All About Credit Score

According to news articles and court documents, Movie Gallery Inc. has filed bankruptcy for the second time in less than three years. The Wilsonville, Ore.-based movie rental chain said it will immediately close 760 of its 2,415 stores in a bid to remain afloat as overwhelming debt and mounting operating losses reek havoc on its balance sheet. Movie Gallery Inc., parent of Hollywood Entertainment, filed for protection from creditors under Chapter 11 in U.S. Bankruptcy Court in February of 2010. In its bankruptcy petition, Movie Gallery estimated its assets between $10 million and $50 million and having an estimated $500 million to $1 billion in debt.

Bankruptcy can happen to individuals and businesses for a variety of reasons. Regardless of how good your intentions are, bankruptcy is no respecter of persons.

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Tags: Three Years, Years

A study recently conducted by the National Foundation for Credit Counseling has found that, as a result of the Great Recession, Americans are more interested than before in paying down our debts. But, it seems, we still don’t quite have the financial habits that will get us to that goal.

Eliminating Debt by Watching Your Money

The study found some interesting nuggets of information about the way we tackle debts in this country:

• More than half of poll respondents reportedly noted that the economic slowdown had inspired them to pay down their debts; but
• Only 37 percent of those polled indicated that they had a good idea of how they spent their money each month; and
• Only 20 percent said that they planned to begin budgeting their expenses in order to get on track financially.

The good news from the poll’s findings is that we seem to have had a collective wake-up call about the real cost of debt. But

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Tags: Americans, Americans Spending

In light of some mixed news about housing and foreclosure for the second quarter of this year, the outlook isn’t too rosy for the short-term future of the nation’s real estate market, a recent New York Times article notes.

Here’s a look at some of the numbers released recently by the Mortgage Bankers Association and various government organizations and what they might mean for the housing market:

• According to the MBA, the number of homes currently in some stage of foreclosure fell in the second quarter of 2010, marking the first such decline since 2006.
• Sources note that foreclosures on subprime loans may have already peaked and are likely now dropping off; however, it seems that prime loans are now in danger of default, partly because of continued high unemployment.
• Mortgages that are 90 days past due (considered to be in “serious default”) accounted for 9.11 percent of all loans in the second quarter, a drop from 9.54 percent in the first quarter of this year.
• Sources note that existing home sales in July 2010 were 26 percent lower than they were in July 2009.
• Sales of new homes, it seems, were down 32 percent in July 2010, compared to a year earlier, apparently making the month the slowest on record (with stats going back to 1963).
• As many as seven million households were behind on mortgage payments in July, according to sources (down from the high of eight million, reached about eight months ago).
• Numbers suggest that banks and lenders are starting to clear the foreclosure logjam: in July, 279,685 foreclosures were started, an increase from 225,700 in June.

Clearly, these numbers don’t exactly point at recovery in the housing market—and some analysts have reportedly predicted that as many as four million American families could lose their homes to foreclosure before the crisis eases.

And such a high rate of foreclosures could have a seriously detrimental effect on the overall economy:

• Less money, less spending: Consumers who are struggling to make mortgage payments are likely to spend less in other areas, meaning that consumer-supported economic growth may be weak.
• More foreclosures, more houses: As banks start foreclosing on homes, more vacant properties will flood an already saturated market.
• More houses, lower prices: This inundation of homes will mean that supply is far higher than demand, and could lead to further drops in housing prices.
• Lower prices, more underwater mortgages: As home values continue to decrease, more borrowers will likely find that they owe more on their homes than those properties are currently worth.

There is no clear end in sight for this cycle of foreclosure.

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Home Insecurity

The Archdiocese of Portland in Oregon encompasses the western part of the state of Oregon, from the summit of the Cascades to the Pacific Ocean. The Archbishop of Portland serves as the Officer of the archdiocese whose bishop run dioceses cover the three states of Oregon, Idaho, and Montana. According to 2005 statistics provided by the archdiocese, it serves nearly 400,000 Catholics. There are 312 priests, 498 sisters, 124 parishes, and 24 missions in the archdiocese. There are 8,981 pupils in 42 parochial elementary schools, and 5,153 students in ten high schools. Nine hospitals served over 1.25 million patients. To sum it up, the Archdiocese of Portland is a large religious holding of the Roman Catholic Church demanding a lot of admiration and respect for the total work it has performed through the years.

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As consumers continue to struggle under the weight of a lagging economy, many Americans are trying to refinance their car loans.

Unfortunately, scammers have taken notice and are increasingly trying to bilk people of their hard earned cash. According to Rosemary Shahan, the president of Consumers for Auto Reliability and Safety, car loan scams are a “problem just about everywhere.”

Shahan recognizes that many people are able to refinance their car loans, but warns that “the way to do it isn’t to go to these companies who are out there advertising, ‘We can miraculously get you out of this excruciatingly bad deal.”

A recent article from MarketWatch provides some tips aimed at helping you avoid car loan scams:

• Choose wisely: If you want to refinance your loan, don’t opt for a group that heavily advertises its miraculous refinancing abilities. Instead, choo

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Tags: Car Loan, Loan