MyDebtNegotiation.Com - Debt Negotiation & Debt Reduction Services

Debt Negotiation Services
Personal Effects of the Financial Crisis PDF Print E-mail
With the financial crisis looming over every aspect of American news for several weeks, confusion about the effects on the ordinary American is inevitable.  While the economic rescue plan approved on Friday, October 3 brings a peace of mind as it is expected to ease the economic crisis, experts have warned there are tough economic times ahead, making now the ideal time to consider a debt negotiation service such as MyDebtNegotiation® offered by U.S. Financial Management. In regards to the effects of the crisis on your personal finances, here is what you should know.

      -Checking and savings accounts: Although some major banks like Washington Mutual and Wachovia have been severely affected, most banks are functioning normally. You should make sure your bank is insured by the Federal Deposit Insurance Corp. (FDIC). Per the new bailout package, the FDIC will insure up to $250,000 until at least the end of 2009. If your accounts are at a credit union, make sure it is insured by the National Credit Union Insurance Fund, similar to the FDIC protection for credit union members.

      -Retirement investments: Accounts like IRAs at FDIC-insured banks are covered up to $250,000. If you have over $100,000 saved for retirement, check how much you are insured online at http://www.fdic.gov/edie

      -Brokerage accounts: There is insurance for investors in case the company you invest with runs into trouble. The Securities Investor Protection Corp., or SPIC, covers investors up to $500,000 if a brokerage fails or has other problems. The SPIC does not protect portfolios that decline due to the market or bad investments.

      -Money markets: The traditionally safe investment has experienced a few recent troubles, but the Treasury Department has put money market guarantees in place to dispel worries. Mutual fund firms have also made efforts to ease concerned investors by disclosing their holdings and information about their decision-making. If choosing a money market, select a large, low-cost fund from a large company.

      -Consumer credit: For most, the credit crunch has only effected major financial institutions, but experts say it is too soon to hit everyday lives. It will be increasingly difficult and more expensive to borrow money for a new car or home, or even to be approved for a new credit card. Credit lines are even being reduced for current card holders who are deemed risky clients.

      -Business credit: The credit crunch could also make it more difficult for small- and midsized business owners to obtain loans. This could make doing business harder and eventually lead to layoffs. Starting new businesses may be difficult as well, as finding money becomes more challenging.

      -Mortgages: If you are currently paying your mortgage on time, there shouldn’t be any negative implications, but refinancing or taking out a second mortgage may be trickier due to stricter lending requirements.

With all these potential financial worries, now is not the time to be concerned with outstanding debt. Fortunately, U.S. Financial Management can provide your solution with our MyDebtNegotiation® program that works with your creditors and your current financial situation to negotiate your debt down call 1.800.738.5351 for a free, no-obligation consultation.
Source: MSNBC
Comments
Search RSS
lisap  - like quicksand   |74.11.99.xxx |2008-12-23 09:36:53
Sometimes, it is our fault to have debt sink. Usury lending institutions should be avoided and never approached in times of financial hardships. We get irritable because of the huge debt we have. Debt is like quicksand; once you get sucked in, it is very difficult to get yourself out. There are so many tools at your disposal, though, such as payday loans, credit card balance transfers, and negotiating strategies for dealing with your creditors. A payday loan would be useful if you come up short on the mortgage, car, or credit card payments by a hundred dollars or so, and need a short term solution. A payday loan is when you get a short term loan for a small amount, in the neighborhood of a hundred dollars or so, that you pay back within two weeks or whenever you get paid next or longer if you need more time to pay it back. The fee is reasonable, about $15 to $30 for every hundred taken out--far more reasonable than the late charges than can pile up from credit companies, starting at $40 or more. Another tip for dealing with your creditors is a balance transfer. If you have a decent credit score, and you can get 0 to 3% APR for the term of the balance transfer, then you should go with it, and better yet is to tell the credit company you are going to do so. They want your business, and you may wind up pleasantly surprised at just what they may be willing to do to keep you from leaving. Debt is something you have to deal with, and the sooner, the better. Only paying minimums can keep you in debt for years, and the quicker you get on track with paying the bulk of your balance down, the more you will save over your lifetime.
Only registered users can write comments!
Comment Section is subject to Terms of Use Policy

Copyright (C) 2008 U.S. Financial Management, Inc. All rights reserved."
 
Next >
[ Back ]

Get a Free Consultation


Call Us Toll Free 1.800.738.5306

Or fill in the form below and one of our highly experienced Debt Consultants will contact you for a FREE, No Hassle and No Obligation Consultation

First Name:
Last Name:
State:
Home Phone:
Cell phone:
Email:
How much unsecured debt do you have?
Preferred Method of Contact?
Email
 Home
 Work
 Cell
Best time to Call?
Morning
 Afternoon
 Evening
How did you hear about us?
Comments:  (Optional)

USFM News

US Financial Management, Inc.
US Financial Management, Inc.

Call Us Toll Free

Toll Free Number for Debt Reduction: 800.738.5306

In Spanish 1.800.738.5302
In Chinese 1.866.458.1470
In Vietnamese 1.866.458.1468

Calculate Your Savings

Click to Compare Your Debt Management Options
Add to: Mr. Wong Add to: Power-Oldie Add to: Linkarena Add to: Digg Add to: Del.icoi.us Add to: Reddit Add to: Jumptags Add to: Upchuckr Add to: Simpy Add to: StumbleUpon Add to: Slashdot Add to: Netscape Add to: Furl Add to: Yahoo Add to: Blogmarks Add to: Diigo Add to: Technorati Add to: Newsvine Add to: Blinkbits Add to: Ma.Gnolia Add to: Smarking Add to: Netvouz Add to: Folkd Add to: Spurl Add to: Google Add to: Blinklist
Social Bookmarking

Latest Articles

Latest and Most Articles Comments

Reader Favorites

Debt Reduction Strategies

You are here  :Home arrow Articles arrow Personal Effects of the Financial Crisis

Debt Negotiation in the News

We're Hiring

Syndicate Our Articles

Debt Negotiation ArticlesClick on the image to receive our articles via RSS.

What is RSS?

Debt Free At Last

Free e-Book. "Debt Free at Last"Learn why debt negotiation may be your best solution to eliminating your debt.

Click Here

Industry Affiliations

 MSTARS Compliance Training Participant

Debt Settlement Industry Affiliations