Second Stimulus Package?
The Bush administration has already committed enormous sums of public money to stabilizing the financial system and staving off economic collapse, but it looks like more — much more — is going to be needed. Economists have come around to the view that a second big fiscal stimulus is required, and soon. The main question is just how big.
The crisis until recently has had an air of phony war about it. The financial industry has been devastated and governments have stepped forward with interventions that would have been difficult to imagine even months ago.
Yet for most people in the rest of the economy, things seemed to be carrying on much as before. The nonfinancial economy was muddling along. This did not feel like much of a recession, still less like the onset of a new Great Depression. Suddenly, however, the implications of the financial meltdown are feeding through.
Most important, the stunning fall in stock markets at home and abroad, and the continuing volatility and uncertainty, are at last affecting consumers’ spending plans. It takes a lot to discourage consumers in this country. (Having an income that falls persistently short of expenditures is not enough to do it, for instance — which helps explain how we got into this mess in the first place.) The financial mayhem of recent months has finally made an impression.
This week, we learned that consumer confidence crashed in October to its lowest level since records began more than 40 years ago. This is far more worrying than a run of bad days on Wall Street. So severe a collapse in confidence — forecasters had expected a big drop, but not this big — is invariably the leading edge of a major recession, and unless governments act promptly and wisely, maybe a very prolonged one as well.
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Welcome!
There is probably nothing more mysterious than wondering how your credit is calculated. Many people who are in need of buying a car or a home with less than perfect credit often fall victim to credit repair scams. There is no quick fix for repairing your credit. It takes work and diligence. Anyone claiming they can remove negative items completely is misinforming you.
You should regularly check your credit for inaccuracies or discrepancies. Many times there are items that get on your credit report that shouldn’t be there.
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:
“Credit problems? No problem!”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!”
“We can erase your bad credit — 100% guaranteed.”
“Create a new credit identity — legally.”
The Federal Trade Commission (FTC) says do yourself a favor and save some money, too. Don’t believe these claims: they’re very likely signs of a scam. Indeed, attorneys at the nation’s consumer protection agency say they’ve never seen a legitimate credit repair operation making those claims. The fact is there’s no quick fix for creditworthiness. You can improve your credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan.
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Credit After Bankruptcy?
If you declare bankruptcy, be prepared for it to show on your credit record for a minimum of 10 years. If any debt service offers to remove this from your record for a fee, it is too good to be true. They are simply trying to scam you out of the rest of your money. However, you can work at your credit repair after bankruptcy.
Believe it Or Not- Get A Loan
Hard to believe, but often the best thing you can do for your credit repair after bankruptcy is to get a loan and pay it off. The loan can be for anything- such as a car loan. You won’t be able to simply walk into the bank and ask for a loan- you’ll have to research and find the loan for you.
Although your bank might not be able to give you a loan, they may be able to recommend credit repair after bankruptcy loan services to you. If you have any trusted friends and family members who’ve gotten their financial acts back together after bankruptcy, ask them for recommendations. You credit card company may even be able to give you recommendations for credit repair after bankruptcy loans. And, when all else fails, go on line.
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Industry News
A public relations firm and a group of small companies are joining together to encourage civic participation and increase traffic at their businesses. The Phoenix public relations firm The Media Push and its clients are offering specials to customers who visit select Phoenix stores and providers while wearing an “I Voted” sticker.
“This is a very important time in our lives,” said Charlotte Risch, owner of The Media Push, in a statement. “Not only are we voting for the next president but many local officials and propositions that will affect our community and small businesses. This is a fun way to cast your support for local businesses in your neighborhood and invest your hard-earned dollars with them instead of big chains.”
Debt consolidation or negotiation?
Debt consolidation versus debt negotiation are two options that are available to you if you need debt assistance. When your monthly bills become too much for you to handle, it makes sense to use debt consolidation or debt negotiation for solving debt and credit problems.
Debt Consolidation
Debt consolidation services have prearranged debt repayment plans with most credit card and collection companies. When you sign up with a debt consolidation company you are offered a lower overall monthly payment based on a lower interest rate they have arranged with the creditor. This payment is lower than what the credit card companies offer you, saves you money every month and is often the best way to consolidate debt. One benefit of a debt consolidation repayment plan is it will stop you from getting harassed by your creditors as long as you make the new, lower monthly payments.
The downside of the debt consolidation repayment plan is that you have to cancel all credit cards that you include in the plan. You are also charged your first payment you make toward the program and an additional monthly administration fee. This administration fee ranges from flat fees of $10-$50, while others charge a $5 fee for each creditor. That means you’ll pay about $30 a month that doesn’t go to paying off your debts.
The debt consolidation program benefits you if you have high interest rates or have higher credit card bills than you can manage. Some people like to make only one payment to one company for all of their debts.
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