Debt And Credit Help

A few weeks ago I read an article on a concept called “massive daily action”. I don’t remember the source, but the idea has been running through my mind constantly since I heard about it.

Basically, the idea is that if you take enough steps each and every day, any goal is reachable.

Notice it doesn’t say anything about the following:

1. Thinking
2. Hoping
3. Praying
4. Planning
5. Waiting
6. Procrastinating
7. Resting

It is all about taking action. Not that some of the above can’t help. But while a good plan gives you a roadmap, the plan itself doesn’t get you to your goal. And resting when you are tired might give you the energy you need to put in a good effort, you won’t be making any progress towards your goal while you rest.

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Increasing numbers of college and university students are taking on record amounts of debt and then defaulting on their student loans, according to a report released this week by the Federal Reserve Bank of San Francisco.

Nationally, 8.8 percent of students who were to begin repaying their loans in 2009 defaulted in 2010, the Fed found, a near doubling of the 4.6 percent default rate in 2005.

The 2010 default rate for California was 7.8 percent, slightly below the national average, because a larger portion of California students attend public rather than private schools, which are more expensive.

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EVERY Victorian has responsibility for the huge state government debt, translating to about $10,000 per person.

State Government Debt has rocketed by $4.4 billion over the past year, and now totals $56 billion.

Auditor-General Des Pearson has warned the states ability to service that debt is diminishing.

The Auditor-Generals report tabled in State Parliament yesterday, revealed that the states wages bill had swollen by $1 billion.

The renegotiating of expiring major enterprise bargaining agreements will likely further increase employee expenses, Mr Pearson said.

This will impose additional cost pressure on the net result as employee expenses have historically grown at a rate above CPI.

Over the past five years, inflation  has increased by 15.3 per cent, but public sector wages have soared way beyond that level, by 35.6 per cent.

Mr Pearson said  that State Governments debt was becoming less sustainable because it was growing at a faster rate than economic output.

As a proportion of gross state product, debt represented about 9 per cent of the states annual output in 2006-07. B

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The short answer: do your homework before you make the sale. Although the economy is improving, things are still difficult for many small and medium sized companies. For many owners, sales are still slow, so whenever they get a sales opportunity they jump on it. They extend payment terms, if the customer demands it, to help ensure they don’t lose the sale. So just taking any sale for the sake of it is a risky strategy. In our view, a sale is not a sale until you get paid. And if you don’t get paid, you end up being worse off.

So, how do you make sure that you only work with customers that pay their invoices? There Full Post…

The economic crisis is making consumers wary of taking on more debt, according to the latest figures from the Bank of England.

The amount of consumer credit totalled £0.9 billion in October, the same as for the previous month, and only slightly higher than the six month average of £0.8 billion, suggesting that pressure on High Street sales will continue.

The Bank’s latest data also revealed a 0.3 per cent fall in the M4 measure of money supply in October, compared with the previous month.

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