Credit Card Debt Continues to Decline
Figures released by the Federal Reserve on Friday, August 7, 2009 reveal that American’s are not using their credit cards or applying for loans for big ticket items. Credit card debt fell by $5.25 billion in June which makes a record 10 month straight for the credit card industry. Part of the is attributed to the tough new lending terms banks are adhering to. This run of declines is the longest since 1991. The other side of the coin is the Federal Reserve says Americans saved almost $125 billion more of their incomes in June than a year earlier.
Short Sales Making Homeownership Possible For Many
But do not expect it to go smoothly when you bid on them. A short sale is where the lender agrees to take a reduced payoff from a seller to satisfy the loan. Many of these transactions break down before they go through. If an offer comes from any other source lenders jump to it and you can be left out in the cold. The best position a buyer can be in when making a short sale offer is when a previous offer on a property has been made, accepted by the lender, and the buyer backed out. In such cases the four to five months it usually takes for such a transaction to go through may be shortened considerably also. It may not be the easiest way to purchase a house but often it is worth the hassle.
Identity Cards Being Proposed In UK – Hacked and Cloned in Minutes By White Hat
It is a case of the good guys trying to demonstrate why the proposed citizens’ identity cards in the UK will not achieve the countries goals and will provide another tool for hackers and identity merchants to use. The Daily Mail hired computer expert Adam Laurie to put the prospective national ID card to the mettle and see how secure the information on the embedded chip on the card was. On August 6, 2009 it was reported that Mr. Laurie used a Nokia cell phone and laptop computer to copy the data from a foreign nationals ID within 12 minutes. With the aid of another technology professional he cloned the card and changed the name, deion, fingerprints and the all important status of “not entitled to benefits” to “entitled to benefits”. This is significant at this time because the Home Office has plans to use the same technology to issue all UK citizens ID cards from 2012 on. Protestors of the ID cards claim that the Home Office is not concerned with identity theft or citizens’ well being but are intent on building a central database on the country’s citizens purely for the government’s convenience. A privacy lobby group called NO2ID is fighting the card but says the Home Office will use passports as a secondary excuse to build the database which will give unprecedented power over and risk to the lives of the country’s citizens. The Home Office is refuting the claim that the encryption on the card can be hacked.
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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