Heres an unfortunate scenario that popped up on Reddit recently: A man moved in with his girlfriend, and he opened a credit card to handle shared expenses. First, he added her as an authorized user, but then he added her as an accountholder, at which point she transferred $10,000 of balances from other credit cards to their shared card (which had a $12,000 limit). He now feels the relationship isnt working and wants to break up with her. However, he doesnt know how to get out of the debt situation because she doesnt have any cards with a credit limit high enough to handle a $10,000 balance transfer.
Sounds bad, right? It is.
Dumping Debt Is Harder Than Dumping a Person
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July 23 (Reuters) – (The following statement was released by the rating agency)
BBVAs deal announced Tuesday to acquire Catalunya Banc
will strengthen the groups sound domestic franchise and increase its exposure
to the Spanish operating environment, raising the correlation with the Spanish
sovereign rating, Fitch Ratings says.
At one notch above the sovereign rating, BBVAs A- rating, is likely to be
maintained since more than 50% of earnings are still expected to originate
outside Spain after the acquisition. The geographical diversification places the
group in a stronger position than pure domestic banks...
In its release on
Flt Lt Jerry John Rawlings, is admired on the continent of Africa and internationally for his charisma, sincerity, drive, patriotism, and participatory leadership approach. He is also known for his anti-corruption credentials, and for his unwavering advocacy of social justice, political and socio-economic empowerment of Ghana’s people.
Truth be told, in as much as the history of Ghana cannot be told without the remarkable accomplishments of the legendary Jerry John Rawlings, so it stands that the Rawlings legacy, a legacy that is far greater than the man himself, would not be complete without the mere mention of the Armed Forces Revolutionary Council, and most notably, the Provisional...
Unemployment rates are high and mounting debt is overtaking many families in
Oxford Lane Capital Corp. Announces Net Asset Value and Selected Financial Results as of June 30, 2014
August 11, 2014: 04:20 PM ET
Oxford Lane Capital Corp. (NASDAQ: OXLC) (“Oxford Lane” or the “Company”) announced today the following financial results and related information:
Oxford Lane’s dividend distribution policy is based upon its estimates of the ultimate taxable earnings for each respective period, which are primarily (but not entirely) based upon the cash flows for each investment. The final taxable amounts cannot be known until the Company’s tax return is filed, but the Company’s experience has been that cash...
A group of five area credit unions have signed on to a new program in which theyll partner with employers to offer small cash loans that dont require a credit check.
Those involved say one of the primary missions of the initiative is steering people away from payday lenders, which have a reputation of creating a cycle of debt thats difficult to overcome.
Before you know it youve got two or three people youve got to pay back, said Michael Plath, executive vice president of Toledo Metro Federal Credit Union, one of the participating institutions. That person feels like theres no way out.
The Employer Sponsored Small Dollar Loan Program offers loans ranging from $300 to $1,500...
Buying your first home is likely to be the most expensive and daunting purchase you will make in your life.
Of course, it is nowhere near as simple as shopping for clothes or groceries, but dont get too worried.
It is not rocket science either.
Sit down and take a methodical approach to ensure you do not get in over your head.
Factors such as location, affordability, cash flow and home financing are key considerations, say experts.
With Housing Board flats in mature estates easily costing above $400,000 and even a modest condo unit being priced at $1 million or more, this purchase involves big money.
Buying a home is a long-term financial commitment…...
As if to prove he and his company will never willingly accept middling success, Dorsey and Square have spent the past 12 months in a frenzy. The company has embarked on an aggressive effort to digitize more and more aspects of our financial lives–peer-to-peer money transfers, cash loans, enterprise software, online markets, ordering. Its a risky strategy that has positioned the company not only against Google and eBays PayPal, but also against Amazon, Etsy, GrubHub, Yelp, and a slew of traditional financial players. Finance is arguably the last unconquered industry of Silicon Valley. With any challenge, Dorsey says, theres a fight-or-flight psychological reaction: You either...
The Morris store racked up $7,000 in fines within three months for committing a handful of violations to the Consumer Installment Loan Act and Payday Loan Reform Act. These acts establish rules and regulations meant to protect borrowers from high interest rates that can create a cycle of debt.
The Cash Store, on Route 6, provides various cash loans for those who need to finance unexpected, emergency expenses.
The store was issued four separate violations: scheduling a monthly payment exceeding 50 percent of a borrower#x2019;s monthly income; failing to accurately determine if a borrower was eligible for a loan; issuing a payday loan exceeding 22.5 percent of a borrower#x2019;s...