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; bad credit is now the biggest near-term threat to our nation’s economy, the National Association of Business Economics reported in survey results released Monday. [Associated Press]
debt
Non-Profit Payday Loans: Loansharks With Shorter Teeth?
By 8.28.07
That’s a lady who is finally digging herself out of a payday loan hole with the help of a “non-profit” payday loan. At one point, Truckey was paying $600 a month in finance charges alone. Now she has a new loan through GoodMoney, operated by local credit union. The new loan’s APR is only 252%, about half what she was paying before.
10 Reasons Credit, Debt and You Should Be BFF
By 8.21.07
Rebutting “Ideas For Living Without Credit Or Debt,” Blueprint For Financial Prosperity came up with 10 reasons why credit and debt can be great. Here’s a good one (and one that we ourselves have made in the past):
Brokers Lured Naive Homebuyers Into Mortgages They Couldn't Afford
By 8.20.07
The core of the subprime meltdown are homeowners not paying their mortgages. A contributing factor to the default rate are people who signed up for loans with low teaser rates that ratcheted up afterwards, and now it’s time to give the devil his due. Why would people do such a foolish thing?
Ideas For Living Without Credit Or Debt
By 8.15.07
Leo at Zen Habits has listed 10 ideas for living without a credit card or any debt.
The Secret To Being An Impulsive Shopper: Forget The Guilt
By 8.9.07
Are you an impulsive shopper? Odds are you don’t hang on to the guilt of “succumbing to temptation” the way more prudent shoppers do, says a new university study. The study found that thrill-seeking shoppers and careful shoppers alike feel guilty when they splurge on unnecessary goods, but over time thrill-seekers forget the guilt and only remember the high.
By 7.31.07
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The Fair Debt Collection Practices Act does not apply in all situations. “The FDCPA applies only if (1) a debt collector is trying to collect (2) a consumer debt from (3) a consumer.”
By 7.27.07
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Debt isn’t just for the poor: This guy’s household makes $163,200, but they’re over $536,000 in debt. [Saving Advice via Mighty Bargain Hunter via Blogging Away Debt]
Is Your Shopping Compulsion Just Repressed Anger?
By 7.26.07
Former debt addict Diane Conlinn writes about how she discovered here desire to go shopping was really an expression of emotions she wasn’t dealing with.
Who Do I Pay First?
By 7.25.07
People just starting to get out of debt often struggle to decide where to allocate their money. Each person needs to make their own list based on their own priorities and circumstances, but Debtor’s Anonymous member Wittygal’s payment priority list may serve as a decision guide:
Making Only Minimum Monthly Credit Card Payments Could Mean Paying Double For Everything
By 7.24.07
This chart, via OnMyOwnTwoFeet, shows the incredible costs if you incur $5,000 in credit card debt and only make the monthly minimum payments. By the time the debt is paid off, you’ll have effectively paid double the original debt.
By 7.24.07
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List of Debtor’s Anonymous meetings by state. [Debtor’s Anonymous]
90% Of Households Think They Carry Average Or Below Average Amount Of Debt…
By 7.23.07
A CreditCards.com survey found that 90% of respondents thought their household had “average” or “less than average” amount of debt.
Amp'd Mobile Shuts Down Tomorrow, Port Your Number Today!
By 7.23.07
Amp’d Mobile will shutter its ailing service on July 24th at 12:01 am, meaning that today is the final day to port your number to another carrier. The mobile virtual network operator has worn a giant “Kick Me!” sign ever since it filed for bankruptcy after half of its 175,000 customers failed to pay their bills; securing its fate, Amp’d costs Verizon $370,000 per day and owes the telecommunications behemoth over $56 million. The goodbye text Amp’d sent its customers, and information on porting your number, after the jump.
Amp'd Mobile Bankruptcy Costing Verizon $370,000 A Day
By 7.19.07
Verizon Wireless said that as of June 23, Amp’d Mobile had incurred $15.6 million in post-bankruptcy charges and is costing the carrier $370,000 a day, but still has not obtained debtor-in-possession financing that would assure the carrier that its bills will be paid. Verizon Wireless said it has received one payment of $2.5 million, which was supposed to placate the operator and allow Amp’d Mobile to have continued access to its network.
At the time of the bankruptcy filing, Amp’d had already run up $41 million in unpaid bills to Verizon, in addition to the aforementioned $15.6 million.The Pioneer Press reports that Amp’d has about $9,000 in cash. This means that you are likely richer than Amp’d mobile.
Reading The Bible Will Make You Rich
By 7.16.07
No matter your spiritual disposition, those guys who wrote the Bible knew a thing or two about holding on to your shekels.
Are You Addicted To Debt? Take This 15 Question Quiz
By 7.12.07
If you answer yes to at least of these eight questions, you may be addicted to debt, according to Debtor’s Anonymous.
By 7.11.07
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House votes to cut student loan interest rates by from 6.8 percent to 3.4 and increase grants for poor student by $890 by 2011 [AP]
