Glenn A. Brown, Esq. A charge off is an accounting entry used by creditors or lenders in their books to account for overdue, uncollected debts. Most debtors, when they see “charged off” on their credit report, assume the debt has been disregarded by the creditor and that they are no longer obliged to repay the debt. This is not…
A multi billion dollar aid package for Bank of America is being considered by the federal government to help with losses at Merrill Lynch. Bank of America's shares fell another $1.88, to close at $8.32. Bank of America benefited from last Fall’s relief aid, receiving $25 billion in aid. Even with aid from the government,…
Temple University has revealed their plan for budget cuts and to freeze nonunion salaries in 2010. The planned five percent cut will result in a savings of approximately $40 million. Additionally, the university has pulled its contract offer for the faculty union and will devise a less costly proposal. As state revenues weaken, more cuts…
Unemployment rates continue to rise. An estimated 2.6 million jobs were lost in 2008, the most since 1945. A shocking 11.1 million people were unemployed as of December 2008. In December, the unemployment rate was reported to be as high as 7.2 percent, which is up from 6.8 in November. Employers are not only cutting…