Open Question: Paying for mortgage I did not want or sign for, feeling pretty down.?
My father got a mortgage in my name when I was 19 years old. I was in college at the time and several states away when my father and his real estate person somehow got a mortgage lender to approve a mortgage for a college sophomore who was only employed part time. To put a little bit of icing on the cake, because I was so far away my father had my younger sister sign the papers, so I didn't even sign for the mortgage.
I was only told about this right before the papers were signed but when he told me about it, my father said that he was "buying me a house" and helping me out by helping me to "build up my credit."
Things were going well for a number of years, my dad made the mortgage payments on time and to be honest, I never even thought about the mortgage because I saw it as my dad's mortgage and house, not mine.
Then about a year after I graduated from college, my dad ran into quite a bit of financial trouble and asked me to help him out by getting a second mortgage on the house. I did not want to do it but I got the second mortgage (and this time I was the one who signed for it). At the same time, I agreed to make the payments for the second mortgage because my dad seemed to be in dire straits and with my very frugal lifestyle I could afford to help out.
Things got worse however, when six months later, my dad ran into more financial difficulty and I stupidly agreed to assume mortgage payments for what was supposed to have been a short period of time.
It has now been two years and what was supposed to have been a stop gap measure to help my father out has become a financial nightmare that I cannot afford anymore. I could only afford it for so long because I was working two jobs and the company I had my second job with recently went out of business. I still have my primary job and live extremely frugally but between the cost of own living expenses and my student loan debts, I am going out of my mind.
In hindsight, it seems incredibly stupid that I agreed to any of this.
As a naive nineteen year old I agreed...or more accurately didn't really protest when my dad told me his plans because I was raised to do my fathers bidding. In our household, if my dad told one of us to jump, we didn't ask why but how high. Disagreeing with my father or disobeying any of his commands usually resulted in severe punishment. I think I agreed to the second mortgage and the mortgage payments because he seemed so genuinely scared and vulnerable. I had never seen my dad so vulnerable and I felt genuinely sorry for him, especially when he started crying.
Honestly, I think I just posted this because I needed to vent but I feel so hopeless. I think it is so ironic because I actually went out of my way to be independent from my father, supporting myself through college, getting loans to pay for my education, not splurging on anything after I graduated because I wanted to go to grad school and every penny that I saved that I wasn't paying into student loans meant I could afford to be a grad student full time while working part time without getting any additional loans. I had no credit card debt, no car loans, and was so frugal that getting fast food once every other month was pretty much my only luxury.
Now all the money I had saved is gone, I don't know if I will ever be able to afford grad school, I am shoveling money into a mortgage I cannot afford, and unless I can find another job soon, I won't be able to make my student loan payments.
My only option appears to be to let the bank foreclose on the house but that would mean that my parents would be homeless and though I sometimes feel like I could do that to my dad, I couldn't do it to my mom.
Thanks for listening guys, I think I just needed to vent and am just feeling really down.
moreOpen Question: About starting a business?
My husband and I would like to start a Business in gunsmith and painting guns. We have bad credit and no resources due to lack of work in the oifield, is there anything on the net i can go to for grants to get loans to start this Business. My husband is a veteran and is VERY good with all types of guns and we have painted several guns already with the ppl being more than satisfied. How do i get a government grant or loan?
moreVoting Question: I want to start a vacation rental business and I need help!!?
I dont know where to start. I have a great idea to start a small vacation rental with the option of very limited personal use... I can buy a condo on South Beach in Miami on Ocean Ave. Estimated cost 300-400K. I think a 500K business loan would be enough. Or maybe a mortgage. I dont have any collateral. My only income is day trading, and on top of that I am basically broke since I could not find a job after college, and in some credit card debt from moving and not working for a few months. I have a college degree in Economics. I live in NYC so my personal rent expenses are high. 1500/mo just for rent.
The truth is that if if I charge the regular rate of hotels in South Beach, $400 a night.. I only need about 1000 nights to cover the cost of the condo alone. That would be 3 years if I booked every night so lets say 10 years WORST case scenario. Most mortgages can be 20-40 years leaving me plenty of breathing room to be profitable. I have the marketing tools available to rent this condo out plus South Beach is filled with INTERNATIONAL tourist money.. I NEED HELP on how i can get this done!
moreVoting Question: ppl plssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssssss help?
One of your friends, Waleed has found out you are studying accounting and that you have acquired basic spreadsheet skills. He has thought of a good business idea but needs to produce a business plan for the bank manager in order to raise a loan. Waleed has already formed a company and had introduced OR 15,000 in to the business bank account. OR 200 are to be the initial share capital and the balance is a short-term interest free loan. It is his intention to start trading as from 1 January 2009. You have agreed to produce the financial projections for based on the information Waleed has provided.
REQUIRED:
1.Using Excel, construct a financial model that shows the projected cash flow, profit and loss account and balance sheet figures for the year. The statements should show quarterly figures with annual totals where appropriate.
2.The spreadsheet file on a floppy disk clearly labeled with your identification number.
3.Write a short report to Waleed to include the following:
a)Relevant printouts of spreadsheet along with formulae sheet.
b)A concise explanation of the model you have developed.
c)Explain to Waleed the advantages and disadvantages of using Excel to produce the financial projections as compared to producing them manually using “pen and ink”
Information provided by Waleed
1.The first quarter’s sales are expected to be OMR 4,000 doubling every quarter.
2.The gross profit margin on sales in expected to be 30%
3.Of each quarter’s sales, A%
4.Bad debts are on credit sales, and are anticipated to be B%
5.65% of the credit sales are paid in the quarter in which the sale is made. The remaining debtors, after bad debts, are collected in the following quarter
6.Sufficient stock is purchased to cover the next quarter’s sales. In the first quarter’s assume the first two quarter’s purchases are made ( assume the final quarter’s purchases are OR 10,000)
7.Purchases are paid for in the quarter bought
8.Gross staff salaries are OMR 3,000 per quarter and paid in the quarter incurred
9.Distribution costs are 10% of sales and are paid in the quarter of the sale
10.Bank interest is 3% per quarter on the balance at the end of the previous quarter and in payable in the following quarter
11.The company buys machinery OMR 12,000 in the first quarter
12.A car costing OMR4,500 is purchased in the third quarter
13.The company depreciation policy is to depreciate assets at C% per annum on a straight-line basis
14.The company pays quarterly telephone bill of OMR 800. However, the fourth quarter’s bill will not be paid until January 2010
15.Ignore taxation and inflation
16.Include any other expenses Waleed has obviously omitted from the above information
Registration numberCash SalesBad DebtsDepreciation
IS325114
moreVoting Question: How do I get more buyers?
So far the only site that offers to help me is http://moveto.ws/cyi4qhacu
I have been trying to start a business online and this site really seems to want to help me.
Anyone have other suggestions?
I even searched:
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moreResolved Question: How can I get a business loan with bad credit?
I'm looking to stat up my own business in the next two to three years. I've already started creating my business plan. The only thing is I have bad credit. Is there a way to get a business loan even thou your credit isn't good?
moreResolved Question: Brother in law owes us soo much money?
This is my first time but I need to talk to someone. My husband and I got married over 2 years ago now. Within these last 2 years his brother has borrowed over $27000 and has not paid a cent back. The worse part is that if we would not have lent him the money we would have had big hits on our credit. Maybe 5 years ago he had talked my husband into using his credit for a large purchase that was supposed to have a nice return. He couldn't use his own credit because it wasn't strong enough for the amount he was looking to borrow (go figure.) My husbands brother was to take care of paying off the loan and seemed to have no problem taking on the responsibility. He had done everything in my husbands name but all the contact info was his. So 2 years ago we pulled a credit history report and found multiple hits against this loan, my brother in law never mentioned to us that he was not always making the payments. Now after 2 years our credit went from perfect to bad, we've had to pay multiple payments against this loan and my brother in law ran up a tab with us that we can't even believe.
We are now sacraficing starting a family that we so looked forward to doing, investing in a business that we had planned to invest in and having savings in the bank which we should have because we both work hard all due to his brother stripping us of our money and killing our credit. The kicker is that my brother in laws wife doesn't even work but they have a 6 yr old boy and now a new baby on the way.
I'm affraid my husband does not know where to go from here and what to do esspecially cuz it's family and I feel like my hard earned money is going twards building my brothers family. We cant even sell the investment property that my brother in law bought in my husbands name so we are stuck paying another mortgage every month on a property that is 10 states away. I have to take a break but let me know if you'd like to learn more about my situation to help me with a way to fix this all.
moreResolved Question: Does the government have Bipolar Bailout disorder? What is the best treatment?
As cornucopian benefits flow from Washington, Uncle Sam turns out to suffer from Bipolar Bailout Disorder. Like a taxpayer-funded Push Me-Pull You, he goes both ways while consuming enormous resources on the road to nowhere.
Today’s gargantuan mess started largely because Washington used Fannie Mae and Freddie Mac to promote affordable housing. “The more pressure there is on these companies, the less we will see in terms of affordable housing,” Rep. Barney Frank (D., Mass.) said in 2003. He described Fannie and Freddie as “fundamentally sound” and added: “I want to roll the dice a little bit more in this situation towards subsidized housing.”
Well, it worked. America is awash in affordable housing. Home prices in 20 major cities plunged 16.6 percent last quarter. That’s bad news if you’re selling, but a bonanza for those seeking affordable housing.
So, rather than declare “mission accomplished,” Uncle Sam has cannon-balled into the mortgage markets to jack up housing prices.
Which is it?
Last September 24, G.W. Bush claimed the $700 billion bailout would relieve distressed banks of “troubled assets that are clogging the financial system.” But just seconds later, Bush continued: “...the value of many of these assets will likely be higher than their current price, because the vast majority of Americans will ultimately pay off their mortgages.”
In that case, are these assets really troubled, or just hung over? If the latter, why not calm down, let them sleep it off, and then arise after a decent interval?
The Troubled Assets Relief Program then endeavored to rescue teetering banks. But to do so, Treasury dragooned prosperous banks into accepting bailout money so their needy competitors would not be stigmatized. This is like a supermarket whose affluent shoppers must accept and spend Food Stamps so low-income customers with Food Stamps don’t appear poor at the checkout stand.
“I think it’s absurd,” says the director of one small mid-Atlantic financial house. “We are a profitable bank. We have zero non-performing loans. We have more capital than we are required to have. We arguably are overcapitalized from an economic and a business point of view. Our only constraint on lending is the demand of credit-worthy borrowers. Our lenders are on the street every day, as they have been throughout this financial crisis, looking to make new loans. Despite that, we are being offered this relatively low-cost capital in the form of this preferred stock to be bought by the federal government.” This bank officer estimates that the Fed is ready to hand his hale and hearty institution between $4 million and $5 million.
This banker notes “the ironic escalation of the interest rate.” The terms of the loan, he marvels, are “five years at 5 percent, then it goes to 9 percent.”
In other words, Washington is giving banks adjustable-rate loans. This perfectly parallels the adjustable-rate mortgages that steered us into this ravine in the first place.
http://article.nationalreview.com/?q=YzBjMmM3MmJlZGUzOWY1YWJiOTc4NGQzNjkzMjY0NjA=
The whole article is good. It points out that despite the panic of passing $700 billion in bailouts immediately without review, Bush is leaving $350 to have Obama allocate them. The Federal Reserve is out of reserves, and the article says 'this goes way beyond 'show me the money', now it is 'throw me the money'.
Are we ready yet to demand fiscal accountability and transparency, at minimum of our government and the federal reserve? Would you back HR 2755 to abolish the fed that injected two TRILLION in credit recently, per Bloomberg, and refuses to say who got it?
TJTB - I hadn't seen that. Makes me mad, but who DIDN'T see this coming at least for the last year, at least on SOME scale? I mean, say only the Austrian School devotees predicted the extent, EVERYONE knew subprime mortgage structures were bad. Where do they get off speculating in markets to begin with?
moreResolved Question: i need to find a loan for bad credit to purchase a home start a business and consolidate and have one payment?
I am wanting a legit lender that can help me obtain my goals and have everything combined into one payment
moreResolved Question: I want to get finance to start a small business.....how?
I have fair...maybe even bad credit. under 5000 in credit card debt and want to start a wholesaling and import export small business, but want financing of like 5000- 10,000 to start it up. ive tried researching with grants but it's like 1 scam leads me to another. too many grant scam artists and i tried some loan websites but alot of them require good credit for business loans...........................................can anyone help me out with any options i can look up?
moreResolved Question: Have you seen Ron Paul's speech on the floor about the economic crises & the pending world banking reg scheme ?
"Madame Speaker, many Americans are hoping the new administration will solve the economic problems we face. That’s not likely to happen, because the economic advisors to the new President have no more understanding of how to get us out of this mess than previous administrations and Congresses understood how the crisis was brought about in the first place.
Except for a rare few, Members of Congress are unaware of Austrian Free Market economics. For the last 80 years, the legislative, judiciary and executive branches of our government have been totally influenced by Keynesian economics. If they had had any understanding of the Austrian economic explanation of the business cycle, they would have never permitted the dangerous bubbles that always lead to painful corrections.
Today, a major economic crisis is unfolding. New government programs are started daily, and future plans are being made for even more. All are based on the belief that we’re in this mess because free-market capitalism and sound money failed. The obsession is with more spending, bailouts of bad investments, more debt, and further dollar debasement. Many are saying we need an international answer to our problems with the establishment of a world central bank and a single fiat reserve currency. These suggestions are merely more of the same policies that created our mess and are doomed to fail.
At least 90% of the cause for the financial crisis can be laid at the doorstep of the Federal Reserve. It is the manipulation of credit, the money supply, and interest rates that caused the various bubbles to form. Congress added fuel to the fire by various programs and institutions like the Community Reinvestment Act, Fannie Mae and Freddie Mac, FDIC, and HUD mandates, which were all backed up by aggressive court rulings.
The Fed has now doled out close to $2 trillion in subsidized loans to troubled banks and other financial institutions. The Federal Reserve and Treasury constantly brag about the need for “transparency” and “oversight,” but it’s all just talk – they want none of it. They want secrecy while the privileged are rescued at the expense of the middle class.
It is unimaginable that Congress could be so derelict in its duty. It does nothing but condone the arrogance of the Fed in its refusal to tell us where the $2 trillion has gone. All Members of Congress and all Americans should be outraged that conditions could deteriorate to this degree. It’s no wonder that a large and growing number of Americans are now demanding an end to the Fed.
The Federal Reserve created our problem, yet it manages to gain even more power in the socialization of the entire financial system. The whole bailout process this past year was characterized by no oversight, no limits, no concerns, no understanding, and no common sense.
Similar mistakes were made in the 1930s and ushered in the age of the New Deal, the Fair Deal, the Great Society and the supply-siders who convinced conservatives that deficits didn’t really matter after all, since they were anxious to finance a very expensive deficit-financed American empire.
All the programs since the Depression were meant to prevent recessions and depressions. Yet all that was done was to plant the seeds of the greatest financial bubble in all history. Because of this lack of understanding, the stage is now set for massive nationalization of the financial system and quite likely the means of production.
Although it is obvious that the Keynesians were all wrong and interventionism and central economic planning don’t work, whom are we listening to for advice on getting us out of this mess? Unfortunately, it’s the Keynesians, the socialists, and big-government proponents.
Who’s being ignored? The Austrian free-market economists – the very ones who predicted not only the Great Depression, but the calamity we’re dealing with today. If the crisis was predictable and is explainable, why did no one listen? It’s because too many politicians believed that a free lunch was possible and a new economic paradigm had arrived. But we’ve heard that one before – like the philosopher’s stone that could turn lead into gold. Prosperity without work is a dream of the ages.
Over and above this are those who understand that political power is controlled by those who control the money supply. Liberals and conservatives, Republicans and Democrats came to believe, as they were taught in our universities, that deficits don’t matter and that Federal Reserve accommodation by monetizing debt is legitimate and never harmful. The truth is otherwise. Central economic planning is always harmful. Inflating the money supply and purposely devaluing the dollar is always painful and dangerous.
The policies of big-government proponents are running out of steam. Their policies have failed and will continue to fail. Merely doing more of what caused the crisis can hardly provide a solution.
The good news is that Austrian economist
Did you know that tomorrow 11/22 is End the Fed day at 39 Federal Reserve branches across the nation?
www.endthefed.us
SORRY - it cut off - here's the rest:
"The good news is that Austrian economists are gaining more acceptance every day and have a greater chance of influencing our future than they’ve had for a long time.
The basic problem is that proponents of big government require a central bank in order to surreptitiously pay bills without direct taxation. Printing needed money delays the payment. Raising taxes would reveal the true cost of big government, and the people would revolt. But the piper will be paid, and that’s what this crisis is all about.
There are limits. A country cannot forever depend on a central bank to keep the economy afloat and the currency functionable through constant acceleration of money supply growth. Eventually the laws of economics will overrule the politicians, the bureaucrats and the central bankers. The system will fail to respond unless the excess debt and mal-investment is liquidated. If it goes too far and the wild extravagance is not arrested, runaway inflation will result, and an entirely new currency will be required to restore growth and reasonable political stability.
The choice we face is ominous: We either accept world-wide authoritarian government holding together a flawed system, OR we restore the principles of the Constitution, limit government power, restore commodity money without a Federal Reserve system, reject world government, and promote the cause of peace by protecting liberty equally for all persons. Freedom is the answer."
So which do you want? Virtual world government through control of the global banking system, or a return to the Constitution?
http://www.lewrockwell.com/paul/paul494.html
moreVoting Question: 23 yr old and 25 yr old business partners need a loan?
Hi,
I have worked for over 2 years developing a fantastic business plan and putting together a company and an idea to try and thrive in the US. Me and my business partner are now ready to take the next step. We need 260,000.00 in a start up loan to cover all initial costs. I will actually be working for free for the first few months to make this happen and so will he. We are excited and thrilled but are now facing our biggest obstacle. My credit score is a 700 his is a 600. We need to find a lender. The government just passed a bailout package and I think now would be a good time to go on this.
Where should I go to get a loan considering my collateral will not be very high because of my young age?
The sba is my frst thought but the red tape sucks so bad. I was also considering other financial institutions but I am unaware of their collateral proof requirements. Please offer me some advice and help me determine our next step to find a lender. He will cosign with me.
Thanks
moreVoting Question: Need a Business loan will bailout help?
Hi,
I have worked for over 2 years developing a fantastic business plan and putting together a company and an idea to try and thrive in the US. Me and my business partner are now ready to take the next step. We need 260,000.00 in a start up loan to cover all initial costs. I will actually be working for free for the first few months to make this happen and so will he. We are excited and thrilled but are now facing our biggest obstacle. My credit score is a 700 his is a 600. We need to find a lender. The government just passed a bailout package and I think now would be a good time to go on this.
Where should I go to get a loan considering my collateral will not be very high because of my young age?
The sba is my frst thought but the red tape sucks so bad. I was also considering other financial institutions but I am unaware of their collateral proof requirements. Please offer me some advice and help me determine our next step to find a lender. He will cosign with me.
Thanks
moreVoting Question: Small Business Loan for a 23 and 25 year old?
Hi,
I have worked for over 2 years developing a fantastic business plan and putting together a company and an idea to try and thrive in the US. Me and my business partner are now ready to take the next step. We need 260,000.00 in a start up loan to cover all initial costs. I will actually be working for free for the first few months to make this happen and so will he. We are excited and thrilled but are now facing our biggest obstacle. My credit score is a 700 his is a 600. We need to find a lender. The government just passed a bailout package and I think now would be a good time to go on this.
Where should I go to get a loan considering my collateral will not be very high because of my young age?
The sba is my frst thought but the red tape sucks so bad. I was also considering other financial institutions but I am unaware of their collateral proof requirements. Please offer me some advice and help me determine our next step to find a lender. He will cosign with me.
Thanks
moreResolved Question: guess what debt I am, and who I am, and who I work for?
I will charge you 10% interest on the debt and it is forever. It will never go away. I will never let you settle for paying the principal only, no matter what. I cannot be discharged in bankruptcy court. I will not let you stop paying if you are sick or unemployed. I will not stop collecting even if you have cancer, or have a terminal illness which requires hospitalization. I will never stop collecting even if you have a mental disease.
I will prevent you from buying a house, starting a business, obtaining a professional license and or a drivers license. I will prevent you from leaving the country. I will prevent you from suing the person I am collecting for for common law breach of contract or, extortion. or fraud. I give my client immunity.
If you make more money at your job and get a raise or promotion or win the lottery, I will collect and not only collect the principal I will collect the interest. I will charge you tax on the money I collect from you. I work for my client for free, but you must hire an attorney to deal with me. I will have 5 attorneys working against your one attorney every time you ask me to change something.
I will take away your tax refund. I will take 50% of your paycheck and I will charge you and your job for this. I will soon track down your residency and personal whereabouts via your cellphone. I will soon track down your whereabouts via your cars lojack system.
I will spend more money trying to collect money from you than you can even produce at your job, now or in the future. I will ruin your credit so that even if you want to pay me off, you cannot get a loan to do that.
I will put you in a debtors prison for the rest of your life. because I have to. I have gone past the turning back point. I collect only 10% of what is owed to me in all cases and this includes you. I get a kick back from the federal government if I make a quota. yes, you are not a human to me you are a quota, that I must fill one way or another. The money you pay in federal and State taxes, funds me to collect on you.haha!! the money my client gets from other sources, you paid for and will continuing paying for in your federal and state taxes too? double haha!!And I will still bill you for that money later, plus interest too, haha!!
I am not even finished yet, but i do not want to seem like a bad guy, because I have justified it in my head that I am the good guy and you will always be the bad guy, no matter what even if you do pay all the debt, why? because the amount will never be enough, and I will always justify it with the thought that you got off easy. And I have a hundred more ways to justify it, so don't even think about changing things. And I have a trump card,it is called a guilt trip!I am the ultimate debt.
But be careful. i have immunity too, much like my client. If you complain, everyone will call you a whiner and say just shut up and pay me. They will let everyone, including you complain about other debts such as credit cards or mortgages, loan sharks, etc, but this debt, haha You cannot even complain, unfair practices and procedures, because everyone looks the other way. haha
In 2007 the uncollected amount was 16 billion in the USA. It was 95% interest charges only. NOT Principal!!! It is like buying a car then paying it have, then getting charged interest for ever on the principal. Most people would scream, not fair, I paid what the principal debt for, so leave me alone. But not me, my friend. Not me. Again, I have to because my costs, to function on a day to day basis cost more than the principal of the cars, and I have to find a way to pay for my own survival. You see, the clients have made a monster, and it will not die. It will only devourer.
Who am I?
moreResolved Question: Can I get an auto loan under my new business?
I have recently started a new business and would like to purchase an SUV for company usage. The business brings in a nice monthly revenue stream but it is new and thus has no credit history. I would like to put about 10-20% down and finance the rest. My personal credit is bad so it's not likely that a personal guarantee would be worth much. Is it possible to get financing for this? I don't mind paying a slightly higher interest rate.
moreResolved Question: I am having a bunch of Credit problems and I need Credit today!?
I am a 24 yr/old small business owner and it seems I never get a brake! I just keep on jumping into "to-good-to-be-true" offers. I may not jump into to many, but when I do, they are big leaps, generally into, what seems like, a bottomless pit.
I don't have much credit history, and what I do have is BAD!
I started @ 18 by getting a credit card w/ a $600 limit. It wasn't bad, I was making the money, paying it off, then I lost my income. After the card was already maxed out! That was six years ago, so that means if I wait another year or 2 it will be off of my report all together. Well, you might say "problem solved"... but wait, there's more! I went to college, got a supplementary scholarship, my parents covered the rest, and then I hear that I am getting a "refund check". I thought that it was a refund because I got another scholarship somewhere that I applied for, but I was wrong. It was from the government and it was a loan. If I had realized that at that time, I would have put it in a bank in a cd account, but I didn't and then when it came time to pay it back, I didn't know what it was, so I brushed it of as one of the many mistakes that our government makes and ignored it. BIG MISTAKE! Up until now, I have made money through music, on basically a per contract basis. So, money came when it came.
I ended up getting married and when my wife and I did our taxes together this year they took the money I owed. So that is paid off, and it's supposed to be off of my report by now.
Now, here is the big problem! I own a business, a towing business, it's a very profitable business, if your trucks continue to work. Even more profitable if you have a tow lot. I make the majority of my money towing cars from A to B. I can't tap into the largest cash cow in the automotive industry, the government! In MA you need certain "towing rights" to tow for the city and/or state, also if you want to do "trespass towing" (parking lot tows).
Now to my point, I have been having problems with my trucks (2 trucks) and I don't have a lot. A man approached me about his company named Vericomm, it's a merchant services company. He gave me the whole spiel on how they have the best rates around and there is no cost to cancel, no minimum charges required, no charges other than the lease (through MBF LEASING) and a statement fee, it all should have added up to $90 a month.
Now that was all good and fine, but I wasn't getting enough people who wanted to pay by card to get it. So, he told me about something that made financial sense to me. He said that a week after I got the machine, whether I used it or not, I would be able to tap into up to a $150,000 advance, which was paid back by the use of the machine. A percentage would be taken out of every charge, and there would be little or no interest on the advance. He told me thatI was more likely to get about 30k to 50k on my 1st request. This seemed like a dream come true to me, because I could get my trucks in tip top shape and have a down payment for a lease on some property for a tow lot. I knew (and I still know) that if I had that available to me, I would make that money back in just a few short months.
It turned out that, he pushed me passed all of the fine print, that said exactly the opposite of what he said. They ended up charging me over $140 a month and I then found out that the advance is only available to those who regularly bring in $10,000 a week for at least 4 weeks through their company before they would consider me for only $1,500.
Well, I tried to explain my complaint to them and they ignored me and continued to charge my account. I ended up closing my account and now they are threatening to put in on my credit report (I am supposedly, personally liable for about $3,600 for my lease.) and/or take legal action if I don't resolve this in the next 24 hours.
I feel like crap, my credit was just on it's way to getting better. Now my wife is ready to divorce me, my business is in shambles, I have a card machine that doesn't even work, and my credit report is about to get even worse!
Does anyone know any companies that will give me credit today! And is it easier to get a business credit card w/ a personal guarantee, or is it easier to get a personal credit card!
moreResolved Question: Why did people go for the Joe the Plumber gimmick in the first place?
I understand the whole story of the innocent guy playing with his kid wanting to ask Obama why he is going to punish him for his success of buying a plumbing company and Obama using the phrase "spread the wealth", which sounds somewhat similar to "re-distribution of wealth".
My confusion is that George W. Bush is not a socialist (at least he only gives to the rich), yet with the tanking economy, it is harder now than in the last 20 years to start a small business or survive as one.
In other words, the most conservative president since Reagan presides over an economy that is unfriendly to anyone who wants to start a small businesses b/c they won't be able to get any of the necessary loans or credit.
It seems that people want to speculate that Obama's policies would be bad for all of small businesses, yet while overlooking Bush's policies, which have been detrimental.
Greg: the big 3 automakers are going out of business fast b/c they can't get loans.
moreResolved Question: I want to file bankruptcy (Chp. 7) but is this the silver bullet to wash away all my debts & stop creditors?
I incurred an enormous amount of debt due to a bad business deal. My business partner was a crook from the start. Unfortunately, I did not discover this till I sunk all the money I had into the business and signed-off on thousands of dollars worth of additional debt, loans, liabilities & personal guarantees. I am done and want to walk away; I could care less about my credit. I am broke! I want to file bankruptcy Chp. 7 but I want to ensure that this is a silver bullet. Will this get rid of all my debt & creditors so I can start fresh again? Can my debt & creditors haunt after wards in any way?
moreResolved Question: 12 Ways to Get Rid of a Telemarketer?
12 Ways to Get Rid of a Telemarketer
1. If they want to loan you money, tell them you just filed for bankruptcy and you could sure use some money. Ask, "How long can I keep it? Do I have to ever pay it back, or is it like the other money I borrowed before my bankruptcy?"
2. If you get one of those pushy people who won't shut up, just listen to their sales pitch. When they try to close the sale, tell them that you'll need to go get your credit card. Then, just set the phone down and go do laundry, shopping or whatever. See how long that commission based scum waits for you to get your credit card.
3. If they start out with, "How are you today?" say, "Why do you want to know?" Or you can say, "I'm so glad you asked, because no one seems to care these days and I have all these problems, my sciatica is acting up, my eyelashes are sore, my dog just died...." When they try to get back to the sales process, just continue on with telling about your problems.
4. If the person says he's Joe Doe from the ABC Company, ask him to spell his , then ask him to spell the company name, then ask where it is located. Continue asking personal questions or questions about the company for as long as necessary.
5. This one works better if you are male: Telemarketer: "Hi, my name is Julie and I'm with Dodger & Peck Services.... You: "Hang on a second." (few seconds pause) "Okay, (in a really husky voice) what are you wearing?"
6. Crying out, in well-simulated tones of pleasure and surprise, "Julie!! Is this really you? I can't believe it! Julie, how have you BEEN?" Hopefully, this will give Julie a few brief moments of terror as she tries to figure out where the heck she could know you from.
7. Say, "No," over and over. Be sure to vary the sound of each no, and keep an even tempo even as they're trying to speak. This is the most fun if you can keep going until they hang up.
8. If MCI calls trying to get you to sign up with their Family and Friends plan, reply, in as sinister a voice as you can muster, "I don't have any friends...would you be my friend?"
9. If they clean rugs: "Can you get blood out, you can? Well, how about goat blood or HUMAN blood - chicken blood too?"
10. Let the person go through their spiel, providing minimal but necessary feedback in the form of an occasional "Uh-huh, really, or, "That's fascinating." Finally, when they ask you to buy, ask them to marry you. They get all flustered, but just tell them you couldn't give your credit card number to someone who's a complete stranger.
11. Tell them you work for the same company they work for. Example:
Telemarketer: "This is Bill from Widget & Associates." You: "Widget &
Associates!! Hey I work for them too. Where are you calling from?"
Telemarketer: "Uh, Dallas, Texas." You: "Great, they have a group there too? How's business/the weather? Too bad the company has a policy against selling to employees! Oh well, see ya."
12. Tell the Telemarketer you are busy and if they will give you their phone number you will call them back. If they say they are not allowed to give out their number, then ask them for their home number and tell them you will call them at home (this is usually the most effective method of getting rid of Telemarketers). If the person says, "Well, I don't really want to get a call at home," say, "Yeah! Now you know how I feel." (smiling, of course...)
moreResolved Question: Small start-up business loan?
I am thinking of starting a small business. I haven't done all the research yet but I think when I do, I'll find there is a market for my idea. If I do that, where can I borrow some money? I don't really have good credit. I think it's 625. I don't know how good or bad that is. But my work histroy is erratic. It's not really that erratic. I've been employed on and off at one place for five years. Mostly on, but with gaps. Right now I'm not there. Also the place I work, I get tips and I've never declared them, so I can't prove any kind of decent income. I've heard the government makes loans of this type. How do I find out about it and how do I qualify? I only need about $3,000
moreVoting Question: How do I finance my small business with bad credit?
Looking to start up my own business, however I am going to need $1500 up front and have terrible credit. Any suggestions on grants or loans that are available to me? The loan would be payed back in 6 months. Thanks for your help!
moreVoting Question: can i get $$$ to start a business if i filed Chapter 13 bankruptcy?
if anyone knows, can you give me info on where and how to get a business loan or grant to start a small entertainment business? i have no assets, no money in the bank, my credit history is shot and i just filed Chapter 13 bankruptcy.
i know all of that sounds bad but i still have ambition and i still want to try to do SOMETHING with myself. i tried to go into business for myself with my savings but struck out the first 2 times. its a good business venture but i need the capital to keep at it and i dont have it.
can someone give me some advice or info please? thanx in advance
moreVoting Question: How do I deal with angry perfectionist boss with unrealistic expectations?
I just got chewed a new one today, because one of my employees filled out his leave slip incorrectly and I submitted it. I am a first line boss who is new to the job (less than one month) and while I do understand that things should be done right, I don't think it was normal for her to chew me out because of a mistake as small and fixable as that. She went on and on about how much they are paying me, and how I need to read everything before I send it out (I did read the leave slip, but because I was new I didnt know it was wrong). She goes crazy and has ZERO tolerance for minute, unimportant mistakes that someone new to the job is bound to make Her thing if I make a mistake is to afterwards dramatize it and make it waaay bigger than it is and get upset and ask "WHY didn't you just ASK me?!?" I didn't ask her about the leave slip because I didn't know there was anything to ask. To make matters worse, I have even another supervisor and she is a maniacal, zero tolerance for imperfection, tyrannical B*itch as well, so I have two old dogs barking down my neck all the time. Oh yay!
I guess I need to grow a thicker skin, b/c even thugh I know she can be dramatic and irrational about things, I end up taking it personally, like today and think on it for hours and hours and feel bad about it.
The fact is, I am getting paid the best salary I have ever had, and I can't just quit cause I want to pay my credit card and student loan debts so that my husband and I can afford to start a family and I will be able to stay home in a couple of years. Plus I am convinced that if I do go somewhere else, there may be some other nasty boss or something unpleasant waiting for me there. I want to be my own boss but part of the money I am paying back is for a loan for a past failed business so I don't have the extra income to pursue it at this time. I have always on very job has a nasty boss and I haven't grown a thick skin yet, it still hurts my feelings when they yell or get angry with me.
How do I deal with this , not go crazy or develop an ulcer and blow off steam until my bills are paid up and I can get out of there?
I definitely take total responsibility for my mistakes and I DO promise to not make the same mistake again. I can see getting angry if I mad the same mistake over and over, but it was my first time and I learned by trial and error. I will be sure to ask her PLENTY of questions in the future about EVERYTHING. No one wants to ask her questions because she gets impatient and nasty when you DO ask as well.
moreVoting Question: I want to start a video production business but Im broke and have bad credit. Any Advise?
I want to start a video production business I have a degree and unfortunately school has left me broke with bad credit. Is there any way to get loans, grants anything to help me start off this business. I know it'll be a long road to get where i want to be but im willing to travel i just need a jump start. Any advise.
moreResolved Question: Should I financially help my father? How do I forgive him and his mistakes?
Throughout my life my father has been a horrible husband and a mediocre father. My mother tried to protect me and my brother by trying to hide my dad’s indiscretions but it got so bad that she couldn’t hide it anymore. My father is basically a morally twisted man who most likely wasn’t loved enough as a child. He is a horrible womanizer, alcoholic, sexist, delusional man who beat his wife and somehow thinks he’s a great husband simply because he pays for the bills (even though now he can’t do that and is resorting to gambling). I just found out a few months ago I have a half-sister 10 years younger than me (I am in my late 20s) and may even have 2 more half siblings that are not confirmed. He’s also apparently been in jail for a year for rape, although it may have been a set up by a business partner who wanted to take his $$, but it happened when I was too young to remember.
The sad aspect of it all is that my father never really did anything horrible to me specifically and I know he loves me and my brother a lot. Although I sometimes wonder if it’s because he expects us to be his paycheck when he retires. He’s always telling us how he wants to retire in 2 years (when he has zero savings, and piles of debt) and expects us to take care of him. He takes international vacations (by himself without my mom) every year and we’ve already paid several thousands of dollars for him and my mom to go on a cruise (we did it for our mom who gets zero money from our dad and it was her birthday). We even have to give my mom money on the sly as my dad is tight fisted and controls her spending even though she’s probably the only one really paying the bills now that my dad’s business is going south and she has to work more even though she has a bad back and arthritis.
My brother and I are in our late 20s, early 30s and are trying to figure out how to confront our father about his spending. He is now gambling off his home equity loan and credit card advances. They have absolutely no savings at all. We’ve never confronted him about all his past grievances and he doesn’t know that we’re aware of the half-sister. But how do we approach this while protecting our mother? My brother and I kind of don’t care about the type of relationship we’ll have with our father, but we’re worried how he’ll treat my mom as he tends to blame her for everything. And how do you forgive someone who has basically pissed his whole life away, abused your mom, and is now forcing his children to literally pay for his mistakes? For the longest time, my brother and I have been half trying to ignore what an ass my father is but now it’s starting to become unavoidable.
moreResolved Question: Why do global warming deniers always feel the need to engage in ad hominem attacks?
First it was Al Gore, then Michael Mann, then all climate scientists in general, then James Hansen.
Now global warming deniers are engaging in ad hominem attacks against the state of California, of all things.
http://answers.yahoo.com/question/index?qid=20081017185149AAs3oBc
First of all, just to set the record straight, California is not $7 billion in debt. California is considering asking for a federal loan of that amount because of an inability to access the bond market to pay for things like teacher's salaries due to the global credit crunch.
"It's customary for California to borrow billions of dollars at the start of the fiscal year to fill its coffers until the usual flood of sales tax receipts comes in after Christmas and income tax receipts arrive in the spring."
http://www.latimes.com/business/la-fi-calif3-2008oct03,0,5726760.story
Secondly, this problem has literally nothing to do with the state's environmental laws.
Thirdly, California does not "suffer the worst environment". I don't even know what that's supposed to mean. The state is the most energy efficient in the country and virtually none of its energy comes from coal power plants.
Why do AGW deniers constantly feel the need to engage in these sorts of unsubstantiated ad hominem attacks?
Heretic - as to your first link, perhaps you don't realize how large California is.
As to your second link, you might want to try reading it yourself.
Randall - repeating lies does not make them true.
eric - I don't dismiss deniers for being deniers. I refute their scientific arguments, on the rare occasion when they make one.
moreResolved Question: I have $300K of debt in credit cards and unsecured loans ... What will happen if I can no longer pay the bills?
I started my own business this February. After 6 months of struggling to keep the business alive... no luck! Now I'm flat broke, all of my credit cards are maxed out, and the business is closed. I managed to get a job that merely pay my daily expenses and the house's mortgage. I'll be lucky to have about $200 left by the month ends. Here's my question... I know with that much debts, there's no way on earth I'll be able to pay back. What will be the worse case if I don't pay back my debts? I know the collection phone calls will keep hounding me for years. I live in the state of TX so I don't need to worry about wage garnishment will take effect. From what I understand, I can't go to jail for having debts to the creditors. I'm thinking about filing for bankruptcy, but it will be on my credit report for as long as 10 years vs. bad credit will be around for about 7 yrs. All of your inputs are greatly appreciated!!!
moreResolved Question: Rebuilding Credit Rating?
Well as a teenager I went into debt, At the end of this year ill be out of debt with every bill paid as well as my bad records wiped.
Should i get a small loan to add a positive record onto my credit rating? I have no debt, a secure job and disposable income
The loan id either use for a overseas holiday or a really nice computer, possibly, only tiny, starting a small business
I fail at saving, so its not really a option for now, id rather have debts to pay off and they are all 0 now.
Thank you
~ Katash
moreResolved Question: If not Gordon Brown who?
This global financial mess started in America and in the last month the American government has made several catastrophic errors which have made a bad situation worse.
1. Allowing Lehman Brothers to go bust
2. Buying up toxic debts without understanding how much was required.
3. Dithering on the bailout plan
This has lead to banks refusing to lend each other money as their dont know if they will get it back. This has lead to small business and homeowners not being able to get credit thus going out of business or failing to pay their home loans making the problem worse and a long term recession looking likely.
What Gordon has done is buy shares at a very low rate and put certain conditions in place to ensure that money gets back into the economy. When thses shares recover we make a profit and reduce the national debt.
His plan has been followed in Europe and finally by the US - without this more banks would have been nationalised and we would be looking at an unprecidented global depression that would have taken years to come out of.
Politicians and Economist (including Nobel Prize winners) the world over are hailing him as saviour of the finanical world.
Strange that some people on here still dont trust his handling of economy - my question would be who do you trust?
moreResolved Question: need loan for a truck and have bad credit?
I'm starting a business and looking for a truck to pull a big trailer all over the country. i have bad credit do to a divorce and a bankrupcy. I would like to better my self by making my credit better again.
moreResolved Question: Why give Wall Street $700K of your money?
Wouldn't it be more appropriate to give each American Citizen 18+ (most of whom have, after all, been taken advantage of by both!) a $100K 'sorry we blew it' Check!
Then, let uncle same deducted 30% in taxes - that would help the gov pay down its debt. Oh you say, but what would most Americans do with their $70K? Lets see? Pay down their mortgage (the mortgage crisis would be over, foreclosures would decline sharply and credit would become available); pay down their student loans, pay off medical bills and car loans - all would strengthen the banking system and in turn this money would become available for loans/businesses; oh, and spend, spend, spend! - the economy would be back on track in no time!
Would someone check my math because it seems to me it would cost the Government allot less than they intend to spend and I dont know about you but I just dont trust Wall Street or the Government with that much of our money! (It would also inject a little respect and trust - something that is much needed right now).
Lets say you dont trust the average American to pay down his debts, so why not give him a $70,000 credit against any of his outstanding loans any leftovers can be cashed in and spent.
So why is Wall Street being rewarded for bad behavior (with taxpayers money, by the way)?
Will someone get this to the McCain/Palin campaign asap or even the Obama campaign - its time to start thinking out of the box and give back to the people!
My apologies, I put this out late last night - $700 Billion! They are already talking about $150 Billion more and lets face it, it wont end there!
moreResolved Question: How do I go bout obtaining a grant?
I know this is a bad time to be looking to the Government for help but I was wonder.....How do I go about getting a grant to start a business. I want to start a laundromat. I need funding. A loan is not something I can really get at the moment due to my credit score. I wanted to look into government grants and don't know where to start. I have already been scammed out of $500 and I have no more money to waste. Please help!! Serious people answer only, if you don't know then don't answer.
moreResolved Question: Can you read this article i made about the great depression, please?
The Great Depression
When World War I ended in 1918 the United States and the world were expecting a peaceful and bright future ahead of them. In the beginning everything seemed to live to their expectations. Factories were producing; people were hired and content with their jobs and wages, and were spending money which was good to their economy. Many people invested on stocks and some even became rich. Little did they know what that everything they had might disappear in a few years.
Everything began when the stock market crashed. Due to this unexpected change in the economy many people started to reduce their spendings, causing a snow ball effect on the world’s economy. Business closed, wages and prices fell, but people had no money. People lost their homes and would work for food, starvation, poor health left people miserable. This abrupt change in people’s lives left them not knowing what hit them.
On October 26, 1929 the New York stock market collapsed. People over invested and bought stocks with borrowed money from their broker only ten percent down, confident that they would become rich and be able to pay them back. When stocks prices got to a very high price, other investors would not buy them, and the owner of these stocks had to lower their prices. The prices fell heavily and people found themselves with no money to pay their stock broker. Due to the stock market crash many people lost their fortune and would not invest in stocks at all. Prices went down but no one could buy them because they had no money.
Most of the U.S wealth was on the hands of the wealthy. During this tumultuous time in world economy, these people did not spend much. When they did spend some of their fortunes it would be to buy goods from places where it did not affect the United States economy much. With fewer people buying goods, factories and businesses had to close down, causing their workers to save the money they had, causing millions of other to lose their job.
As one of the response to the sudden depression, countries raised their protective tariffs to “protect” their industries from failing. Tariffs are like tax that important goods have to go through to get to their destination. In the U.S the prices of these important goods were lower than the prices of the merchandise that were produced in the U.S. Because of the lower prices people bought imported things instead of the goods that were made in the U.S causing these factories to suffer greatly. The government observing the raised the tariffs on imported goods caused other countries to raise tariffs on their imported merchandise also, so these countries had a hard time selling their goods abroad.
With no money people stated to get loan from banks; perhaps confident that this hard time would end soon. Contradicting their thoughts things got worst and they had no money to pay back their loans. Meanwhile the depression made people suspicious about their banks that held their money. Immediately they wanted to take their money from banks, but the banks had no money since they loaned the money they had to other people; this caused lots of banks to go bankrupt.
During this time people started to avoid paper money, since they believed that they held no value, and was just paper. The government then invented something called the Gold Standard; a mark on a money bills that allowed people to exchange they bills to get real gold or silver. This caused little money to be in circulation, and the U.S. treasury was starting to get short on gold. When things were good people bought things on credit promising to pay a monthly value to the companies. But in the late 1920s and early 1930s they had no money to pay and causing this business to close their doors.
All this caused the snow ball effect on the whole world. Once people were fired they reduced their spending, which forced other business to lay off, until many people were out of work. The only way to get the economy back on track, was for people start spending; that was hard since no one had the money to spend it.
Our new president Franklin D. Roosevelt promises a New Deal to his American people. One of his many plans, Roosevelt plans to hire man to do public work, hire young man to work in the forest to build trails, plant trees and fire towers, help farmers, and put older man to work in cities. The American people only hope that these great ideas will take them out of this great depression that only seems to get worst. They believe in him, they believe and need change.
tell me what you think please????????????
moreResolved Question: How many people know Clinton started the downfall of Fanny Mae & the economy collapse? Ya better read quick !?
Ok so I'm an independent & have been really paying attention to what these dudes are saying because I have kids & want what's best for them. What you don't know is in 1999 (Sept.30) The New York Times printed an atrticle that headlined "Fannie Mae credit to aid mortgage lending" , just throw this title up into the yahoo search engine & you will get to the article, better hurry they are trying to get it purged! Clinton signed a bill "relaxing" the qualifications to get loans,credit cards & mortgages because he said he thought it was every American's "right" to own a home (yeah IF you buy within your means & actually make your payments!) so we were all bombarded with "pre-approved credit card crap daily in the mail, even my 12 year old son was WOW, nice country huh, Everyone would like to blame Bush for this situation but please do your reasearch before you vote,That man was handed a country that was viciously attacked 8 months after he took office, it did not take 8 months to plan 911! Our towers were also attacked 1993, the American embasy in I think Africa in 1998 & the USS Cole in 2000 all while Clinton was in office, we are being brainwashed to think Bush is the reason for the economy, even Katrina! this is absurd, he was handed a pretty bad deck of cards right off the bat, we all forget Clinton was hobknobbing with the Hollywood elite & being pleasured by a young intern while our enemies & even some Americans like the late night comics were all laughing us. This is crazy, I was on the fence because I want to do what's right for my children in this election but after really studying Obama, seeing who he really in & has in his circle I will in no way vote for this man,he's saying what he wants us American's to hear, even his own America hating preacher Rev. Wright said "Obama is just saying what he has to for political reasons so he can win" his own preacher said that! This guy will do and say anything to win, his promises are unattainable, he also hobknobbs with the Hollywood elite all who have way more money then you & me so what do they have to loose. I understand people need health care, but why should hard working Americans get the same "free" health care some idiot sitting on their butt not contributing to this country get the same as someone working their butt off? even illegal immigrants get better care then some Americans, does anyone else see something wrong with this? We are being brainwashed to vote for the Hollywood backed candidate who do not give a crap about the working stiff, they have enough dough. People make fun of McCain & his houses? you got to be kidding! Ever watch cribs? Besides this is his wife's money,her father worked his booty off & left his daughter his business, (they have a pre-nup by the way). They also want to make fun of Palin?? why? 'cause she's real? most of us have no idea the crap she was asked? But she does have more experience then both Obama & Biden in executive decisions, what she lacks in foreign policy McCain more then enough makes up for, She will learn. I don't agree with everything the left's say, like a women's right to choose but jeez Obama voted to allow late term abortion,that's like a baby already then he signed that if the baby was born to a "botched late term abortion" & it was born alive the doc's are not allowed to revive it?? WTF , just let it die! I'm a mom, how can you let a baby die? this is all on record & should really be looked into, at least with McCain & Palin what you see is what you get, so she made some mistakes who hasn't? I really hope people don't vote 'cause of his "celebrity" or what the freaking lying press has wrote or his BS on what he can do for us because it's just unrealistc. Just look into it & don't be influenced by rhedoric like I almost was! I'm just a hard working home owner & no body is bailing me out of my mortgage. I want what's best for our country, OUR country.... Sorry so long but people just don't know the truth, the left slanted news sure isn't putting it out there! I'm so glad I found the truth....... Look up the Fannie Mae stuff, very good reading!
Thank you so much for not blasting me.. I'm just want the truth (& we are not getting it from the left wing media & aging hippies who want free everything for all, I think they swallowed too much urine soakd mud at woodstock,no one is doing their homework because they want to vote like the celeb's, who really don't give a crap, they have enough dough & don't have to worry about about how they're going to pay their next bill but as long as they come off politically correct,.( I mean actors who hold a show at bay unless they all get a million dollars an episode? That's a million dollars a week for that greety Jennifer Aniston who convinced her co-workers to hold out until the the network caved! that's more money most us will make in a lifetime,No wonder Brad left her,At least Angelina gives back. One thing for sure McCain & Palin are real, That's what we need ~real. That's again for not bashing me I'm just trying to learn like everybody else but won't be brainwashed by celebrity bull!
Thank you so much for not blasting me.. I just want the truth (& we are not getting it from the left wing media & aging hippies who want free everything for all, I think they swallowed too much urine soakd mud at woodstock,no one is doing their homework because they want to vote like the celeb's, who really don't give a crap, they have enough dough & don't have to worry about how they're going to pay their next bill but as long as they come off politically correct,.( I mean actors who hold a show at bay unless they all get a million dollars an episode? That's a million dollars a week for that greety Jennifer Aniston who convinced her co-workers to hold out until the the network caved! that's more money most us will make in a lifetime,No wonder Brad left her,At least Angelina gives back. One thing for sure McCain & Palin are real, That's what we need ~real. Thanks again for not bashing me I'm just trying to learn like everybody else but won't be brainwashed by celebrity bullies !
moreResolved Question: Why even have an economic bailout?
I'm by no means an economist, but doing this $700 billion bailout for the banking industry, Wall St., etc. makes no sense to me. These companies made bad decisions by their own judgment and now they don't have to pay the consequences. What good is freeing up credit with this bail out if they are just going to give credit to people who can't afford it again? The problem is that right now people are foregoing paying debt to pay for necessities. They're just perpetuating it and we'll be right back where we are in a couple of years.
The bailout should go to the tax payers. Based on the Census Bureau there are 350 million people in the US. If you divide the $700 billion for the bailout (which is coming out of taxpayers pockets anyways) that would give each taxpayer $2,000. That is $2K per person to pay back lenders for car loans, mortgages, school loans, credit cards, etc.
At this point even if half the people in the US used this money to pay off some debt our economy would start doing much better. It just seems to me that the government is trying to do the best thing for big business and not the people. Am I the only feeling this way?
moreVoting Question: In the next six months we are opening a franchise and in the process of clearing up poor credit?
I and my partner are looking to open a franchise in the next six months and in the process of clearing up the rest of our credit along with saving six months for capital but we will need a loan under a new corporation. We are wondering due to the crisis if we should wait for a year after the dust settles or will the six months lenders might be more agreeable to loan for small business. Even though the financial crisis may clear up it is evident we are heading to a recession in which it might be better to stay at the old job or try for a higher paying job. My partner and i consider the franchise as recession proof and we are able to save until we open but we definately will need a loan to be able to open without piercing the corporate veil! I understand it may take 1 year to two years for a bank to look at you for a large loan but we are just looking for start up to go with our capital. We are applying for the corporation and credit clean up is definately in the works for our score but a little worried that we may have to wait indefinate for a loan. Any suggestions? I saw in the other emails bad loan.com may not be the thing to use after the financial crisis so we are wondering besides borrowing and saving ( no home sorry!!) what else can be done. Will the late for small business be long? By the way what exactly is a credit line for small business what is it used for ? is it the same as money?
moreResolved Question: bailout plan not passing maybe we don't need one ?
My bailout plan for Wall street
let me know your ideas
Why you and me have to pay for their mistakes big corporations fail shady investors and sleazy lenders, 700 billions NO way
If it was up to me i will let all this banks and big corporations fail let them all go out of business
of courser all of them are not going to, most will find other ways to survive
but it will let us start over from scratch and people will think twice before buying something they want in a credit when they don't have money
they say there is not going to be any money for credit !
How cares people don't need to be buying new houses or cars if they don't have the money
or asking for loans to open any bussines
at this moment there is no a good time to do anything just save money
there is a lot of people losing their homes is there any help for them on this bailout plan NO
at least not from our broken government
This past Monday morning the stocks didn't move much waiting for the news about the bailout plan when the bailout plan didn't pass the DOW when down 777 points and everybody was going crazy including our president he was on tv in the morning telling people that all their money was going to be lost but what happened ?
Tuesday the DOW when up 545 points
I believe that the market will correct it self with time today there was a rumor that the bail out can happend the market was in hold all day not moving much in any direction
we are all use to to much credit we all live on credit and not a reality
our country and government have ask for so much money that is going to take a long time to pay
and we have been on the RED for years
In the 1990s, Japan also experienced a similar housing boom/price bubble. Home prices doubled, even tripled in the largest cities. Eventually everything began to unravel and the market began to crash. That's when the Japanese government made the terrible decision to intervene.
The result?
The market correction in Japan is dragging on to this day. Because Japan's Ministry of Finance was so eager to keep the banks that made the bad loans from going bankrupt, they assured that the country would languish in a multi-decade recession.
And now the U.S. is about to follow down the same path. If the current U.S. bubble is left alone, it will eventually pop. Sure, people are going to lose their homes, but that may be what needs to happen. When you take a gamble and don't manage your finances properly, you sometimes get burned. That's the way our financial system works. Altering the rules for some borrowers under given circumstances isn't fair to the rest of the country, and can only serve to endanger our economy
Based on the U.S. Census Bureau's estimate of the current population of about 305 million people, each person would have to pay $2,300 to fund the $700,000,000,000. If each American (including children) paid a dollar a day, it would take more than six years to pay the money in full. One might argue, however, that this $700 billion would be a modest splash in the bucket of national debt, which already stands at well over $9 trillion (which means you already owe $31,642 each).
moreResolved Question: Are people confused about what the bailout means? ?
Although the source of the problem came from Wall Street and poor mortgage decisions by unqualified home buyers, it now a American public problem. It has an adverse effect on EVERYONE.
The problem is that banks are unwilling to lend money to businesses because they need to keep liquid cash on their books to remain solvent due to the bad mortgages they are holding. When banks are reluctant to lend money, small businesses who often use short-term loans to make payroll, research & design, market, transport, etc. cannot get the funds they need to stay in business. As this occurs, jobs are eliminated and/or these businesses fail completely raising the unemployment rate and overall economic hardship for everyone. Anyone looking to punish Wall Street is misguided because only the behemoth corporations will be able to get the bridge loans needed to keep going. They will survive, it is the average small business owner (who creates the vast majority of US jobs) that will be hurt the worst.
Also, interest rates for new mortgages to qualified borrowers will go up, further pushing the housing market down and creating even more defaulted mortgages. A snowball effect occurs and credit markets get even tighter and more businesses fail.
Unemployment will be rising, while the number of new jobs for the unemployed to fill will be getting smaller. As unemployment continues to rise, households will be left without incomes and begin to default on other lines of credit such as car loans and credit cards. Again, the snowball continues.
Since disposable income will decrease because of the unemployment numbers, the economy will continue to suffer because people will start to hoard cash instead of fueling the economy with spending. More businesses will fail, and so on.
People not in the work force with retirement savings will find their portfolio values decimated, perhaps postponing retirement or making it impossible altogether. Again, creating an influx of people into the job market where there are no jobs available.
Anyone in Main Street USA who does not believe this will not affect them are naive. the Wall Street you are mad at has already failed and has been restructured. Get over it.
The bill includes: Periodic payments, not a $700 lump sum. Congressional oversight of the Treasuries' actions. A bump of FDIC from $100,000 to $250,000. Elimination of golden parachutes. Taxpayer equity (ownership) in participating companies with preferential debt recovery/profit going the taxpayer vice shareholders. A tentative timeline for government removal from the market.
Myths: Its a blank check, there is no oversight/puts one man in charge, etc., credit is not important to the US economy and veryone should pay cash. Wall Street will be the only one to suffer. It will pay irresponsible homeowners' mortgages. It doesn't help the average American. Government involvement harms the free market (history has shown that government is sometimes necessary. ie the Great Depression).
Also included: An insurance option to back the questionable securities giving them marketability and more easily obtained market value.
Keep in mind, there is a consensus that tighter regulation must be passed, but due to time sensitivity it will be addressed at length after the bailout.
moreResolved Question: What should I do with my financially abusive husband?
I can't believe this! My husband stole money from me!
My husband is extremely abusive, emotionally, mentally, financially and verbally. Regarding finances, the first year we were together, he didn't work and I was the only one brining money home. He forced me into getting a loan and credit card for an imaginative business idea that would benefit us both in the future, then he took the credit card and loan off me and spent it on extensive shopping for himself and changing his mobile handset and cars every month. He promised to at least pay the minimum payments, but because he didn't have income, obviously he didn't pay back and I ended up with a huge debt (£20,000) and bad credit so my bank account was closed. My salary was going to his bank account and he spent it all, the only money I had was for train ticket to go to work. I was in love with him, so I let him get away with that, and thought I sacrifice myself for him so that he may change for my love. Then later on I got pregnant and couldn't work. We had to move in to my brother's house and we were at my brother's mercy for 9 months, during which my brother gave us pocket money. It was so infuriating and depressing but I couldn't do anything. My father sent me some money, I kept it somewhere to save, but realized the money was getting less and less every day, and he denied he was the one taking it. When the baby was born he had to go to work as my brother moved somewhere else. My maternity allowance and child benefit went to his bank account, during the past 15 months that I stayed at home with the baby and he is the one working, he didn't give me any money at all even for bus fare. So I was stuck at home, depressed and isolated. My brothers gave me some cash gifts worth £550 over 1.5 years that I saved hidden somewhere so that he couldn't find it and I kept in for emergencies in case my baby needs something. Eventually he found the place and my money started getting less and less and still he denied taking it. I was so frustrated and later he gave my money back. £550, claiming that he is doing me a favor and I was the one who lost it in the first place, but that's not true because I hid it under my bed in a safe bag. We are moving to US and I thought I can escape from him in US, so I sold all of my pre-marriage Gold that I saved through years, altogether I could create $4100. Yesterday he found it and stole $100 of it. And still he denies it. I can't believe he stole from me again. He wants to make me feel like crazy by denying it!!!! What should I do?
Just to say, I can't stay in UK anymore, because with this credit history I can't do anything, and I couldn't extend my visa because he took all my money and i couldn't pay for university. The only option now is to go with him to USA because he is a US citizen. I think I don't love him anymore, because he is a Charlatan. What should I do?
moreResolved Question: Did McCain stall bail-out to cause another keating-style S&L situation?
TOPWRAP 14-U.S. bailout in chaos, feds seize WAMU 9:49 PM ET 9/25/08 | Reuters
RELATED QUOTES
4:00 PM ET 9/25/08
Symbol Last % Chg
JPM 43.46 7.31%
WM 1.69 -25.22%
GE 25.68 4.43%
AIG 3.02 -8.76%
Real time quote.
* Bailout pact stalled after White House meeting
* Democrats accuse McCain of blocking deal
* Washington Mutual closed in biggest U.S. bank failure
* Congressional leaders say deal might take until weekend
* U.S. stock futures sink (Adds Washington Mutual failure, Waxman on McCain, Paulson meeting)
By Tom Ferraro and Richard Cowan
WASHINGTON, Sept 25 (Reuters) - A rescue for the U.S. financial system unraveled on Thursday amid accusations Republican presidential candidate John McCain scuppered the deal, and Washington Mutual was closed by U.S. authorities and its assets sold in America's biggest ever bank failure.
As negotiations over an unprecedented $700 billion bailout to restore credit markets degenerated into chaos, the largest U.S. savings and loan bank was taken over by authorities and its deposits auctioned off. U.S. stock futures fell by more than 1 percent.
The third-largest U.S bank JPMorgan Chase & Co (JPM) said it bought the deposits of Washington Mutual Inc (WM), which has seen its stock price virtually wiped out because of massive amounts of bad mortgages. The government said there would be no impact on WaMu's depositors and customers. JPMorgan said it would be business as usual on Friday morning.
Had a bailout deal been reached in Congress, it may have helped the savings and loan, founded in Seattle in 1889. Efforts to find a suitor to buy WaMu faltered in recent days over concerns about whether the government would reach a deal to buy its toxic mortgages.
Earlier on Thursday, U.S. lawmakers had appeared close to a final agreement on the bailout, lifting world stock markets and sending the dollar higher. But things spun off course during an emergency White House meeting between Congressional leaders with U.S. President George W. Bush.
In advance of that meeting, which included the two men battling to succeed him, Democrat Barack Obama and McCain, a compromise bipartisan deal seemed imminent.
After the session, Congressional leaders said an agreement could take until the weekend or longer.
Republican U.S. Sen. Richard Shelby bluntly told reporters, "I don't believe we have an agreement." He later said the deal was in "limbo."
A group of conservative Republican lawmakers proposed an alternative mortgage insurance plan, eschewing the Bush administration's Wall Street bailout just weeks before the Nov. 4 election as many lawmakers try to hold on to their seats. ID:nN25397072
Democrats said McCain had scuppered the anticipated agreement by throwing his support behind that scheme.
"Sen. McCain has sided with the House Republicans who want to start with a completely different approach and reject what President Bush put forward," said Rep. Henry Waxman, chairman of the House Committee on Oversight and Government Reform.
"It's hard to imagine where we go from here," he said.
The conservative group's plan calls for the U.S. government to offer insurance coverage for the roughly half of all mortgage-backed securities that it does not already insure. ID:nN25133375
The architects of the original plan, U.S. Treasury Secretary Henry Paulson and U.S. Federal Reserve Chairman Ben Bernanke, rushed to Capitol Hill for late night meetings to urge House Republicans to get back on track.
"It is critical that this legislation get done quickly," White House spokesman Tony Fratto said. "We have serious concerns about the state of our credit markets."
U.S. Senate Banking Committee Chairman Christopher Dodd said a deal could take beyond Friday to reach and took a firm swipe at McCain, who returned from his presidential campaign to try to broker a deal.
"What this looked like to me was a rescue plan for John McCain for two hours," Dodd told CNN. "To be distracted for two to three hours for political theater doesn't help."
INJECTION OF POLITICS
Also speaking to CNN, Obama said of McCain's involvement, "The concern that I have ... is that when you start injecting presidential politics into delicate negotiations then you can actually create more problems rather than less."
Earlier, news that a deal was near stabilized beleaguered money markets, frozen by a reluctance by banks to lend. The rate on one-month U.S. Treasury bills shot higher as traders unwound safe-haven trades. ID:nN25533665
Still, officials from France to China voiced alarm.
"A crisis of confidence without precedent is shaking the global economy," French President Nicolas Sarkozy said in a speech in Toulon, France.
As Thursday's meeting began, Bush warned, "We're in a serious economic crisis in the country if we don't pass a piece of legislation."
U.S. Rep. Barney Frank, the powerful Democratic chairman of the House Financial Services Co
.S. Rep. Barney Frank, the powerful Democratic chairman of the House Financial Services Committee, said before the Bush meeting that the deal would give the money to the U.S. Treasury in installments rather than a $700 billion lump sum the Bush administration wanted.
The enormity of the deal, which would cost every man, woman and child in the United States about $2,300, led many lawmakers to ask Paulson during two days of rancorous hearings this week to take the cash in installments.
The bailout exceeds total lending by the International Monetary Fund since its inception after World War II. The IMF has loaned $506.7 billion since 1947 to countries in crisis as far flung as Argentina, Britain, Turkey and South Korea.
Frank also said the deal would allow the government to take part-ownership of banks and ban companies that sell toxic assets to the government from paying massive "golden parachutes" to executives being fired.
Reflecting that the current crisis appears to be the
most serious since the Great Depression of the 1930s, fresh Federal Reserve data showed U.S. banks and money managers have borrowed a record $188 billion daily in recent days from the Fed -- a daily amount roughly equal to Argentina's annual economic output.
"This looks like the balance sheet of a central bank that is keeping the financial system on life support," said Michael Feroli, U.S. economist with JPMorgan in New York.
The swirl of political theater and meetings in Washington followed fresh turbulence in the world economy.
Orders for costly U.S. manufactured goods plunged in August, new-home sales hit a 17-year low, while new claims for jobless benefits shot up last week. ID:nN25327565
Top U.S. industrial conglomerate General Electric Co (GE), widely seen as a bellwether of the U.S. economy, issued a profit warning, citing "unprecedented weakness and volatility" in the financial services market. ID:nN25394000
The crisis reverberated in Amsterdam and Brussels, wher
Fortis NV FOR.BR, the Belgian-Dutch financial services group, denied a rumor the Dutch Central Bank had asked a Fortis rival to support the company's liquidity position. Fortis shares sank as much as 21 percent to 14-year lows. ID:nLP49229
In Asia, hundreds of people lined up outside the Hong Kong branches of the Bank of East Asia Ltd 0023.HK, some sleeping there overnight, to withdraw their savings.
China's banking regulator sought to reassure jittery financial markets, denying a report that it had told local banks to stop lending to U.S. banks.
INTENSE BAILOUT TALKS
The crisis comes after a month of turbulence marked by the government's takeover of mortgage companies Fannie Mae FNM.P and Freddie Mac FRE.P, the bailout of insurer American International Group Inc (AIG), and the bankruptcy filing of investment bank Lehman Brothers Holdings Inc LEHMQ.PK.
Concern lingered that even with a bailout, the United States may stumble, prompting a global slowdown.
German Finance
Minister Peer Steinbrueck said one outcome of the crisis would be a less dominant role for the United States in the global financial system.
"The United States will lose its superpower status in the world financial system. The world financial system will become more multipolar," he said. ID:nLP17244 (For related stories, please double click on the following codes in brackets ID:nN13574113) (Writing by Mark Egan; Reporting by Richard Cowan, Alister Bull, David Lawder, Kevin Drawbaugh, Glenn Somerville, Noah Barkin, Richard Leong, Megan Davies, John Parry, Jessica Hall and Ellis Mnyandu; editing by John Wallace, Jeffrey Benkoe and Toni Reinhold)
The question isn't long, the supporting info is.
moreResolved Question: Was the finance bailout all planned long before now?
I wonder if the finance bailout was not in the works decades ago? Is it possible people thought about causing a situation which was bound to fail, thus allowing the government to take control of a large industry? Is it possible oil companies are the next to go?
The finance industry has failed not do to capitalism, but do to the government making it impossible for it to succeed. Fannie and Freddie (F&F) were implied to back mortagages. This was said to increase the home owner ship. But, in essence what M&M did was allow banks to provide loans to people who should not have them. No bank would make loans to people the way they were. The bank would never assume that level of risk. But, with F&F, they could make the loans and sell them off thus eliminating that risk. Meanwhile, F&F, with the implied backing of govt, bundled and sold the bad loans. Then, add into the mix the fact that Carter and Clinton both mandated increased "bad paper" loans, you get the inevitable. A failure of the credit industry. Add into this, the fact that Dems have been deflecting any real review of F&F, and we have the current crisis of today. Now, the people who caused the crisis, want to take over a large portion of this industry. The perfect government siezure of private firms to a socialist company.
Next, look at the oil companies. The Democrats have continually undermined their businesses and going so far as to force them out of lucrative markets, which other country companies stepped into. They limit the oil co's ability to compete with larger more powerful government run oil co's from other nations. They lock out American companies from our reserves while other countries scramble to increase production. Then, gas prices climb, and they immediately point the finger at the oil companies, when the real fault lies at the politicians. Could they be intentionally creating negative environments for these companies so that in the future, when the oil co's industry slackens, the government will once again step in to take over another large portion of the economy?
Are they then moving to the health industry? Government regulation has continually kept the free market from reducing prices by over regulating. Prices climb ever higher as government puts more and more regulation on the industry. Now, the presidential socialist hopeful, Obama, has publicly voiced his idea to start the nationalization of the health industry.
Finance, oil industry, health industry all possible government takeovers caused by the government.
In case you think this is totally crazy:
http://www.youtube.com/watch?v=niJAkR_6tKQ
Granny,
You may need to update your prescription. Waters specifically says she wants to socialize the oil industry!!! No questions about it. They are just waiting for the right time. All cycles shift, and when the oil industry gets in trouble, the government will offer a bail out, for controlling equity.
moreResolved Question: When the uber rich mortgage bankers make bad loans why should innocent taxpayers pay for the deceit and greed?
Mortgage Bankers of America started this with adjustable rate mortgages. Another ponzi scheme where the small time suckers get left holding the bag. It started around 1984. This collosal bailout will only delay the inevitable. Obama has more links with this than does McCain. Beware. Dallas school district announced emergency situation today. Teachers will be laid off, nurses will be laid off. Without credit to meet payrolls, millions and millions will get laid off. They you can call it a Depression. Awesome unemployment is the next step after the banks close or shrink. Credits lines freeze up and business shut the doors. They cannot make the payroll. The U.S. Congress sat on their hands and did nothing. Now they will all vote for a bailout but they really do not understand what the hell they are doing. Those suckers were in on this bank robbery and looked the other way. Welcome to Hell compliments of the U.S. Congress.
The congress should do the honorable thing. The most common form of seppuku or "hari kari" for men was composed of the cutting of the abdomen, and when the samurai was finished, he stretched out his neck for an assistant to decapitate him. Since the main point of the act was to restore or protect one's honor.
moreResolved Question: Is this huge bank bailout going to hurt the Republicans?
The banks took risks by providing bad loans and mortgages to people who shouldn't have bought homes or loaded up on credit cards.
The banks made huge profits and kept all the money for themselves or their CEOs. Yet when their risky ventures turn against them, the government comes along and bails them out with our money. These CEOS made huge amounts of money (stock options, bonuses, golden parachutes etc) regardless of how they performed.
Why can you, I or small business owners get bailed out if our mortgage, credit card debt, bad stock investments, or small business starts failing?
Will this massive bailout hurt the Republicans? Will it hurt the Democrats and their do-nothing congress?
moreResolved Question: what type of lawyer we need for this case?
My husband brother in law and his wife, decided to talk my husband about five years ago in to buying a house for business purpose.. Being these people are educated and we thought honest he agreed that the house would be in his name and that they all would profit out the business he trusted them completely, but then something happened they started to tell my husband that he really should not profit out the business after all he didn't put nothing but his name on the house which they use for a group home for the handicapped, in the mean time they did some bad choices they decided to refinance the house for more money with out consulting my husband there fore forged his name on the loan papers for a lot of money they took a credit card in his name and didn't pay for it.
So OK now they won't pay us rent or nothing the house is only in my husband name.
Do we have a case? and what type of lawyer we need?
I have proof of the forged signature and his credit is now very bad because of this.. This family member really screwed us and we had it with them..We want justice.
PLEASE SOMEONE TELL US .. DO WE HAVE A CASE? WITH THE PROOF THAT THEY DID SIGN HIS NAME FOR REFINANCE WITH OUT TELLING HIM?
OK what is a cc fraud?
moreVoting Question: BUSINESS LOAN.....Could I Be Elegible?
I would like to start a home business doing personal embroidery. The professional embroidery machines cost thousands for what I would need. Would I be eligible for a business loan if my credit is bad?
Thanks in advance!
moreResolved Question: are there websites for start up loans that you use ur business credit?
i have read and heard that you can use your business credit that it should be good because i have bad credit and i need to get a start up business loan but my credit is bad and i dont want to get scamed. so i have been looking for loans that you can use you own business credit. are there any website that can do that than you anything will help
moreResolved Question: Hi, I am looking for a private investor for a new business..?
Hi, I am currently looking for a private investor for a new start-up company. The business is a child's birthday party place which I believe will prove to be a profitable business as there are not too many in my area and always a little one turning a year older. I would rather go through a private lender due to the fact that my credit is not that great. I will be starting the business with a partner and the problem with her credit is that she really doesn't have any. Which is almost as bad as having bad credit, sad but true. We do not want to take the time it takes to "build up" her credit as we would like to get started right away.
We have a business plan, we have picked a location (one of two), we have given our business plan to the village for zoning and have contacted some insurance companies for liability insurance. We are looking for an investment of $25,000 - $50,000, with a 1-2% monthly return. This would allow us to pass by all of the "loan tape" and allow us to get started and open for business right away. Any help or suggestions would be greatly appreciated. Thank you.
moreResolved Question: HELP! Salary the same or declining despite experience and additional skills..?
I don't know what's going on.. Here's a basic summary.
I'm originally from the Northern Virginia area. I started my first job when I was about 14, part-time working at a tanning salon cleaning tanning beds. (Glamorous, right? Hey, I was 14 and didn't care, I just wanted some pocket money for the cinema!) After that, I worked at my dad's office answering telephones, running errands etc.
When I was 17, I started waiting tables part time and working at a mortgage company part time as a receptionist and putting information in on loan applications.. I was making about $10 an hour, entry-level. I did this until I was about 19.
After that, I did some work in basic procurement for the government, U.S. department of the interior.. I got paid about $15 an hour there and worked for two years.
When I was 21, I moved to Philadelphia.. That's when it started going downhill.. For a long time I couldn't find ANY work. When I did, out of desperation, I took whatever pay I was offered, which wasn't much. I started working as an administrative assistant and temping for about $10-12 an hour WITHOUT benefits. Less than I got in Virginia and as much as I had without any experience.
Fast forward a few years. I'm 25 now and turning 26 this week. In the past few years I've progressed from receptionist, to administrative assistant, to executive assistant and office manager. I've basically ran the whole office but my highest salary now has been $14.
I have a college degree (bachelors in business administration with a minor in humanities) and about 8 years of experience in what I do. I come to work everyday, I'm well liked, dependable, loyal, score in the top levels of any testing done at temp agencies as far as typing, MS Office skills, etc.
I write fantastic letters, have written up HR documents, done hiring, firing, warning letters, made spreadsheets, bookkeeping, I know QuickBooks, created PowerPoint presentations, went to conferences, trade shows, done nearly all the business correspondence for my bosses, done procurement, worked directly with clients, created marketing campaigns, designed post cards, brochures, mailers, updated websites, excellent at troubleshooting, basic computer repair, customers love me, well-versed in any manner of things around the office.. Basically, I'm a Jill of all trades.
So why am I not getting PAID more? I go on interviews and everyone is wanting to pay less than $30k a year, usually with no benefits. Needless to say, I'm struggling financially and the lack of health care or any money going into retirement is a big weight on my shoulders.
My one friend back in Northern VA with NO college and less experience, (and she even says she's not as smart as me, which is mean, but she's not generally as well-read, that's true, I wouldn't say "smarter"), recently got an entry-level job in HR with no experience and is being paid 45k.
My little sister who also had no experience got hired for a dentist's office as an assistant and is getting paid the same as me.
I don't get it.. I'm really getting frustrated. I need to make more money. I am looking into going back to college to get a different degree in the future, but how can I up my earning potential?
I've already tried taking additional classes in QuickBooks, Excel formulas, etc..
I'm just really disheartened. My husband gets annoyed that I come back miserable from every interview.. I feel totally devalued. I'm torn between being insulted at being offered $10-12 with no benefits and needing the money. I feel like I'm in a vacuum where I'll never escape. I don't want to be 30 and making under 30k, it's a joke! Is it common nowadays to earn less even with more experience?
HELP!
I'm also worried about my resume. It is starting to look shady with my work history.
I've worked two places in the past twelve months. The first one was an IT company where I worked as an office manager for a year and then I had to be let go due to financial reasons where they had the operations manager do double duty.
The other place I worked as an office manager for a small construction company. That woman almost went bankrupt due to having too many credit card bills and not enough customers coming in. She let me go so she could hire her daughter who needed a job.
The economy is so bad around here and I'm struggling to find a job to pay the bills. I'm just worried about my recent job history and how people will perceive it.
I'm also worried if I keep taking low paying jobs, if I'll ever get a job that pays me enough because they always ask how much you got at your LAST job and base salary from there. I don't want to LIE even though many do as far as salary but I have to work!
moreResolved Question: Looking for Loan for Start-up Business Personal Credit Bad?
I am trying to get a start-up loan of $1-$2 million to open a dance club. I have a full business plan written out and I have been in the night club industry for over 10 years as a DJ and Manager. So I know how the dance club industry works. I have a solid business plan with projected profits over $1 million the first year and over $3 million after year 3. This is based on my extensive knowledge of the industry and how other clubs perform in this market. The only problem is my personal credit score is just 520. Is there a way to over come this and still get a business loan or a grant?
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