I’m writing this as we wind up 2008 and head into the new year. This has been a very busy year here at ZipDebt, to say the least. This, of course, is a just sign of the times economically, and I’m expecting 2009 to break new records in terms of the number of people seeking assistance. It’s been so busy, in fact, that I’ve been delayed in writing about a few topics that I’d like to share my thoughts on. As time permits, I’ll be writing about the new rules imposed on credit card banks by the OCC. I also plan to write more about the financial crisis of 2007-2008.
For anyone looking to gain a better understanding of what happened to our economy, I highly recommend “The Trillion Dollar Meltdown” by financial writer Charles Morris. The book was published early in 2008, so it doesn’t discuss the stock market crash and panic that occurred in October 2008, but my understanding is that a revised edition will hit bookstores in early 2009, renamed “The Two Trillion Dollar Meltdown”! You won’t find a more lucid explanation anywhere, and if you’re wondering what the heck a synthetic CMO is (collateralized mortgage obligation), this is the book you want.
To my regular readers, clients, fans, (and critics too) — best wishes for a safe holiday and a Happy New Year!
henry johnson says
c omment by henry-1119am my wife and i are in our late 70,s our only in come is ss she is being suied by a credir card co . can they do any thang to collect this debe we are un able to pay both our in come is abt 1600 a month we need our money for meds and food what can they do they have judgement agence her now can they collect this debt thank u henry
Charles says
Henry, income derived from Social Security is exempt from garnishment. However,
I still recommend you get some legal advice to deal with the judgment. See if there
are any legal aid services in your area that can advise you of any steps to take
to protect yourself, based on the rules for judgments in your state of residence.
edger says
Who is this Honorable Judge Roy Bean? I see him every where???