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Social Security suspends its ridiculous debt collection efforts

The Social Security Administration announced Monday that it will immediately cease efforts to collect on taxpayers’ debts to the government that are more than 10 years old.

The action comes after The Washington Post reported that the government was seizing state and federal tax refunds that were on their way to about 400,000 Americans who had relatives who owed money to the Social Security agency. In many cases, the people whose refunds were intercepted had never heard of any debt, and the debts dated as far back as the middle of the past century.

“I have directed an immediate halt to further referrals under the Treasury Offset Program to recover debts owed to the agency that are 10 years old and older pending a thorough review of our responsibility and discretion under the current law,” the acting Social Security commissioner, Carolyn Colvin, said in a statement.

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Death, DEBT and Taxes!

In normal circumstances, tax law requires that debtors pay income tax on any amount of debt that is forgiven. When the housing market crashed, that tax treatment became untenable, because borrowers were getting huge tax bills on debt that presumably had been wiped away in foreclosures, short sales or loan modifications that reduced the loan’s principal balance.

Personal Debt Is Brutal!

If the past brutal winter left you with a shortfall in your budget, you might have to cut back on a few things and double up on making payments or refilling your savings/emergency account.  I’m not saying it needs to be a Ramen Noodles night every night, but you will surely need to make some cutbacks in order to take control of your finances again.

Debt Consolidation Traps to Avoid

Debt consolidation loans are like a politician during an election year—they make a lot of promises, but don’t always deliver. They promise lower monthly payments, lower interest rates and the convenience of a single payment. For many, however, the reality is high fees, greater debt and potentially more interest payments.

Here are four signs that a debt consolidation loan may drown your finances from Rob Berger :

If you use debt consolidation as a cure-all. If the ultimate goal is to climb out of debt, consolidation loans don’t have a good track record. Estimates suggest that at least 70 percent of those who consolidate their debt end up with as much or more debt a few years later. For example, one might consolidate credit card debt into a single loan, only to max out the credit cards with the newly found available credit. Think of it as yo-yo dieting, only with debt.

Why does this happen? Because getting a debt consolidation loan to make your payments more manageable doesn’t require you to change your behavior. It’s similar to losing weight with a dieting pill; if you don’t also adjust your eating habits, you’ll probably pack the pounds back on once you quit using the pill.

This isn’t to say consolidation loans are bad. They can be useful tools for managing and paying off. However, they’ll only work over the long term if you can be financially disciplined enough to change your lifestyle so that you don’t go into debt again.

If you rely on an expensive consolidation service. Consolidation loan services, in truth, don’t do much that you can’t do yourself. And they’ll often require hefty fees for their services: either in interest, in up-front fees or in monthly fees when you run your payments through them. Sometimes, such services are a good idea, but not if they’re going to cost you more money in the long run.

You’re probably better off looking into debt consolidation options on your own. You could move your high-interest credit card debts to a no- or low-interest option, take out a home equity loan or possibly get an unsecured line of credit.

As with most things in life, when you take out the middleman, the costs go down. If you are considering using a debt consolidation company, try to work out your debt problem in other ways before opting for a potentially expensive loan.

If you wind up paying more interest over time. This is one hidden problem with debt consolidation loans. While you may lower your monthly payments, those payments often come at a cost—more interest payments. The lower monthly payment may be the result of extending your payments out over more years; it’s like getting a 7-year car loan rather than a 3-year loan. You’ll pay less each month, but your total interest payments will be a lot higher. That’s true even if your consolidation loan lowers your interest rate.

If you have high credit card or other debt payments, you may be more motivated to pay them down one by one—a plan that will leave you with huge interest savings over time. If, on the other hand, you consolidate your loans so that your monthly payment is less worrisome, you may just make minimum payments. Again, this leaves you paying a great deal of more interest over the life of the loan.

You can use an online calculator to determine how much loan consolidation will cost or save you in interest and decide whether this is the right debt payoff strategy for you.

If you put your house on the line. Here’s where debt consolidation can cause serious problems. Consolidating your debt onto a home equity loan or line of credit—while a reasonable approach in some cases—puts your home at risk.

If you use a home equity loan, line of credit or cash-out refinance to consolidate your debts, recognize you are guaranteeing the loan with the pink slip to your home. It may seem like a good idea—especially with today’s incredibly low interest rates, but you’re going from unsecured debt to debt that’s secured by your most important asset: your home.

If you’re considering leveraging your home’s equity to consolidate credit card debt at a lower interest rate, make sure you can make this extra payment. Also, make sure you still have at least 20 percent equity in your home by the time you take out your line of credit or second mortgage. If you default on the loan, you’re at risk of foreclosure—just like if you defaulted on your original mortgage.

Take these factors into consideration before deciding whether one of these debt consolidation loans is right for you.

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How overspending with credit cards built debt and how I found a way out

1. Take stock. Before you start reducing your credit card debt, know where you stand, says Cate Williams, vice president of financial literacy for Money Management International, a large, national credit counseling firm. "A lot of people will say they've got a certain amount of debt -- $9,000, let's say -- when in reality, it's $11,000 or $14,000." You'll never hit your target if you don't know where it is, so be brutally honest with yourself.
Action plan: Write down the debt -- and the interest rate -- on every card you have.

2. Improve your rates. The quickest way to save big on your credit card bills is to negotiate a lower interest rate. If you can shave off even a percentage point or two, you can save hundreds as you pay off your debt. A simple phone call and a polite request may be all it takes. While your credit score will play a large role in whether or not you get a rate cut, it's not the only factor. "Every lender has their own approach to this issue," says Weston. "It never hurts to give it a shot."
Action plan: Call up each credit card company and request lower interest rates.

3. Track your costs. Write down all your regular, committed expenses (mortgage, utilities, insurance, car payments, minimum credit card payments, phone, gym, cable, etc.), and track other variable expenses such as restaurant meals, entertainment and travel. This will serve as the foundation to your budget.
Action plan: Study up to a year's worth of credit card bills and bank statements to get an accurate sense of your monthly spending, and keep tracking your expenses with a notebook or financial software.

Debt Consolidation

Debt consolidation involves taking out one loan to pay off many others, i.e. combining multiple loans into a single loan. It is often done to secure a lower interest rate, secure a fixed interest rate, or for the convenience of servicing only one loan

Getting Rid of Debt - Pay off your debts quicker

U.S. to Pay Down $35 Billion in National Debt in Q2

The U.S. government expects to pay down debt in the current quarter for the first time in six years, the Treasury Department said on Monday, citing stronger-than-expected revenues.

It said it would pay down $35 billion in net marketable debt in the April-June quarter, and would likely end the quarter with a cash balance of $75 billion. In February, it estimated that it would need to borrow $103 billion, even as it projected a smaller end-of-quarter cash balance.

It is the first retirement of government debt since a $145 billion paydown in the April-June 2007 quarter.

How many different types of debt are there?

Here are several different types of debt. They are:

Installment Debt - Installment debt is money owed to a creditor who expects repayment over a fixed period of time made in equal monthly amounts. A mortgage or a car loan is an example of installment debt. You are making the same payment over a fixed schedule of time. An auto loan, for example, might call for 48 equal payments of $300. A home loan might call for the same payment of $1000 every month for 30 years. You are paying these loans off in installments.

On your credit report it is easy to tell if an account is being reported as an installment account. The numeric Current Status rating will be prefaced by an "I." The "I" stands for installment.

Revolving Debt - Revolving debt is money owed to a creditor who sets your monthly payment based on the current balance. Credit cards or retail store cards are examples of revolving credit. Each month your balance varies based on your shopping activity from the previous month and any unpaid amount rolled over or "revolved."

As with installment debt, revolving debt is easily identified on your credit report. An "R" prefaces the numeric Current Status rating. The "R" stands for revolving.

Open Debt - Open debt is the least common type of debt to be found on your credit report. "Open" means that each month you run up a balance and pay it in full when you get your bill. Your cell phone is a good example of open debt. The American Express Green Card is another example of open debt. You don't have a predefined credit limit and you have to pay the balance in full each month.

A debt story

We have 5 kids with a stay at home mom. We own only 1 car, a Toyota Sienna. The money you are putting into the monthly lease can be saved and used to pay down debt. I drop my husband off at work and pick him up. Sometimes, he will bum a ride off his colleagues. When it comes to a large family, food costs can get out of control. I use a system of writing down every single penny I spend. I also track my husband's spending. I avoid impulsive food buys and plan out the meals for the week and shop at 99cent discount store, and costco. We only eat out for special occasions, maybe once or twice a month. Avoid fast foods also. Don't give up. Once you make debt repayment a priority, you will quickly free up extra money every month that can go towards savings and investment.

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Debt is a total killer

Does anyone have any advice or comments they would like to share on this blog. I could sure use a "pick me up" today! Speak up!

New Puerto Rico debt in high demand after robust offering

(Reuters) - Puerto Rico's newly issued bonds rallied on Wednesday, a day after investors flocked to the high returns offered by the cash-strapped U.S. territory's $3.5 billion debt sale.

Analysts said the debt, much of which was bought by more risk-tolerant hedge funds, was drawing strong interest from investors who missed out on Tuesday's heavily oversubscribed sale, as well as buyers hoping to make a quick profit from the rally.

There were also indications that despite the unusually large denominations of $100,000, some of the trading was meeting demand from retail investors.

Puerto Rico's newly issued general obligation debt traded with an average yield of 8.35 percent, with over $557 million, or more than 15 percent of the issue, changing hands in brisk trade, according to data compiled by Municipal Market Data.

"The bonds have traded up in a very significant way over the last 18 to 24 hours," said James Colby, chief municipal strategist at Van Eck Global in New York. "It's been a while since I've seen a market environment that supported such a strong after market for trading."

Van Eck took part in Puerto's Rico debt sale for the firms index tracking funds but was not involved in trading on Wednesday, said Colby.

The strong appetite for Puerto Rico's sale, which was nearly five times oversubscribed with $16 billion in offers, was seen as a positive for the overall municipal bond market. Last year, Detroit's bankruptcy filing and concerns Puerto Rico was locked out of markets were among factors that weighed on investors.

Prices on longer-dated triple-A rated bonds jumped on Wednesday. Thirty year bonds gained 6 basis points.

Tuesday's sale, considered crucial for financial reforms in the U.S. territory, which has $70 billion of outstanding debt, was priced in a single 2035 maturity with an 8 percent coupon and an approximate yield of 8.727 percent.

Wednesday's trading was unusual in the muni market, where only about 1 percent of outstanding bonds can trade in the secondary market on any given day. It may reflect the greater presence of the non-traditional investors who bought Puerto Rico's debt.

The debt sale was one of the biggest and most anticipated in years in the usually sleepy $3.7 trillion municipal bond market that is predominantly held by mom and pop investors.

"Some of it is probably going to retail now where they are buying it out of institutions," said Lyle Fitterer, a municipal fund manager at Wells Capital Management, pointing to some smaller trades at higher prices on Wednesday.

Fitterer said he did not take part in Tuesday's sale and was not active in the secondary market.

Many muni funds shied away from the deal after Puerto Rico's debt was downgraded to junk status by the three major ratings agencies earlier this year. Some investors have not ruled out the possibility Puerto Rico might restructure its debt despite the mammoth sale this week. (Reporting by Edward Krudy; Editing by James Dalgleish and Andrew Hay)

What Lies In Your Debt? It Pays to Know

When people really find out what is going on behind the scenes in the mortgage industry like we did through What lies in your Debt, they will see that there are viable options to the stress and fear that the banks have had over the public for so long. I highly recommend that anyone who has an issue with their loans or mortgages to leverage the resources this business has put together. It could be the best thing they ever did!

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This is how I feel about the economy...

Credit Cards and Prepaid Debit Cards for People with Bad Credit

Simply getting a credit card will not help you build, re-build or re-establish your credit history. Making on-time minimum payments with all of your creditors and keeping account balances low relative to the credit limit are key to rebuilding your credit history. Prepaid debit cards, unlike credit cards, do not provide a line of credit and do not influence your credit history. Choose from secured and unsecured credit cards, and prepaid card offers below - some of them are fee-based.

Definition: Mortgage/Debt Insurance

Mortgage life insurance, also known as mortgage insurance or creditor insurance, is offered by most banks and lending institutions. It is a life insurance policy that pays the balance of your mortgage to the lending institution if a person listed on the mortgage passes away.  But in many cases, you may prefer to own your own insurance policy.

How does term life insurance cover your mortgage?

When you purchase a term life insurance policy, you take into account all the money your family will need in case you are not around to help out. This includes your mortgage payments.

A term life insurance policy gives you added coverage and flexibility over a mortgage life insurance policy

- The beneficiary of a mortgage insurance policy is the bank, whereas your family receives any payout from your term life policy directly. This gives them the flexibility of using the money to pay off debts, or, if they can still carry the mortgage payments, they can use it for investing and securing a future income

- Mortgage insurance policies only cover you for the amount of your mortgage you owe to the bank. As you pay down your mortgage, your coverage amount decreases with it. This is called a reducing balance. With a term life insurance policy, you have a constant level of coverage for the whole term and are getting better value for your monthly payments.