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Ramifications of the 'debt deal' on long-term investing
Did the “debt ceiling” debate in Washington, D.C. between President Barack Obama, Speaker of the House of Representative John Boehner, and the Senate sour the American public on viewing democracy in action? And, are Americans going to be directly effected in the management of their personal and/or household debt, e.g. a home loan or car loan as a result of the “debt ceiling” politics? Answer: Yes, and yes.
Rasmussen polling agency reports sixty-one percent (61%) of Americans now think the national legislatures are doing a poor job. Most voters do not care much for the way either party performed during the federal debt ceiling debate. Further, Americans will be directly affected in the management of their personal debt. The majority of voters are worried that the final debt deal will raise taxes too much and will not cut spending enough. Only 11% of voters believe this Congress has passed any legislation that will significantly improve life in America.
Damned by Debt Consolidation: Settlement Could be a Trap - CBS ...
Families struggling with overwhelming debt may be tempted to respond to advertisements that promise to settle your bills for pennies on the dollar, but beware. Using a debt settlement company could be a trap that leaves you older and further in debt.
This joint warning came from a coalition of much-lauded consumer groups–including Consumers Union , Consumer Action , the National Consumer Law Center and Consumer Federation of America . They issued a joint press release on Tuesday in an effort to slow the debt-settlement industry’s full-tilt push to create a system of state registration that would legitimize the business, which has also come under fire from the Federal Trade Commission .
Debt settlement companies typically suggest that consumers make monthly savings payments into a special account held by the settlement company. That money is supposed to pay off all of the consumer’s debts after the settlement company manages to negotiate a cut-rate pay-offs with each lender.
The problem, the consumer groups say, is that the industry is long on promises and short on results and guarantees. Meanwhile, they charge up-front fees that typically range from 14% to 20% of what you owe. Because those fees are taken out of your savings account regardless of whether the settlement company is able to negotiate away your debts–and because late fees and charges are often accumulating on your credit card bills while the settlement company sits on your payments–debt settlement can dramatically worsen the consumer’s economic woes.
“The industry’s own statistics show that debt settlement doesn’t eliminate all of the debt for most consumers,” said Gail Hillebrand, financial services campaign manager at Consumers Union in San Francisco. “But the full fee can be deducted from your savings even if you are still stuck with your debts.”
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Additionally, we'll be presenting at the Barclays Conference in San Francisco early December. Please look for the exact date of these presentations on our calendar page of our Investor Relations website. As always, you are welcome to call me if you and more »
From its locations in Raleigh, NC, Parsippany, NJ, Los Angeles, San Francisco, Chicago, Boston, Philadelphia, New York City, Atlanta, and Zug, Switzerland, the firm serves clients throughout North America, Europe, and Japan. and more »
