Browsing Category: "Financial Press Release"

Parents Sacrifice Luxuries to Secure Future Funds for Children

Thursday, October 9th, 2008 | Financial Press Release

As financial situations worsen, parents are having to cut back on personal luxuries in order to secure a better future for their children, according to new research out today by Family Investments, the UK's leading Child Trust Fund provider.

(PRWEB) October 1, 2008 -- The research shows that for 83% of parents, purchasing beauty products is first on the list of things to be cut out to ensure enough is being put aside for their child's future, despite recent reports that sales in designer lipsticks have gone up. This is closely followed by clothes shopping, as 81% of parents say they are cutting back on purchases.

A less surprising figure in light of holiday companies such as XL going bust is that nearly half of the parents questioned (49%) have or will be cutting back on holidays to ensure their children's savings are not being neglected during the crunch. Only 6% of the parents questioned are not prepared to change their spending habits at all when it comes to saving for their child.

One in three children will be bearing the brunt of these cut backs however, as a third of parents will be cutting back on treats such as toys and sweets, in order to prioritise how their money is being spent on their child. For the majority of parents (66%) it is felt that any disposable income in this current economic climate should be put towards long term investments as opposed to everyday luxuries and treats.

Kate Baker, Head of Marketing at child trust fund (CTF) provider Family Investments said: 'In our experience saving for a child's future is a parental obligation, so when things are getting tough this the last area that parents are willing to cut back on. Despite the strain of the current economic climate, 85% of parents will be continuing to top up their child's trust funds by the same amount, it's just a matter of cutting back on little luxuries when things are tight to ensure their children's savings don't suffer .'

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PLS Financial Services Teams Up with V103-FM to Register Voters

Thursday, October 9th, 2008 | Financial Press Release

On Friday, October 3, PLS Financial Services is hosting live V103-FM (WVAZ-Chicago) remote broadcasts during a voter registration drive at three of its Chicago-area PLS locations. On-air V103-FM personalities will encourage area residents to register so that they can participate in the upcoming elections.

Chicago, IL (PRWEB) October 3, 2008 -- PLS Financial Services has joined forces with V103-FM (WVAZ-Chicago) to promote voter registration in the Chicago area. PLS, which manages more than 80 PLS Loan Store, PLS Check Cashers and PLS Tax Service locations in Illinois, is kicking off registration drives at three of its Chicago-area locations on Friday, October 3.

Headlining the event will be live V103-FM remote broadcasts -- featuring on-air personalities -- at each of the three locations. Broadcasting live from PLS locations will be Troi Tyler from 10am to 2pm at 5200 W. North Avenue (North and Laramie) in Chicago; Doug Banks from 2pm to 6pm at 1431 W. 127th Street in Calumet Park; and Ramonski and Joe from 6pm to 9pm at 2507 W. 95th Street (95th and Western) in Evergreen Park.

"We're thrilled to be partnering with V103-FM on our registration drive," said PLS President Bob Wolfberg. "Together, we're going to make sure that more of the citizens in the neighborhoods in which we operate are registered and can exercise their right to vote in November."

V103-FM is a Clear Channel Communications, Inc. station playing "Today's R&B and Old School."

PLS invites the public to visit its locations during the broadcasts to share in the excitement, and to help motivate community members who are not registered to vote. Listeners are encouraged to come to any one of the three participating locations on Friday to register. The official deadline for registration is October 6.

About PLS Financial Services:
Chicago-based PLS Financial Services operates more than 300 financial service centers in Alabama, Arizona, California, Illinois, Indiana, Mississippi, New York, Texas and Wisconsin, with more than 3,000 employees. It is one of the largest, oldest and most distinguished organizations in the check cashing industry, and is a Western Union money transfer network. PLS was recently named as one of Chicago's Largest Privately Held Companies, and also a member of 'Fast50' (Fastest Growing Companies) by Crain's Chicago Business®. The PLS brands include: PLS Loan Store, which provides consumer micro-loans; PLS Check Cashers, which offers check cashing, money transfer services, money orders and bill payments; PLS Vehicle Registration; and PLS Tax Service. More information about PLS is available from Barb Wolf at PLS Financial Services, 300 North Elizabeth Street, Chicago, IL 60607; telephone 312-491-7888.

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A Way Out — Not A Bailout, Expert Howard Dvorkin, Founder of Consolidated Credit Counseling Services, Inc. Proposes a Solution

Thursday, October 9th, 2008 | Financial Press Release

No free ride solution, Howard Dvorkin devises a plan that keeps American's in their homes without relying on a taxpayer bailout. The $700 billion bailout plan does little to avert foreclosures, the root of the crises. Banks and lenders who granted unstable loans should get a 40 percent penalty and consumers should be offered 50+ year mortgage repayment plans.

Ft. Lauderdale , FL (PRWEB) October 1, 2008 -- America needs a plan that does not reward people for bad behavior and at the same time keep people in their homes, without having taxpayers pick up the tab. Currently nearly $100 billion worth of loans are deemed at risk for foreclosure over the next two years as borrowers with adjustable rate mortgages, see rates adjust. Some borrowers with these loans are being informed now of payment changes and the bulk of those loans will reset in 2010.

"The housing calamity is at the heart of the problems that our economy is facing right now," says Howard Dvorkin, CPA, personal finance expert, author, founder of Consolidated Credit Counseling Services and former consultant to the Resolution Trust Corporation hat focused on bank work-outs in the late 1980s. "Looking at the numbers it seems the average increase in mortgage payments will be 65 percent and payments could jump by as much as 100 percent for some people," he continued.

Until now, the majority of the mortgage crisis was caused by subprime loans -- those with high interest rates made to borrowers with poor credit. However, borrowers at risk now on average had good credit but stretched their budgets with option- ARM loans.

Howard Dvorkin is proposing a viable solution to help solve the mortgage and credit crisis in the United States. "Once mortgages have been taken over by the newly formed government agency, they should only pay the surrendering bank 60 percent of the original loan value. The 40 percent loss from the original lender would be funneled back into the governmental agency to help fund any necessary related expenses. Once the loan is transferred, the homeowners would then be allowed to enter into a 50 or 60 year mortgage at the prevailing interest rate, assuming no negative amortization occurs," said Dvorkin.

"The key is to get the monthly mortgage payment amount similar to when the consumer first took the loan out, before the ARM reset. Extending principal payments over 50 or 60 years, would allow the consumer to be responsible for the principal amount of the original mortgage. This plan would require some tax law modifications but it would keep American's in their homes," continued Dvorkin.

Dvorkin's proposed plan will punish all parties involved. Punishing lenders for giving loans to people who couldn't afford them and those consumers who knew they would not be able to afford the mortgage long-term. Nationwide, there have been 2 million filings this year and RealtyTrac, a company that monitors foreclosure activity, projects 2.5 million additional homes will enter foreclosure over the next year.

Note to Editor:
Howard Dvorkin available for interviews
Contact: April Lewis -Parks 954-377-9344 /Alewis@ConsolidatedCredit.org
AVAILABILITY: Florida , nationwide by arrangement and via telephone

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