Dead: Roy Odel WelchmanFifteen-year-old Roy Odel Welchman, who was crushed on Sunday last after he allegedly slipped off the side of a truck and fell between the wheels of a skidding machine, was “ketching his hand” during a trip to Kwakwani.This was revealed by a relative who told Guyana Times that the young man, a former student of School of Excellence in Linden had visited Kwakwani to spend time with his ailing father while his sister, with whom he lived in Linden, was out of the country. As such, he used the opportunity to “ketch his hand”.The relative said Welchman had only been working with the company, T Bovell Concessions, for a short time and was tasked with operating the GPS and record keeping for the said company.“He is a student but he recently travelled there to visit his father and like all young men when they get bored, they do want to look work you know so he just went to ketch he lil raise in the meanwhile he was there,” the relative said.The relative further said that the family is making preparations for his burial on Saturday and will also be making arrangements to meet with officials from the company.It was reported that on Sunday at about 17:30h at 16 km Bisarooni Backdam, Region 10 (Upper Demerara-Berbice), Welchman was in the company of a driver and a porter when the accident took place.According to the police, the driver used the skidder to leave the backdam, and on the way out, the skidder hit a bump causing the teen, who was reportedly standing on the left side of the machine, to lose his balance and fall.Guyana Times understands that the operator immediately brought the skidder to a halt and in doing so, it ran over the teen.The driver and the porter rushed the injured young man, who was still conscious at the time, to the Kwakwani Hospital where he was pronounced dead on arrival.The police noted that the 15-year-old’s body was examined and it was observed that it had bruises to both temples, swelling of the face and eyelids, a bruise to the left forearm, and bruises on the upper left side of the back. Welchman’s body is presently at the Kwakwani Burial Ground on ice, awaiting a post-mortem.Up to late Tuesday afternoon, the operator of the machine along with the porter were released on station bail as Police continue their investigations.
SAN FRANCISCO – Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the past year and prompting warnings of worse to come. An Associated Press analysis of financial data from the country’s largest card issuers also found that the greatest rise was among accounts more than 90 days in arrears. Experts say these signs of the deterioration of finances of many households are partly a byproduct of the subprime mortgage crisis and could spell more trouble ahead for the economy. “Debt eventually leaks into other areas, whether it starts with the mortgage and goes to the credit card or vice versa,” said Cliff Tan, a visiting scholar at Stanford University and an expert on credit risk. “We’re starting to see leaks now.” Even after the recent spike in bad loans, the credit card business is still quite lucrative, thanks to interest rates that can run as high as 36 percent, plus late fees and other penalties. But what is coming into sharper focus from the detailed monthly SEC filings from the trusts is a snapshot of the worrisome state of Americans’ ability to juggle growing and expensive credit card debt. The trend carried into November. As of Friday, all of the trusts that filed reports for the month show increases in both delinquencies and defaults over November 2006, and many show sequential increases from October. Discover accounts 30 days or more delinquent jumped 25,716 from November 2006 and had increased 6,000 between October and November this year. Many economists expect delinquencies and defaults to rise further after the holiday shopping season. Tough juggling act Mark Zandi, chief economist and co-founder of Moody’s Economy.com Inc., cited mounting mortgage problems that began after this summer’s subprime financial shock as one of the culprits, as well as a weakening job market in the Midwest, South and parts of the West, where real- estate markets have been particularly hard hit. “Credit card quality will continue to erode throughout next year,” Zandi said. Economists also cite America’s long-standing attitude that debt – even high-interest credit card debt – is not a big deal. “The desires of consumers to want, want, want, spend, spend, spend – it’s the fabric of our nation,” said Howard Dvorkin, founder of Consolidated Credit Counseling Services in Fort Lauderdale, Fla., which has advised more than 5 million people in debt. “But you always have to pay the piper, and that can be a very painful process.” Filing for bankruptcy is no longer a solution for many Americans because of a 2005 change to federal law that made it harder to walk away from debt. Those with above-average incomes are barred from declaring Chapter 7 – where debts can be wiped out entirely – except under special circumstances and must instead file a repayment plan under the more restrictive Chapter 13. Personal finance coaches say the problem is most grave for individuals who are months delinquent or already in default – like Kenneth McGuinness, a postal clerk from Flushing, N.Y. His credit card struggles began nine years ago, when he charged his son’s college tuition and books. He thought he was being clever: His credit card’s 6 percent “teaser” interest rate was lower than the 8.6 percent interest on a college loan. McGuinness, 61, soon began using Citibank and Chase cards for food, dental work and copays on doctor visits and minor surgeries. Interest rates surged to 30percent. Now he’s $37,000 in debt and plans to file for bankruptcy in February. “I tried to pay what I could and go after the high-interest accounts first,” McGuinness said. “But it just kept getting higher and higher, and with late charges and surcharges I was going backward.” In the wake of the jump in defaults on subprime mortgage loans made to borrowers with poor credit histories, banks have been less willing to allow consumers to consolidate credit card debt into home equity loans or refinanced mortgages. That is leaving some with no option but to miss payments, economists said. Investors are leery Investors also are backing away from buying securitized credit- card debt, said Moshe Orenbuch, managing director at Credit Suisse. But that probably has more to do with concerns about the overall health of the economy, he said. “It’s been getting tougher to finance any kind of structured finance – mortgages, automobile loans, credit cards, student loans,” said Orenbuch, who specializes in the credit industry. Capital One Financial Corp. reported that delinquencies and defaults are highest in regions where troubled mortgages are concentrated, including California and Florida. Among the trusts examined, Bank of America Corp. had the highest delinquency volume, with overdue accounts valued at $5 billion. Bank of America defaults in October were almost 200 percent higher than in October 2006. A spokesman for Charlotte, N.C.-based Bank of America declined to comment. Other trusts – including those linked to Capital One, American Express Co., Discover Financial Services Co. and those containing “branded” cards from Wal-Mart Stores Inc., Home Depot Inc., Lowe’s Companies Inc., Target Corp. and Circuit City Stores Inc. – also reported striking increases in year-over-year delinquency and default rates for October. Most banks and other financial institutions holding credit card debt on their own books also reported double-digit increases in delinquencies. The one exception in October was JPMorgan Chase & Co.’s credit card trust, which reported declines in both delinquencies and defaults. A Chase spokesperson attributed this to its focus on prime borrowers and aggressive account management. Billions in write-offs By contrast, Capital One executives told analysts last month that the company projected 2008 write-offs of credit card debt to be at least $4.9 billion. This projection, analysts were told, took into account growing delinquencies and potential effects if the housing market continued its slide. Capital One spokeswoman Julie Rakes said the increase in delinquencies could be due to an accounting change last summer, which shortened the grace period between when statements were issued and the due date. Capital One also reported that the number of accounts 90 days or more in arrears had increased between October and November. More than 1.2 million of Capital One’s 30 million accounts were either delinquent or in default. Many personal financial coaches expect this trend to accelerate in 2008 – particularly among people who took out untraditional loans whose interest rate has risen, requiring owners to pay mortgages several hundred dollars more than just a year ago. “You’re looking at more and more distress – consumers desperately trying to preserve their credit lines, but there’s nowhere else to go,” said Robert Manning, director of the Center for Consumer Financial Services at Rochester Institute of Technology. “It’s like a game of dominoes.”160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECoach Doc Rivers a “fan” from way back of Jazz’s Jordan ClarksonThe value of credit card accounts at least 30 days late jumped 26 percent to $17.3 billion in October from a year earlier at 17 large credit card trusts examined by the AP. That represented more than 4percent of the total outstanding principal balances owed to the trusts on credit cards that were issued by banks such as Bank of America and Capital One and for retailers like Home Depot and Wal-Mart. At the same time, defaults – when lenders essentially give up hope of ever being repaid and write off the debt – rose 18 percent to almost $961million in October, according to filings made by the trusts with the Securities and Exchange Commission. Serious delinquencies also are up sharply: Some of the nation’s biggest lenders – including Advanta, GE Money Bank and HSBC – reported increases of 50percent or more in the value of accounts that were at least 90 days delinquent when compared with the same period a year ago. The AP analyzed data representing about 325 million individual accounts held in trusts that were created by credit card issuers in order to sell the debt to investors – similar to how many banks packaged and sold subprime mortgage loans. Together, they represent about 45 percent of the $920 billion the Federal Reserve counts as credit card debt owed by Americans. Until recently, credit card default rates had been running close to record lows, providing one of the few profit growth areas for the nation’s banks, which continue to flood Americans’ mailboxes with billions of letters monthly offering easy sign-ups for new plastic.
Linda Brennan could barely run a tap a few months ago.But then she decided to give jogging a go and was chosen by Spar to become a Spartan to represent Donegal in last Monday’s Dublin Marathon.Not only did she complete it but she is already looking forward to next year’s event. This is her brave story in her own modest words. Fair play to you Linda! “Donegal Spartan is alive and well and has completed her mission of going from couch to marathon in nine months!Yesterday was absolutely amazing and an experience everyone should enjoy. I would highly recommend participating in the Dublin city marathon or if not at least going to watch it. The streets of Dublin were lined with people cheering you on. The atmosphere was incredible.My husband Anthony and my brother Damian Brennan came to support me. It was a great boost every time I saw them and this kept me going throughout the race. I think they were as tired as I was racing around trying to get to different corners before I got there!As I had previously ran 18mile I expected the first 18mile to be fine and the last 8.2 to be tough however it did not work this way. I walked the first mile of the race as I was unable to run due to the large crowds of people.After this I started running at my own slow and steady pace as I knew if I started too fast or if i got my heart rate too high I wouldn’t complete it.Running through Phoenix Park I met a gentleman called Peter Mcglynn from letterkenny who was running his 92nd marathon! He gave me great encouragement. Thanks Peter.At mile 11 Anthony and Damian were there to cheer me on. It was great to see the familiar faces. After that though I hit my ‘wall’ I thought I would never make it to the half marathon mark. I was running at the right pace but I struggled to get from mile 12 to mile 15. I just felt tired and fed up and 26.2 seemed so far away.When I got to mile 15 Orla Doogan was there to meet me with a hug and a bottle of water. This encouragement was great. When I got to mile 16 I don’t know what happened but I got a second wind and I enjoyed every bit of the 10.2 miles that followed! From mile 16 onwards I was on the countdown and I knew I would finish it. I had to stop a couple of times and stretch my calves but apart from that I loved it!The Local people were great and many of them stood outside their houses with sweets and oranges and they had music playing through speakers.Anthony and Damian met me again at mile 18 and mile 25. At mile 25 they gave me a Donegal flag. I carried this flag for the final 1.2 miles of the race. It is impossible to explain what I felt at this point. The finish line was in sight and I knew I was going to reach it. I was crying for the last half mile with delight that I was going to finish it and also pride that I did not let down my county or all the people who voted for me. I was filled with satisfaction knowing that all the effort, hard work and sacrifices were worth it.Just as I crossed the finish line I was greeted by Teresa McDaid who has helped me prepare for the marathon. I was delighted to meet her and share that moment with her. I then went and got my well earned medal and I was jumping about the place with excitement!The event was absolutely amazing and if I can go from couch to marathon in nine months so can anybody as I never ran or played any sport before 🙂Thanks again to all the Donegal Daily fans who voted for me to represent county Donegal in the spartan challenge and al who send me cards and good luck messages.Crossing that finish line is a moment I will never forget. All the time and effort was worth it for them few seconds.All of the Spartans did great yesterday and I think we will all be wearing our medals for the week! The Spartans and I have become great friends and we will run many more races together.”OUR DONEGAL SPARTAN JUMPS THE ‘WALL’ TO FINISH MARATHON! was last modified: October 31st, 2012 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:DUBLIN MARATHONLINDA BRENNANSpartan