Prosecution: Gervasi swimming in red ink before arson

Using personal bank accounts and bankruptcy records, prosecutors Wednesday attempted to portray former Scranton firefighter Thomas S. Gervasi as a man drowning in red ink who was routinely hit with late fees on mortgage payments and awash in credit card debt totaling more than $139,000.

On one American Express credit card, he owed $26,989; on a second American Express card, he owed $31,045, according to his court papers filed in 2004 seeking Chapter 13 bankruptcy protection.

Mr. Gervasi's case was later dismissed when he stopped making the $350 monthly payments he was required to pay, said attorney Jim Jones, a bankruptcy court trustee. As a result, Mr. Gervasi's case was thrown out of court and all outstanding debt he tried to discharge in the bankruptcy remained against him, Mr. Jones said.

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How to Manage Holiday Credit Card Debt

The best way to avoid bad debt is to plan your expenses, set a definite budget, and stick within your limit.  But what if you find yourself stuck in credit card debt after the holidays?  What can you do to get yourself out of the situation?  On this post, we present tips for cardholders on how to manage debt:

1. Check your accounts. Make sure that there are no incorrect charges in any of your accounts, especially if you have balances on multiple credit cards.  In case you find errors, call up your credit card issuer immediately to dispute the charges.  This way, you can be sure that you are not paying for debts you did not owe.

2. Prioritize your debts.  If you are dealing with multiple credit card debt, see which of your accounts have the highest rate.  If possible, pay off your full balance on this account to stop debt from further accumulating.  Be sure to submit the minimum due payment on the credit cards that you can’t pay in full to avoid late fees.  Afterwards, you can work on paying off your debts from one card to the next. 

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Wealthy Qualifying for Loans Intended for Low-Income Borrowers

Nov. 8 (Bloomberg) -- Colorado’s San Miguel County is known as a winter playground with world-class skiing and mountain vistas, a place where homes can sell for millions of dollars.

If you’d like to buy, the Federal Housing Administration -- the agency created to aid low-income and first-time homebuyers - - can help. Not far from the ski resorts of Telluride, an FHA- approved borrower can pick up a five-bedroom, four-bath house with stainless steel appliances and a two-car garage for about $600,000.

The agency, created during the Great Depression, has found itself insuring high-dollar loans in hundreds of counties across the country, from New Jersey to Florida to Arizona. Such loans are drawing renewed scrutiny as lawmakers debate whether to expand FHA lending to even wealthier borrowers.

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UPDATE: Student Loans Push $7.39B Consumer Credit Expansion

WASHINGTON (Dow Jones)--U.S. consumer credit grew during September, bouncing back after a big dip the previous month, mainly on the increased issuance of student loans.

Consumer credit increased by $7.39 billion, to $2.452 trillion, the Federal Reserve said Monday. The figures are a significant turnaround from August, when consumer credit fell $9.68 billion, according to revised figures. Economists surveyed by Dow Jones Newswires had forecast a $4 billion September expansion in consumer credit.

A growing amount of student loans from the U.S. government appears to be a primary factor driving the jump, said IHS Global Insight U.S. Economist Gregory Daco. Tuition bills drove the credit expansion more than consumers increasing their spending at stores, he said.

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House panel approves White House subpoena in Solyndra loan deal

WASHINGTON (AP) — A Republican-led House panel on Thursday agreed to subpoena the White House for documents related to Solyndra Inc., the failed California solar company that received a half-billion-dollar federal loan.

A House Energy and Commerce subcommittee voted 14-9 along party lines to authorize subpoenas of top White House officials. GOP lawmakers say the subpoenas are necessary because the White House has denied or delayed requests for thousands of documents related to Solyndra. The Fremont, Calif., company received a $528 million federal loan before filing for bankruptcy protection and laying off 1,100 workers.


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Don’t Get Stuck with Holiday Credit Card Debt

Are you ready for this year’s shopping spree?  The Christmas season is known to be the most expensive time of the year.  Obviously, a lot of people tend to spend more during the months of November and December and preparation for the Christmas Eve and the New Year.

In line with the merriment and celebrations, consumers should also be conscious about their spending to avoid holiday debt.  Nobody wants to wake up the next morning of the New Year stuck in a pile of debt, not knowing where to begin with repayment.

The best way to start the year right and stress-free is to avoid holiday debt.  By this, we mean credit card debt.  Indeed, many credit cardholders are guilty to maxing out their limit, buying gifts and spending on food – charging everything to credit.  Sure enough, having a credit card is a convenient way to purchase but don’t forget that you are still spending real money.

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