Family Debt Problems

29 Sep Dow Jones Drops 777 Points When Bailout Fails

The Dow Jones Industrial Average fell over 777 points today.  This is the largest one day point drop in history.  However, the percentage drop is not the worst in history although it is significant.  I must admit that it was very difficult to work while history was being made.  While I was glued to the television all day watching the developments in the House of Representatives, it was amazing to watch the rhetoric change on Wall Street.  Instead of being a Wall Street bailout, which it is, the bailout is now being re-framed by the Democrats and Republicans who voted for the bailout as a Main Street bailout.  This is very unfortunate and disturbing.  Do they really believe that in order to be right, they have to scare the wits out of the American public?  both Democrats and Republicans know that there is nothing in the bill that helped Main Street.  Likewise, Nancy Pelosi's speech was just idiotic.  I believe that she thought the vote was all locked up when she made that speech.
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11 Aug Harmless Prank or Identity Theft? Applying With False Information

Another online site, The Consumerist, recently ran an article about Andy Fanellie being dunned by AFNI, a debt collector, for an old Verizon bill. Andy Fanelli is a Lhasa Apso dog whose owners deny that a Verizon account was ever opened by him or on his behalf (on the other hand, an American Express card was opened in the dog's name). Other online humorists have looked at the issue of animals receiving credit cards, such as www.creditbloggers.com, in a recent article found here. Harmless prank? And then there are the children: A six year old in Illinois was sent a credit card. The mother sent in the application to "test the system." Harmless Prank? And then there are the adults who find out that others "tested the system" and abused their credit while still a minor as described by Wired: Parents Abuse Kids' Good Credit. Harmless Prank? This blog article began as a look at "how silly are these debt collectors...trying to collect from a DOG..." but really, after conducting research on this issue--credit cards/credit accounts being opened with "prank" information, isn't "prank" information actually fraudulent information?
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09 Jul Will The Same Work Ethic Be Allowed As The Economy's Debt Grows?

The current National Debt is over 9 trillion dollars. There is only so much debt an individual can take on and so it is true with a country. I personally believe that our country is in for a long hard stretch. Although it may not be as tough as the last depression , I definitely think that many habits, attitudes and views will be changing in proportion to the increase in the cost of living.
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02 Jul What is a College Degree Worth to a 45 year old Woman?

A college degree may not be worth the cost of obtaining it for some students. College Recruiters selling the value of education aren't telling the whole story. Despite decades of lip-service to affirmative action, earnings of college educated women remain a discouraging 61% of those of their male counterparts. The reasons are complex, but most are beyond individual control. For women obtaining degrees later in life, this too often translates into worsened financial circumstances lasting for the entire remainder of their working lives, and an absolute inability to repay student loans. You've no doubt seen the figures on sites such as this one, or on colorful posters displayed in College Admission Offices. According to a clever graph on the above mentioned website, 2004 US census statistics show the average annual earnings of high school graduates to be $28,645 and of those with a bachelor's degree to be $51,554. From this, the education industry arrives at a figure of something on the order of a million dollars for the lifetime value of a bachelor's degree. That figure assumes that income increases or decreases over the lifetime of a worker in decades to come will closely resemble those of previous decades, and that a graduate has 40-plus years of working life ahead.
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30 Jun Can A Creditor Garnish My Paycheck?

Well, yes and no. Yes, a creditor can garnish, but no, they can't just start garnishing without going through a series of steps first. The first thing that has to happen is the creditor has to file a lawsuit. (There are two exceptions to this first step--the IRS and Student Loan Creditors). You have to be served with the lawsuit and you have time to reply to the lawsuit with any defenses you might have. If you defend and lose, the creditor will ask for a judgment. If you don't respond, the Creditor will ask for a judgment. Either way, the creditor must have a judgment before Step Two.
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15 Jun Bankruptcy J.K. Harris: After NC Attorney General Among Those Settling With J.K. Harris

Update: J.K. Harris filed for bankruptcyin 2011 in South Carolina following numerous troubles with consumers, after many troubles such as those described below. It started as a Chapter 11 but converted to Chapter 7 in January 2012. If you Google "J.K. Harris", the website for...

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