Credit Crunch

October 2nd, 2007

Recorded August 23rd, 2007
WNUA Broadcast date: Sunday, August 26th, 2007
 
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The recent credit crunch affects more than just stock market traders and borrowers applying for a loan. It impacts renters, home-owners selling their houses, students paying off college loans, consumers trying to keep up with credit card bills, and even seniors in nursing homes.What began as a problem for high-risk borrowers in working class neighborhoods, today’s credit crunch causes those with good credit to feel the financial strain as well. Spiking interest rates prevent many from getting mortgages on their homes and some unable to climb out of debt.But in a supposedly stable and strong American economy, how did the credit crunch happen? Is this another sign of our global economy? Can borrowers caught in the pinch avoid bankruptcy? And how do those in need of a loan protect themselves?In this “City Voices,” we learn more about the credit crunch and tips on how to avoid financial ruin from Tom Feltner of the Woodstock Institute, Mary Donahue a Housing Counselor from the North Side Community Federal Credit Union and Al Hofeld, a consumer-rights attorney and chair of the South Side Credit Union.




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