To conserve the money coming in, Tammy started making minimum payments on the credit card accounts.
But don't be misled by stock market gloom and lurid headlines on the credit crisis.
One day my son asked a series of questions about how money gets on the credit card.
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The authors analyse votes on the credit-expansion measures cited in Mr Rajan's book.
Yes bad debt remains on the credit report for 7 years and bankruptcy remains on the report for 10 years.
Hopes that the financial sector had turned the corner on the credit crisis received a massive blow Thursday from Merrill Lynch.
Analysts questioned the firm's risk management during the Wednesday conference call, especially regarding the incident on the credit desk in London.
On the credit front, bond markets are rallying in anticipation that the Fed may buy, which may fuel business and consumer spending.
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Positively, as well, there are signs of improvement on the credit front.
Savers who staked their wellbeing on the credit markets took the risk of getting pinched by low interest rates in a lackluster economy.
The Special Inspector General for TARP has said Goldman might have had difficulty collecting on the credit protection it had bought on AIG.
On the credit side, Mr Mahuad now has unprecedented political support.
"It's hard to make business decisions in reliance on the credit when it's extended here and there over the years, " says Jones, who represents renewable industry players.
You see other investors reaching out on the credit spectrum.
The story was a bit different on the credit side.
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But the door slammed shut on the credit markets this week on concerns about a contagion spreading from the troubled subprime mortgage sector into other areas of the economy.
"While the damage from the unrest could still be contained through a mix of policy measures and political consensus, prolonged tensions would weigh on the credit profile, " it said.
This simply means it makes more sense to walk away and take a hit on the credit grade than to pay for something that is not worth the value anymore.
Mr Osborne's main giveaway was a qualified pledge to freeze council tax for two years a nice enough break for hard-pressed households but hardly a magisterial take on the credit crunch.
As for Discover, the deal would mean an almost complete hold on the credit cards issued by one of the largest, and arguably the most profitable, of the U.S. financial giants.
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Tammy, who had handled the household finances since the day they were married, let the balances on the credit cards creep up, always intending to pay everything off with the coming bonus.
The standing of the fund relies on the credit of the countries that back it, including France, which is threatened with a two-notch downgrade to its AAA credit rating by Standard and Poor's.
This kind of relationship is profitable because the interceding financial firm has a much lower cost of capital than the manufacturers, and they can also adjust their fee based on the credit risk the manufacturer poses.
Yet with long-term interest rates at historically lows, and with the US government already on the credit agency watch, conservative investors may be cautions in getting on the side of the Fed, while aggressive investors may want to bet against it.
Paulson, plucked last year to lead Treasury after a successful, and lucrative, career at the helm of Goldman Sachs (nyse: GS - news - people ), pressed through the fall to get a handle on the credit crisis, though some say not quickly enough.
The government had bailed out the big banks, he said, and then those same banks started charging nearly thirty-per-cent interest rates on the credit cards of some Surry County residents people who had lost their jobs and their homes and still went to church every Sunday and prayed for things to turn around.
Anyhow, they are a debt instrument that trades more on the underlying credit risk of the company or the industry than on movements in interest rates.
He currently serves as Chairman Emeritus on the National Marrow Donor Board and Director Emeritus on the Education Credit and Management Corp.
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Federal tax credit: The federal government offers a 30% investment tax credit on the cost of the system after rebates. (The credit is higher in Denver, for example, because there is no state or utility rebate.) To claim the full credit, your tax bill must be bigger than the credit.
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