We will discuss in our onsite blog developments in the credit repair world .
15/07/10
Midterm Elections are coming up. How will this effect debt and foreclosures in the US? That remains to be seen. The signs are mixed as to the recovery that everyone wants. Unemployment seems to be gaining steam. The stock market is choppy and there doesn’t seem to be a clear recovery path forward. Personal debt and national debt is increasing if anything. Obama seems to be in trouble.
If the Republicans make gains in the upcoming elections look for consumer confidence to improve and growth to be the trend.
We can hope.
27/07/10
The markets seem to be moving up as people sense the democrats are to lose in a big way in midterm elections in less than 99 days. Many companies are showing resiliency and advancing despite many negatives in the US economy. As things seem to improve somewhat interest rates make go up as there is a fear that too much money may fuel different financial bubbles. These debt solutions for the economy will help everybody.
21/06/10
How debt settlement works Simply put this is what transpires between people with outstanding debt and creditors to reduce debt in exchange for a lumb sum payment. When a creditor decides it will cut its losses and exchange a larger sum that it may not collect for a garunteed lower sum Essentially, debt settlement is the process of negotiating with creditors to reduce overall debts in exchange for a lump sum payment. A successful settlement occurs when the creditor agrees to forgive a percentage of total account balance. Only unsecured debts not secured by real assets like homes or autos can be settled. Unsecured debts include medical bills and credit card debts – not student loans, auto financing or mortgages. For the debtor, this makes obvious sense, they avoid the stigma and intrusive court-mandated controls of bankruptcy while still lowering, sometimes by more than 50%, their debt balances. Whereas, for the creditor, they regain trust that the borrower intends to pay back what he can of the loans and not file bankruptcy (in which case, the creditor risks losing all monies owed).
22/06/07
Their are substantiated rumors that the FDA will ban upfront fees from credit repair companies. Those rules will take effect this summer as legislators are trying to take control over a very uncontrolled business. A new consumer protection agency created as part of the financial regulatory reform bill in Congress could further reign in the industry.
23/06/07
Bankruptcy or Debt settlement, difficult choices sometimes. Bankruptcy may be cheaper, you start from scratch again. Your credit is shot as the next tens years will mark you as filed for bankruptcy. Debt settlement is the more difficult choice but ultimately the better one . It is true that after a debt settlement credit will be hard to come by but if you start to pay bills on time you can slowly develop a new credit rating and again walk around with a few credit cards.
Going bankrupt costs a lot of money as bizarre as that sounds.
27/06/10
Fannie Mae is trying fight those who are defaulting on the their mortgages. Underwater mortgages where the house that a mortgage was taken out on is higher that the worth of a home is the real problem. If someone reneges on their loan Fannie Mae will not provide a loan for a full seven years . This has led many to seek negotiation with debt settlement companies to get out of debt. Companies like Fannie Mae prefer to get something back as opposed to completely losing the money lent out. There are other lenders out there at the end of the day. Bank reposition’s has set another record though they seem to be slowing down a bit.
30/06/10
Wall street mini-crash bad news for credit crunch. Those who have been borrowing money at minuscule interest rates and trying to make a killing on wall street may be hurting right now. Many may of been shorting these stocks that have been going down. That may even be a reason the market was down as much as it was. In any case billions of dollars have disappeared and more people may not have the money to pay their next credit card bill.
7/7/10
Stocks bounced back big time on Wednesday, with the Dow going up about 283 points. Investors came back strong after one of the worst weeks in recent memory. Unemployment has not improved to much but the banks are making money which means that businesses are using and returning money borrowed and that real recovery is around the corner.
15/7/10
Our first entry will talk about …
The banks seem to be doing a bit better as the economy seems to be swinging back into shape. JPMorgan said its net income rose 76 percent, to $4.8 billion. The bad loans that started all the misery in the world economy have lessened for the bank giant. Other big banks such as citgroup and Bank of America should expect good earnings as well. All this means that the banks have turned around their fortunes and will have capital to fuel businesses. That is good for the American economy, very good indeed.
