High unemployment has never stayed at this level for a very long time since the Great Depression. This situation has been making things very difficult for a lot of Americans which is one of the main reasons for the anger and frustration raised to the big banks and Wall Street. The problem is mainly the lack of income of many individuals and families.

Walking around Wall Street, it is not difficult to find a lot of people complaining about being unemployed. The protesters are from different industries like education and construction.

One of the main protesters, Lisa Doherty is on the edge of the road with a sign saying “People Before Profits.” She is a loan processor who lost her job. Because of this, she said that she is feeling that the financial system is against her even if she used to be in the mortgage business. She shares that she cannot obtain a job from a bank as a mortgage loan processor because of her bad credit. But, she also cannot improve her bad credit because she lacks a job.

At this point Doherty shares that she does not know what she is suppose to do. She stays with her family because she cannot pay for her own place. She also has been applying for jobs in other industries like retail but she is always turned down. She expresses her strong desire for things to change since she has been looking for a job for almost three years already.

Although most protesters are unemployed, there are some who aren’t. Some are still college students who want to support the cause of the protest. Nadeem Mazen, the organizer of the protest, says that he is disappointed about the regulators and banks. He said that Ben Bernanke was the speaker of his 2006 commencement. But, the message he gave was lengthy, irrelevant and poorly composed. It was boring and some people fell asleep listening.

Although there are different messages from the protesters, majority of them raises concern about their inability to find a job.

In an effort to teach students about handling their finances, the Financial Wellness Peer Educators of the University of Illinois conducted a presentation entitled “Staying on Good Terms: Managing Credit and Debit.”
It was a part of a series of presentations that will happen for three consecutive Thursdays from 5:30 to 6:30 PM at the Activities and Recreation Center of the University’s Wellness Center.

Kathryn Sweedler, the program’s coordinator and an educator for consumer economics, says that the aim of the program is to help students to effectively manage their money with a focus on debts and credit cards.
The program consists of 16 peer educators from different majors. But, most of them are interested in finance. For every presentation, two peer educators are assigned to present.

The idea of having peer educators teach the students makes the dialogue easy because their ages are close to each other.

Sweedler said that there are usual misconceptions about debt and credit card that students are unaware of. For example, holders of credit card have the option to fully pay their debt or make minimum payments. But, with the first option, it will take a very long time to pay off.

Sweedler added that it is important to have a balance between the two. Just by paying more will make a big difference in the debt of the credit card owner.

Sweedler hopes that in the long run, students will know how to effectively use their cards and obtain loans. She remarked that it is difficult to have plenty of debt in this unstable economic condition.

The Financial Wellness Center is planning to conduct a similar series during the spring season. But, schedules have not been made yet. The next presentation will be entitled “the Secrets of Credit Reports Unveiled” and will be held at the Wellness Center.

Facts to Know about Child Identity Theft

Babies can be victims of identity theft, a fact that parents do not realize. It is even more likely to happen than identity theft in adults. A recent report of Carnegie Mellon Cylab says that social security numbers that have never been used are highly valuable because thieves can use them with any date of birth and name.

The numbers that have been stolen are then utilized for purposes of illegal immigration and organized crime. The report further adds that the SS numbers of minors are so useful because there is no organized process at the moment that can check the name and date of birth of the original owner of the number. This means that for as long as the number has a clear history, any thief can attach a name and birth date to it. Once there is a violation, it can go unnoticed. Even credit reporting bureaus cannot detect it. For parents to be on guard about the possibility of their child’s Social Security number being stolen here are some important facts to know.

Image via Wikipedia

1.) Children and adults are equally at risk of identity theft.

2.) As a parent, you should check your child’s Social Security number as early and as often as you can. Take note that the longer the theft uses your child’s number, the more complex the case becomes and the more difficult it is to resolve. If you wait for your child to get older before checking her number and you find out that your child is a victim of identity theft, your child may have a difficult time getting a job, renting an apartment or even obtaining a mobile phone plan.

3.) A child’s credit record is not cleaned up by the time they turn 18. This means that if a child grows up and is ready to use his Social Security to apply for accounts and for a credit check, he will still be held accountable for any debt and account linked to his number whether he incurred the account or not.

4.) Pre-approved offers for your child in the mail are possible signs of identity theft. Once you receive this, immediately investigate and do not disregard the situation.

5.) Family and friends as well as criminals are the most common perpetrators of identity theft. They use this for themselves or sell the numbers to the black market.

What Are the Best Bad Credit Installment Loan Finance Companies

With a large number of web-based loan companies giving installment loans, obtaining an installment loan company isn’t hard and easy when you have a little knowledge in using a computer and some other internet resources. Ever since the economic downturn takes place, the financing industry has been increasing at a rapid speed, especially in United States. With an increasing number of US citizens turning to short term installment loans to hold over financial problems, the financial community has credited this as a fantastic opportunity to obtain fast money at the expense of the loan takers.

It is very important that you seek for a genuine installment loan finance company to obtain a more competitive rate as well as hassle-free conditions that align with the state laws. One proven way you can easily simplify the exercise is by searching for websites that provide you with rates from a variety of loan providers on a single page. Such sites are sometimes handled with loan agents and normally assist only legitimate loan providers since these companies have a good reputation to maintain.

Getting an installment loan provider and getting approved resembles any other payday cash advance loan and may be made through the conveniences of your house in a short period of time. Any sort of loan service you decide on will need you to definitely be at least 18 years old, have very constant earnings and provide a savings account. As soon as this information is correctly given to the provider, you will definitely be authorized for the loan within a few minutes plus your bank account is credited often on the same day or in the next day.

Most lenders don’t insist on a credit check because the loan is guaranteed by your next pay check and repayable within 14 days or maybe in the next salary whichever is faster. Credit seekers with good credit do have less-expensive options which are the reason why the credit is waived for sub prime credit seekers.

An installment loan finance company is the most appropriate choice for borrowers that are in search of a small amount of money and have strong reasons to go with this expensive method of borrowing. One way credit seekers could limit the effect of interest and financial charges assessed by this loan service is by using the credit amount to repay another financial debt or perhaps a bill that might anyway draw in penal fees whenever the payment is overdue.

Bank Day on November 5

Bank of America seems not to realize the impact of the $5 monthly debit fee it plans to charge. Although other banks already announced that they will charge fees, the amount was smaller and limited to selected markets. This move annoyed plenty of consumers and one of them, Kristen Christian, thought of doing something about it.

Christian started the Bank Transfer Movement that will happen on Nov. 5. On that day, thousands of her followers will join her in closing their bank accounts in big banks and move their deposits to credit unions.

As expected, Bank Transfer Day is given its own Facebook page with details about the event and what can be expected from it. At present, the page has generated more than 31,000 likes, a good number for a movement that began only a few weeks ago.

So what made Christian do more than closing her bank account?

On Facebook, she shared that she felt tired of the increases in fees and the difficulty of not being able to get her money when she needed it. She also said that she is already tired of how the banks use her little amount of money to oppress others. Because of this, she decided to do something about her situation and was surprised that many people joined her. She is touched by the RSVPs she received from every person. She knows that closing her own account will not make a difference to the banks. But, her combined efforts with the others who joined her will drown the banks with the noise that they will be making.

Christian said that her switch from the big bank to a credit union was caused by her dissatisfaction with the poor customer service she received from the former. It made her feel tired of being dealt with like an account number. She fully supports those who will participate in the Bank Transfer Day.

Related articles

• Did You Participate In Bank Transfer Day? (alan.com)
• Everyone Is Totally Wrong About What Bank Transfer Day Actually Is (businessinsider.com)