April 30, 2008

   The Federal Reserve cut a key interest rate by a quarter-point, down to 2 percent, its lowest level since late 2004.

   That caused stock prices to lose ground. Economists said the statement from the central bank leaves uncertain what its next rate moves will be.

   Whatever the case, the number of home foreclosures across the country are on the rise. South Texas is no exception. In Nueces County, foreclosure notices filed at the courthouse are up dramatically. This file for the month of may include homes, business and vacant land.

   One woman, who did not want to be identified said she came within a week of losing her home. "I thought many times of throwing in the towel and just selling the house. I didn't want to let them take the house because of the equity and i would lose that but I thought many times of selling the house and maybe I even thought of renting the house out. I was looking at every possible option that was out there. But you know,  one way or the other I just wasn't going to remain homeless, that just wasn't an option for me." So she filed for bankruptcy. It was the only way, she thought, to avoid becoming another statistic.

  People at Consumer Credit Counseling however say bankruptcy is an option but  it should probably be used as a last resort. Melissa Goonan with Consumer Credit Counseling says when facing foreclosure, "Act quick. Don't panic. Don't ignore the signs. As soon as you miss that first payment there is an issue that needs to addressed and that's really what so many people need to understand time is of the essence."

   Thursday on 3 News at 5 o'clock representatives from Consumer Credit Counseling will be live in our studios, answering questions about your credit problems.