USAinDebt

The word ‘outsourcing’ is usually associated with computers and India. Not so anymore.  Ukraine, Russia, Ireland and The Philippines are also getting a big piece of the outsourcing pie. Outsourcing is everywhere: it’s in what we eat, in what we drink, when we call our bank, airline, hosting company and so on. The demand for cost-effective labor is naturally always high. It has turned outsourcing into a great, cheap solution for processing multiple functions such as human resources, procurement, finance & accounting, customer care, logistics, engineering/R&D, sales & marketing, facilities operations & management, training and many more. Since the 1970s, when many US IT companies have started outsourcing,  this trend is rising continuously. How is this ‘exporting of jobs’ affecting us?

First of all, a clarification on the difference between ‘outsourcing’ and ‘offshoring.’ Outsourcing involves the transfer of the management and/or day-to-day execution of an entire business function to an external service provider. Offshoring is the transfer of an organizational function to another country, regardless of whether the work is outsourced or stays within the same corporation.

Why companies outsource? Because it costs much less,  they get access to a broader range of knowledge, higher quality of work, project timeframe is reduced and et cetera. The time difference is also a positive - it gives the opportunity for work to be done during non-business US hours. Outsourcing also enables ‘providers’ to pick from a much increased opportunity market, where strong competition brings perfection. Improved staffing flexibility is also a huge benefit. Tax breaks are also in effect for companies that outsource.

If there are so many positive sides to Outsourcing, what is all the fuss about? According to a 2005 report by US BPO (Business Process Outsourcing),  the global outsourcing market in the US is expected to grow from $382.5 billion in 2004 to $641.2 billion in 2009, a 10.9% increase in demand. That means that another 10.9%  or $641.2 billion dollars of what was paid to US workers will be sent to offshore companies and their employees. Goldman Sachs projects 6 million jobs to be ‘exported’ by 2014.

Tags: outsourcing | india | bpo | offshoring | russia | ukraine | the philippines | ireland | it | unisys

I have been with TrueCredit for a while until I stumbled upon CreditKeeper. They give you a month free when you sign-up and then it’s 9.99 per month. You get all three credit reports + your scores (it’s not myFICO scores but it is still good to have). It’s a service by HSBC bank (you don’t need to have an account with them to sign-up). You can’t beat that price If you have found a cheaper site, please share in the comments.

This is not a sponsored post.

Visit CreditKeeper

Tags: creditkeeper | credit report | credit score | fico | hsbc | truecredit

New York City’s Mayor Michael Bloomberg allegedly became a victim of an ID theft. According to authorities, two suspects were charged in stealing the Mayor’s Bank of America account information and using it to withdraw money. The first thief transferred $10,000 to an E-Trade account back in May, the second one tried to use two forged checks to cash-in $420,000 of Bloomberg’s money in June. Both men are from New Jersey and at this point is still not clear how they have obtained the Mayor’s financial information.

A Foreclosure is a process in which the lender is allowed to sell the securing property to recover costs for a defaulted loan. In English, if you are not paying your mortgage, under certain circumstances your lender can sell your house in order to receive their money.

There are two types of Foreclosures - A Judicial and a Non-Judicial Foreclosure.

A Judicial Foreclosure results from a court action - there is no power of sale clause, and the lender has to sue the borrower to recover the unpaid balance. If the court finds the debt legitimate, and in default, it will issue a judgment for the total sum, including process expenses. Subsequently to that the court will order a public auction. The highest bid wins and the top bidder becomes the possessor of the property. Judicial Foreclosure is available in all states. <!–adsense–>

Non-Judicial Foreclosures are settled outside the court and are subject to state laws. The process is started by the lender, who sends out a Default Letter to the borrower. A NOD (Notice of Default) is sent to all parties entitled to its receipt, usually 3 months after the loan default date. If the borrower is unable to cover the amount owed, a Notice of Sale is publicly distributed. After the legally obligatory time period has expired, a public auction is held, with the highest bidder becoming the possessor of the property. Not available in all states, time-frames and procedures do differ from state to state.

The proceeds of the Foreclosure are used to recover the lender’s investment, including process expenses.

Spending money really does work as a good therapy. Psychologists have proved that people often shop to relive stress and make themselves feel better. Even if they buy stuff that they don’t really need.

This is the main aspect that you should take a serious look at when setting up your budget. When shopping, buy things that you really really need! Cutting spending is equal to restricting to the most needed. And if you want to get out of the swamp, that plasma TV or Calvin Klein sweater will have to wait.

There are a million (if not more) ways to reduce your monthly expenses. The basic things that can save you big bucks are food, transportation, bills and entertainment. You already should have a list of your monthly spending, now take a look at it and see what you can reduce.

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“We have seen severe investor pull-back and origination has all but dried up” said Credit Suisse Group Chief Executive Officer Brady Dougan today, supporting the layoff announcement. 170 more employees will be laid-off, following last week’s reductions in New York and London, bringing the number of terminated workers to 320. Dougan noted the he does not expect any positive movement in the global mortgage market at least for the next eighteen months, since this “problematic” sector is currently showing a rising number of loan defaults.

Tags: credit suisse | new york | london | mortgage | foreclosure

US household debt reached the whooping $12,817.2 billion by the end of last year - a constantly growing combination of consumer credit ($2,430.8 billion) and mortgage debt ($9,704.7 billion). The numbers are steadily increasing since 1966, becoming a major problem for millions of Americans. For the year of 2006, per-household debt liability is estimated at $510678.(1)

Most individuals & families have combined debt from several sources: PayDay Loans (PDL), Credit Cards, Department Store Cards, Personal Loans, Student Loans, Credit Union Loans, Auto Loans & Mortgage. Taxes and Medical Bills are also accounted as a major percentage of what’s currently owed.

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Just a shortie on Blueprint for Financial Property about the new Zecco fee schedule, effective 01Jan2008.

Zecco to Limit Free Trades in 2008 on Blueprint for Financial Property

  Tags: zecco | investments | zecco 2008 fee schedule

Thanks to Lulu @ howisavemoney I am now hosting a BolgCarnival! The topic is “Twenty Something Finances”. If you want to submit your article, follow this link. The next edition of the carnival of Twenty Something Finances will be held on October 15th, so articles are accepted until the 13th of October.

Submit your article for “Twenty Something Finances” on BlogCarnival

Hosting a carnival gives you great exposure!  :wink: 

Tags: blogcarnival | saving money | finances | twenty something

“Welcome to xbank. For payments press one….” We all know the trend. Automated systems, endless phone number, account number, access code punching. It is getting harder and harder to speak to a living, breathing human being when calling customer service.  So next time, before you call your bank / insrance / mortgage lender or just any other customer service phone number, take a look at GetHuman. Save yourself some times and nerves!

Tags: automated phone system | bank | insurance | mortgage lender | customer service | live person