Detroit is on the verge of filing bankruptcy. In fact, according to the city's Emergency Manager Kevyn Orr, there's still a "fifty fifty" chance it will find itself on the wrong side of a bankruptcy filing. This is part of a 135 page letter, proposal and explanation to its many creditors. He's already met personally with many of those creditors to lay the cards on the table and find solutions.
The latest report from the Federal Reserve Bank of St. Louis comes as little surprise to most. The message: Contrary to government insistence, American households have not financially recovered from the housing bubble and financial crisis.
Living on the Mississippi Gulf Coast, there was a very disturbing statistic that emerged following the devastating Hurricane Katrina landfall in 2005. These days, it's a storm of a different kind and because of it, debt and suicide are becoming strange bedfellows.
During a time when money is cheap, consumers are getting shut out of potential credit opportunities thanks to plummeting property values, quickly falling interest rates, and a shift in consumer debt.
Following a comprehensive investigation, one of the leading credit card companies in the United States has been stopped in their tracks when it comes to persuing delinquent cardholders.
An odd sequence of new offers on credit cards have suddenly started to arrive in the mailboxes of people who have had past problems with their credit history, such as delinquencies and defaults, says some news reports published recently.
A new study shows that despite popular assumption, credit card debts and student loans do not make young adults anxious about their financial situation. Instead, debt can actually boost self esteem and make young people feel more in control of their own lives.