Debt Consolidation Blog

Archive for November, 2011

Despite the tumultuous events that left Louisiana’s economy in disarray, there have been marked improvements in recent years. Jobs are slated to increase while the economic outlook as a whole is improving. However, proposed budget cuts to Medicaid funding will have a detrimental effect on the state’s economy. These budget cuts will also affect the revenue of state hospitals which will be directly impacted by cuts to Medicaid funding.

The overall economy of LA has been showing positive signs of improvement. One such success was the acquisition of the major steel plant in southern Louisiana. Additionally, in Northwest Louisiana, drilling in the region of Hayensville Shale provided the state with a dramatic economic spurt in the year 2010. The specific parishes most positively affected were Red River and DeSoto which leased public land for the drilling and reaped the resulting tax revenues.

Despite these positive events which have increased Louisiana’s economic output, there are proposed cuts to Medicaid funding that would negatively impact the State’s economy by reducing hospital revenue. According to a report from the Louisiana Hospital Association (LHA); hospitals throughout Louisiana State employ a combined total of over 99,350 people and contributes 4.4 billion in payroll throughout the year. The report goes into detailed numbers explaining how the economic contributions of hospitals to the state would be negatively affected by proposed Medicaid budget cuts. According to their analysis budget cuts would terminate approximately 6,764 jobs and result in a reduction of $258 million in earnings throughout the state.

The LHA president and CEO, John Matessino stated “People often do not realize that hospitals are huge contributors to our economy, even during economic recession…every dollar spent by a hospital supports 95 cents of additional business activity, and each hospital job supports approximately 1.4 additional jobs.” These benefits would be reduced by budget decreases proposed in President Obama’s deficit plan. The budget cuts affect both Medicare and Medicaid alike.

Hospitals would be impacted severely because they rely heavily on government funding. The majority of patients use Medicaid and Medicare for their insurance needs and to cover the costs of medical care. With a reduction in federal funds, hospitals would see their revenue reduced. The contribution of hospitals in Louisiana reaches outside of the medical sector as new construction taking place in hospitals averaged $903.7 million. This resulted in an increase of more than 15,717 new jobs.

The changes proposed in Obama’s deficit plan have yet to be enacted and only time will tell exactly how the economy will be most affected. The changes in President Obama’s healthcare reform may work to counteract the need for heavy reliance on Medicaid and other federal funds. For now, the economic state of Louisiana continues to improve with new employment projections looking positive for the coming years showing 3,100 jobs for 2011 and 7,500 jobs for 2012.

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Before You Hunt for a Job
The Dollar Stretcher
by Gary Foreman
gary @stretcher.com

Dear Dollar Stretcher,
I’m worried about losing my job. They’ve been cutting back our hours and things just don’t look good. I’d like to find a new job before this place goes down the tubes, but I haven’t looked for a job in years. I know that there are all kinds of job sites available, but what else should I consider? When I find a job I like to keep it so this is an important decision for me.
Currently Employed Colby

Colby, you’re wise to hunt for a job before you lose one. I don’t know if the facts support it, but there does seem to be truth to the old saying that it’s easier to find a job when you have one.

You’re not alone in considering a job hunt. A recent report from Metlife.com found that about 1/3 of surveyed employees hope to have a different job within a year. (source: Metlife 2011 9th annual study of employee benefits trends: A blueprint for the new benefits economy)

And, the number of people dissatisfied with their jobs appears to be increasing. The Society for Human Resource Management survey found that the percentage of unhappy employees has been rising since 2009. Like you, people are reacting to job uncertainty by hunting for new jobs

So how can you find a new job that’s perfect for you? Begin with some of the many job sites on the web. You might begin with an article we recently ran on “16 Totally Free Job Sites You Need to Know About”.

But today we’re not going to focus on how to do resumes or network to hunt for job openings. Let’s look a little deeper and see if we can’t help you decide what type of job, company and career you should be pursuing. Rather than sending out thousands of electronic resumes, we’ll try to narrow your search so that your efforts become focused.

Begin with some self-examination. That’s something that most of us are too busy to do regularly. But, it’s important if you want to change jobs/careers. Take a few evenings to think about you. What are you good at? Bad at? What things do you like or dislike? What things get you excited? How do friends and family think of you? What events in your life were really important? And, what do they tell you about yourself?

Spend some time alone with these questions. Write your answers down. That will force you to dig a little deeper for your answers. After you’ve finished the self-examination ask some close friends or family to answer the same questions for you. Often they’ll see things that we can’t see about ourselves.

Armed with this self-knowledge, the next step is to do a little dreaming. Think about what your perfect job would look like. Don’t make it practical. If your dream has you showing up at noon so you can sleep in, that’s fine. If it means the you take your netbook to the beach and work from there, that’s fine, too. This is a time to be unrealistic. Think big and bold!

Obviously, you won’t expect to find a job that looks exactly like your dream. But you may find that certain jobs/professions share elements with your perfect job. Wherever possible, you’ll want to choose potential jobs that include some of your dream ideas.

Next choose some potential professions to consider. You’ll want to take into account some of the personal traits you’ve discovered, but you’ll also need to be practical. This is the time to learn about any long-term trends for the profession. Use the net to research the field. Will there be job opportunities for years to come? Or is it a dying profession? One that’s being replaced by robots or computers?

Finally ask yourself if you can picture being in that profession ten or twenty years from now. Will you be able to handle the physical or mental challenges? Or would you be totally bored doing the same things over and over?

You don’t want to change jobs or professions only to find out that you’ve run out of opportunities in a few years. Better to discover that now before you’ve made the effort to find a good job.

Colby, by blending the practical and ideal you should have a good idea what type of job and company you’re looking for. So target your job hunt on those targets. Let others send out thousands of resumes. You focus on the few and take the extra steps to increase your odds of success with them. Don’t just send a resume. Send a resume and follow up with a personal call. Use LinkedIn to make friends within the company. Use multiple resources to reach your goal.

Hopefully you’ll find a job that suits your skills, provides ample opportunity in a field that can supply a steady income for many years to come.

_____________

Gary Foreman is a former purchasing manager who currently edits The
Dollar Stretcher website . You can follow Gary on Twitter . Source: Before You Hunt for a Job

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The University of New Mexico has proven itself to be an indispensable asset to the state’s economy. A recent report exhibits data that supports this finding. As the economy of NM continues to show positive signs of improvement, the University remains a strong economic contributor and will continue to do so for years to come.

The University of New Mexico (UNM) recently released a report through their Bureau of Business and Economic Research which measured it’s impact on the overall economy of New Mexico. The results were staggering and showed that the university generated $1.1 billion in out of state revenue for the 2010 fiscal year. Julia Fulghum, the UNM Vice President for research and economic development commissioned the report earlier last year. The report backs findings that UNM contributes greatly to the local state’s economy and as such should receive continued financial funding.

In addition to the revenue UNM produces, its real impact on the New Mexico economy is the dollars it funnels back into local state commercial activity. UNM campuses spend roughly 70 percent of out of state funds on things that directly impact the New Mexico economy. Doleswar Bhandari, an economist at the UNM Bureau of Business and Economic Development, who put together the report stated “there is direct spending on employee compensation, purchases and construction…Because of that employees buy stuff from the market and pay their rent. The vendors also have to purchase from other suppliers and it introduces a kind of ripple effect into the economy.

It is clear that the university’s effect is far reaching throughout the New Mexico economy. In addition to the University’s spending that is distributed through the purchases of its students and employees, the university also serves to provide much needed employment which is a direct stimulator of the economy. According to the report, UNM provided more than 25,000 jobs which amounts to roughly 2.3 percent of the state’s salaried jobs. Bhandari stated “If there is no UNM, that money might be spent somewhere else in creating jobs and other economic opportunities…That’s why we don’t consider the local dollars. The New Mexico economy is facing a challenging situation and the University provides stable jobs. Those are not fluctuating over time.”

The University of New Mexico has proved to be a vital asset to the local New Mexico economy. The report released by the BBER demonstrated that there is a stimulation in spending at the local and community levels that is directly related to revenue from the university. As Lee Reynis, the director of BBER stated, “What is not always appreciated is how UNM is able to leverage this state appropriation and other state and local revenues to bring millions of dollars into this state that support additional economic activity.” The hope is that investors and supporters will become aware of the importance of UNM to New Mexico’s economic success and continue to provide them which much needed funding,

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State officials have noted an increase in tax revenue for the present year 2011. The increase has been slow as KY encountered many setbacks such as high unemployment rates and sluggish personal income and overall economic growth. The recent changes portend well for the future of Kentucky’s economy.

Based on reports from the State Budget Director’s office, Kentucky has had increases in personal income tax, corporate income tax and also coal tax revenue. The data showed that income tax growth accounted for the majority of increases with a growth of over 93 million. Greg Harkenrider who is with the State Budget Director’s office stated that General Fund growth in May was 17.8 percent.

Kentucky was never severely affected by the economic downturn and as such, its slow growth in comparison to the rest if the nation is not necessarily indicative of a weakened economic state. Greg Harkenrider stated much to the same effect saying, ‘We never were hurting as badly as the rest of the U.S. during the recession…The fact that we had lower growth does not (overly concern) me.” Harkenrider stated that “The third quarter was a great quarter and it looks good going forward.” These improvements have come albeit slowly. In fact Kentucky’s personal income is lagging behind the national average coming in at 4.7 percent versus 5.6 percent for the entire U.S. However growth continues to proceed at a steady pace.

At the 22^nd annual economic outlook conference recently, University of Kentucky economists discussed their projections for the future of Kentucky’s economy. They stated that there would be slight growth but the overall economy would not see any momentous surges due to the lapse in new jobs being added. Ken Troske, the chair of the economics department stated “We still have persistently high unemployment, which is a concern.” According Troske’s predictions, the unemployment rate in Kentucky is likely to get better but should stay at 9.5 percent for the remainder of 2011. “Certainly when you don’t have a job, you don’t feel like it’s getting better,” Troske stated.

Despite the slow recovery and stagnant job growth, positive changes are occurring compared to last years numbers. Christopher Jepsen, a fellow economist said that “Employment always takes a while to respond in a recovery…it’s too soon to tell whether or not we’ve turned a corner…but at this time last year, the situation looked much worse.” The University of Kentucky’s economists agree that the job market is slow to improve but at least the housing market is not in complete arrears. There was never the drastic up and down in the real estate market that other sates like Florida experienced. In addition, the manufacturing sector across the nation is beginning to improve which should reflect in Kentucky’s economy as well.

Although change has been slow to come, there is evidence that progress is being made. The change may be occurring slowly and the jobs may not be plentiful but increases in personal income may mean that Kentuckians are finding more creative ways to earn a living rather than from more traditional jobs. Either way, economists have hopeful predictions for the future.

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The State of North Dakota has been exhibiting record economic growth that is quickly outpacing the rest of the nation. Despite high unemployment rates and the excessive amounts of foreclosures plaguing other states, ND continues to lead the nation in economic growth and has even experienced an unparalleled boom in their rate of employment.

Since the economic downturn of 2008, North Dakota has done nothing but flourish. Since July 2008, North Dakota has had one of the lowest unemployment rates in the country at only 3.3 percent. In addition, their payroll rate has also increased by 5.2 percent. This rate of growth has been consistent for every month since July of 2008 until the present according to a data released by the Bureau of Labor Statistics. Residents of North Dakota have been enjoying an increase in jobs as well as a low rate of unemployment that has remained at one third of the national average. The reason behind this steady rate of growth appears to be that North Dakota is one of the only states that has its own source of funding through a state owned bank. This is the primary reason that North Dakota has proceeded virtually unaffected by the financial tumult that has affected the rest of the country.

The name of the bank that has North Dakota’s economy virtually flourishing is simply called the Bank of North Dakota or BND. This bank acts as a source of federal funding for the entire state. It backs local banks and acts as a partner to them providing them with loans and guarantees. Data gleaned from a report published by BND showed that the bank loaned funds from both secured and unsecured Federal fund lines. These loans amounted to over $318 million for the year 2010. In addition to providing banks with local funding, The Bank of North Dakota also makes its own loans through a loan program entitled Flex PACE. This loan program allows the community to fund endeavors such as local job assistance, small business funding, retail and technology creation.

The effect of the Bank of North Dakota on the state’s economic proficiency is indisputable. The bank works as a type of economic stimulant and allows the state to prosper independent of outside funding. The bank shows no sign of going under any time soon and in fact according to The BND’S annual report, the bank appears to be flourishing. Their lending portfolio has demonstrated an increase in loans since the year 2006. The bank has also served to assist the state by providing over $300 million in revenue over the last ten years. The Bank of North Dakota has been a veritable treasure trove and has worked to ensure that the state continues to prosper.

North Dakota has clearly withstood the economic storm that has seen the nation’s unemployment rate rise to 9.1%. Their unemployment rate has remained low while jobs have been added in record numbers. The Bank of North Dakota is clearly responsible for the majority of the state’s economic success and serves as an excellent example of a funding structure that other states may do well to copy.

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The economy of Rhode Island has seen slow to little growth over the past two years. The RI state officials have recognized the need for change and are putting their efforts towards revamping the pension plan system for retirees of Rhode Island. The proposed changes bode well for the future outlook of the state’s economy but retirees wonder whether the proposed changes will reduce the retirement they feel they are rightfully entitled to.

The new changes to Rhode Island’s pension plan system are being proposed by Governor Lincoln Chafee and Treasurer Gina Raimondo. The plan was posed to state officials and the hope is that the proposed changes will cut spending in the public sector in regards to pension plans for the retirees. These cuts in spending will in turn work to boost the faltering state’s economy. The new proposals offer a retirement plan that combines the investment account vehicles of traditional 401K plans with pension plan style accounts. This new plan would also raise the retirement age for state workers as well as put a stop to pension increases related to cost of living.

There are many supporters of the proposed changes including a lobbying organization called EngageRI. The co-chairman Ed Cooney stated “I think it’s fantastic…if Rhode Island solves this pension crisis it would send a clear message that Rhode Island is open for business.”  Businesses would be drawn to the state if they are able to resolve the issues with their pension plan budgeting and system structure. This would show prospective businesses looking for a state to base its operations that Rhode Island offers stability and structure.

Without changes to the pension system being implemented, the state of Rhode Island is likely to face tax increases and cuts to government services. Although changes to the pension system are necessary, many state workers are against the new proposals. The increase in retirement age and the decrease in pension pay outs relative to cost of living are making many residents unhappy. State AFL-CIO president George Nee spoke at a recent forum about the proposals and stated that the proposal will renege on promises which were previously made to state employees and workers will most likely sue the state if the plan is enacted. Nee went on to say that “It’s a political problem, it’s a legal problem and it’s also a person problem because behind each of these numbers there’s a person.”

It seems there are no cut and dry solutions to resolving the pension plan crisis in the state of Rhode Island. Although the changes will cut spending and serve to boost the state’s overall economy, it seems that many workers approaching retirement age are bristling at the proposed changes. The plan is set to receive its first legislative hearing shortly. Whether the new plan is adopted and these changes take place is yet to be determined. Until then, many state workers hold out hope that the economy can be boosted without denying them the type of retirement they have worked for years to achieve.

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When facing poor or no credit, it can be difficult to obtain a credit card. Credit cards offer the consumer many conveniences and in some cases, such as reserving rental cars they may even be required. Secured cards are an attractive alternative to traditional unsecured cards and have the added benefit of building credit over time. When shopping around for a secured card, there are some basic things to know to ensure that you are making the best choice.

Secured cards function when the card holder makes an initial deposit to the credit card company. This deposit amount varies and can be anywhere from two hundred to five hundred dollars. This deposit serves as the card’s credit limit since any monies spent uses this deposit as collateral. In this way, the credit card company already has the funds should the cardholder default on payment. Finding out the amount you are required to deposit before selecting your card will help you find a deposit amount that is manageable for you.

When applying for a secured card, there are some basic things to consider beforehand such as what fees you will be charged for the card you are considering. Fees for secured cards vary and can include annual fees, application fees as well as late payment fees. Although virtually all secured cards charge an annual fee, you may be able to find a card with a minimal application fee or none at all.

In addition to finding out the fees associated with your card and the amount of the initial deposit, you should also determine whether or not the card you have chosen will help to build your credit score. A credit building secured card reports payments to all three credit reporting bureaus and will help to establish credit and improve your existing credit score as long as payments are made on time. Obtaining a secured card that works to build credit is the best way to use these cards otherwise a prepaid debit card would carry much less fees.

Another point of note when applying for a secured card is what if any interest your deposit will earn. You have the option to place your deposit into a savings account, money market account or a certificate of deposit. The interest earned will be standard for the type of account your select. After you close your account, the bank may choose to hold onto your deposit for a few billing cycles to cover any miscellaneous fees that might arise.

For many Americans, access to unsecured credit cards can seem to be virtually impossible. When there are more negative listings on a credit report than positive ones, the overall credit score can quickly plummet. This reduced score raises a red flag to prospective credit card lenders. In other situations where an individual has yet to establish a credit history, obtaining a credit card can be quite a challenge. Secured credit cards offer the best solution for consumers facing credit difficulty and wishing to establish a sound credit history for the future.

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Nebraska’s economy has been demonstrating steady signs of consistent growth over time. It is the state with the second lowest unemployment ranking and is making leaps in the bio-fuels industry. With steady and consistent growth, NE should continue to be one of the strongest states to lead the nation in its economic recovery.

Nebraska has managed to come out ahead despite setbacks in the 2008 recession. Its strongest areas appear to be in the fields of agriculture and bio-fuels. Nebraska continues to be one of the highest producers of corn which is in great demand. One of the main uses of the corn exported from Nebraska is for the production of ethanol which is a required ingredient in gasoline.

Omaha, Nebraska was ranked in 2009 by Forbes magazine as being one of the fastest recovering major metropolitan cities. It noted that ‘Omaha’s economy is less dependent on manufacturing than other Midwestern cities and is boosted by a strong agricultural sector and growing bio-fuels industry.” Nebraska also has an established financial market that is built on long standing banking establishments such as Mutual of Omaha. In addition to it strengths in agriculture, bio-fuels and finance, Nebraska has strengths in other areas including healthcare, data processing and call centers.

Nebraska’s economy has been bolstered by its strength in various sectors. It has one of the lowest unemployment rates in the nation at 4.2 percent. In addition, Nebraska ranked second overall in the least amount of foreclosures and fifth as having the lowest percentage of non-mortgage debt. These strong figures are a testament to the strength of Nebraska’s economy. One of the contributor’s to Nebraska’s economy was the implementation of the Talent and Innovation Initiative. This four sectioned economic development package was created to assist with business development as well as to increase internship opportunities for college aged students. The overall goal of the program was to improve investments in Nebraska’s high tech and startup endeavors.

The majority of Nebraska’s economic proficiency has stemmed from Governor Dave Heineman’s smart planning and cost cutting measures. The governor began his term in 2005 and has been taking drastic measures to restructure the state’s budget. Some of the changes he has implemented include travel restrictions and overtime restrictions for state officials in the public sector. He has been maintaining his promises of not raising taxes in order to avoid an inflated state budget and “spending money we didn’t have.”

Proactive measures taken by the governor and the high demand for crops produced by Nebraska have served to stimulate the state’s economic growth. Instead of succumbing to the foreclosure crisis that has afflicted other states, Nebraska’s rate of foreclosure has remained consistently low. In addition, with the second lowest unemployment rate in the nation, Nebraska is positioned to be at the forefront of a recovering economy for the entire nation.

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Settling delinquent credit accounts can prove to be a lengthy and complicated process. This process can be compounded when working with not one but two individuals. This is the case when working with a joint account settlement. Understanding the basics of settling a joint account can help you understand how the process works.

Settling a joint account may prove to be a complicated endeavor. However if the only other option is a bankruptcy filing, then a debt settlement may prove to be the best choice. The first step when settling a joint account is to let the other account holder know what you are planning to do. The reason for this is that the settlement will also affect their credit ratings and they should be aware of your plans. If neither you nor the joint account holder is able to make payments on the account and you have both deemed a settlement to be the best choice, then you are clear to proceed.

Once you have decided to move forward with the joint account settlement, you should understand that you may encounter some resistance from your creditors. This is mostly because a joint account carries the expectation that at least one party will be able to make a payment on the debt owed. The second account holder acts as a guarantor on the account and so your creditors may feel as though they have been duped so to speak, when being approached with a settlement offer.

Another option is to settle with the other account holder without the help of an intermediary settlement company. To do this, simply arrange to pay your portion of the debt and leave the balance for the other account holder to pay. If making payments proves to be difficult, you may want to at least pay the minimum payment until you are able to make larger payments. Although this won’t put a dent in the principal balance, it will at the very least prevent the account from being placed into collections.

When trying to settle a debt on a joint account, you may be tempted to do a balance transfer to help reduce the debt. However it is important to be aware that if the balance transfer occurred too recently, the creditor may not approve the settlement. If the other account holder wishes to transfer the balance to an account in their name, they are free to do so.

The bottom line is that settling joint accounts can be tricky. Keep in mind that it is best to consult with the other account holder when considering a settlement. The settlement will also affect their credit and so they should have a choice in the matter. Remember when negotiating a settlement on a joint account, you should continue to make minimum payments to avoid a charge off on the account,  Although settling a joint account can appear complicated, with a little planning it can be done.

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Utah’s unemployment rate has decreased slightly in recent news; however the change is slow in coming. There are still many residents of UT State left without jobs that are struggling to make ends meet. Unemployment insurance has served as a bridge in income gaps left behind from lost wages; however residents hope that more stable income will be forthcoming in the near future.

The national unemployment rate has remained steady at 9.1 percent and Utah has been not far behind with unemployment rates at 7.8 percent as of last May. However that number has been slowly decreasing as data from earlier this year reflects a slow filtering of new jobs into the Utah economy. April registered the unemployment rate at 7.4 percent while May of this year saw that number move slightly down to 7.3%. Although the decrease in the unemployment rate appears miniscule, any amount of change provides Utah residents with hope that their economic situation will improve.

As of now, roughly 99,700 Utah residents remain unemployed. Governor Gary Herbert was recently quoted as saying “These latest unemployment numbers reinforce that Utah’s economy is moving in the right direction…We recognize that there are still far too many Utahans who are unable to find work, but I’m confident that we will continue to steadily create jobs.” The Governor’s words of optimism are encouraging for the residents and according to the Utah department of Workforce Service, about 17,400 jobs have already been created over the last twelve month period. The complete wage and salary employment on record for Utah is at 1.2 million while job growth is estimated at 1.5 percent. The increase in wages and jobs is evidence that the Utah economy is moving in the right direction.

Despite the 17,400 increase in jobs, data has evidenced that there are fewer people age 16 and older who are holding down a job. In May of 2010, that percentage was 63.2 while May of this year showed that percentage at 62.0. This trend showing fewer people in the workplace may mean that many Utah residents are trying their hand at alternate sources of incomes and pursuing self employment opportunities. It may also mean that Utahans are returning to school to further their education. Mark Knold, a senior economist with the Department of Workforce Service stated “Some people may have stopped looking for a job and have exited the labor force due to discouragement or to pursue further education, bringing down the unemployment rate.”

The Utah economic state is similar to that of many other states throughout the nation. Improvements are slow in coming but on the upside, the economy is improving. With thousands of new jobs being added throughout Utah State, it should only be a matter of time before the unemployment rate reflects these positive changes for the State of Utah.

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