| Bankruptcy filings are coming back
When the federal bankruptcy law was tightened in October 2005, many people feared that the relief from crushing debt that bankruptcy is supposed to provide would be badly compromised. But today, two facts are clear. Far fewer people are filing, less than half the previous number. And the law still works for those in the direst circumstances. Judy and Henry Vandemark of Highland have been there. Late last year, they started talking to a bankruptcy attorney after falling behind on a personal loan from a finance company, Beneficial Finance. Efforts to work out a repayment plan they could afford failed, they said. "They wouldn't give an inch," Henry Vandemark said. "Even when we first discussed it with the lawyer why we wanted to go to bankruptcy, our lawyer contacted their lawyer ...
Payday lending companies fill consumer demand
Members of the Missouri General Assembly have introduced bills to further regulate the growing payday loan industry in the state, but controversy still surrounds the movement to standardize these businesses.
Missouri is home to 1,644 payday loan stores that charge an average annual percentage rate (APR) of 422 percent for short-term cash loans, according to a March 11 Columbia Daily Tribune article. New legislation would cap this annual rate at 36 percent, a move that would essentially eliminate payday loans in the state, according to the article.
Tony Garrett, manager of the Kirksville Advance America Cash Advance, said his company serves 150 to 200 customers at any given time. He said that despite the current payday loan debate, he thinks his business addresses a consumer need.
Rural youth can boost FIs, Insurance Cos` turnover
Financial Institutions (FIs) and Insurance Companies can rope in about 200mn Rural Investors in their fold provided they design innovative savings and loan schemes on lines of commercial banks and even post offices and multiply their annual turnovers by disbursing agri, housing, personal and education loans and easy insurance schemes at affordable rates to potential aspirants, according to Associated Chambers of Commerce and Industry of India (ASSOCHAM). In a paper on 'Investment Potential Prospects of Rural India' brought out by the industry chamber, it has been stated that of the 700mn rural population, about 200mn rural youth have reasonable per capita income, but investment opportunities are virtually non-existent. "This is because, these have no access to popular savings instruments of various commercial banks, insurance companies and post offices branches in ulteriors of countryside and are disparately looking to channelise their finances for suitable returns. A good number of rural investors are also aspiring to become self reliant but lack avenues for credit in areas for food processing, better horticultural and agricultural facilities, training for skill development to process their milk etc., says the paper.
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