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August 2012 Archives

Data shows that Americans paying bills on time as debt rises

According to an analysis of consumer-credit data, Americans have more credit card debt than they did a year ago, but it appears that people are nonetheless paying their credit card bills on time. The data shows that, while credit card debt rose 6 percent from last year, the late-payment rate for credit card users is at an 18-year low.

Personal bankruptcy, unemployment cause Tennessee credit woes

The economic downturn didn't simply take people's jobs and homes; it also caused many people to lose their good credit ratings. Still, a lot of people found themselves relying on credit cards and other unsecured debt to survive. With no income to pay those debts off, quite a few Tennesseans were forced to file for personal bankruptcy. That often necessary action is typically accompanied by worsened credit ratings, and Tennessee was recently ranked number 10 on the list of states with the worst credit.

Tennessee Commercial Bank failure leads to Greek Peak bankruptcy

The fallout from the failure of Tennessee Commercial Bank continues to be seen in locations as far away as New York. When the Federal Deposit Insurance Corporation chose to shut down the popular Tennessee-based lender, it resulted in commercial bankruptcy filings for many companies that depended on the bank for loans.

Capital One to pay $12 million over illegal military foreclosures

In the United States, deployed military service members are entitled to certain rights with regard to secured and unsecured debt. Under the Servicemembers Civil Relief Act, deployed soldiers are entitled to a reduced credit card debt interest rate during deployment, and deployed military personnel cannot be foreclosed on for a missed mortgage payment.

Economic downturn means waiting to have children

Young Americans who dream of parenthood may be putting off starting their families amid the poor economy. The costs of a child, purchasing a home, saving for college, along with the unanticipated costs of parenting may be too much of a burden to bear. According to a recent report, the US birthrate has fallen to its lowest point in 25 years.

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