One of the sure signs that you need to seek help: using payday loan services. The businesses are ubiquitous and offer you a short term supply of cash in exchange for exorbitant fees and interest. Effective interest (whether it is called interest or fees) can be measured in the hundreds or the thousands. Wikipedia has a good article on the phenomenon. The Canadian government and the provinces are now starting to take action and regulate this booming industry, but they can’t deal with the core problem. Payday loans exist because people are desperate for cash and can’t make ends meet. I know, I have been there. If you ever have to use such services more than once, then you need help. Either you have to find ways of cutting back on expenses or you have to find ways of dealing with your debt. Drastic measures will be required.
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They Can’t Make Any More Homes! // January 28, 2009 at 2:49 pm
http://www.nytimes.com/2009/01/20/business/economy/20builders.html
Home builders, who have good credit and have never missed a single interest payment on their loans, are also reeling in shock, today. Banks are turning down their projects, demanding more security and higher collaterals.
There more bad news. Up till now only the nation’s large home builders had been bearing the brunt but now even the small and medium-size builders are buckling under financial pressure. These small builders build 70% of homes in the US – today, as per rough estimates more than 20,000 builders have already closed their shop in the past 2 years.
Do banks really need to get this tough? To protect their interests, do they have to even take away the ‘bread and butter’ of so many home builders and the people they employ? What will home builders do now? Will things change for them in the near future?