Debt
Greece begins sell-off to counter debt crisis
Greece’s ruling socialist party has passed a second austerity bill needed to implement an austerity package to secure more funds from the European Union and the International Monetary Fund.
The vote saw 155 members of parliament voting in favour of the bill, 136 voting against and five abstentions.
The Greek government will now start to implement harsh cuts, but it also has plans to make money – many of which are proving to be controversial.
Athens wants to raise $72bn in the next four years by selling off state assets.
The state lottery, water companies, electricity and gas monopolies are among those up for grabs. Also for sale are leases on state property and property for tourist development.
Tania Page reports from Athens, the Greek capital.
Duration : 0:2:16
Till debt do us part: Kofinas LIVE from rioting revolting Athens
The Greek government has voted in favour of a new round of austerity cuts – securing the next multi-billion instalement of cash from the EU and staving off a default. But furious protesters have reacted violently to the vote, with battles between police and demonstrators continuing just meters from Parliament. Scenes from downtown Athens resemble a warzone – as protesters fought with riot squads amid volleys of tear gas. Hundreds of thousands of people nationwide walked off their jobs for a two day strike against the austerity cuts. They say drowning the country in debt at crippling interest rates has failed once – and it’ll fail again. For more on what the vote means for Greece and the EU RT talks to financial journalist Demetri Kofinas.
Duration : 0:6:11
Obama Takes Charge in Debt Talks
With a first-ever U.S. default looming ever closer, President Barack Obama has taken personal charge of talks on slashing the deficit, but Democrats and Republicans are still far apart on spending cuts and taxes. (June 27)
Duration : 0:1:45
Filing for Bankruptcy is the Wrong Way to Get Out of Debt
Debt is fast becoming a major financial disease in households all across the United States. Many people feel that their backs are against the wall and feel they have little choice but to declare bankruptcy. Unfortunately this is not a good choice, particularly with the recent changes that have been made to the national bankruptcy laws that favor the rights of creditors and loan providers.
Bankruptcy is the last possible option for anyone who is falling behind financially. There are ways to get out of debt, and while it will take time, patience, and probably some financial and emotional pain, it is much better for your financial future to attack those debts instead of going bankrupt. Resolving your debt issue is about facing it head on, getting mad and doing something about it. There are a lot of shady lending practices out there that get people into trouble but ultimately the responsibility for you finances falls on you so step up, accept the responsibility, and take action.
The first step to getting out of debt is figuring out just how much debt you have. If you haven’t taken an inventory of your financial situation then you have no idea how much you owe and to who. Having a feeling that things aren’t good, or keeping a running total in your head isn’t good enough. It needs to be written down and staring you back in the face.
Get out all your monthly bills, credit card and loan statements, sit down with a pencil and paper and in vertical columns write down the name of your creditor, the balance owed, interest rate, monthly minimum payment, and monthly interest paid for each and then add each column up for an overall total. If you are like 40 percent of American households you are at the least 10,000 dollars in debt. If the totals are higher then it may be almost overwhelming to even think about paying it down.
Once you get over the shock of actually seeing your debt in actual numbers it is time to build a plan to start paying that mess off. The best way to do this is build a monthly budget, which gives you total control over what your money does and where it goes. A budget gives you the ability to see where you are spending in a wasteful manner and cut those expenses out. This frees up some cash flow that you can start throwing at your debts.
A good way to get motivated is to pick your smallest debt and pay it off first, then once that’s done pay off the next smallest while rolling the previous debts payment into that one. Just getting those first two or three knocked out can keep you motivated to keep attacking and when you get to the larger debts you have momentum that will roll right through them.
Finding quick ways to make extra money is also very helpful. Have a garage sale or join the millions of people who sell their stuff on eBay. Getting a part time job can speed up the process. As little as an extra $1,000 a month can have a big effect on you ability to get out of debt. Any extra money will knock those balances down quickly, making you debt free sooner rather then later.
Negotiating with your creditors to lower interest rates, waive fees, and even lower monthly minimums can be done as well. The point is that all creditors want their money and will be willing to work with you if you explain the situation. As long as you send them something each month most creditors are happy and will leave you alone.
Filling for bankruptcy is the wrong way to get out of debt simply because there are better options available. If you know how much debt you have and work your monthly budget carefully you can begin to find relief from an overwhelming financial problem.
Andrew Bicknell
http://www.articlesbase.com/debt-consolidation-articles/filing-for-bankruptcy-is-the-wrong-way-to-get-out-of-debt-722107.html
Eurozone debt ‘the biggest threat to UK stability’
Bank of England Governor Mervyn King says the biggest threat to UK banks’ financial stability is the eurozone sovereign debt crisis. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Duration : 0:1:44
Credit Card Debt Solutions That Give You Financial Freedom
If you’ve got overwhelming financial problems staring you in the face there is a good chance that credit card debt is the primary reason. Are they nearly maxed out with outrageous interest rates and minimum payments that barely pay the balance down? Do you get the dreaded late fee that negates the payment you did send? If this is you then you are no different from millions of other people who are dealing with the financial burden of high credit card balances everyday.
credit cards are the leading cause of financial hardship for most people and finding a solution for this type of debt is a high priority for those affected. Getting out of the credit card trap can be difficult because every bank and store sends out credit applications offering more and more credit with higher limits. It turns into a never ending cycle that encourages consumers to spend more then they make.
So what are the best credit card debt solutions you can use to get out of this cycle of debt?
The first solution to getting out of control credit card debt is simple; destroy the evil things. Burn them, shred them, or flush them down the toilet. You can’t keep using them if they don’t exist. This is an immediate way to take back control of your money because when you use a credit card you are using someone else’s money. They in turn are making money through the interest rate they charge you for the use of their money. And that is the problem with borrowing money; in the long run it ends up costing you your future because you are always working to pay it back.
Once you have gotten rid of those credit cards and the temptation they offer it is time to get serious about paying off that debt. Some basic accounting comes in handy here. Get a pencil, a piece of paper, and all your past months statements. In a column write down the credit card name or bank issuing the card and then in subsequent columns write down the balance owed, the monthly minimum payment, the interest rate, and the interest being paid. Add each of those columns up and write down the total at the bottom.
Look at those totals closely. This is money that could easily stay in your control if that debt did not exist. Think about what you could do with that money if it wasn’t going out the door every month. If it makes you mad so much the better because getting out of credit card debt is about attacking the problem head on.
Now you need a plan. The credit card debt solution that works best for most people is to list them in order from lowest balance to highest balance. While paying the minimum payments on all your other accounts attack the card with the lowest balance by sending any extra money you can afford out of your budget or scrape together to that credit card. The reason to doing it this way is simple; you’ll be able to knock that one out in relatively short order and that will keep you motivated to jump to the next lowest and rolling the payment from your first card into the second. Just keep rolling down your list with the same determination and when you reach the card with the highest balance your momentum will roll right through it.
The best solution for dealing with credit card debt is to not use them. It is to easy to fall into the bad habit of using them to purchase those things you think you need. By avoiding that trap you can build a sound financial future that will allow you to live the kind of life you always wanted without resorting to their use. Make a life changing decision and take back control of your money from the credit card companies today.
Andrew Bicknell
http://www.articlesbase.com/personal-finance-articles/credit-card-debt-solutions-that-give-you-financial-freedom-722434.html
Greek debt tragedy: ‘Slow agonizing death of the Euro’
The Greek Prime Minister is facing a crucial confidence vote in parliament. It will determine whether he’ll be able to secure another injection of cash from the EU, and save the country from plunging into deeper crisis. On Monday, EU finance ministers piled further pressure on Greece. They gave Athens two weeks to pass fresh budget cuts and tax increases, conditions that must be met to secure a previously agreed installment of twelve billion euro. MEP William Dartmouth, whose UK Independence Party wants Britain out of the EU, says the uncertainty over the next payment for Greece, is understandable.
Duration : 0:2:57
Homeowner Debt Consolidation Loan!
debt problems can daunt anybody. Too many debts can create serious financial problems. When faced with such a problem, one should carefully deal with them. If debts get out of hand, they can lead to serious financial problems. A homeowner with serious debt problems can make use of homeowner debt consolidation loans. These loans provide instant relief to people in debt problems. A borrower can easily overcome debt problems through these loans.
A borrower can also repay the loan in easy installments. Getting over debt problems is not a difficult task. One can avail these loans from within the comfort of the house also. This process saves a lot of time and money too. As this can be done online, one need not go through lengthy documentation process too. A person can seek the advice of a team of financial experts too. They can help take an appropriate decision. A borrower can pay for all the debts through one single loan. One need not make multiple payments.
This can bring down the debt problems to a large extent. A person can avail these loans in two forms. Secured and unsecured. For secured consolidation loan, a borrower needs to pledge some valuable asset as collateral against the loan. With unsecured consolidation loans, a borrower need not pledge any collateral. There are numerous benefits of this type of loan. It can help a borrower:
• Consolidate multiple debts into one single loan.
• Even with a bad credit score, a borrower can avail these loans. One need not worry about CCJ’s, IVA’s, arrears, defaults or bankruptcy charges.
• A borrower can do away with the lengthy procedure.
• The online procedure also helps save a substantial amount of time and money.
Debt consolidation helps combine multiple debts into one single loan. It is an effective method of dealing with multiple debt problems. This also helps borrowers get rid of the harassing calls of the creditors. It is a cost effective service. Instant pay advance are the best means of availing instant cash. These types of loans are best suited for those who are having bounced checks, pending bills, late payments and bad credit records. Those who are looking for quick cash can do so with these loans. This is the convenient way of securing loans. A borrower can overcome any kind of financial emergency through these loans. This is an easy way of securing fast cash. A borrower can also gather information on this type of loan by looking online. There are numerous lenders offering their services online. A borrower can find answers to all the queries online.
Sadhana Dhanyal
http://www.articlesbase.com/loans-articles/homeowner-debt-consolidation-loan-723188.html
Humes Expects `Some Form of Reprofiling’ of Greek Debt
June 20 (Bloomberg) — Hans Humes, president of Greylock Capital Management, discusses Greece’s debt crisis and the prospects for restructuring its debt.
He speaks on Bloomberg Television’s “InBusiness With Margaret Brennan.” (Source: Bloomberg)
Duration : 0:3:28
Moody’s: U.S. faces default on debt payments not ‘technical’
Steven Hess, senior credit analyst at Moody’s, sees a low probability of a U.S. default, but if Congress does delay on its payments, there will be nothing “technical” about the possible default.
Duration : 0:6:7
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