Nov 07
Credit card
debt is likely to remain a widespread problem with a national unemployment rate that climbed to 10.2 percent.
The newest figures from the U.S. government confirmed a longtime expectation among many economists that the unemployment rate would finally exceed 10 percent. Other signs of economic improvement have been seen in the stock market and some consumer spending figures, but employment is often slower to gain momentum during an economic recovery.
“We have known for some time now that the unemployment rate could reach this level, and it is an unacceptable situation. Read more…
The striking union of transit workers in Philadelphia are angry that they’re not getting daily doses of Viagra. And amazingly, their bosses apparently caved on their demands after the union turned down a generous offer — and threatened to embarrass the city during the World Series.
Just got an e-mail from MicroPlace that they are running a gift certificate promotion where if you buy a $20 GC, you get another $20 GC free. The gift recipient can then lend out the money to a poor entrepreneur and receive interest + $20 back later. Since the person actually gets the money back (or at least most of it assuming some defaults), and thus isn’t the same as a “$XX has been donated in your name” gift, I think it’s a cool twist on gift cards.
Prosper.com was the first big name in the person-to-person lending space. Things have been quiet recently, as they took a while getting SEC approval for their investment notes. In addition, the problems with “old” Prosper included the fact that they let just about anyone apply for a loan in the beginning, including people with horrible credit who had been basically turned down everywhere else. Many lenders thought charging a 35% interest rate was enough – it wasn’t. But as this recent Washington Post article outlines, things are picking up in the P2P space.