Tuesday, December 29, 2009

Debt Help and Debt Solution

The Economy is in a bad place. This is the result of careless and irresponsible lending and borrowing.

The major banks and financial institutions are gasping for cash simillar to a smoker gasping for air. This cancer like smokers fit is causing financial ruin. The worst part of this idea is that it may only be half way through.

At the pit of this massive mess of financial hardship is the American consumer and the American dream. Both exist with the risk of becoming a history lesson.

Both businesses and consumers, are being bled to death through fees and hiked interest rates and at the same time there borrowing limits and lines of credit are being strangled and terminated left and right.

Is There Debt Solution for Those in Need of Debt Help?

The economy, the consumer, the banking system, the small, large, new, and old businesses as well as almost every industry are all in desperate need of debt solution.

What are Debt Solutions?

Debt Solutions are as the term implies a solution or "fix" to a "broken" or problematic debt scenario, agreement, or situation. For instance say a credit card consumer has lost a job and thus financed three months of living expenses on that shiny old master card and now this poor consumer who still has no job and now no credit left, has no money to make credit card payments. This consumer has just developed a debt problem via Credit Card Debt for both himself as well as the lender. Also created here is a need for debt help. The Consumer may seek out a debt settlement service or some similar form of debt help as a means to obtaining a favorable debt solution. At the same time Master Card or the bank lending the money may seek out the services of a debt collector.

There is some more that I would like to add about debt settlement, debt help, debt collections, creditors, and regulatory bodies such as the FTC.

Late summer of 2010 the FTC announced that they have created some new regulations and FTC debt settlement laws that will create some difficulity for existing debt settlement firms. They will no longer be able to collect upfront fee's and there are some other restrictions that they will have to take in to account. The real damage is done through the campaign the media has taken against the debt settlement companies that are for profit entities. There is some real wrong and manipulation being thrown at the American consumer who needs debt help. That link will go to a more recent post on this finance blog that goes into more detail. I encourage all to take a look.

Debt Solutions will play a big part in the economic recovery effort.

Basic Forms of Debt Solution
  • Debt Settlement
  • Debt Management
  • Debt Relief
  • Bankruptcy
  • Debt Collection
  • Debt Mitigation
  • Debt Resolution 
  • Loss Mitigation

Related Articles and Resources

Simple DIY Debt Management Plan 

How to Get a Mortgage Modification

Prioritize Bills and Debt - What to Pay First?

HAMP - The Basic Qualifications for the Obama Mortgage Assistance

Restructured Mortgage Agreements 3 Times More Likely to Reduce Principle

HAMP Modifications Drying Up

    Thursday, December 24, 2009

    Economic Growth - GDP 2.2% - Is It Real?

    The final numbers are in for the third quarter and the numbers show a 2.2% growth in the Gross Domestic Product, also referred to as GDP. Now this figure can be good or bad news depending on who you talk to.

    If you ask me any positive growth is great news. I mean things have seemed so bad that the notion that economic activity is on the rise is extremely appealing.

    On the other hand the expectations were set for about 3% so many investors were spooked when they saw a figure that was about 30% or so lower then they were thinking. Though other figures that came out along side these numbers helped ease the pain. For instance existing home sales, as well as home prices were both very positive.

    I for one am just glad to see things going the right direction. But I can no help but to feel a bit skeptical of the numbers.

    When I am out and about in the real world things just don't match the financial head lines. For instance, I noticed that the trick or treat tradition no longer exists in any comparative form to just 10 years ago. Though this is an observation of a local area, and hardly a sophisticated indicator, it does tell me that if there is growth, then the lack of trick or treaters must be accounted for some where. But where? I also noticed that there were no xmass tree dealers in town this year. They use to pack each and every parking lot. Where did they go?

    I have seen little reason to believe that there has been any sort of growth. All I have witnessed, for my self, is less.

    A little less of everything.

    Any Thoughts?

    Wednesday, December 16, 2009

    Brian T. Moynihan - A New Year and A New CEO for Bank of America

    Come December 31st when Ken Lewis steps down as the Chief Executive officer of Bank of America Brian T. Moynihan will take over as CEO and will have a seat on the Board of Directors.

    Who is Brian T. Moynihan?

    He is and has held positions as a major decision maker and leader with Bank of America. As of now he is the the president of consumer and small business banking.

    He is a 50 year old male.

    He started with Fleet Boston Financial in the early 1990's and by 2004 when Bank of America acquired Fleet Boston Financial he had risen to the top of their senior management team.

    He was the selected candidate of a extremely large and far reaching search that considered both internal and external candidates for the CEO position.

    “I am honored to have the opportunity to lead this important company,” said Moynihan.

    Ken Lewis the one who took a tiny bank in North Carolina and made it into a financial institution that continues to be the first of its kind in both size and scope says that he has full confidence in Brian's ability and work ethic.

    I can't imagine anyone who is up for that task besides Lewis but then again what the hell do I know... well, besides the notion that I would not touch that position with a 100 foot pole.

    This tells me that Big Man Brian does have one obvious qualification...

    Balls, and obviously big ones.

    Best wishes Brian!

    Tuesday, December 15, 2009

    Mortgage Modification - No Easy Task

    Obtaining a loan modification is hard. The lenders are overwhelmed with calls and mortgage defaults. It seems as if the only tactic they have to deal with the overwhelming volume of calls is the run-around and what a run it is. Homeowners, loan modification service reps, attorneys, nonprofit advocates, and even politicians have no luck with the dreaded call centers of the typical mortgage lender.

    Don't take my word for it....

    If she can't get these things through then who else is going to be able to obtain a loan modification?

    Learn More -

    Mortgage Modification Three Times More Likely to Reduce Principle

    HAMP Qualifications - Obama Mortgage Help

    Debt Solutions