“Personal bankruptcies surge 9% (CNN Money)” plus 3 more |
- Personal bankruptcies surge 9% (CNN Money)
- Business defaults on loans and credit on the rise, says Veda (TVNZ)
- Over $30 Million in SBA Disaster Loans Approved for Georgia Residents (Business Wire via Yahoo! Finance)
- Personal Finance Daily: Glimmers of goodness shine through tough times (Market Watch)
| Personal bankruptcies surge 9% (CNN Money) Posted: 04 Nov 2009 09:16 AM PST NEW YORK (CNNMoney.com) -- The number of Americans filing personal bankruptcies surged 9% in October and were on target for the highest annual total in four years, according to a report issued Wednesday. The American Bankruptcy Institute, an industry research firm that relies on data from the National Bankruptcy Research Center, said 135,914 consumers filed for bankruptcy last month. Almost a third of the bankruptcies were filed under Chapter 13, in which consumers are put on a repayment plan of up to five years. "The nearly 9% increase in consumer bankruptcy filings in October, together with a 7% jump reported in business cases, demonstrates the sustained stress on the U.S. economy," said ABI executive director Samuel Gerdano. The group forecasts total bankruptcies to exceed 1.4 million in 2009, which would be the highest since 2005. It would also be an increase of at least 30% from last year. "People are still carrying a lot of debt in terms of credit cards and home equity loans, and unemployment is still rising," said Maureen Thompson, legislative director for the National Association of Consumer Bankruptcy Attorneys in Washington. "All of those factors are hitting consumers at the exact same time." While some Americans are able to survive by tapping into savings and retirement funds, Thompson said many middle-income families are struggling after becoming unemployed for longer than anticipated. And with their homes values lower, interest rates creeping higher and credit lines reducing, they are being forced to declare bankruptcy. The last time bankruptcies were this high was due to a change in the law rather than deteriorating economic circumstances. In October 2005, Congress implemented legislation making it harder for consumers to prove that they should be allowed to clear their debts in a Chapter 7 bankruptcy, forcing more to file under Chapter 13. To dodge the change, Americans rushed to file for bankruptcy in the months before the law went into effect. Thompson said an economy that puts people back to work will begin to lower the number of Americans filing for bankruptcy, but she is "not expecting the numbers to turn around in the foreseeable future." This content has passed through fivefilters.org.  This posting includes an audio/video/photo media file: Download Now |
| Business defaults on loans and credit on the rise, says Veda (TVNZ) Posted: 04 Nov 2009 03:52 PM PST  Source: ONE News The number of businesses in New Zealand defaulting on loans and lines of credit is increasing, says credit reporting agency Veda Advantage. Agency data shows a nearly 50% increase in commercial defaults for the 10 months to October 2009 compared with the same period last year. In the month of October, there was a 55.3% increase in business defaults compared with October 2008. "These are the numbers which explain, in part, why the government's tax take is down. Businesses are experiencing tough trading conditions and now we are seeing the end result - businesses can't pay their bills," says Veda managing director John Roberts. Treasury figures released on Wednesday show the government's corporate tax revenue for the three months to September 2009 was $900 million lower than forecast. Veda Advantage says consumer defaults also rose. The increase, however, was not as marked as those seen in businesses. Consumer defaults on loans and credit rose 4.29% in the first 10 months of the year compared with the same period last year. The baby boomer age group - those aged 44-62 years old - were significantly above the average rise at 16.8%. However, this has eased slightly from the 19.37% rise in defaults baby boomers recorded in the agency's September survey. Mortgage applications continued to grow, up 20.2% in the 10 months to October compared with October 2008. This is also up on the 12.99% recorded in September. Veda Advantage says consumer applications were down for credit cards, personal loans and hire purchase over the 10 months. This content has passed through fivefilters.org. |
| Posted: 04 Nov 2009 08:04 AM PST ATLANTA--(BUSINESS WIRE)--The U.S. Small Business Administration (SBA) announced today that it has approved over $30 million in federal low-interest disaster loans to Georgia homeowners, renters and businesses who sustained damages as a result of the severe storms and flooding that occurred from September 18 through October 8, 2009 in Georgia. "Currently, 843 SBA disaster loans for homes and businesses have been approved in the amount of $30,057,000 for affected victims," said Frank Skaggs, Director of SBA's Field Operations Center East. "We are pleased to be able to approve these loans so the residents and businesses of Georgia can start to rebuild and resume their normal lives." "Assisting individuals and business owners to recover from a disaster is our primary mission," Skaggs added. "We are encouraging anyone affected by this disaster to visit one of the Centers located throughout the disaster area to obtain individual assistance with completing their loan applications from our representatives. I ask anyone who has not completed their disaster loan application to do so and return the application as soon as possible." Homeowners, renters, businesses and non-profit organizations of all sizes in the following counties in Georgia are eligible to apply for both SBA's Physical and Economic Injury Disaster Loans (EIDLs): Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Coweta, DeKalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding, Rockdale, Stephens and Walker. SBA offers EIDLs to help meet working capital needs of small businesses, and most private non-profit organizations of all sizes. Small businesses and most private non-profit organizations in the following counties are eligible to apply only for Economic Injury Disaster Loans: Banks, Barrow, Butts, Clayton, Dade, Dawson, Fayette, Floyd, Forsyth, Franklin, Gordon, Habersham, Hall, Haralson, Henry, Jackson, Jasper, Meriwether, Morgan, Pickens, Polk, Spalding, Troup, Walton and Whitfield in Georgia; Cherokee, Cleburne, DeKalb and Randolph in Alabama; Oconee in South Carolina; and Hamilton County in Tennessee. EIDL assistance is available regardless of whether the business suffered any property damage. Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to homeowners and businesses to help with the cost of making improvements that prevent or minimize the same type of disaster damage in the future. Interest rates are as low as 2.750 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant's financial condition. Anyone unable to visit one of the Centers may obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (or 1-800-877-8339 for the hearing impaired) Monday through Friday, 8 a.m. to 9 p.m. EST, or by sending an email to disastercustomerservice@sba.gov. Business loan applications may be downloaded from www.sba.gov/services/disasterassistance. Applications may be returned to any of the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. Georgia disaster victims may visit SBA's secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans. The filing deadline to return applications for physical property damage is November 23, 2009. The deadline to return economic injury applications is June 24, 2010. For more information about the SBA's Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance. Release Number: 10-068, GA 11886/11887 This content has passed through fivefilters.org. |
| Personal Finance Daily: Glimmers of goodness shine through tough times (Market Watch) Posted: 04 Nov 2009 12:25 PM PST
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By MarketWatch Don't miss these top stories: There's no shortage of bad news to go around (most glaringly today: the job market continues to show worrisome signs of weakness -- read our coverage below), so let's take a break from all that and focus on something a little happier. How about this: Some people spend their retirement years helping improve the lives of others. One woman organizes volunteer therapists to work with war veterans as they resume their lives at home. Another retiree provides mentors for young kids from unstable homes -- mentors who guide those kids to educational success all the way from first grade through high school. Meanwhile, a man in South Carolina is teaching rural farmers how to grow specialty produce, and then connects them via the Internet to customers, often restaurant chefs in urban centers. Recently, these three retirees (if you can call them retired) plus seven others became the winners of prizes of $50,000 to $100,000. That's good news. Here's another happy tidbit: A new study finds that when people retire, they sleep better. But wait -- I spoke too soon. Turns out the study was in France, and focused on people with robust, guaranteed retirement benefits, including a company pension worth 80% of their salary. Now that would make for some sweet dreams. -- Andrea Coombes, assistant personal-finance editor These prize-winning retirees help veterans, at-risk kids, family farmers
When you retire, do you plan to visit your grandkids, go on a few trips, relax a little? That was Judith Broder's plan. But then she found herself profoundly moved by a play that chronicled Iraq war veterans' struggle when they return home. Broder, a psychiatrist with 35 years' experience, couldn't stop thinking about those soldiers.
Retirement is good for your sleep -- if you live in the right country
It might sound counterintuitive. After all, the reason why many Americans can't sleep at night is because they haven't saved enough for retirement. Now we learn that retiring goes a long way toward resolving sleep disorders.
REAL ESTATEInvestors see mortgage rates rising as Fed wraps up buys
Some bond investors are expecting mortgage rates to rise as the Federal Reserve finishes its planned purchases of nearly $1.5 trillion in mortgage-related bonds, yet another risk to the fragile U.S. recovery.
Mortgage applications march higher
Applications filed for mortgages rebounded last week, rising a seasonally adjusted 8.2% as refinancing-minded borrowers sought to take advantage of more attractive interest rates charged on home loans, according to the Mortgage Bankers Association's latest survey.
THE JOB MARKETFewer being hired, ISM index says
Fewer businesses were hiring in October, even as production and new orders increased in U.S. nonmanufacturing industries, the Institute for Supply Management said Wednesday.
Private-sector jobs fall 203,000: ADP
Private-sector firms in the U.S. cut 203,000 jobs in October, according to the ADP employment report released Wednesday. It was the fewest jobs lost since July 2008.
Planned layoffs down three months in a row
Planned job reductions at major U.S. corporations declined for the third month in a row in October, falling to the lowest level since March 2008, according to a monthly tally compiled by outplacement firm Challenger Gray & Christmas.
Extension of jobless benefits clears Senate hurdle
A bill that would extend unemployment benefits in all states for 14 weeks and maintain an $8,000 tax credit for first-time home buyers cleared another procedural hurdle in the Senate Wednesday.
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