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Newer disturbing trend in student loan debt:
Today’s topic was actually brought to my attention by my friends at Debthelper.com
Bottom Line: The ever rising cost of a collegiate education combined with an exceptionally high unemployment rate for recent grads has led to a newer trend that’s extremely dangerous. Charging student loans on credit cards for the purpose of filing bankruptcy to have it discharged.
Student loan debt is a consumer debt that is almost never able to be discharged in a bankruptcy. So trick the system by having that debt on lines of credit and like magic, you’ve found a loop hole… Or have you? There are many reasons this is a bad idea, some should be obvious, others not as much but let’s go through them:
As though those reasons aren’t enough motivation not to tempt fate… Let’s say all goes according to plan and you are successful in using lines of credit for all student loan expense and have it discharged in bankruptcy. Here are the next obstacles:
When you weigh all of the certain negatives and potential outcomes/risk it simply isn’t a good idea to try to game the system. Life for college grads looking for a career is difficult enough without this additional burden to carry.
If you have a topic or question you’d like me to address email me: email@example.com
Pressure is on Twitter to enhance security after AP hack attack:
Bottom Line: The average observer to the AP Twitter hack attack on Tuesday tends to look at it as though it was just another hack event that largely didn’t hurt anyone. Most certainly don’t look at it as an event that had a bigger economic consequence than the Bernie Madoff scheme… But that was the case.
All told more than $200 billion changed hands in the financial markets as a result of the AP Twitter hack attack that falsely reported that the White House had been bombed and the President had been injured. To put that in perspective the total Madoff fraud was around $50 billion. The result of such a tremendous economic impact and the future implications of additional events occurring are putting tremendous pressure on Twitter to help prevent future occurrences.
While Twitter isn’t commenting on what they intend to do to enhance security, it appears as though Twitter is working on a two-part verification system that all users may have to comply with soon. In addition to a username and password, it’s likely that you’d also have to have the device identified that you’re using to access Twitter. That system would greatly decrease the likelihood for future attacks to occur. More to come.
Schwab customers experience a 2nd day of outages and issues:
Bottom Line: It was ground hog day for millions of Charles Schwab customers yesterday. After being unable to access their accounts online for the last hour and forty minutes of the trading day on Tuesday… Yesterday led to more of the same.
Schwab encountered sporadic outages related to another persistent round of DOS (denial of service) attacks on their system yesterday. This has proved to be frustrating and even costly for the customers of the largest online broker. What’s worse is that Schwab can’t ensure that it won’t continue. It’s worth noting that no other
In the meantime for existing customers, you’ll want to monitor you stop and limit orders very carefully as you may not have access to make changes to orders online as usual during the trading day.
Where politics meets business – GE Capital cuts off owners of gun stores:
Bottom Line: GE Capital took a decisive step to make their political position firearm related businesses known yesterday. They don’t want to service gun related businesses.
In 2008 GE Capitol decided to stop providing credit to new firearm related businesses but still serviced existing lines of credit for businesses that already had credit established. Yesterday those lines of credit were closed with this email statement attached:
"in light of industry changes, new legislation and tragic events that have caused widespread reexamination of policies on firearms"
There were only 75 businesses that were impacted but I have a feeling that the implications could be felt beyond those 75 business owners. It’s worth noting that Wells Fargo and Citi Bank also have policies against providing funding to firearm related businesses.
It’s certaintly their right not to be in business with these companies. It’s also our right not to be in business with them…
Best and Worst states for total taxation 2013:
Bottom Line: One more reason to love where we live. Bloomberg studied the total tax burden levied by states on its residents and ranked them accordingly. Among the top considerations: Personal income tax, sales tax and property tax.
You’ll be best served by clicking the link below that provides color and specifics for the best and worst states. I’ll share a few of the highlights. First the worst states for total tax burden:
No real surprise there right. Now for the top three:
How great do we have it? The only state with a lower overall tax burden than
If you want to order a Galaxy S 4 – you’ll have to wait a few more days:
Bottom Line: The Samsung Galaxy S4 orders were to begin yesterday. If you’re one of those interested and wondering why you couldn’t place your order yesterday, we now have an answer. Demand.
Samsung announced that global demand for the Galaxy S4 has been so strong that they weren’t prepared to accept orders and meet the originally published delivery date. As a result they’ve delayed order acceptance in the
It would appear that this isn’t a publicity stunt (at least completely) and if the demand is a strong we’re being led to believe, the S4 is likely to breeze past the iPhone 5 in new activations putting additional pressure on Apple to release a new iPhone sooner than usual this year.