NEW YORK City fears the return of 1970s fiscal crisis

NEW YORK city and many other cities of US are worrying about the economic condition of the country.It remind us of the Great Depression of 1930s.It also remembers us of the 1970s fiscal crisis which almost pushed it into homeless crowded people,which resulted in increase of crime rates and bankruptcy.many people fled from the NEW YORK city for food and shelter to a safer place.It almost took 20 years to come back to its normal situation.

Coming back to current financial crisis reports from sources says that,Mayor Bloomberg is seeking a third term promise that although the whole city is experiencing is a huge financial crisis , he will not allow the city to remember the darkness of those days.

But there are fear and worry among the citizens of us .There is a sign of growing stress among the people and why not if we look at last year there were 444 bank robberies compared to those of 283 in 2007 and also rise in homelessness.this are all sign of alarming financial crisis.

According to Budget plan by David Paterson NEW YORK State Governor ,the city will cost $1.6 billion which will result thousands of police officers,firefighters,teachers, to lay of.And also the Mayor has has already stated that he will cut $ 3.6 billion from next year budget $ 60 billion.city's largest taxpayer Wall Street financial industry has lost more then $ 36 billion in the recent years.

Raising of funds for many states has become harder because of financial market crisis individual are loosing confidence in municipal bond.As the result of auction rate securities market collapse last which resulted in the slash down of top ratings.NEW YORK city average sales bond slashed down to $300 million which was $1 billion at once.

So coming back to a conclusion and looking back to future there is something to worry about.But every one is aware of it and The government is taking major steps to overcome this situation and this is the time when we all unite to get out of the giant financial crisis and to improve the economic condition of our country.

Continiuation of recession in 2009..Two us banks fails

The year of 2008 was a recession year but the effect of it still continues this year as on Friday the first causality was seen.Bank regulators closed two banks.1.National bank of commerce of Berkeley,Illinois 2.Bank of Clark county of Vancouver,Washington.The federal Deposit Insurance Corp said it is also heard that the other bank will be taking over their insured deposits. 25 banks were seized in 2008 by the officials .
Sources said that on Tuesday onwards the Bank of Clark county will reopen as a branch of Umpqua Bank and the National Bank will continue to use existing branches until National's deposit records are fully integrated by Republic Bank.however customer at both the banks can access their money as the service will remain available by ATM,teller machine,check and online services.Both the bank failure will coast a lot to FDIC Deposit Insurance fund .National Bank $97.1 million and Bank of Clark County $ $120 to $145.

Its an rising alarm for all the financial institutions of the country world wide.Hope it doesn't continues through t the year and things become same as before.

Debt reduction

Debt reduction is a term which is nowadays familiar to every one. Mostly with those people who are in debt.It is a process to reduce total amount of debt which is allowed by the creditors to his debtors.when the debtors goes for counseling of his/her debt.The counselors evaluates the financial situation of the debtor like rate of interest.financial charges ,penalties amount and comes to a final settlement to recover their money as soon as possible.

Why should i go for debt reduction ?

Debt reduction helps us to get rid of frequent calls by the creditors

It helps you to get out from the burden of debt and to lead a stress free life.

It helps to pay of your debt with a much lower interest rate and thus you can smoothly pay your debt off.

The amount of debt can be reduced up to 40% to 60% by a debt reduction and counseling program.

And in the process you will be able to save few bucks which you can invest it for some other things.

How can i reduce my debt?

There are various ways by which you can reduce your debt like Debt settlement.Debt consolidation.Repayment plan etc.

View this to find how debt reduction program helps us to save money.And how it works.




What are the types of debt reduction ?

There are two types of debt reduction plan
1.Debt snowball (lowest balance method )
2.Snowball method high interest.

What are the best way of debt reduction?
1.Understand your debt problem-.find them,judge them and try to solve them and don't repeat the mistake again.
2.Self control and discipline- is also one of the major factor which helps in debt reduction.make a budget of your daily expenses and then spend accordingly.cut your excess expenses.
3.Credit card usage-lessen your usage of credit card because the interest charged on the amount of expense made with the credit card becomes a burden sometime in the long run.Thus take care of your debt and live a debt free life.

Online Pay day loan....a trap towards" Debt cycle."

The increasing demand for the pay day loan mostly among the young and the communities with low and moderate income is paving their way towards debt causing financial crisis and mental stress in their life.The urge for the short term loan is increasing day by day.According to (CFA) The consumer federation of America a tremendous growth is seen in the use of internet pay day loan in the recent years and they have warned to take extreme caution while using internet for borrowing pay day loan .The network of the payday loan companies are expanding day by day due to huge demand in the consumer credit people are ready to borrow money and they are ready to supply in the process the innocent consumers are converted into victims of debt.

There are lot of lenders in the market who are willing to give loan,they usually target young and poor people.we should be aware that we have to pay high rate of interest and also it has a risk factor,because when we are borrowing money or doing any transaction it involves electronic access to checking accounts and in the process we are exchanging some secret financial information through internet.so there is a lot of risk involved in it.

The (CFA) surveys says that the borrowers can have to pay (APRs) annual interest rate of 650% as because the borrower might have to pay a loan due amount of $30 per $100 on the next pay day which is a good amount,this is most affecting the poor people as they borrow money without being aware of the high interest rate and also they have to renew the loan for every two weeks before they pay off by their earnings and savings ,and it paves their way towards debt.

Try to avoid short term loan especially via internet as far as possible unless and until their is any urgency for borrowing money and even if you are borrowing money think whether you will be in the condition to pay the due loan amount with a huge rate of interest by the next payday.or you might be trapped into debt cycle.Be alert and enjoy a debt free life.

Finance, family,friend the year 2009.....and me

The Celebration has began for the New year eve. 2009 is about to begin and we all are in a mood to relax.refresh,with our friends and family members.Holidays are on and every one is in joyous mood for the grand celebration making their own new year resolution.above all this it is also time to reflect on the year just ending what we did, what we missed out, what is our current state, and what we have to achieve in the year ahead.This is the time we need to think and make full use of it.

As everyone is busy making their on resolution there is something going in my mind also,My resolution for the year 2009 will be to find out what i am, not for me but for others.I am going to recapitulate what i did this year and what i am going to do this upcoming year,i will learn from my mistake and try not to repeat it again,i will nourish my mind and learn something new.i will complete all my pending works which i left last year,take care of my heath,do a lot of exercise to keep myself fit.beyond all this the most important thing is i will give time to my friends and family members to enjoy my life.

In term of financial matters i will set a target that i can achieve as we are aware of the current economic situation.In spite of all this no matter what ever be the situation i will try my best to bring a change in my life even if it is a little but it will mean a lot for me in tough time.this is altogether what i want to be in 2009.What is your plan for this year to make your dream into reality.

A new beginning is perhaps the best time to say....It's nice to know you..And here's wishing our friendship continues to grow in the day to come..Happy New Year

Finance,resolution and 2009

We all are at the doorstep of the beginning of a new year 2009.with all the good memories of 2008.New year Eve is always been the time to look what we gain or lost in the past year.what we achieved in terms of personnel as well as financial matters.the drawbacks and the areas to improve.But above all the important thing is, to look forward for this coming year.

New Year is not all about making resolution but to follow it through t the year.what happens mostly people make new year resolution,set some financial goals not only in financial matters but also in personnel life,to improve love life and to give a better life to our family members, but they don't follow through t the year and all this goes in vain,

So your new year resolution should not only to make resolution but to follow it and resolve it.Looking back to the year 2008 with the economy in a recession it will not be an easier task to make a positive financial resolution but if you set goals and follow it accordingly then who knows 2009 might be your,s .

So,

• Save more,
• Make a budget of your daily expenses.
• Cut down your extra, Lucrative expense.
• Set a goal in terms of investment.
• Invest smartly and in better organization.
• And last but not the least spend time with your friends and family and live a better life.

Wish you all a happy new year 2009 filled with new hope,new joy.and new beginning.

Impact of web cable cut of across the cost of Egypt and the...effect on global economy.

The web cable cut across the coast of Egypt has disrupted the internet connection in the middle east and Asian countries since December 19th Friday morning causing a major problem in global economy.communication has been disrupted especially in between Europe to middle east and Asian countries.as the cables to the coast of Egypt act as a major link for internet and phone traffic in between those countries.

It is said the cable was damaged occurred possibly due to underwater earthquake in Taiwan.3 cables were damaged two belongs to the consortium of network companies and the third one is run by RELIANCE GLOBAL COM.

In the global economy where communication and whole business activities are done online through t the world are totally dependent on internet connection is experiencing a major loss.almost all the communication has been cut off or it is very slow which is effecting a lot to many business firms.

Almost all of the finance companies relies upon internet for speedy trading and also for communication through cable has been affected. According to James Blessing A spokesman for (ISP) Internet Service Provider's Association access to all sites will be slow where as some of the companies might lose their data also.The countries which are effected more by this cable cut are India,Bangladesh.mainly the ITE'S and the outsourcing companies.

Information from various sources says that it might took days to recover.But Egypt Minister of communication and information technology said that 80% of the internet service will be up within 48 hours.