| Sallie Mae names 2 new executives
RESTON, Va. (AP) - Student lender SLM Corp., better known as Sallie Mae, said Tuesday it named John Hewes executive vice president and chief credit officer and Jonathan Clark as senior vice president of corporate finance. In the newly created position, Hewes will oversee the company's private student loan underwriting policies and risk management. Hewes previously worked at MBNA, a credit card issuer. Clark will oversee Sallie Mae's unsecured debt issuance and treasury operations. He will also assist the asset-backed securitization team. Before joining Sallie Mae, Clark worked at Credit Suisse. Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. .
Spending habits: Americans at all income levels tighten their belts
Until recently Shannon Palmer, like many Americans, spent money freely. She assembled a nice wardrobe, took four vacations a year, and ate out often. But now, as she listens to economists discuss the likelihood of a recession, she recognizes the need to get her own finances in order. "I'm young and I feel mostly secure in my job, but I have a good deal of debt on my back," says Ms. Palmer, a publicist in Andover, Mass. As a step toward fiscal responsibility, she has begun a "very aggressive" plan to pay off student loans, a car loan, and credit-card bills. She has also started to save. "This is a time for action when it comes to people taking responsibility for their personal finances," she says. "This is just the motivation I needed. It's forced me to look at things differently." Looking at things differently is a theme running through conversations of Americans at all income levels these days as they review their spending habits.
Sallie Mae names John Hewes chief credit officer and Jonathan Clark ...
RESTON, Va. - Student lender SLM Corp., better known as Sallie Mae, said Tuesday it named John Hewes executive vice president and chief credit officer and Jonathan Clark as senior vice president of corporate finance. In the newly created position, Hewes will oversee the company's private student loan underwriting policies and risk management. Hewes previously worked at MBNA, a credit card issuer. Clark will oversee Sallie Mae's unsecured debt issuance and treasury operations. He will also assist the asset-backed securitization team. Before joining Sallie Mae, Clark worked at Credit Suisse. .
DEBT MAKEOVER
Debt Makeover," your guide to stomping out debt in 2008. Experts Dr. Doug Hirschhorn, Ric Edelman, John Ulzheimer, and Carmen Wong Ulrich will each provide part of the prescription needed to stop the vicious debt cycle and to start investing for the future – they'll tackle credit card debt, mortgage debt, student loan debt, medical debt and much, much more. CNBC's money mentors will provide viewers with the actionable strategies and tools they need to get out of debt and stay debt-free forever! .
Fort Lauderdale man faces uphill battle with a mountain of debt
Big student loans and a heap of credit-card debt, but a low-paying job. It's a mismatch so many people face when they're trying to live on starting salaries. For Jamell Vanterpool, the mismatch is hurting him and limiting his future prospects.
"I can't keep up with the bills," he wrote, seeking a South Florida Sun-Sentinel Money Makeover.
There are two big questions he faces: Can he live on his salary? The answer to that one is no. And what can he do about it? That answer depends on what Vanterpool does next.
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Debt sees pair in caravan
Generation Y woman Lizzy Laing is so sick of being under debt's heel she and her partner are moving out of their flat and into a caravan park. Despite being university-educated and earning "a little over $30,000" in a central Christchurch firm, Laing's student loan ($45,000), personal loan ($6000), overdraft ($2000) and credit-card debt ($1000) are proving too much. Laing and her partner, a glazier who earns a little more but has similar debts, find they can survive and just service their debts but have nothing left at the end of the week. Saving for the deposit on a home mortgage or starting a retirement fund was a far off dream. "We can't even think about starting a life together," she said. The pair had discussed leaving for Australia but decided instead to ditch their flat and move into a caravan park for at least six months to get their noses in front.
Credit card industry tries to hook young people
All major banking institutions pay big money to colleges and universities for on-campus recruiting rights, offering students low initial interest rates and/or other sweetheart deals if they accept a credit card. The rest of us get solicitations through our phone or the mails.Seductive sales campaigns focus on high school graduates and for all kinds of items that TV, movies or society has told them they want, need, should have because they deserve it and others have, so why don't they? Car dealers offer "one-time sales events" to first-time wage earners, high-end electronic stores give 90-day-same-as-cash deals and guarantee that no one will be turned down, furniture showrooms offer newlyweds "no payments 'til next year," cell phones, Internet providers, cable companies, satellite dish outfits all make it sound as if you can't have a decent life without their help.All this has given birth to an additional parasite - the debt-consolidation, paycheck-cashing, payday-loan, instant-refinancing-of-your-car (and you get to keep your car - 'til they come to take it away) industry.Public schools teach kids how to drive, play sports, fit a condom, take birth control pills, find an abortionist or fill out a job application at McDonald's.
Spending detox worth every penny saved
I loved blogging daily at MiamiHerald.com/business (The Frugalista Files) about my experience in spending detox. There were ups (realizing that I had leftover cash after paying both my rent and light bill in a single pay period) and downs (staying home Valentine's Day with no plans). But over all, this has been one of the best experiences of my life. After doing the no-buy month, I realized that I spent way too much and, more importantly, I could change my situation. Like me, many young consumers have a spending problem. According to cardtrak.com, the average credit-card debt per household with a card is $9,659. Many college students graduate with an average of $20,000 in student loan debt. I have both a credit card balance and a student loan to pay off. I want them gone, sooner rather than later.
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