Stop playing tug-of-war with your credit card company.

You are overwhelmed with debt. You have eight credit cards that are all maxed out. Making the minimum payments is causing much financial stress, and you are not making any headway on getting out of debt. What can you do? Get help, get debt counseling, find someone who can help you with the necessary information to manage your debt.

Today, many people feel that securing a debt consolidation loan is the best option. A debt consolidation loan is a single loan, which pays off other loans and specific lines of credit. It’s likely that you have seen advertisements, and the claims that are made by these firms seem to have a measure of validity. Are debt consolidation loans a good idea for you? Let’s take a look and see if a debt consolidation loan is right for you.

Debt consolidation can decrease stress

A major benefit of a debt consolidation loan is that you are obligated to make one payment instead of many. For people who mismanage their bills, this can be a great stress reliever. Obviously, managing your bills with one payment makes managing your finances much easier.

Save money with lower interest

Secondly, most debt consolidation loans will provide the borrower with reduced interest rates. The most common type of debt consolidation loan is generally a home equity loan or second mortgage. Because a mortgage or home equity loan is a secured debt, the interest rates will be significantly lower.

With a secured loan comes the added benefit of a lower monthly payment. This perhaps is the best benefit to securing a consolidation loan. If you are like most families, you have a certain amount of money every month. That money is distributed to various creditors and expenses. If the total sum of that money is lower, obviously you will realize the benefit.

Simplify your financial situation

The benefit of having one creditor means that if you do suffer financial difficulties you will deal with one creditor instead of numerous phone calls from a number of different creditors. If you have ever experienced creditor phone calls you most certainly will count this as a benefit.

If your debt consolidation loan is a home-equity loan, you will also get a tax break each year. While credit card interest rates are not typically deductible, the full interest amount is deductible on home-equity loans. Subsequently this is an added benefit for you.

Don’t be too hasty

The negatives to consolidation loans are that it is easier for you to get back into debt. With more money left over at the end of the month the your credit cards all freed up, you may end up in the same spot you were when you took out your debt consolidation loan.

The most obvious negative to a consolidation loan that is secured with a home is you run the risk of losing that home. Because your consolidation loan is backed by your house, failure to make payments in a timely fashion could result in foreclosure.

Times should be a-changin’

Consolidation loans serve as a remedy for many people to relieve financial difficulty. For others, it may lead them to more financial difficulty. Consolidation loans are not for everyone, and everyone should evaluate their situation and know their level of fiscal responsibility.

The bottom line is, if you have mismanaged your finances in the past, you are at risk to do so again unless you make some significant changes. Weigh your options carefully, and plan accordingly.

Do plenty of research before choosing a lender.

If you have chosen a secured loan for debt consolidation, there is a process you must follow. Whether you have chosen to apply for a secured or unsecured consolidation loan the processes is similar. The following steps will help you decide on what choice is best for you.

Begin assembling your personal financial information. Deciding whether debt consolidation makes sense for your individual situation requires you to take a close look at all your consumer debt. Gather your most recent copies of your loan payments, credit card bills and any other statements you want to include in your secured loan.

Consolidation

Once gathered your information can be copied into a single document that shows the total remaining balance and interest rate for each debt you owe. Make sure to include all debts, all balances and all interest rates.

While most consumers choose to consolidate all their consumer debts, now is the time where you can examine your list of debts and choose which debts you plan to include for your consolidation loan. If you choose to only include a few of your debts, make sure you include the ones with the highest interest rates.

Do the math

You now need to total the amounts of all debts you plan to include to establish the total amount of the loan you require. Make sure you include all debts to be satisfied by your secured loan.

It is now necessary for you to find an average interest rate by adding the rates of the debts you intend to consolidate and dividing them by the number of debts. For example, if you have three credit cards with interest rates of 16 percent, 17 percent and 18 percent equals 51 percent. Divide that figure by 3 and your average rate is 17 percent. The interest rate for your new secured loan should be much lower than 17 percent.

Secured or unsecured

Choosing the type of consolidation loan you will pursue will depend largely on whether you have assets that can serve as collateral. If so, it is generally best to get a secured consolidation loan. Conversely, you should likely get an unsecured loan if you have no assets to serve as collateral.

Armed with your financial information and a reference point of where you are, you can begin the process of consulting secured loan lenders. This process will allow you to quickly weed out any loan offers with an interest rate above what you determined to be your average interest rate. You should be able to find a lender that will have a lower rate available for you. It is just a process of seeking them out. Diligence and being proactive are the keys to successful search results.

Apply for your loan

The loan application process requires you to complete various forms containing your personal information. Since you have already compiled this information, this process should go quickly. Some secured loan lenders charge a loan application fee, but the cost should be minimal.

It is likely that you will get an answer on your loan application rather quickly, and you’ll either be approved or rejected. Getting a secured loan approved sets a course for getting out of debt. Don’t be dismayed if you get rejected. Not all lenders approve all borrowers. You can then pursue another loan with another lender, or you may want to consult a credit counseling service to determine why you were rejected.

Bank of America says it will sell First Republic Bank, but BofA assures the public that the purpose of the sale is not to meet the government’s capital requirements. The San Francisco Chronicle reports that in May the government ordered Bank of America to raise $34 billion after it conducted a stress test.

Bank of America says it had raised $40 billion by July. Bank of America is selling First Republic Bank to a group of investors. In the group are First Republic’s management and funds managed by Colony Capital and General Atlantic.

How much is First Republic Bank worth?

Bank of America would not disclose the selling price for First Republic Bank. However, experts say book price for First Republic would be in the $1 billion range. First Republic Bank’s main business is providing personal banking services such as debt consolidation and asset management for “high-net-worth individuals.”

First Republic Bank also gives out commercial and business real estate loans and was a pioneer in the “jumbo home loans” business.

The road to be sold

First Republic Bank hasn’t been owned by Bank of America long. In fact, Bank of America has only owned First Republic Bank since January, when Bank of America bought Merrill Lynch.

The sale of First Republic Bank actually returns it to the state it was in not long ago. Merrill Lynch purchased First Republic Bank from shareholders in September 2007.

First Republic Bank future

Not much will change for First Republic Bank’s current customers. The Chronicle reports:

Jim Herbert, First Republic’s chairman and founding chief executive officer, and Katherine August-deWilde, president and chief operating officer, will continue in their current positions along with the rest of the management team, BofA said in a press release.

Besides personal financial services,  First Republic also takes deposits and gives loans to individuals.

Image from Flikr.

Despite the high number of foreclosed properties flooding the housing market right now, both banks and builders in some cases are finding it impossible to sell houses. Reuters reports: “U.S. lenders and builders are turning to professional auctioneers to help them unload the unwanted real estate in a hurry.”

Hiring a professional auctioneer to unload a property is a last resort for companies looking to unload homes, and usually it means the seller will lose money on the property.

Winners and losers

The foreclosure auctions are great news for people looking for a bargain on a home, but they are bad news for banks and builders. And a home on the auction block means someone out there has already received bad news: Your home is foreclosed. Move out.

A silver lining is that lenders have started recognizing that they could stand to lose more on the home if they foreclose than if they work things out with the current homebuyers. Many banks now are waiting for owners to go through debt consolidation or debt management instead of foreclosing homes. The Mercury News explains why:

More than 2,000 Santa Clara County homeowners received foreclosure notices from their lenders in September, but a relative few actually had their homes sold at auction.

Foreclosed homes going once, going twice…

The situation in Santa Clara is present all over the country. Reuters reports that at a recent auction in Chicago, a seven-bedroom home was put up for auction.

“Any interest in this home at $7,000?” fast-talking auctioneer Renee Jones asked the crowd. “If not, we’ll move on.”

I find it tough to believe that no one wanted to buy a seven-bedroom home in Chicago for $7,000 (could it be a typeo?) but nevertheless, foreclosed homes for sale at auctions and online are at the highest numbers in recent history.

It ain’t over till the auctioneer sings

The number of foreclosed homes for sale hasn’t topped out yet. Auctioneers are gearing up for more business, according to Reuters:

Hudson & Marshall, one of the biggest auctioneers in the market … and its rivals say they are gearing up for more in the coming months, convinced that a moratorium on foreclosures earlier this year only postponed what they believe is an inevitable avalanche of new repossessions.

Photo from money.cnn.com courtesy of Jollibee Foods.

Though higher-end restaurants are struggling as people try to scrimp and save, fast food restaurants in the United States are doing as well as ever. In fact, more foreign fast food restaurants are opening locations in the United States, even during this recession.

CNN Money wrote a series on several foreign fast food restaurants that are continuing to spread their businesses across the United States. Here are some highlights.

Jollibee

CNN Money says “Jollibee is known universally as the McDonald’s of the Philippines.” There isn’t a Jollibee anywhere near me, unfortunately, but this place sounds pretty good. Jollibee burgers can come with pineapple on them and sides of spaghetti. A side of spaghetti with a burger? Sure, why not.

I like the cute, smiling bee that’s the restaurant’s mascot. Also, instead of apple pies like McDonald’s, Jollibee has mango pies. Sounds delicious! And, because it’s fast food, you can keep up on your debt consolidation loan and still afford to eat there. Jollibee also serves a side dish called palabok, made of shrimp and noodles, and fried chicken.

Pollo Campero

Speaking of chicken, another restaurant continuing to open U.S. stores is Pollo Campero, the Guatemalan chicken place that beat out KFC in South America. CNN Money writes:

The problem, however, is describing exactly what Pollo Campero’s taste is. “Even when you talk to most experienced and devoted followers,” says Roberto Denegri, president of Campero USA, “describing the flavor is so hard.”

So as the chain grows in the United States — 52 stores so far, since they first opened in 2002 — they’re trying out a new marketing slogan this year: “Flavor you can’t Compero.”

Although it is a fast food place, it serves exotic foods — well, foods that seem exotic here in the U.S. — like yucca fries and fried plantains, and drinks like horchata, cinnamon-flavored milk served cold, and agua de tamarindo, a sweet-and-sour fruit drink. Pollo Campero is growing quickly and ambitiously. It has 52 U.S. stores now and plans to bring that number to 300 by 2014, so keep an eye out.

Chutney Joe’s

I am a huge fan of Indian food, but in some areas it’s so hard to find! If Chutney Joe’s has its way, though, that won’t be the case anymore. The founder, Vijay Puniani, had a restaurant in New Delhi, but moved to the U.S. to work in real estate. Apparently cooking and serving Indian food is where his heart is because he is back to it.

Chutney Joe’s uses healthy cooking techniques — no frying — and doesn’t use butter or heavy cream. Puniani said turning Chutney Joe’s into a fast food chain is challenging because Indian food is complex and consistency is an important element of a chain. He’s managed to focus on a few simpler dishes, and he plans to open five new locations in Chicago in the near future before expanding to New York, Dallas, Atlanta, and Los Angeles.

Nando’s

Most Americans have had Indian and Latin American food, but cuisine from South Africa is not easy to come by unless you’re in a large city. One of those places you could get South African food in Washington, D.C. is Nando’s, which expanded to several other countries — Botswana, Australia and Great Britain just to name a few – before finally coming to the U.S.

Though Nando’s serves foreign food, it’s using a very American marketing strategy, which is to tell people that Oprah Winfrey is a fan. No one’s saying that isn’t true, but I am hoping that the food will be able to speak for itself when it expands to 10 more stores in the next couple of years. CNN Money says:

At the heart of this chain is a Portuguese-style of cooking chicken in a spicy, vinegary sauce known as “peri-peri,” brought to South Africa long ago by Portuguese explorers.

Oh, the things you'll see (Photo: flickr.com)

There’s something altogether unsavory about including the phrases “Meatpacking District” and “exhibitionism” in the same sentence, but that’s life in the big city. In other words, that’s how they do things in New York – the Big Apple, the land of movie stars, potholes and scores of debt consolidation and debt management customers. Certain people love to do their little turn on that giant catwalk.

The Standard Hotel in New York has drawn some controversy for the way some of their guests leave nothing to the imagination of pedestrians walking by. According to the New York Daily News, the windows are floor-to-ceiling and they face the newly opened High Line Park, where foot traffic is high. Certain guests put on shows for passers-by, clothing optional and curtains open wide.

And staff encouraged the behavior

The Daily News reports that staff members of The Standard that maintained the hotel’s Facebook page were using that forum to encourage guests to walk on the wild side. It is unclear as to whether any content has been removed from the page, but the page itself is still online. At least publicly, management at The Standard Hotel in New York has expressed outrage at such exhibitionism and the employees who may have encouraged it.

“The hotel will make a concerted effort to remind guests of the transparency of the guest room windows,” management officials said in a statement. They would not comment to the Daily News about content on the hotel’s Facebook page, but reiterated that “the hotel has always been sensitive to the concerns of its friends and neighbors.”

Tourist reaction to the show in the sky

High Line Park’s visitor numbers have exploded since the behavior of some Standard Hotel of New York guests has become common knowledge. Peter Jennett, 49, a tourist from London, told the Daily News that he’s been keeping his eye on those windows. “It would be shocking in London,” he said, “but New York is all about showing off.”

One of the designers of High Line Park, Gaspar Libedinsky, is all for the open skin show: “It is like an urban catwalk. It is a place to see and be seen.” Apparently he’s in a Right Said Fred frame of mind, too. It really can’t be helped. I’m too sexy, he’s too sexy… and you’re too sexy for reading this story! Revel in the knowledge that you are a glorious beast. And if you need debt consolidation or debt management help, you’re in the right place for good information.

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There are few things more damaging to a committed marriage than an affair. And there are some people who would argue that it was entirely appropriate that the words “marriage” and “committed” are next to each other in the previous sentence. Those who aren’t certifiably married can understand that. Debt consolidation or mortgage loan modification may not save you in the event of a divorce, but they can help knock off a stray bill or two when things are tough.

How tough are things for Eddie Cibrian these days? Here you have a man-candy “actor” bouncing between an angry wife (Brandi Glanville) and an (alleged) stalking girlfriend (LeAnn Rimes, the affair focus). I’m sure he’s doing OK financially, but perhaps not for long. He’ll have to star in at least a dozen more Nora Roberts Lifetime movies like “Northern Lights” to pay his legal bills. But what I want to know is how far LeAnn Rimes will go to be Cibrian’s love interest in each special Lifetime atrocity.

“LeAnn Rimes Is Stalking My Husband!”

Brandi Glanville, model wife of former “Third Watch” and “Baywatch Nights” star Eddie Cibrian, has two children with the actor. Now the mother is on the warpath, accusing the singer LeAnn Rimes of stalking her husband. In an interview with Us magazine, Glanville exclaimed that Rimes “refuses to let go of an unhealthy obsession” with her husband.

“LeAnn is a stalker,” she said. “She refuses to leave us alone – it is shameful and scary. People are going to say it takes two to tango and I get that, but at some point LeAnn needs to stop asking him to dance.”

This is not what really happened

It is believed that Us first broke news of the alleged “steamy affair.” The evidence included a surveillance video of the singer “sucking” on Cibrian’s finger. Perhaps the poor man had been bitten by a Gabon pit viper? What then would Us think of LeAnn trying to save her co-star’s life at the possible sacrifice of her own? Still woozy from the poison, Eddie Cibrian has denied the LeAnn Rimes affair. He’s merely changed his cell phone number so that bizarre snake-handling cults will no longer be able to send him threatening texts about when they’ll strike next.

Glanville, who may be a member of one of said snake-handling cults, has called Rimes life-saving behavior “disgusting.” Furthermore, she charges that Rimes roped Cibrian into meeting her at a Lakers game. Former NBA forward Ken “Snake” Norman could not be reached for comment on the matter, as he was gearing up for the upcoming film “G.I. Joe: The Rise of Cobra.”

“LeAnn is so desperate for fame she has left her self-respect in the gutter and doesn’t care who she hurts to get what she wants,” Glanville added. “She’s hurting my family and messing with the wrong mom.”

In reality, a family is hurting

LeAnn Rimes has neither confirmed nor denied an affair. However, she has spoken out about Brandi Glanville’s comments. Through her personal representative, Rimes has said that Glanville’s stalker comment is “incredibly defamatory.” The representative went on to say that “while there are always two sides to every story, LeAnn continues to remain above the fray and chooses not to play this out in the press.”

How did this all get started? US Weekly had this to say:

Rimes, 26, who is married to former backup dancer Dean Sheremet, is getting hot and steamy with her TV movie costar, Eddie Cibrian.

Cibrian is also married, and has two children.

Sources tell the magazine that Rimes and Cibrian, 35, started their affair on the set of their upcoming Lifetime flick, “Northern Lights.”

Two couples on the edge

Wait, there’s more evidence? A security camera spotted LeAnn Rimes and Eddie Cibrian holding hands and kissing? How does the water feel on boil, Eddie?

Under the influence of no poison but perhaps his own sense of celebrity, Cibrian flatly denied a LeAnn Rimes affair. “It is a fabricated story that is using random snapshots as connective tissue to create a scandalous relationship,” he said while waxing himself.

What KIND of wax? He wouldn’t tell me, but then again he’s changed his number, so I can’t text him.

Where does Dean Sherement stand in this?

The backup dancer is backing up his lady love. USWeekly.com reported that Sheremet Twittered “I Love My Wife!!!” recently. Rimes and Sheremet married seven years ago, when she was 19 and he was 21. Either Sheremet is being cuckolded or Rimes is innocent. Perhaps it’s all an elaborate ruse created by Eddie Cibrian, who has been mostly silent on the matter. Perhaps he’s looking to get into the debt consolidation and mortgage loan modification business at Brandi Glanville’s urging. Maybe everyone’s a winner. I’ll leave you to figure that one out.

Cobraaaaaa!

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While most companies are experiencing a drop in business as the economy continues its downward spiral, Royal Restrooms has seen business pick up as event organizers try to make the most of dwindling attendance.

It’s easy to figure out why businesses such as debt consolidation and mortgage loan modification have gotten more customers during this time of economic downturn, but fancy festival bathrooms?

A special kind of luxury

Royal Restrooms President and CEO David E. Sauers, Jr., is pretty sure he knows why his product is becoming more popular.

“Our business is complex and our product is infinitely more luxurious than the crude porta potties of the past,” he said.

Event organizers know that time is money, meaning the more time attendees spend at an event, the more money they will spend. Using Royal Restrooms instead of cramped plastic porta potties means people are more likely to stay longer.

Business model

Royal Restrooms has changed the portable bathroom business by building roomy, comfortable bathrooms that just happen to be in trailers. There are six models of Restroom Trailers, ranging from “Unisex Restroom” to “Platinum Restroom.”

Royal Restrooms also has a line of trailers that come equipped with showers, perfect for events that span over multiple days.

From the Royal Restrooms web site:

Whether your event is an intimate outdoor wedding, private party, building remodel, large festival, or a national event, Royal Restrooms® can easily provide a wide variety of portable restroom trailers – including ADA handicap portable restrooms and handicap shower trailers – to accommodate any outdoor restroom facility need.

Against the odds

Although the overall number of events has gone down, profits are going up for Royal Restrooms. Jane Wells from CNBC reports:

“We just did an airshow,” Founder and CEO David Sauers told me by phone from company headquarters in Savannah, Georgia. He says festival bookings for his toilets are up 17 percent from a year ago. Most of the growth is in the Southeast, “but even our Connecticut office is having a bigger year.”
However, corporate events are down 40 percent, and weddings are flat. Still, since festivals use more toilets than other events, overall, business is up. Royal Restrooms is starting to invest in building more of its largest trailers, including one which accommodates 11 stalls.

Is Royal Restrooms’ business linked to swine flu?

Sauers says they’ve gotten more calls since the swine flu outbreak, especially for events geared toward children.

The video also reports that government use of Royal Restrooms has gone up. Sauers attributes the increase in government usage to a simple increase in awareness of his business.

Finding inspiration

CNBC asked Sauers how he came up with the idea for Royal Restrooms.

“My little daughter,” Sauers says. Back in 2004, he was potty training his daughter (who was also a thumb sucker). They were at an event which required a trip to the porta potty, at night, in the dark, “And I just couldn’t explain it right to her…I never wanted to relive that again.”

In an economically difficult world, it pays to know your assets. If you are in touch with your ambitions, know who you are and what it is you do well, you’ve made an important step toward supporting step toward financial independence. Review your personal checklist mentally in much the same way you would when evaluating your finances. Installment loans and debt consolidation are options that should be considered carefully – much like your direction in life.

Yet there are no guarantees. You must work hard for what you want in life. If you love dance and have practiced until the blisters bleed, make yourself the ballerina you dream of being. If you can hit the fairways consistently on your drives and handle the greens, golf may be your career path. No matter the endeavor, you must provide the mental toughness.  That’s exactly what Maria Verchenova brings to the Ladies’ European Tour. She wishes to earn her way to success on the strength of her golf game.

Eyes on the prize

As Matt Cooper’s recent Golf 365 interview with Verchenova shows us, she is a strong-minded young woman. The 23-year-old from Moscow is determined to become a winner on the Tour. Despite a lack of golfing opportunities in Russia during her childhood, Maria Verchenova took to the game. She is the first Russian to achieve full-time membership on the Ladies’ European Tour. In her rookie year of 2007, she showed promise, finishing top-10 in Wales. In 2008, Verchenova contended for the lead in the Dubai Ladies Masters, even dueling with golf legend Annika Sorenstam for a time.

But what will casual fans remember Maria Verchenova for when all is said and done? It is my sincere hope that her game does all the talking, as this is her stated goal. But it is inevitable that there will be those who affix derogatory labels like “the Anna Kournikova of golf” (Natalie Gulbis was the first women’s player to be unfairly burdened by the title). For those who don’t know, Kournikova was a talented tennis player who focused more energy on her modeling career than tennis. While this is a perfectly legitimate choice to make, the paparazzi and controversy surrounding her tended to overshadow the game that hundreds of hard-working players had devoted their lives.

Being attractive should not be a burden for women in sports

But the reality is that many people are less than enlightened when it comes to gender issues and sexuality. Maria Verchenova has done modeling shoots. She has admitted that Russian tennis star Maria Sharapova is a role model, and Sharapova is another talented athlete whose modeling endeavors have tended to overpower her athletic exploits. Yet Verchenova is very clear about what she takes from her admiration of Sharapova:

I am looking at Maria, not because of the way she looks but because of the way she plays. I think Russian women are strong mentally. They are trying really hard and they are achieving things.

Sex plus controversy may well equal the world’s most powerful marketing cocktail. The mix guarantees to create a handful of enemies and an army of fans. It’s a dangerous cocktail too. Go too far and your marketing department’s inbox may become jammed with complaints. Then again, if you provoke the right amount of controversy, (it) could put your brand name on everyone’s lips.

Success: the sweetest brand

Thus, image can be used for positive gains, so long as the precarious balance athletes like Anna Kournikova could not maintain is struck. Judging by her responses in the Cooper interview, Maria Verchenova is on the right track. Pay particular attention to how motivated and gracious Verchenova is:

Golf365: You’ve had to work hard to earn the right to play golf professionally because so few opportunities exist in Russia. Do you think that experience has had a positive effect, because it shows you have heart and ambition?

Maria Verchenova: Russia doesn’t have programs such as Korea, Japan, countries in Europe or the U.S. have. We have support in tennis and hockey but not in golf so this is something we have to work on. It has been tough for me to get to this level considering the difficulties which came to me along my young career. I wish I could have had more support and experienced people to rely on in the past. But the exciting part is that I can be this person for the next generation and this is priceless! I will do all my best to be a good pioneer and give back.

Golf365: (In 2008), you contended for the lead in Dubai – what has being so close to the lead taught you about how to cope with these situations in the future?

Maria Verchenova: Well, first Dubai is a special place for me as it’s my home away from home, I practice there a lot thanks to the support of Emirates Golf Club. So I was very happy to hit the ball well there. Being in the lead was a great experience, another step for me. I will keep working hard, learn and hopefully, very soon, I will hold the lead till the end of the tournament.

Golf365: Do you have any targets in 2009?

Maria Verchenova: That’s a simple one: Win!

Letting her game do the talking

Verchenova goes on to explain to Cooper that while her driving accuracy has been her strength, she isn’t going to rest on her laurels:

All last year and this off season, I have been practicing very hard on my short game. I can feel that I’m getting it to a whole new level so let’s say that it is one of my strengths from now on! But overall my target is to develop my game to get to a level where I can repeat a reliable swing in every situation.

Consistency of this nature is the key to a long, successful career. Maria Verchenova appears to have the tools to become a professional golfer, period. Physical beauty can open doors; it’s foolish to deny that. But it does not define who Verchenova is as a golfer or a woman. It is one facet. I wish her the best and hope that one day, she’ll be mentioned in the same breath as Mickey Wright, Nancy Lopez, Annika Sorenstam and Lorena Ochoa – among the greats of the game.

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H. Heidelbergensis recreation

What would you do to be able to go back in time and witness the dawn of the human species? We’ve evolved quite a bit since then, and the the means means of barter and financial aid have, too. When once colored rocks may have made for good trade in an emergency, we now have access to short term loans and debt consolidation to get our house in order. H. Heidelbergensis had to rely on instinct and what nature gave them. And by the way, did you hear that we may have discovered more fossil evidence of them? It includes the oldest known human hair archaeologists have discovered.

A 200,000-year-old excretion

Sarah Hoffman reports for Natural History Magazine that the fossil of what scientists believe to be a human hair was found in hyena dung. Apparently our subject fell onto the wrong side of the “kill or be killed” equation.

At one time, the oldest known human hair was found on a Chilean mummy, about 9,000 years old. Now, with this discovery of what is believed to be the H. Heidelbergensis hair, the record has been pushed back 200,000 years. So much for a “young Earth…”

It happened in a cave

In Gladysvale Cave near Johannesburg, South Africa, a University of Witwatersrand team discovered what amounts to an ancient toilet area for brown-hyena. Close inspection of the area uncovered hyena coprolites - which means their fossilized dung. Within the droppings were found strange hairs that proved to be unlike other animals the beasts may have eaten at the time.

Paleontologist Lucinda Backwell and a colleague examined several coprolites. They found 40 of the strange hairs. After examining the hairs via electron microscope, the fossilized evidence proved to have “remarkably preserved surface scales.” It was not until they’d compared the hairs with those of a wide variety of animals that they discovered a marvelous truth. Human hairs were the best match.

How do they know the age?

Researchers uncovered it via the dating of the cave’s limestone. The dung would have to have been left there between 257,000 and 195,000 years ago. It is known early Homo sapiens and a cousin, H. Heidelbergensis, roamed this area of South Africa, based upon the fossil record and archaeological findings. How did the human hair make its way into hyena dung? Well, either it was killed directly and eaten, or the hyena scavenged an H. Heidelbergensis’s remains after it had died in some other way.

More on your friendly neighborhood H. Heidelbergensis

H. Heidelbergensis (Homo Heidelbergensis, or the “Heidelberg Man“) is an extinct species of the genus Homo. They may be direct ancestors of the Homo neanderthalensis scientists have found in Europe. Evidence suggests that H. Heidelbergensis lived between 400,000 and 600,000 years ago and used stone tools similar to those used by Homo erectus.

H. heidelbergensis had a large cranial brain-case: 1100-1400 cubic centimeters, compared with an average of 1350 for modern humans. Thus, they were able to construct and utilize advanced tools and behavior. They stood about six feet tall on average and were more muscular than modern humans. Helped them fight off wild hyenas… sometimes. Unfortunately, if their haul from the hunt wasn’t enough to sustain them and their family units, they didn’t have that ever-so-convenient product to help them bridge the way between hunts (paydays)… short term loans and debt consolidation (the latter if they owed too many fellow hunters sharp spearheads)…

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When it came to the baseball-playing DiMaggio brothers, conventional wisdom (and I believe Casey Stengel) stated that Joe DiMaggio was the best hitter, Vince DiMaggio was the best opera singer and Dom DiMaggio was the best fielder. Vincent didn’t have the same Major League success as Joe and Dominic – and he may have been a good singer – but he didn’t make it to the Met. Does that mean he could have used personal loans and debt consolidation at some point, if these things had existed during his lifetime? I don’t know.

But Casey Stengel did once say that Dom DiMaggio could “run rings around” brother Joe DiMaggio in center field. That’s high praise, considering the skills of Joe, an American icon who was once married to Marilyn Monroe.

Now, the three brothers are at rest in all but our memories, a place where the game never ends. MLB.com reports that Dom DiMaggio, a seven-time All-Star for the Red Sox and the youngest of the three DiMaggio brothers who played in the Major Leagues, has died at the age 92. Dominic expired in his Marion, Massachusetts home. His family was with him. He is survived by his wife, three children and six grandchildren.

He could pick it and hit it

Known as the “Little Professor” because of his eyeglasses and smallish frame, DiMaggio played for the Boston Red Sox from 1940-53, missing three seasons while serving in World War II. A center fielder with a knack for positioning and tracking down fly balls, DiMaggio was also an accomplished offensive player. He led the American League two times in runs scored (131 in 1950 and 113 in 1951) and also led the AL with 11 triples and 15 stolen bases in 1950. He he .328 that year, a career-high.

Other notable playing accomplishments of Dom DiMaggio include a 34-game hitting streak, which remains a Boston Red Sox record and brought him more than halfway to brother Joe DiMaggio’s consecutive game hit-streak record of 56. Dom DiMaggio also played in one World Series, going 7-for-27 (.259). His eighth-inning double in Game 7 against the St. Louis Cardinals tied the score in that game.

A good man, a successful man

In his 2003 book “The Teammates: A Portrait of a Friendship,” Pulitzer Prize-winning author David Halberstam gives a warm account of the relationship between Boston Red Sox teammates Dom DiMaggio, shortstop Johnny Pesky, second baseman Bobby Doerr and left fielder Ted Williams. Despite the personalities, the difficulties they had getting past the New York Yankees in the standings and the World War II and Korean War years that brought them to the brink, their friendship endured. They remained in touch for six decades.

After his playing career, DiMaggio was successful in business. He started a company that manufactured upholstery and carpeting for automobiles, and he ran that company until his retirement in 1983. He may have even been in the position to give personal loans to those in need. His philanthropic spirit spurred him to give to many causes, including medical and education institutions. Of note for football fans, and he also helped found the AFL franchise that eventually became the New England Patriots. Considering the success that franchise has had in the NFL, it seems unlikely that their management has had to concern themselves too much with debt consolidation.

“Graceful, elegant and wise”

“Dominic DiMaggio was one of the most successful players of his generation in his post-baseball life,” Halberstam wrote. “He had become over the years a man of means, graceful, elegant, and wise.”

In the classic Paul Simon song “Mrs. Robinson,” the singer asks, “Where have you gone, Joe DiMaggio?” Perhaps he’s at the ballpark, watching his brother Dom DiMaggio track down a towering drive.

Can of corn… he’s got it.

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I’m trying to decide today whether to focus on the goods news issued in the April ADP National Employment Report or the bad news unfolding right in front of me. The ADP report is being hyped this morning by canned news sources as proof that our economy is on the mend. But a pall of suspicion lies over my office. Yesterday, in the second of two layoffs in one week’s time, my employer emptied twenty more desks and cubicles. ADP’s good news does nothing to allay the sense that my number is up next in this “death by a thousand cuts” strategy. This is not the kind of impending financial trouble that a payday loan or debt consolidation will fix.

ADP (a payroll company that pays one out of every six private sector employees in the United States) periodically compiles its National Employment Report based on non-farm private employment payrolls prepared for approximately 400,000 employers and roughly 24 million employees working in various private industrial sectors. The new unemployment figures from ADP show that companies laid off 491,000 workers last month. So far as I can discern, the good part of this good news is simply that certain analysts had forecast nearly 50 percent more private-sector layoffs than that.

“We had everything before us, we had nothing before us”

In some way that I am not particularly interested in understanding,  ADP’s report of fewer layoffs than expected for April caused, or at least coincided with, increases in US stock values and the Consumer Comfort Index. While some of April’s 491,000 newly unemployed workers may be the proud owners of improved stock portfolios or optimistic consumers with improved comfort indices, many assuredly are not. Many of April’s workforce casualties don’t have time to go shopping or  thank their lucky stars; they’re busy scrambling to find new ways to pay the rent. Whose good news is this?

It’s true that April’s 491,000 job cuts are fewer than March’s 708,000. This is news of some sort, but that’s as much as I can safely say. I’ll leave it to the noisiest of our securely employed and well paid news authorities to provide the degree of comparison, superlative or otherwise.

Sports commentators talk about how the Dallas Cowboys have helped themselves with “addition via subtraction” when it comes to departed malcontent players like Terrell Owens. He surely doesn’t need online payday loans or debt consolidation, but his reputation does.

However, a collapse of another kind has shaken the football team, and it has nothing to do with players or personnel. In fact, circumstances have been quite tragic.

Eliott McLaughlin reports for CNN that OSHA is investigating a microburst weather event that caused a practice facility belonging to the team to collapse recently. The ensuing destruction paralyzed a scout and injured 11 others.

“We’re trying to determine if there were any violations, or determine the cause,” said Elizabeth Todd, spokeswoman for Region 6 of the Occupational Safety and Health Administration (OSHA).

The wrong kind of frame?

The CEO of a company that makes similar buildings has been quoted as saying he believes there would have been fewer injuries if the facility had been supported by air rather than a metal frame. About 70 people were inside the metal-framed structure for a rookie practice when a line of heavy thunderstorms struck in a micro burst.

“It was as if someone took a stick pin and hit a balloon,” said photographer Arnold Payne, who was covering the practice for a CNN affiliate.

“A very difficult time”

A scouting assistant for the Dallas Cowboys, Rich Behm, suffered a severed spinal cord. He is paralyzed from the waist down, according to team officials. Special teams coach Joe DeCamillis fractured a cervical vertebra and assistant trainer Greg Gaither broke two bones in his leg. Gaither has had successful surgery, while DeCamillis was scheduled to undergo surgery at the time of this writing.

“Rich is a courageous member of our family and someone for whom we care deeply. We ask for all friends and fans of the Dallas Cowboys to join us in embracing him and his family with their thoughts and prayers at this very difficult time,” team owner Jerry Jones said.

Builders aren’t talking yet

According to the National Weather Service, winds near the ground during the microburst were estimated as being near 70 mph. However, airborne drafts in such as even can reach speeds exceeding 100 mph.

Summit Structures of Allentown, Pennsylvania and Cover-All Building Systems of Saskatoon, Saskatchewan, the companies responsible for building the Dallas Cowboys collapsed dome, referred all questions to a public relations firm in Boston.

“We understand there is a great deal of concern and curiosity about what happened on Saturday, but rather than speculate, we are focused on being part of the effort to find answers and assist the team,” concluded the company’s statement.

Greater risk with metal

Competitors of Summit and Cover-All maintain that an air-supported structure would have been a much safer architectural choice. With no steel or aluminum beams, not only would there be greater safety during such a catastrophic weather event, but there would be fewer beams and a more open architecture. Metal frames also present a greater chance for architectural error, with all the extra nuts and bolts.

The risk was clearly greater.

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Four filmmakers from the Tribeca Film Festival will each get a nice, healthy check for $25,000. Of course, considering the amount of money it takes to make a film, most of these people won’t even be able to pay off the personal loans they took out to fund their creations, or the debt consolidation loans they might need in the future.

Cinemaweb says it takes 10 times that amount to make “an average, every-evening movie.” But, hey, cash is cash, right? At least they’ll be in a better position that those who didn’t win. Other festival winners, such as Best Narrative Short, got $5,000 prizes.

Mystery prizes

If the individuals who won awards such as Best Actor got cash prizes, it’s not being reported. At least, not anywhere that I can find. The Best Actor in a Narrative award went to Ciaran Hinds for “The Eclipse.” Zoe Kazan won Best Actress in A Narrative Feature for “The Exploding Girl.”

What did they win? I don’t know. But I do know who walked away from the Tirbeca Film Festival with $25,000 each.

$25,000 winners

Iranian Director Asghar Farhadi won Best Narrative Feature for the film “About Elly,” which tells the story of a kindergarten teacher and her friend’s quest to marry her off. Best New Narrative Filmmaker went to Rune Rune Denstad Langlo for “North.”

The  United States took home the Best Documentary Feature award for director Marshall Curry’s “Racing Dreams.” Ian Olds, also from the U.S., won Best New Documentary Filmmaker for “The Taking of Ajmal Naqshbandi.”

$5,000 winners

The award for Best New York Narrative went to someone who lives nowhere near New York. Director Darko Lungulov from Serbia took home the check for “Here and There.”

Someone a bit closer won Best New York Documentary. “Partly Private,” by Canadian director Danae Elon got that award. Best Narrative Short went to Carlos Chahine, from France, for “The North Road.”

Director Matthew Faust, from the United States, won Best Documentary Short for his film called “Home.”

So that sums up the money-making that went on at the Tribeca Film Festival this year. Money spent? That is another, much longer, story.

America’s big automakers have all been in serious need of cash advance loans and debt relief for some time now. Overproduction of consumer vehicles that burn through gasoline and take up too much room on the country’s current highway system has been the byproduct of poor planning by top automobile executives. Now the time has come for them to reap what they have sown.

Unfortunately, this means that many honest, hard-working employees are losing their jobs, thanks to the economic corpulence of those who may never have known what it truly means to struggle to survive. This time, there’s no bailout: Chrysler has bankruptcy on their minds. Chapter 11 bankruptcy.

Average taxpayers may get nothing

Following the trail of Chrysler news, Michael de la Merced blogs for the New York Times that the restructuring battle has changed locales, from board rooms to bankruptcy court. Chrysler and the Obama administration did not obtain the consent they needed from secured lenders, so Chrysler is bankrupt.

de la Merced wonders what will happen when it comes to the company’s assets. The government has poured billions into Chrysler and Chrysler Financial, and investors are out there. The taxpayers should have a say in who gets their hands on the company’s assets, but a bankruptcy court will not likely grant this. I say the people should voice their displeasure.

Follow the Chrysler stock symbol

Investors will argue that they have first claim because they’d “see greater recovery in liquidation,” which they contend would yield about 65 cents on the dollar. By contrast, the Treasury’s most recent plan for creditors via Chrysler’s main bank lenders (JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs) would have supposedly delivered only 33 cents on the dollar.

But investors hold “first lien” on Chrysler’s assets, so they’re first on the list to be repair for their investment. They hold a more senior position than the government for Chrysler debt. And since so much of Chrysler is already “on dibs,” the government is likely to provide unsecured debtor-in-possession financing that comes with Chapter 11 bankruptcy.

The government would then be able to enforce their will on investors (by law). If Chrysler can come up with two-thirds of the amount of the debt and a majority of stockholders can agree on reorganization terms to foist that plan upon holdouts. Such a simple majority is much easier to come by that the near unanimous agreement usually needed for out-of-court debt consolidation to work.

Is this surgery a success?

But will the government’s plan succeed? They may not have the majority they need by law. Many of Chrysler’s senior creditors voted against such a plan, as have big banks.

The government is pushing a prearranged bankruptcy plan where a new corporate entity for Chrysler would be formed, containing positive assets. United Auto Workers would hold 55 percent equity through its health-care fund, Fiat would hold up to a 35 percent and the government would the remainder. This agreement would open the door for Chrysler to drop its liabilities and unfavorable contracts easily. The government wants this to happen quickly; it’s what experts have called “surgical bankruptcy.” Time will tell if they get it.

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Welcome back to “Repair Your Credit.” CLICK HERE if you missed part three of this article on how credit repair and a lessened dependence on payday loans can help you to keep your financial boat afloat.

As you look at your balance transfer options, isolate the best offers and apply for them first. I’m talking lowest APR or no APR for the longest period of time, of course. This is important because inquiries made on your credit history will appear on your credit report and have a negative impact upon your FICO score (if there are many inquiries, in particular). According to the business world, your FICO score is THE indicator of your credit worthiness. Thus, you want to make the best debt consolidation choices possible to repair your credit.

Revisit the results

Once you have found a good, low-interest balance transfer candidate for consolidating your debts, go through the application process. After approval, go back to the payment calculator and determine your savings in both time and money over the life of the debt.

If the ship is sinking

If you have missed several payments resulting in a low credit score, you may not be able to take advantage of the low interest balance transfer options. But all is not lost!

Credit card companies still want your business. But a poor credit history may prevent you from creating new accounts with other creditors. They will view you as a risk. They only want your business under two conditions:

1. That you have some reputable credit and
2. That you currently owe them money.

The second is what you will need as leverage. Because your creditors may not be happy with your payment history, but as long as you owe them money, they are willing to do some surprising things to get some – if not all – of that money into their coffers.

Negotiating with your creditors

Oftentimes, if you are defaulting on payments, creditors will be willing to negotiate a settlement with you. Keep in mind that they must have some evidence of good faith on your part. If you’re too far behind and the balance has grown too high, you may be out of luck here. However, if the mountain is still climbable, creditors may begin to focus more on what they can get back rather than how much you still owe.

Credit debt can often be negotiated down to 25 to 50 cents on the dollar. In other words, if you have $50,000 in credit card debt, a successful recovery negotiation could bring that down as low as $12,500. Think of how much this would decrease the financial stress in your life! You can’t depend upon creditors being amenable to such a change, but if you find yourself in a credit nightmare, it pays to try this strategy out. Be aware, however, that there are some catches when committing yourself to these negotiations. CLICK HERE to read on!

According to an April 2009 Gallup poll, for the first time this decade, a majority of non-retired Americans, 52%, doubt they will have enough money to live comfortably once they stop working. We may be able to solve our money worries today with a quick payday loan or a debt consolidation. But what about tomorrow?

Research shows morale is low

For 19 years, the Employee Benefit Research Institute has been conducting a survey of Americans’ plans for retirement. This year’s poll, conducted in January, shows that workers’ and retirees’ confidence about retirement security is at a record low. Just 13% of those surveyed are very confident about having enough money to retire comfortably. That’s down from 18% in 2008 and the record high of 27% in 2007.

Gee, that sure is surprising (if you’re a troglodyte)

You’d have to be pretty reclusive to be surprised by these results. Do we really need a formal survey to find out how much confidence Americans lack in the economy? Can’t we get that just by eavesdropping on a random conversation in a local bar or a grocery store checkout line? The reasons for our lack of confidence are painfully obvious.

We’ve been warned

For years we’ve been warned that we will not be able to retire on Social Security. We’ve been warned that the system will run out of money. Our only remaining confidence is that those hefty deductions will continue to be made from our paychecks. We’ve known for a long time now that our retirement income will need to come from our own resources.

And our resources lie in tatters

The value of our resources, to the extent that they have been invested in stocks or real estate, has plummeted. This corresponds to some other insightful findings of the studies: Our reliance on 401(k) and other tax-exempt plans as major retirement income sources has dropped significantly. Our reliance on work-sponsored pension plans is at an all-time low. Our reliance on other income sources has not increased. And so, there you have it: the foundations for a formal survey pronouncement that we are increasingly concerned that we will never have enough money to stop working.

But at least we’re redefining retirement

A ray of hope: language is not static.  Retirement can be redefined as part-time work. And indeed, we are beginning to express an increased reliance on part-time work to fund our retirements. In 2001 only 10% of persons surveyed said part-time work would be a major source of retirement income. Today that number is 22%.

Still we cling to the stock market – or do we?

When asked to choose, people specified stocks as the most hopeful income stream for their retirement years. This suggests that confidence in retirement may increase as the stock market recovers. On the other hand, it may be that we will never again believe that our personal savings plans will grow inevitably and steadily. If we’ve learned something, it may be that we must continue to worry despite stock market trends.

What Should You Do Now?

Among those surveyed who have lost confidence in their ability to retire comfortably, 81% have cut spending, 38% are working more hours or have taken on a second job, and 25% are saving more. These are good ideas in the larger sense. But between now and retirement, why worry about the small stuff? Get it off your mind with a quick cash advance loan.  And then get back to work.

By now, you probably know that circulation numbers for newspapers and periodicals are down. Numerous newspapers have either called it quits entirely or abandoned newsprint for the online-only format. Among other luminaries of print journalism, Dan Okrent, Edit0r-at-Large for Time, Inc., has sounded off on the issue. While the container for the information may change – his hint that online is the destination – the information itself will not. Journalism will continue to evolve and entertain.

Declining circulation figures and increased production costs are claiming more than newspapers. Magazines like Blender and Domino recently closed their doors, and now Portfolio Magazine by Condé Nast has followed suit. That means layoffs, with debt relief and debt consolidation to follow for the unfortunate few.

Where are the ads?

David Carr reports for the New York Times that Portfolio, a business magazine that Condé Nast began in April 2007, will cease publishing effective immediately. The decision was announced to the staff by Joanne Lipman, the magazine’s editor-in-chief.

Under Lipman, who is formerly of the Wall Street Journal, Portfolio failed to gain the expected foothold with both readers and (more importantly) advertisers. Reasons why vary, but the onus has been placed upon the tightening of ad spending for the print medium. Even online advertising has failed to produce the revenue expected, much to the chagrin of newspapers and magazines.

Down the tubes

Publisher’s Information Bureau indicates that Portfolio’s advertising revenue was down 60.9 percent in the first quarter of this year compared with last year. Average print circulation was about 415,000.

This didn’t come as a surprise to people who worked for the magazine. In October of 2008, frequency was cut from 12 to 10 issues per year. Then Portfolio.com laid off most of its staff. Despite winning a National Magazine Award in 2008 for its “Briefs”, Portfolio’s frequency was cut from 12 times a year to 10 in October, and its Web site, Portfolio.com, laid off the majority of its staff. It tried to grab some market share from other business magazines like BusinessWeek, Fortune and Forbes, but was not successful.

Don’t let the door hit you…

By the time April 2009 rolled around, the issue of Portfolio was Condé Nast’s slimmest magazine ever. Chairman S.I. Newhouse Jr. took the inevitable action. Here is the statement Condé Nast Publications Group President David Carey released:

Earlier today, Condé Nast announced, quite regrettably, that it is pulling back from its investment in Portfolio.

For this high-profile, 21-issue launch, the recession has helped and hurt the brand. While the unprecedented nature of these times has made business and the economy the main topic of conversation, it has also led to high levels of uncertainty and a tremendous reduction in ad spend in the five key sectors Portfolio’s business model depends on.

The company is deeply grateful to Portfolio’s readers, for the support of its many friends in the advertising community who worked so closely with Joanne Lipman and William Li, and to the many journalists who keep such a keen interest in all things related to this introduction.

Good night, Portfolio. Best of luck to everyone in finding work.

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Welcome back. CLICK HERE if you missed part four of this five-part article. Let’s close out this chapter of the “Repair Your Credit” E-book by looking at a few more ways that you can cut down on high-interest revolving credit. The fewer credit cards and installment loans who have to depend upon, the better for your financial future.

Retirement funds

If you currently possess a 401(k) retirement account, you may be able to borrow a loan against it if you absolutely need money. Keep in mind that this should be a last resort for debt consolidation, as your 401(k) is intended to be a part of your long-term financial goals.

The nice thing about these types of loans is that you are paying interest to yourself, not the bank. Be aware, however, that if you quit your job that is providing you with the 401(k), you’ll have to pay the debt in full when you leave. Hardly the kind of thing you want to have to worry about during a recession, is it. Perhaps you shouldn’t borrow from your 401(k). Forget I mentioned it, or at least be sure you won’t be creating undue financial stress for yourself.

Your local bank or credit union

Short term loans and installment loans obtained through portals like Personal Money Store Credit unions offer immediacy and interest rates much lower than you would expect for quick payday loans. However, if you don’t need a bad credit cash advance – i.e., your credit is still decent and you have identified your need for help before defaulting on your accounts – you may be able to apply for and be approved for a loan from your bank or credit union. Since most consumer credit card accounts carry interest rates around 20 percent, you may be able to lower your monthly payment and pay your debt off quicker with such a loan, which may only carry a 10 percent rate.

Consumer credit counseling

There are nonprofit consumer credit agencies that provide debt relief counselors who work will work with you to understand your situation and tailor advice accordingly. These counselors have experience negotiating with creditors and may be able to guide you toward a solution creditors may not be willing to negotiate one-on-one with you.

Typically, these agencies will take into account your outstanding debts as well as the payments you are making on those debts. They will likely get any accrued late fees you have accumulated waived and get your interest rates lowered as well.

Negotiate with your creditors about default

Be upfront with your creditors. If you feel you are about to default on your home mortgage, credit card or other accounts, talking with your lenders could be vitally important for averting financial disaster. If you express that you are on the verge of defaulting on your accounts or going bankrupt, your creditors may be willing to work with you.

Creditors are just as aware as you of the consequence of default and bankruptcy. If you file as insolvent, they won’t be getting their money, even at least a portion of it is typically written off as unrecoverable (”bad”) debt. It can be to their advantage as well as yours if terms are extended. No matter what your means of debt consolidation are, acting quickly is essential to gaining control.

Opportunity rich, cash poor, deeply in debt

New college graduates are opportunity rich. But most are unemployed and so cash poor they can’t even get a small payday loan.  Many are up to their ears in debt before opportunity begins to materialize.

But when it comes to student loan repayment, lenders know who their borrowers are. If you’re worried about your student loans, the first thing you should do is call the Default Prevention Department of American Education Services (1-800-328-0355). They can help you even if you haven’t missed a payment yet.

Repayment options to meet your needs

There are several alternative payment programs for student loans. Depending on how far behind you are in your payments, you may be able to stretch them out over a longer period and structure them to increase as your income increases. You can also defer payments of principal for a period of time.

You can sometimes obtain a forbearance with reduced payments, an extended repayment time, or a temporary cessation of payments until your career and financial circumstances improve. If you have several student loans, you can consolidate them into one loan and spread the payments over a longer period of time at a lower interest rate. In some circumstances, you may even be entitled to forgiveness of a portion of your debt.

The bad news: Debt-relief and student loans don’t mix.

Debt-relief programs

Student loans generally cannot be included in debt consolidation, management, or settlement programs. (To learn more, read What Should I Do? | Debt-Relief Options.) If you have student loans and are considering debt-relief options, chances are you will have to deal with them separately from your other unsecured debts.

Bankruptcy and the hardship test

Get legal advice

Discharging student loans in bankruptcy is neither easy nor likely. Student loans cannot be discharged unless you prove that repaying the loans would create a substantial hardship. Absent such a showing, the best that bankruptcy can do is make it easier for you to pay your student loans by eliminating some of your other debts.

If you have student loans and are considering bankruptcy, you should get legal advice from an experienced bankruptcy attorney. To learn more about bankruptcy, read What Should I Do? | Bankruptcy.

Hardship is a tough standard

Hardship for purposes of discharging a student loan is very difficult to prove. Many courts require proof that you would be unable to maintain a minimal standard of living if forced to repay your loans, that this state of affairs is not likely to change, and that you made a good faith effort to pay the loans before you filed bankruptcy.

The hardship standard applies no matter how old your student loans are. It applies to privately funded loans as well as loans funded and guaranteed by the federal government or nonprofit institutions

Chapter 13 may offer some benefits

Get legal advice

A Chapter 13 debt adjustment bankruptcy may offer some additional benefits where student loans are concerned. If you think you are a candidate for bankruptcy, you should discuss your student loan issues with an experienced bankruptcy attorney.

What Chapter 13 can and cannot do

Filing a Chapter 13 bankruptcy can stop collection actions, and allow you to cure defaults and start paying your student loans in an orderly manner. If you have accounting issues, you might be able to obtain a binding judicial determination of what is rightfully owed. In exceptional circumstances, you may be able to challenge the enforceability of a student loan debt.

Remember . . .

Absent substantial hardship, student loans cannot be discharged in bankruptcy. Even after your other debts have been discharged, you will still owe any balances remaining on your student loans.