Consumers who are weary of constantly getting “another day older and deeper in debt,” as Tennessee Ernie Ford once sang, can find themselves tempted to try desperate measures to get out of that cycle. Some of those measures can actually worsen a financial burden.

An abundance of credit repair, debt settlement, debt consolidation and even debt elimination companies are vying for your business these days. The Better Business Bureau cautions consumers to be careful in dealing with these companies.

The Federal Trade Commission warns that there is no magic wand. No one can remove accurate negative information from your credit report. Consumer reporting companies can keep accurate negative information on your credit report for seven years and bankruptcy information for 10 years.

That fact does not stop credit repair companies from making extravagant claims about raising your credit score. The truth is that for the cost of a few stamps the consumer can do the same thing that a credit repair company will charge for.

Look for these red flags when considering a credit repair company:

•  The company wants money up front for its services. Under the C……………. continues on Kansas.com

WASHINGTON (Reuters) – The world’s advanced economies must take steps to cut their huge public debt, but the right mix of policies will vary by country, International Monetary Fund Managing Director Christine Lagarde said on Monday.

“The most important element is to lay out a credible medium-term plan to lower debt,” Lagarde said in the prepared text of a speech delivered in Zurich. “Without such a plan, countries will be forced to make an even bigger adjustment soon.”

The former French finance minister also said countries should keep a “steady hand on the wheel” by sticking to announced fiscal measures, even if growth is weaker than expected and causes an unexpected drop in tax revenues or an increase in spending.

She spoke one day after Francois Hollande, a Socialist running on an anti-austerity message, defeated center-right incu……………. continues on Reuters

You’ve gotten to the breaking point where you can’t imagine trying to dodge one more call from a collection agency and need relief immediately.

Unfortunately this sinking feeling is all too common across the heartland today. According to a recent survey by Bankrate.com, four out of 10 Americans are on the verge of financial collapse, with 25% of survey participants reporting that they owe more on credit cards than they have saved for an emergency.

Surprisingly and most alarming, those supposed to be on the brink of retirement were more likely to have more credit card debt than savings.

“These are the people who are supposed to be getting ready to retire. This may be an indication that they are not really ready,” says Mackey McNeill, CFA, president and CEO of Mackey Advisors.

Unfortunately what may be occurring is this pre-retirement group may be helping their children to stay afloat as the economy struggles to recover. Bankrate.com’s survey reported that 31% of the survey respondents……………. continues on Credit Unions Online

Paying less to get out of debt seems like a great solution. But there are real ramifications to your credit and credit score when using debt settlements to manage debt. Credit counseling agency American Financial Solutions provides the information needed to make the right decision about settling debt.

Seattle, WA (PRWEB) May 10, 2012

Many people dealing with unpaid debt have received letters or phone calls from collection agencies offering deals to settle accounts for less than the full balance owed. When someone settles a debt, it means they pay off a portion of what they owe to the creditor. This sounds very enticing, but that discount on debt comes at a very high cost to an individual’s credit report and reputation. Below, American Financial Solutions outlines the dangers of settling debt.

The damage done to a credit report from a debt settlement is significant. During the settlement process, many collection agencies make it sound as though, once paid, the account will show in good standing on the credit report. The……………. continues on Seattle Post Intelligencer

ILWACO — Like a fisherman finally able to pay some of his bills after bringing the season’s first big haul to the processor, Ocean Beach Hospital’s emergency captain spent a part of a day last week writing checks.

Trying to claw its way back to port after a financial typhoon of plunging revenues and overly high expenses, the hospital is trying to make good on some debts right away while working to consolidate others into a more manageable form.

As of May 1, the hospital owed about $ 633,000 for bills incurred on or before Jan. 1. Another $ 327,000 in bills were at least 90 days overdue, for a total of just under $ 1 million seriously in arrears. The hospital also owed $ 340,000 for expenses in February, $ 241,000 in March and $ 423,000 in April. The May 1 total came to $ 1,962,685.

Thanks to a twice-yearly property tax payment of about $ 500,000 and a settlement of a recent fire insurance claim for about $ 108,000, Interim Chief Executive Officer Terry Finklein set about cleaning up some past-due bills in a marathon check-writing session last Friday. But many checks remain to be sent.

“Se……………. continues on Chinook Observer

The challenge of debt management in Nigeria has been a controversial and unresolved one since 1978 when it was said that the Nigerian government first borrowed from the international group of creditors. It was so bad in the 1990s and at the dawn of the millennium that it was advanced by some fiscal experts and economists that repayment of our debts or debt forgiveness held the key to our economic and national survival. The belief was sustained by the argument that resources that should have been used by governments in developing nations were used to service debts, particularly foreign debts, which were mostly taken under the military regimes and frittered away by the juntas instead of utilising them for infrastructure development and human capital enhancement for which most of the loans were acquired.

This scenario was the mindset until 2006 when Nigeria exited the Paris group of creditors at a great cost of $ 12 billion in one fell swoop. At the point of exiting the debt trap, Nigerians were made to believe that the remaining major foreign debts were to be forgiven and domestic resources would now be channeled towards pro-poor development proje……………. continues on BusinessDay

Greece paid the interest due today on 20 billion yen ($ 250 million) of international bonds in yen, according to Petros Christodoulou, the head of the Greek Debt Management Agency in Athens.

Europe’s most indebted nation didn’t offer to swap the 4.5 percent bonds due 2016 when it exchanged more than 200 billion euros ($ 260 billion) of bonds for new securities with a lower face value and longer maturities, Christodoulou said in an e- mail. The notes are among bonds issued under foreign rather than Greek law that sidestepped losses imposed under the biggest-ever sovereign bond restructuring, completed last month.

Greek political leaders are seeking the support needed to form a coalition government after Greek voters flocked to anti- bailout parties on May 6, calling into question the country’s ability to impose the measures needed to guarantee its future in the euro. Greece’s financing costs rose for the first time this year today at a 1.3 billion……………. continues on Bloomberg

Many Americans continue to struggle with repaying debt and look to debt consolidation loans as the only option. Yet there are many other ways to reduce debt while maintaining credit and the little extras in life.

(PRWEB) May 08, 2012

As the numbers for consumer spending continue to tick upward, many Americans are noticing their debt growing, too. American Financial Solutions offers six tips to help eliminate debt and keep finances from getting out of control.

1. Create a spending plan. Cover all of your normal monthly bills and expenses as well as building in a cushion for the little extras you enjoy throughout the pay period or month. Then set aside an amount for two additional items: extra debt repayment and savings.

2. Snowball, avalanche – whatever name you choose, this method for paying down debt can cut years off of your repayment and it is better than a debt consolidation loan. Using the extra money you ar……………. continues on Seattle Post Intelligencer

The Irish Times – Wednesday, May 9, 2012

DEREK SCALLY in Berlin

GERMANY INSISTED yesterday that European austerity efforts were not voted out on Sunday night with French president Nicolas Sarkozy.

After reviewing “au revoir austerity” reports in European newspapers yesterday, German chancellor Angela Merkel sent out her foot soldiers to deliver a reality check.

The debt reduction goals agreed in the fiscal treaty are not up for negotiation and, in Berlin’s eyes, are an important prerequisite to sustainable public finances.

“Growth-friendly policies and debt reduction are not extremes but two sides of the same coin – and you can’t have one without the other,” said German finance minister Wolfgang Schäuble.

Calls for a growth component to EU reforms gained traction during incoming French president François Hollande’s successful campaign.

But as early as la……………. continues on Irish Times