Interesting Personal Debt News Links (March 08, 2009)

March 8, 2009

* Clusters of trouble (Crain’s Cleveland Business)

Fresh off being tagged as Foreclosureville by The New York Times , our region makes an appearance in a USA Today piece noting that more than half of the nation’s foreclosures last year took place in 35 counties.

* Money Trouble, Debt Become McCafferty Trial Focus (WCPO)

Credit card debt and other family money trouble could be the focus when the Cheryl McCafferty murder trial resumes in Newport Friday morning.

* The ailing economy: How sick can it get?

The recession is already in its 15th month, making it longer than all but two downturns since World War II. For now, everything seems to be getting worse: The Dow is in free fall, jobs are vanishing every day, and one in eight American homeowners is in foreclosure or behind on payments.

* Economists watch for turning point

The recession is already in its 15th month, making it longer than all but two downturns since World War II. For now, everything seems to be getting worse: The Dow is in free fall, jobs are vanishing every day, and one in eight American homeowners is in foreclosure or behind on payments.

* Foreclosure hits Lesslie man hard (The Herald)

LESSLIE — Bill Wright answered his door a few days ago. He found reality wearing a business suit wanting the mortgage money.

* SELL-OFF IS ECONOMY’S BIDDER PILL (John Crudele, New York Post)

THE cleanup of a US housing industry is finally hitting New York City today. It was only a matter of time.

* Common cause needed to fight common enemy (Terry Ross, Yuma Sun)

Lately, when I read about the economic crisis and the need for money to stimulate the economy, I have been thinking about World War II.

* 30-year fixed mortgage rate climbs slightly (San Francisco Chronicle)

The average rate on a 30-year fixed mortgage increased to 5.15 percent from 5.07 percent the previous week. A year ago, the 30-year fixed-rate mortgage averaged 6.03 percent.

* Changes in the tax code for 2008 will mean different things to individuals and businesses (Leslie Berkman, Press-Enterprise)

Some workers and retirees will find a silver lining when they file their taxes this year, while others will be doused by another rain cloud. It depends on how each individual fares from the tweaking of the 2008 tax code that was designed to revive the economy.

* Get acquainted with key tax filing terms

Some key terms to know when filing taxes, and the definitions provided by the Internal Revenue Service:

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