Ahead of the Bell: Consumer Credit

Business Law

Consumers, confronting job losses and weak income growth, likely cut back on their borrowing for a sixth consecutive month in July.

Consumer borrowing likely fell by $4.5 billion at an annual rate in July, according to economists surveyed by Thomson Reuters. The Federal Reserve is scheduled to release the report at 3 p.m. EDT Tuesday.

In June, consumers slashed their borrowing at a rate of $10.3 billion, marking another month where households cut back sharply on their use of credit cards and other types of loans amid the longest recession since World War II.

In April, consumers trimmed borrowing at a rate of $17.4 billion, the largest amount on records that date to 1943.

Widespread job losses, declining home values and shrunken stock portfolios have contributed to Americans' more thrifty mood.

The Labor Department reported last week that the unemployment rate jumped almost a half a point to 9.7 percent in August, the highest since 1983. Many economists believe the rate will hit 10 percent before the end of this year and will remain elevated levels for some time.


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Grounds for Divorce in Ohio - Sylkatis Law, LLC

A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party

Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party

However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.

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