More than $1 Trillion Dollars of Individual American’s Wealth Is Gone
The Federal Reserve reported on Thursday, June 12th, that the net worth of everyday America’s across the nation has been reduced by the astounding amount of $1 trillion dollars primarily from the reduction in home values. The investment made by purchasing a home is by far the largest asset of most Americans. The value, or net worth, of homes, investments and checking accounts declined steadily through the first three months of 2009 and have not rebounded. The sharp evaporation of wealth is something the bulk of American’s today have never experienced and the impact is going to make the recovery of the economy slow. Thrift like that seen in survivors of the 1920 stock market crash is to be expected for the future per senior director of consumer economics at Moody’s Economy.com.
Consumer Money Saving Tip – Rich Vacation Spots Without the Price Tag
This past week the Federal Parks Department announced the suspension of fees to visit some of America’s most popular national parks including the Grand Canyon. When considering what to do with the family during your paid vacation this year a money saving alternative to going to high-priced amusement parks, sport centers, or foreign countries could be to visit one of the countries national parks. Entry fees range widely at the different parks but if you have the equipment to camp an entire week for the family can cost less than a third of what is spent when traveling abroad or frequenting privately owned resorts. Research on the internet or at the local library what national parks are located nearest you and take advantage of all the free programs and activities offered there. Your family vacation “on-the-cheap” could turn out to be the richest one spent together in terms of interaction and enrichment.
Medical Identity Theft New Among “Medical Problems”
2007 was the last time data on the number of medical identity theft crimes that had been committed and the number was over 250,000. Medical identity theft is different from traditional identity theft in the recourses available to the victim. If your credit card is stolen and you report it the liability is limited to $50 per card. Under the Fair Credit Reporting Act you can get your credit report, free, once a year and have inaccurate charges removed but with medical identity theft you have to deal with the federal Health Insurance Portability and Accountability Act (HIPAA) which restricts access to medical records to an individual. If your identity has been assumed by another you may have difficulty getting the records and then it can cost a great deal for the copies of the records. Many Americans will not know their medial identity has been used by another until they go to use their medical insurance themselves and are informed that benefits have already been used up. Thousands of others will find out when they see medical bills on their credit reports that have been turned over to collection agencies when they go to purchase a big ticket item.
One upstanding citizen discovered he had charges for emergency rooms and a life flight from locations he had never been to when he applied for a mortgage in preparation to getting married and buying his first home. That was in 2003. Now, in 2009, he and his new wife continue to have to sort out fact from fiction on a situation by situation basis when dealing with his medical information, history, and financial responsibilities.
Coastal Credit Solutions, Inc. operates a financial market place that matches Consumers and Businesses with debt eliminating and/or alternative financing service providers. If you have over $5,000 personal or business credit card debt or are seeking small business financing, please call us 866-205-8370 for a FREE no obligation consultation.
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