… companies–$250 million of these profits come from charitable contributions.

The progressive non-profit MoveOn.org solicited members to sign a petition Friday requesting that credit card companies waive processing fees for charitable donations. “Credit card companies shouldn’t be getting rich off of Americans’ generosity. They should waive all fees on charitable contributions from today on,” the petition reads.

So far 214,000 people have signed the petition demanding that …

… beat yourself up for a financial crisis that is plaguing some of the best city governments and non-profit organizations.  If we use “financial crisis” as the guideline for who is deserving and who is not, then the reasoning would continue that the seniors in Collin County don’t deserve assistance with meals— and that type of reasoning is just wrong.  The seniors in Collin County have done their service to their community and they certainly didn’t ask for this recession.  The …

Tags: Collin County Financial crisis Local government Meals on Wheels Non-profit organization

According to an article in Reuters, the National Consumer Law Center (NCLC) just released a report finding that mortgage servicers have favored foreclosure over loan modification because it’s cheaper and even more profitable to the servicer.

The article said:

“Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan …

… with a new business model that excludes HMO patients in favor of patients with preferred provider organization (PPO) health insurance.”

Downing reported losses totaling $100 million due to unfavorable HMO contracts which pay hospitals a set fee per patient per month, regardless of the treatment costs for those patients. By contrast PPO contracts pay hospitals a fee for each service provided to patients, creating a much more lucrative arrangement for hospitals.  However, patients who …

… forgive the debts of 13,000 people who were taken advantage of by a Florida based debt-settlement organization.  The claim against the organization said that they agreed to reduce debts substantially and they told their customers to quit sending in payments to their credit card companies.  The debt settlement agency then made no payments to the credit card companies.  As a result thousands of people defaulted on their bills.

A few things the article warns you to look out for from debt …

… making year-end donations of money, books, furniture or anything else that is tax deductible to a non-profit organization.

Pay Next Year’s Bills Today. Increase your tax deductions by prepaying some 2009 bills like a mortgage, property taxes or student loans before the December 31 st tax deadline.

Save For The Future. Maximize your retirement contributions to IRAs and Roth IRAs and decrease the taxes you will owe.

… the founder of the two companies had deceived consumers with claims that AmeriDebt was a nonprofit organization and that it provided counseling services to consumers seeking to get out of debt. FTC claimed that AmeriDebt did not operate as a nonprofit organization as advertised. Instead it funneled profits to affiliated for-profit entities and individuals, including DebtWorks and Pukke. Without providing any counseling services, it simply enrolled every customer in a debt management plan. …

Veoh, an online video sharing service plans to file for Chapter 7 bankruptcy and liquidate its business, according to the company’s founder, Dmitry Shapiro. Shapiro posted a passionate open letter blaming a legal battle with Universal Music Group for the company’s bankruptcy: 

“Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging …

As this recession presses on many municipalities across the country are facing the prospect of Chapter 9 bankruptcy .  And while Chapter 9 bankruptcy is rare, only six have occurred in 2009 and 26 states forbid municipalities from filling bankruptcy, the issue has remained in the news.  But how does Chapter 9 bankruptcy impact ordinary citizens?

 A city that files Chapter 9 …

Reverse mortgages have become a very popular method for seniors to get cash out of their home during this recession.  But what do senior citizens need to know about reverse mortgages before they commit?

 While reverse mortgages are a “no recourse” loan, the heirs of the debtor may still lose the property (to foreclosure ) if the loan is not repaid after the debtor’s death or …

A major supplier of castings for manhole covers and frames, Neenah Enterprises, Inc., has filed Chapter 11 bankruptcy due to a dramatic plunge in sales revenue.  Neenah’s Chapter 11 bankruptcy filing lists assets of $286.6 million and debt of $449.1 million.

Neenah, based in the Wisconsin town of the same name, reported a $150 million net loss on net sales of $333 million for the …

Rumors are swirling that Borders Bookstore may need to file for Chapter 11 bankruptcy or even a Chapter 7 bankruptcy if it is not able to make significant changes to its business model that will allow it to compete with electronic rivals.  Of course, Borders has vehemently denied speculations that it will need to seek protection from creditors under Chapter 11 bankruptcy.  But it is …