Economy Vexes GOP at South Carolina Debate

In an age when foreclosures are at a record pace, credit card debt is hitting new highs and personal savings are at an all time low, millions of American families are worried about their children�s future.

In an age when foreclosures are at a record pace, credit card debt is hitting new highs and personal savings are at an all time low, millions of American families are worried about their children�s future. While they�d like to teach their kids about finances, the sad truth is many parents are not skilled enough with their own money to offer solid guidance. And financial literacy - a skill young people desperately need - isn�t taught in high school.

That�s where Vince Shorb comes in. A self-made millionaire at age 32 and creator of the interactive multi-media course �Financially Free by 30,� Shorb is a young adult financial literacy advocate and expert. read more

Default Rates Projected to Soar

RIVERVIEW, Fla. Piece by piece, as the economy has faltered and the subprime mortgage crisis has taken hold, Ivan Toledo's grasp on his job, his house his entire middle-class life has come undone.

Eight months ago, he was no longer able to afford mortgage payments that rose by hundreds a month. Four months ago, he was laid off from a job at an auto body shop. Somewhere in between, five credit cards were maxed out, the car and power bills went unpaid, and the cable TV was cut off. He and his wife worry about their 18-month-old son's runny nose, but without health insurance there will be no visit to the pediatrician.

I've sought minimum-wage work. I've sought part-time work, but been turned down because either I'm overqualified or asking for too much money, said Toledo, 38, who has applied for jobs at retail stores, an auto insurance company, and a payday lender. read more
#BREAK
Three weeks ago, rates for a 30-year, fixed-rate mortgage bottomed out at 5.175 percent.

Then the window, open for no more than a day, slammed shut, and the rates have since shot up, briefly touching 6.25 percent on Thursday, according to Lou Barnes, principal of Boulder West Financial Services.

Not only have rates been volatile, but it's not as easy for borrowers to qualify for low rates as it used to be.

Since the end of December, the number of refinance applications nationwide has risen by more than 200 percent, according to the Mortgage Bankers Association.

Eric Tupler got lucky.

The vice chairman of CB Richard Ellis Capital Markets Denver office, refinanced his second home in Eagle County at the low rate.

I wouldn't tell you that everybody would have been able to get the loan I got, Tupler said. read more

Don't Be This Family

It became the biggest victim of the high street spending crunch as chief executive Sir Stuart Rose revealed that his tills took 2.2% less than in the same quarter last year. City analysts said the drop in sales, which was far worse than expected, was 'nothing short of unacceptable'.

The shares immediately plummeted 18%, dropping 89p to 414.5p. It was the biggest one-day fall in M&S's share price for 19 years. M&S said sales of its non-food lines - mainly women's clothing - were down 3.2%, while food was 1.5% lower than at Christmas 2006.

Analysts said they were particularly shocked by the sliding food takings. It is a major blow for Sir Stuart's reputation as one of retail's most skillful bosses and the first time that the company has suffered a quarterly sales fall for more than two years. read more