Daily Press from Newport News, Virginia • Page 115

F7 Consumer Debt Continues To Soar By MARSHALL BOOKER 5 Economist Christopher Newport College It la a well known fact that bankruptcies in United States are on the rise. Last year almost a quarter of a million Americans used personal bankruptcy to seek refuge from being overextended. In 1960 there were less than 100,000 peoople filing for not) -business bankruptcies. By 1970 the number had grown to a little more than 175,000 and in 1978 it was approximately 235,000. Bankruptcy does not mean the end of credit for an individual though.

Most who have gone through bankruptcy end up using credit again. Best estimates are that 80 percent of those are overextended again within five years. Debt is part of the American way of life. At least half of all Americans have outstanding installment payments at any given time. In 1977 the median installment debt for families with debt was a little more than $2,300.

Since 1950 consumer debt in the United States has been rising at about 9-10 percent per year. Total private individual debt in the U.S. now stands at more than $1V trillion and will continue to grow as inflation persists and population increases. Most of this debt is in the form of household mortgages, automobile installment loans, durable goods loans, personal unsecured signature-only loans, and home improvement Many Americans get into difficulty with debt management because they rely on the lending agency to establish debt limits for them. A few simple rules should allow most individuals to see their own debt limits.

One of the most direct debt limit tests is for the individual to compare monthly debt payments against their total monthly disposable income. Disposable income is defined as gross income after all withholdings. You should include in your debt payments all extended payment credit such as cash loans, sales contract loans, and any open-end loans. You should not include any credit card charges where you pay the balance completely each month. Do not include your monthly household mortgage payment either.

As a rule of thumb, your debt payments per month should not exceed 20-22 percent of your disposable (spendable) income. This is a general rule. Some people can handle more debt than this, others can handle much less. If you were to find that 18 percent or less of your disposable income was committed to monthly debt repayment then you would normally be within the safety limits of debt management and could even handle additional credit if necessary. If on the other hand you are using 18-22 percent of your income for loan repayment, then you are more than likely fully extended with your present credit load and should use extreme care in any further extensions of credit.

Between 22 and 29 percent an individual or family unit would be considered to be overextended in the use of monthly credit and action should be taken to remedy the situation. Fargis Noland Turk. DAILY PRESS, Newport News, Sunday, May 6, 1171 I miir 111 OFFICE SPACE Dailv Press Building WILLIAMSBURG Directors Announced By Noland Company By ERNIE GATES Staff Reporter Noland Company has announced the election of two new directors and the promotion of a Newport News man. Julius W. Fargis and Lloyd U.

Noland III were elected to the company's board of directors. Fargis is branch manager of the firm's Montgomery, branch and Noland is manager of merchandising, plumbing and heating South for the Newport News-based company. Cicero D. Turk has been named manager of Noland's newly expanded branch in Jackson, Tenn. With the firm for 29 years, since 1976 Turk has been supervisor of showroom merchandising, working out of the Newport News headquarters.

La. iinoimn, mm Ideally located and immediately available, 2nd Hour in brand new quality building on Route 60 By-Pass. Williamsburg. 3.000 sq. it.

available. Will subdivide and finish ti tenant's specifications. Elevator, two staircases, parking lot. daily janitorial service, heating, air conditioning, all-night on-site guard, tree storage area on third floor. Call Will Molineux.

manager. Williamsburg 229-378:) or M. C. Bowler, Newport News244-421. Peele Trinder Rygh People In The News DailvPress I Building Jj HAMPTON i years.

Mike Peele, right, has been named skipper, of the WeeTAR IV, WTAR radio's water patrol boat. He has been first mate on the 33-foot boat for two years. Peele holds a bachelor's degree from East Carolina University, is working on a master's in marine biology, and teaches at Booker T. Washington High School. As skipper, he will broadcast the radio station's water patrol reports.

Ole B. Rygh, left, vice president of Munck Systems, has been elected to a two-year term1 as chairman of the Automated StorageRetrieval Systems Association. He lives in Newport News. John A. Trinder, center, has been named vice president and general sales manager for WTVZ-Channel 33.

The station plans to begin operations this fall. With WTAR-TV since 1970, Trinder was local and regional sales manager for the past three Old Hamplon't moat convtnlant and twautjtul oftlcw. Ona suite contains 5 offices containing 11 70 squars fast. Another area contains 1474 square feet but can be divided into smeller areas. Fully carpeted, all utilities, janitor service, elevator and parking lot.

All on second floor and convenient to courts and city hall. Contact Qene Markham, manager, 723-3366 or M. C. Bowler 244-6421 Food Price Increases Slow Down By KRISTIN GOFF AP Bvsueit Writer NEW YORK (AP) -While it's not enough to prompt dancing in supermarket aisles, there is some reason to believe that the trend of big increases in food prices will ease a bit. One signal of a slowdown in food-price increases came this past week when the Labor Department released figures for April on producer prices.

The index, which measures prices at the level of wholesalers and processors, showed the first decline in prices of packaged and finished foods since last August. Other Business News Pages D-U sad D-U The decline of 0.3 percent, or an annual rate of 3.6 percent, was overshadowed by increases in oil costs and other goods. So the producer price index in April showed an overall rise of 0.9 percent or 10.8 percent annually. Still, in the face of a trend that saw consumer prices for -food rising at an annual rate of more than 17 percent since last December, it was welcome news. There is "reason to believe that the worst of the bad news on food prices is now behind us," said President Carter's chief spokesman, Jody Powell.

2,. Economists agree. Beef prices, the major factor in the food price push, are close to their annual highs right now. "We'll tend to see them moderate, or at least level off through the remainder of the year," said Tommy Beale, an economist with Cattle-- Fax, an industry marketing group. 1 That doesn't mean that the prices of a few years ago often less than $1 a pound will return.

The average price of beef is now about $2.30 a pound, up from $2.05 a pound iq January and 31 percent above the $1.76 a pound average in April 1978, according to price percent this year, says Wescott. The USD A' forecast calls for average food prices this year to rise about 10 percent from last year's average BUDOET HELP FINANCIAL PLANNING (MINI COURSES 27.50 NtGHTS ST Arrow THIS MONDAY 7 P.M. CottsMim MqN CotwniffiMy tr Campbell Petty Huneycutt Dm RmW. prices. Th at about the same level of increase that happened between 1977 and 1978.

But it is well below the 17.7 percent annual rate of In Stacey Campbell has been promoted to create merchandising represent-, ative at padische Corp. He will transfer from the Williamsburg operation to the company's Dalton, sales office VvYCarl L. Petty of. Williamsburg has joined Bullock and Associates of Williamsburg and the Robert E. Pogue General Agency, representing Northwestern Mutual Life Insurance Company.

He will work in the areas of personal and business financial planning. Alton H. Huneycutt of Hampton has been appointed eastern regional sales manager for Halsey Taylor division, King-Seeley Thermos Company in Freeport, 111. He will have responsibility for sales in 17 eastern states. He joins Halsey Taylor after seven years as national accounts sales representative with Noland creases between last De cember and March.

call Dldi llamlot fop ft Did! Terms: 30 days to 10 years 077-6547 227 Ftdani raguttttont mqulrt aubatsnrial tnitHMt natty for Mfty wtfhtfrwal tram crtmclt axxounla. Tray arc. tovwar, MaHfabat WITHOUT PEMALTV to autrtortnJ prm upon otsXn o( account Motdir(t) owrtod irvtfridua or aa tottrt lonanls wHh tht righl of ufvtvoraMp. Wescott cites several factors that aggravated the rate of food inflation in the January-March quarter this year. Bad weather in various parts of the country took a toll on livestock production Tidewater's most complete selection of famous brand name and designer suits, sport coats, slacks, shirts, beach, leisure wear a acces- surveys of the National Cattlemen's Association.

There are longer-term supply problems behind the steep rise in beef prices. While cattlemen go through the lengthy process of building up herds, prices are likely to remain high. Also, winter is typically the time when fewer cattle go to market and prices are at their seasonal peak; says Beale. So he concludes that the beef price increases probably have peaked this year. Paul Wescott, an economist tor the Department of Agriculture, expects a moderation in overall food prices within the next few months.

That's partly because increases in pork production are going to start showing up at the market level. Many consumers are expected to switch from higher-priced, beef to pork and poultry, which may also reduce upward pressure on beef prices. Pork production may be about 13 percent above last year and poultry, 8 percent or 9 percent higher. Beef production is expected to decline 10 service. II ADLa and marketing in the Midwest.

It also ham' Mf mber F8LIC Bobby G. Morgan, a Williamsburg agent for Nationwide Insurance, has been invited to the company's 1979 president's conference in July. The invitation is a result of customer sales and service. vVBritt Belyea has been elected to the board of directors and Don A. Perry has been elected treasurer of the Virginia Cable Television Association.

Belyea is director of Hampton Roads Cablevision in Newport News. Perry is with Don A. Perry Associates in Newport News. Business managers from two area firms received performance awards from the Washington sales district of Lincoln Mercury dealers. Blanch R.

Phelps of Coliseum Lincoln-Mercury in Hampton and T.J. Wallace of Denbigh Lincoln Mercury received the awards. pered the production and harvest of vegetables and citrus fruits in the South and West. A continuing United Farm Workers strike in California is also affecting prices of SAVINGS AND LOAN ASSOCIATION With winter weather behind us, seasonal goods like vegetables and fruits may come down in price, along with eggs, poultry and pork. at best de Shirley Williams of Ceramic Supply Co.

in Hampton will attend a one-week seminar in Maryland sponsored by Reward Ceramic Color Inc. The seminar will feature instruction in new techniques of brushing, glazing and firing ceramics. O'Marie White will speak at a luncheon meeting sponsored by the Tidewater Area Business Contractors Association. She is executive director of developmental programs for the city of Hampton. The meeting begins at noon Wednesday at Flannigan's Restaurant in Norfolk.

Reservations are available at 622-5463. Second District Rep. G. William Whitehurst will speak at the May 25 meeting of the Association of Records Managers and Administrators. The meeting will be held at the Fort Monroe Officers Club.

A social hour will begin at 5:30 p.m., followed by a seafood buffet and the program. Reservations are available from Dan Armour at 422-2526 or Tommy Brummer at 247-8721. creases will be spotty liburself Revea iff 6 Intersexes and WTAIpadio are snoop- ing itie area for the ugliest 6(fice in town. They want to reveal this crime and put it to rights. The most offensive office will win a complete office overhaul valued al $3,500 including Kimball office furniture.

Interscapes professional design service, and furnishings. Don't be shy. follow these easy steps to win. Plus" 6 month certlflcata $10,000 minimum. Thlt rate effective May 3, 1979 thru pill llil then step 1 r' Do some snooping for yourself.

Yes. you can check out May 9, 1979 the competition at Military Circle TAX-FREE AT4NUAL RETURN THE ONLY BOND TRUST DESIGNED EXCLUSIVELY FOR VIRGINIA RESIDENTS Rated A or better by Standard Poor's or Moody's A Trust of professionally selected Virginia Municipal Bonds Interest income exempt from all Federal Income Taxes and Virginia Income Taxes Quarterly interest income mailed directly to you from Trustee Bank Nq coupons for you to remember to clip or collect 1 No management fee No redemption fee Minimum investment $1,000 Th.s current return teprassnis net annual mietest income after mttmatefi annual axpenses tfviOefl by te OuWiC ofrig fcncB Si 0241 c' uml on Way 1 Reium vanes Ailh changes either amount Accrued intarasf to ijate detivefy 'S aOded to fa putx-c' oWering price Tnis advertisement shall not consitt jte an offer to or solicitation of an ofier to buy any Untt tne Trust Oenng is maftt only by toe Prospectus and only those states were Unas of the Trust may be ottered legaty Take a picture of your office or call the Intefscapes! ugly officesnooper (622-5295) who'll photograph the mess for you. ana The Coliseum Mall, May 1-5. where the photographs MOIL iMttol rt qarrt laaWMtnl iMtrl pit wNI be anonymously displayed along with model Kimball offices. Prepare yourself afcy far Mriy wrtndrlMlt fit tf tifiai atftuarv laftrtv 1 (mpaMfaf, aroliiitttf by! p- i step j.

tou nmy rcvcrtiea. tffOiol fegulation. step 2 Fill this out and mall to WTAR Radio. 720 Boush Norfolk. Va.

235 1 0 along with photo no later 1 i than May 19th. step 3 Letyour ears snoop WTAR Radio on May 20th when Firm Name IndtvidualsOffice Address -Ciry Phone Purchasing Agent M. Lawrence Maddry and Paul Henntngs will pronounce judgement on the ugliest office in town. Strut your (tuff In the Jv Sponsor: Craigie Incorporated Selected Dealers: Anderson Strudwick, Incorporated Branch, Cabell a Co. wmh mm -WM I Cecil, Waller Sterling, inc.

Davenport Co. of Virginia, Inc. Horner, Barksdale Co. Merrill Lynch White Weld Capital Markets Group Merrill Lynch. Pierce, Fenner I Smith.

Incorporated UdvOfficeContest If -i C7C-01CD Paine, Webber, Jackson Curtis, Incorporated Thomson McKinnon Securities, inc..