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Archive for October, 2009
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Friday, October 30th, 2009Term Insurance
Thursday, October 29th, 2009Just sold a 250k term policy to an individual who wants to protect his son. Exactly what term is meant to be.
are these banks crazy
Thursday, October 29th, 2009Prospec just received her monthly statement from Bank of America. Her interest rates are at prime+26.99%. Thats nuts. Lady SYD settle your debt
Young People Worry About Financial Situations and Debt
Thursday, October 29th, 2009Despite what some people might think, a new survey shows that young people are not totally tuned out when it comes to debt and their financial future.
Call us, we can help 866 364-9161 or www.sydfinancial.com
The poll from the AARP’s LifeTurner program, which interviewed about 1,000 people aged 18 to 34, showed that 57 percent of respondents felt as though their finances were the top concern in their lives. Furthermore, 66 percent of those polled rated their financial situation as fair to poor.
Debt, including credit card debt, is also a concern for the young people polled. Almost 80 percent of the survey’s respondents said they had some form of debt. Credit card debt was the most common form, coming in at 36 percent.
As the economy continues to put people in a difficult spot regarding debt management, young people who are having a harder time than the general population when it comes to finding a job. According to the BusinessWeek, which cited statistics from the government, the unemployment rate for those aged 16 to 24 is 18.2 percent, which is up from 13 percent last year.
Jobs Show Potential to Slowly Come Back
Monday, October 26th, 2009People who are struggling with debt brought on by unemployment may have a potential bright spot in the form of a new report suggesting that firms may be somewhat more likely to be hiring.
In the latest report from the National Association of Business Economists, only 12 percent of companies are actually adding jobs at this time. However, this is still an improvement over the survey’s all-time low of 6 percent this summer.
The survey also found that the number of companies cutting jobs has fallen somewhat, with 31 percent now reporting that they are doing so. This is an improvement from the 36 percent of jobs that were cutting jobs in the previous report. The NABE also noted that for the first time since the recession began, more companies report that they are planning to add new jobs in the next six months as opposed to cutting them.
“Job losses have been moderating with an improved outlook for hiring over the next six months,” an Associated Press report quoted William Strauss of the Federal Reserve Bank of Chicago as saying.
Another good sign is that companies have indicated a rise in capital spending over the past quarter, the first time since October 2008.
Economists have widely predicted that the expected recovery will be a largely jobless one, for different reasons.
With this in mind, members of Congress are currently working to extend unemployment benefits for the millions of workers who are on the verge of seeing them run out in the coming weeks. An extension has been blocked so far by partisan disputes, although a report on the New York Times website notes that a new effort is underway that could see benefits extended even more for residents of states that have higher unemployment levels.
Greed- is it good?
Monday, October 26th, 2009Greedy credit card companies are now charging hidden fees before the new laws take effect in February. Card cancellation fees and double minimum payments are what these banks are not doing to keep there revenue stream afloat. Banks are doing what they can now and the consumer is being taken advantage of. Clonsumers out there make things happen in your favor- settle your debt SYD Style
What a crime
Saturday, October 24th, 2009Interest rates on on the move. Do you want to pay more in interest than you were. Lets think about this- SYD Settle your Debt
Credit Card Delinquencies Up In August & September!
Friday, October 23rd, 2009Credit card delinquencies rose in August and in September for all the major credit issuers, with the exception of American Express. With no near-term job relief anticipated, there’s no reason not to anticipate a sustained trend. Call us so we can help you with your credit card debt today!
Elderly More Likely to Face Debt Management Problems
Thursday, October 22nd, 2009A recent report finds that among all the people having debt management problems in the current economy, senior citizens are increasingly likely to owe money to creditors.
According to the Employee Benefit Research Institute, the percentage of American families headed by someone over the age of 55 with various levels of debt increased to 63 percent in 2007, up from about 60 percent in 2004. In 1992 that figure was closer to 53 percent, indicating an upward progression in debt levels for older Americans.
The report notes that this is problematic for many Americans because they are now more likely to be facing debt just as they are getting ready for their retirement years. The recession has also seen considerable damage inflicted on 401(k) accounts and other savings, making retirement a more uncertain prospect for millions of people.
While the percentage of older people dealing with debt has risen steadily in recent years, the amount of debt they are facing has also increased.
The report found that the average debt level for American families headed by a person over age 55 now stands at $70,370, more than double the $32,191 that was recorded in 1992. The trend in housing-related debt is seen as a particular concern for older Americans because this can cost them their nest egg to help finance an adequate standard of living during their retirement years.
Looking ahead, it will be important to see if this trend holds steady as the economy begins its expected recovery. The Dow Jones Industrial Average recently returned to the 10,000 level, providing further good news for investors and most people with retirement accounts.
The trend of recent months has also seen people making dramatic progress on debt management by paying down credit balances and things like auto loans, which could provide a further boost to people as their retirement years approach.
So much for the “golden years”! Call SYD Financial today at
866 364-9161 for help
time is now
Wednesday, October 21st, 2009Simple message everyone- Settle Your Debt. Save money on what you owe. Settle Your Debt SYD style