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NEWS ABOUT: consumer debt

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Maxed-Out Debtors Find Credit Crutch

Support groups doing brisk business as Americans see red

(Newser) - With the economy sagging and 11.8 million credit-card accounts delinquent, support groups are popping up in churches, colleges, and coffee shops to help people curtail their spending and share red-ink horror stories, the Wall Street Journal reports. "It used to be that you had to live in shame... More »

Quick-Fix Cash Schemes Find More Takers

Reverse mortgages, insurance buyouts among risky moves

(Newser) - Big banks aren’t the only ones struggling to find the cash to keep going. Americans are feeling the pinch, and grabbing cash anywhere they can find it, the Wall Street Journal reports. Credit-card debts remains high, but more are turning to options that bring a quick infusion of cash... More »

Indian Phone Banks Tackle US Debt Collection

Cheaper and better workers draw American agencies overseas

(Newser) - As individuals' debt grows in a tough economy, US debt-collection agencies are expanding into India, where collectors work more cheaply—and are often better, the New York Times reports. Indian collectors are “very polite, very respectful, and they don’t raise their voice,” says one CEO. And a... More »

Bank of England Launches Mortgage Swap Plan

Central bank would take on $100B in mortgages

(Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting  liquidity and confidence in the banking system, follows similar... More »

Will That Be Cash or Cash?

Americans save more, pay upfront as times get tougher

(Newser) - The collapsing housing market, shaky employment security, and uncertain economic outlook are changing Americans' buying habits: They’re paying with cash. Plastic has become synonymous with debt, helping revive the pay-as-you-go mentality, reports the New York Times. The change could have a major impact on an economy, and a culture,... More »

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