings, money market deposit accounts, and Certificates of Deposit (CDs).Choosing the types of accounts that work for you should be fairly easy; it mostly depends on how much money you have and how long it will be before you need the money.Checking AccountsYour checking account is for very short term money needs. A checking account is designed to hold your cash until...
Continue reading
  3239 Hits
  0 Comments
3239 Hits
0 Comments

FTC Cracking Down on Credit Repair Scams

The Federal Trade Commission (FTC) reported earlier this week that Payneless Credit Repair, LLC and its owner, located in Richardson, Texas, has agreed to settle charges that the company's business practices violated federal law. The FTC charges against the company, filed in July 2008, are part of the FTC's crackdown on credit repair agencies, "Operation Clean Sweep." The company made false claims claiming they could fix a consumer's credit, charging advance fees of anywhere from $500...
Continue reading
  4156 Hits
  0 Comments
4156 Hits
0 Comments

Obama Announces Task Force for Working Families

The Obama Transition team announced on Sunday that President-elect Barack Obama intends to form a "White House Task Force on Working Families."The Task Force will be chaired by Vice President-elect Joe Biden and becomes effective January 20, 2009, the day Obama is sworn in as President of the United States.The aim of the Task Force is to raise the living standards for American middle-class, working families. Top-level administration policy-makers of the Task Force will paritcipate in...
Continue reading
  3898 Hits
  0 Comments
3898 Hits
0 Comments

By accepting you will be accessing a service provided by a third-party external to https://www.financeglobe.com/