Financial Stress Causing 'Crisis' In Retirement Plan
MANHATTAN BEACH, Calif.-The recession is having yet another negative effect on consumers: in their concerns about reducing debts and cutting expenses, employees are ignoring retirement planning.
That was the message from Financial Finesse, a financial education provider based here, which recently released an analysis of calls to its helpline. The company said consumers' reported financial stress increased to "serious concern" in 2009 from "heightened concern" in 2008. The only category higher than "serious concern" is "panic."
Debt calls represented 44% of total calls to the company's financial helpline during the First Quarter, up from 38% in 2008. Serious debt calls regarding bankruptcy and foreclosure increased to a "whopping" 15% of debt calls from 5%. On the other hand, just 6% of calls in 2009 focused on retirement planning vs. 14% a year ago.
For info: www.financialfinesse.com
Study Finds B2B Credit Has Continued To Tighten Up
COLUMBIA, Md.-The Credit Research Foundation's recent survey of business-to-business credit professionals in North America found the recession is affecting consumers' ability to obtain credit. The "Study on the Economic Impact on Business Credit," conducted Feb. 2-27, examined how the current economic downturn may be affecting credit organizations and business in general. "It is no accident that periods of depression are marked by a general lack of confidence in the future," assessed Terry Callahan, president of the Credit Research Foundation, a non-profit educational and research organization based here.
The study found 61% of the 1,085 businesses polled have tightened their credit extension approach to customers as a result of the economic downturn. That figure is up 2% from a previous and similar survey in November 2008, which CRF said indicates diminishing confidence among credit grantors.
For info: www.crfonline.org
Housing Counseling Agencies Struggling To Meet Demand
CHICAGO-Housing counselors are struggling to keep up with strong demand for foreclosure prevention services, while some communities lack counseling resources altogether, according to a new report by Housing Action Illinois, a counseling advocate, and Woodstock Institute.
The report, entitled "On the Foreclosure Front Lines: Surveying the Capacity of HUD-Certified Housing Counseling Agencies in Illinois," found "startling gaps" in counseling services. Even in areas where several agencies actively provide foreclosure prevention counseling, four out of every five new foreclosure cases in 2008 did not access counseling services.
As foreclosures increase access to housing counseling resources is critical to keeping families in their homes, the authors asserted. But the vast majority of agencies are operating at full capacity and with limited coverage.
View the full report: http://tiny.cc/7PUMN
