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EU finance ministers are pressing their indebted and riot-prone Balkan member to embrace a massive austerity plan and plug its debilitating deficit.
But with markets sceptical and the appetite for more bailouts at a low, there are deepening concerns that a Greek meltdown could deal a severe blow to the very European idea of a common currency, and set off a domino effect through Italy, Spain and Portugal.
Yesterday, some European Union leaders said they were confident that Greece would pull itself out its debt crisis under a plan submitted by Prime Minister George Papandreou, who promises to cut expenditure and tighten the country’s notoriously leaky tax system.
Spanish Finance Minister Elena Salgado – whose country holds the rotating EU presidency – said she was not worried that Greece will default.
She refused to discuss the possibility of a bailout in case Greece fails to make debt repayments – fears that have sharply raised its borrowing costs.
“I think Greece is going to do all that is necessary to avoid that,” she said before chairing an EU finance ministers meeting.
A bailout would be a first for the decade-old eurozone, which now looks vulnerable and faces painful, unpopular measures such as budget cutbacks and higher taxes.
Other European governments were less sure – and reluctant to pay for Greece’s failure to manage its debt.
Finland’s finance minister Jyrki Katainen bluntly said the Greeks couldn’t expect “any outside help”. Dutch Finance Minister Wouter Bos said the Greek plan to cut debt needs to be more substantial because it is based on vague one-offs such as a promised fight against corruption.
Markets are also sceptical that Greece can make the cuts that are needed. BNP Paribas currency strategist Ian Stannard said investors believe they “lack detail and in some respects appear unachievable”.
Stannard cited the risk of investors losing their appetite for Greek bonds, 70 per cent of which are held by foreigners.
Bigger, better off countries such as Germany would be faced with leading a bailout, but it’s not certain that their leaders – or voters – would agree. Meanwhile, other countries with heavy debt loads – Spain, Italy, Portugal, Ireland – would have to pay more to borrow if investors flee government bonds because of Greece. Read More
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Keeping with budget this Christmas is essential to ensure that there are no additional overdraft charges in the new year, Moneynet.co.uk has advised consumers.
For those who find that they are getting paid a couple of weeks early, they should be careful that they do not overspend, as this could lead to a strain on cash in the beginning of 2010.
Any consumers who are concerned they may stray into their overdraft this holiday period should arrange an extension with their bank now, as this will avoid them receiving any extra costs.
Andrew Hagger of Moneynet.co.uk said: “Failure to check the state of your current account and adopting a worry about it later attitude could see you run out of cash and faced with some hefty bank charges come the new year.”
The decision last month by the Supreme Court not to force banks to repay overdraft charges meant that an estimated £2.6 billion in fees was not returned to consumers
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New Zealand firms are hurting each other and setting themselves up to be locked out of the credit market as a result of the way they are prioritising payments, according to research released yesterday.
Dun and Bradstreet (D&B), a leading credit reporting, sales and market data and debt collection company, said the research showed that eight in ten firms were prepared to miss supplier payments if they were unable to pay all their accounts.
Half of firms were settling their bills late as a result of cash flow issues or because their own customers were paying delinquently. D&B general manager John Scott said firms were hurting each other and themselves.
The research showed that many firms were unaware of the implications of paying late on their ability to access credit. Six in ten firms indicated that if they knew late payments would detrimentally impact their credit standing they would be more likely to pay on time.
The finding comes at a time when financial institutions and trade credit providers continue their stringent focus on trade reference checks as part of the credit assessment process. “Cash is absolutely critical to business survival and prosperity in an economic recovery,” said Scott.
“However, the payment habits of New Zealand firms are making cash flow management increasingly difficult.”Around half of firms admit to paying their bills late – this is causing cash flow to come under increased pressure despite improving economic conditions.”
Scott said firms were indicating they would be willing to miss payments to their suppliers – the very payments that were recorded on their credit file and assessed by lenders and trade credit providers when they applied for funds.
“This means firms could find themselves unable to access credit as lenders continue their vigilant focus on risk management.”
Scott said the likelihood that a credit provider was unaware of a firm’s poor payment behaviour was very low.
The Business Payment Priorities Study follows D&B’s latest economic and risk forecasts which show that despite renewed business optimism, it could be some time before executives’ confidence is translated into business actions that support the real economy. While cash flow issues remained prevalent, business investment and hiring intentions would continue to come under pressure. D&B was forecasting real GDP growth of 1.1 per cent in 2010.
NZPA
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NZ Herald reports
A big chunk of the surviving finance company sector is unlikely to outlive the retail deposit guarantee, the Reserve Bank indicated yesterday.
In its twice yearly report on the stability of New Zealand’s financial system, the RBNZ noted that the local banks and their Australian parents had “withstood the crisis better than most” overseas, although they remained overly dependent on offshore money markets and asset quality had deteriorated as reflected in recent results.
However, Deputy Governor and head of financial stability Grant Spencer said the non-bank finance sector, “remains under pressure”.
“Strains are particularly evident in the deposit taking finance company sector where a substantial number of companies are in moratorium or receivership.”
The RBNZ said the same underlying economic issues that were driving surviving finance companies to the wall were also negatively affecting those companies that have secured moratoriums from investors, already driving one into receivership.
The comments come just a day after Hanover Finance said ongoing property market weakness meant it would be unable to make full repayment to debenture investors, as forecast when it sought their approval for a moratorium last year.
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For those consumers who can no longer to afford minimum credit card payments, Ethan Ewing, president of Bills.com offers tips to help consumers understand their odebt relief ptions for help, including: “Now that credit card reform legislation has passed, it’s a great time for consumers to take control of their debt,” said Ewing . “To do so, consumers need to understand the available debt relief options.”
Debt settlement. A debt settlement company works on consumers’ behalf to lower principal balances due, often obtaining savings of 50 percent of the total debt. The firm does not make monthly payments to creditors, but rather negotiates with the consumer’s creditors while the consumer accumulates funds for the settlement. Debt settlement firms charge consumers a fee for their services, typically a percentage of the debt enrolled or a percentage of the debt reduced.
Consumers who persist with a debt settlement plan can resolve their debts in two to three years at significantly lower cost than that of a debt management plan. Debt settlement typically provides better repayment terms than a Chapter 13 bankruptcy filing and does not leave a permanent bankruptcy judgment on one’s record.
Debt settlement may have a negative impact on credit ratings and profiles and is best suited for consumers in serious financial hardship who cannot afford to make minimum payments on bills and who cannot afford the higher monthly obligation typical debt management programs require.
Debt management. Debt management companies, also known as credit counseling agencies, maintain pre-arranged agreements with credit card companies to lower interest rates on a consumer’s existing debt to a creditor-issued “concession rate.” Debt management companies collect a monthly fee from consumers, as well as revenue from the credit card companies called “Fair Share” payments.
In debt management plans, monthly payments decrease, but principal amounts owed do not. Consumers who are able to continue with the payment plans typically can pay off debt in approximately five years. Debt management plans also require higher monthly payments than debt settlement programs, and are best suited for individuals who are facing a less-severe financial hardship than a typical debt settlement customer.
Bankruptcy. Bankruptcy Attorneys concur that BK’s can leave a severe negative impact on a filer’s credit rating for many years. Credit repair is not as easy as some debt counselors may lead you to believe. Under bankruptcy reform enacted in 2005, it is harder and more expensive to obtain than it used to be. Under the new law, fewer people can eliminate most consumer debt by filing Chapter 7 bankruptcy, taking more people to Chapter 13 filings. Chapter 13 requires consumers to pay back debt on a repayment plan (which can take up to five years), while still suffering the negative repercussions of a bankruptcy on their credit reports and public records. Generally considered a last resort, consumers considering a bankruptcy filing should speak to a bankruptcy attorney licensed in their state.
Read the complete press release online at http://www.emediawire.com/releases/debt/credit/prweb2493574.htm
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MADISON, Wis.— Concerned about proposed federal rules that would effectively eliminate its industry, The Association of Settlement Companies (TASC) recently provided the Federal Trade Commission data that supports the value of debt settlement to consumers in response to the agency’s proposed changes to the Telemarketing Sales Rule (TSR).
The FTC is seeking to create amendments—including a ban of advance fees—that would effectively eliminate a viable option for consumers who are struggling with unsecured debt. TASC outlined in a brief historical performance data that clearly illustrates the economic value its member companies deliver to consumers enrolled in debt settlement programs.
For example, based on a recent data analysis of its members, TASC estimates its members settled more than 94,000 accounts representing more than $553 million in debt in the first 6 months of 2009. This is an annual rate of more $1.1 billion in debt settled by TASC members for just 2009.
“We firmly believe that debt settlement should remain an option for those tens of thousands of consumers each year who choose debt settlement as their preferred—and often only available—program to handle their financial situation,” Chris Kesterson, President of TASC, said. “In our response to the FTC, we clearly demonstrate the value consumers receive from our companies who work diligently on their behalf each day to negotiate settlements with creditors.”
TASC is the leading trade group of the debt settlement industry. The cornerstone of TASC’s mission as an organization has always been to promote fair legislation at the state and federal level designed to protect the consumer and to promote best practices of operations by its members.
Without advance fees, debt settlement companies would have to work for free for the duration of the settlement process, which typically takes three years. No company in any industry could accept this, Kesterson pointed out.
“We look forward to working with the FTC in exploring appropriate and comprehensive ways to regulate the entire debt settlement industry, rather than only one segment,” Kesterson said
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An Auckland woman has been lumbered with a $320,000 debt after she claimed she was conned into buying a house at an over-inflated price.
Helen Rutherford bought the house in Meadowbank for $300,000 more than its worth.
Rutherford was taken to the High Court at Auckland by ANZ National over a loan for the house, and lost.
She told the court she agreed to buy 50 Temple St in Meadowbank on April 5, 2007, from Vijay Enterprises for $850,000.
She said she did not know the house was worth only $550,000.
Real estate agent Philip Cavanagh arranged an $800,000 loan so she could buy the house from his associate Raghu Aryasomayajula.
However, Cavanagh has since been declared bankrupt, leaving ANZ National to chase the money from Rutherford.
The bank pre-approved a loan of $427,000 to Rutherford, whose income was $50,000 a year. Days later she and Cavanagh – then an agent for Barfoot and Thompson Mt Albert – applied to the bank for the $800,000 loan. Read MORE
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A primary school’s chocolate fundraiser turned into a debt-collection exercise after parents failed to cough up around $3000.
Birkenhead Primary School’s Parent Teachers Association raised funds by giving pupils boxes of chocolate bars to sell at $2 a bar.
But at the end of the fundraising stint, the Auckland school was $3000 out of pocket, and had to start chasing up parents.
Former PTA chair Vicki Vachias said the association still finished around $600-$700 short. “Most of it came in, a little bit didn’t.”
Vachias said the PTA put the loss down to the recession.
“We just wrote it off as a sign of the times. We just wrote that off as being what happens with some families.”
The event raised about $5500 for the school despite the shortfall.
Principal Nigel Bioletti said the PTA has been active in raising money for the school for a number of years.
“I would think that they would do it again but perhaps there’s a lesson to be learned here. At any school you’re going to have parents that don’t return things. READ MORE
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New Zealand report
Government debt will climb to intolerable levels by the middle of the century on present policy settings and this is a problem that we cannot simply grow – or tax – our way out of, according to Treasury projections of the long-run fiscal outlook.
That leaves a focus on spending.
The projections have the Government’s net debt, which stands at around 16 per cent of gross domestic product, climbing to 223 per cent by the middle of the century, compared with just over 100 per cent in the previous projections made in 2006.
If that happened the interest bill would be more than $100 billion a year and would dwarf any other item of Government spending.
About half the deterioration since 2006 is the legacy of the financial crisis of the past two years – an end to fiscal surpluses and a shrunken tax base. The rest reflects higher costs of existing programmes and changes to Government policy
Treasury Secretary John Whitehead stressed that the projections are not forecasts of what will happen, but rather where policy, demographics and past trends in factors like productivity growth and migration would take us over the next 40 years if nothing changed.
The projections assume productivity (or per capita GDP) growth of 1.5 per cent a year, in line with the long-run historical trend, and a net migration gain of 10,000 a year. But even if productivity growth lifted to 2 per cent, the migration gain was 15,000 a year and the labour force rose significantly from its already internationally high level, the Government’s net debt would still reach an unsustainable 146 per cent of GDP by the middle of the century.
“Growth alone does not solve the fiscal problem,” Whitehead said. Higher productivity means higher wages, and New Zealand Superannuation is indexed to wage growth, too.
The impact on the fiscal position of another $1 of GDP from higher productivity would be to increase the tax take by 33c but, when that is offset by higher superannuation and public sector wage costs, the net gain to the Government is about 13c.
Higher taxes would reduce fiscal deficits but at the expense of weaker economic growth. READ MORE
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Some very helpful advice from Wells Fargo on reducing debt
Does your debt outweigh your income? Do you find yourself only able to make the minimum payment on your credit card? Have you gone from using one credit card to two, three, or more? These are some of the standard warning signs of debt. If you recognize any of them in your own financial picture, take action to get your debt under control. Consider the following:
FIGURE OUT WHERE YOU STAND
Before you make a plan to get out of debt, get a sense of where you stand financially. Look over your outstanding debt — credit cards, car payments, mortgage, and student loans — to help you determine what your true needs are and what obligations have become hardest to manage.
Create or revise your budget based on your income and your expenses. Figure out how you can cut back on what you’re spending.
MAKE A PLAN
Call your creditors if you can’t make a payment or need to make a partial payment. Talk to them about payment plans you can afford. Creditors will want to work with you to find a solution. Also consider these options:
Pay off the highest-interest debt first. First pay off the balances of loans, lines of credit, and credit cards with the highest interest rates. Continue to pay at least the minimum due on your other accounts, especially one as important as your mortgage.
Refinance your mortgage. If interest rates have dropped since you took out your mortgage, consider refinancing to lower your monthly payments. You can also accomplish this by increasing the amount of time you take to repay your loan, or by changing the type of mortgage loan you have.
Consolidate your debt. Rolling all of your debt into a single loan won’t immediately reduce your debt, but it may reduce your monthly payments, and having just one bill will make tracking and payments easier.
If you’re a homeowner, you have the additional option of consolidating debt through refinancing or home equity financing. This may allow you to save even more through tax-deductible interest
Limit your credit use until your finances are under control.
See a credit counselor to help you explore your options and make a plan to get you out of debt.
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