Debt and Credit Card News
Credit card debt is becoming much more common that it has ever been in the past. Following in the United States footsteps seems less than wise. By June of this year the People’s Bank of China had issued 162.62 million which was an increase of more than 32% since last year. Along with the increase in credit card ownership and usage is card holder delinquency. In the first quarter this year, credit card debt at least six months overdue rose 133.1 percent from a year earlier to 4.97 billion yuan. Financial leaders are watching their economy closely and hoping to avoid a reenactment of the American fascination with the instant gratification credit provides which had a huge part in the current financial problems felt worldwide. Overdue amounts accounted or 3.1 % of all outstanding credit card debt at the end of the first quarter in China which was a 0.7 % higher than the same time last year. This is not the direction the Chinese financial leaders want their economy to go in.
Mortgage Anti-Fraud Efforts Increased by Federal and State Partners
September 17, 2009 Treasury Secretary Tim Geithner met with Attorney Gerneral Eric Holder, Housing and Urban Development (HUD) Secreatary Shaun Donovan, Federal Trade Commission (FTC) Chairman Jon Leibowith, Financial Crimes Enforcement Network (FinCEN) Director Jim Freis and 12 State Attorney Generals to review the trends and plan proactive moves to combat fraud in housing markets and coordinate best practices across state and federal agencies for combating fraud against consumers in the housing market. Educating consumers who are in financial distress on the emerging loan modification and foreclosure rescue schemes is one of the primary goals of the conference. The crackdown on predatory financial practices is a follow up by the Obama Administration’s announcement in April that homeowners would be protected from the fraudulent T.V. ads being run promising easy fixes to complex financial problems. One size does no fit all in the current economy.
Identity Theft
Grants have been won by the Yolo County Attorney’s Office for the investigation and prosecution of cases involving computers which includes identity theft for the past three years. The Digital Evidence Lab in Yolo County DA’s office handled 99 cases last year of which identity theft was a large percent. Population areas high in citizens 65 years old or more are preyed upon by scammers and over 20% of Yolo County is in that age group. The $21,000 grant will go towards continuing education for Chief Investigator Pete Martin on the computer forensics changes that the new operating system Windows 7 which will be launched in October will create and a new forensic computer. Digital evidence labs handle electronic piracy and the pirating of motion pictures also. As the government cracks down on the electronic outlaws digital evidence labs will be in more demand across the country. More state and counties would be wise to follow Yolo County’s example of aggressively seeking grants to cover the cost of digital labs.
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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