A community organisation in Tasmania has issued a warning about payday loans and debt merchants, after an investigation revealed the financial hardship they can cause.
The warning follows Mondays episode of Four Corners on ABC TV, which exposed one online lender who is the subject of an investigation by the Australian Security and Investments Commission (ASIC), amid allegations it targets drug addicts, gamblers and people who are illiterate.
No Interest Loans Scheme Tasmania (NLIS) describes itself as a company that provides loans with no interest through Centrelink to people on low incomes who need help to buy household goods or to cover education costs and car repairs.
SPRINGFIELD, Ill. (AP) — Stressed by pension debt, other financial issues and the possibility losing a chunk of their state aid, some Illinois cities want the option to file for bankruptcy. Theyve found an ally in a Republican lawmaker, whos proposed legislation to allow municipalities to follow in the footsteps of Detroit and other cities in restructuring debt and paying back creditors. Opponents, however, say there are less drastic, intermediate steps than the dangerous path of bankruptcy.
One thing is clear, Rockford Mayor Larry Morrissey told senators earlier this month: If history has proven anything in this state, delay, deferral and denial are not solutions.
TRENTON The management team Gov. Chris Christie installed to help resuscitate Atlantic City said today that the citys finances are a lot more severe than we first thought, and called for $130 million in budget cuts, including the possible layoffs of hundreds of city workers.
But the two emergency managers, Kevin Lavin and Kevyn Orr, stopped short of calling for bankruptcy in a 60-day interim report they released this afternoon.
The report does not make many specific recommendations on how to save the struggling gambling resort, once an economic engine for south New Jersey that has seen four casinos close over the last year.
READ THE FULL REPORT HERE
Instead, it lays...
The hedge fund Standard General stated that its offer is RadioShack Corporation (OTCMKTS:RSHCQ) only hope of survival. The offer is of $145.5 million that covers 1,723 outlets can stave off complete liquidation and save as much as 9,000 jobs.
As per the report, everything that is left of RadioShack will go on the auction block with the hedge fund company competing with liquidators over the company’s remains. The other bidders proposed to sell off the inventory and shut down the retailer company. RadioShack made several revival efforts before it filed for bankruptcy in February. The retailer threw almost 50% of its chain into liquidation and believes to finalize...
I felt like I was in hell. I could not speak properly and remembered my mothers admonition that I shouldnt go to my village in Afghanistan, recalls Zaffar Khan, 29, of the time he was caught and frisked by the Taliban on a secluded highway on his way to Paktika, his village, 140 km from Kabul.
Son of a quintessential Kabuliwala, an Afghan engaged in the business of lending money in Kolkata, Zaffar, then just 24, was in his country to promote the sport of rugby on the invitation of the Afghanistan government. As a student in Kolkata, he had learnt the game at Brigade Parade Ground with, among others, Paul Walsh, a former diplomat with the British High Commission.
Why are you carrying...
The City of Vernon Taking Steps to Avoid Bankruptcy
Rising Leading Economic Index. Positive yield curve. Swift loan growth. Broad money supply growth. Widespread new business growth in manufacturing and services. Those are but a few reasons we think Americas economic outlook is bright. Here is something we deliberately left off that list: All-time-high-and-rising household net worth, which the Fed just revealed hit another high in Q4. For years, pundits have argued rising net worth creates a wealth effect, driving consumer spending (and economic growth) higher. Fun as this would be, its sheer mythnot a reason to be bullish today (or fret a Fed rate hike).
For those who dont pore over financial blogs daily, the wealth effect theory...
Congressman Patrick Murphy sits at his desk in his North Palm Beach campaign office Monday morning.
He is now surrounded by signs promoting his new journey, a run for US Senate.
I believe I can make an even bigger difference on the issues Im so passionate about, Murphy says.
He says those issues include are reducing debt and strengthening the middle class.
The US Representative says he made the decision to run for Senate over the past couple of months after talking to family, constituents, and colleagues
Murphy won re-election to his seat in Congress less than five months ago when he beat Republican Carl Domino.
He first burst on to the political...