Money Snatchers

Oil prices rose for a third consecutive session Wednesday amid optimism that a rescue plan for Greece and other debt-challenged European nations may be near.

Oil prices rose for a third consecutive session Wednesday amid optimism that a rescue plan for Greece and other debt-challenged European nations may be near.

Iqaluit, Canada — Global economic leaders sought to reassure markets that the debt contagion spreading across southern Europe was under control, expressing confidence that Greece could bring down its debt levels without outside intervention.

The House is expected to vote next week on the $1.9 trillion increase in the debt ceiling, to $14.3 trillion.

— Bondholders and creditors have begun mobilising in response to Dubai World’s $26bn restructuring plans, as Dubai’s ruler on Tuesday sought to reassure investors that his debt-laden emirate’s economy remained sound.

WASHINGTON — In the often murky waters of the debt collection industry, United Recovery Systems in Houston is considered a “whale hunter.”

CIT Group Inc is planning to offer its unsecured debt holders two options: either exchange their debt voluntarily, or face a prepackaged bankruptcy, sources close to the situation said on Wednesday.

After years of encouraging consumers to load up on debt, the card industry is trying a novel tactic: helping borrowers manage their debt. Tuesday, JPMorgan Chase plans to unveil new credit card features that even critics are applauding as a shift in how consumers can track and manage purchases, as well as pay off debt.

Consumers slashed their borrowing in July by the largest amount on record as job losses and uncertainty about the economic recovery prompted Americans to rein in their debt.

Michel Platini, the president of the governing body for European football, has revealed plans to bring in new financial regulations to prevent clubs spending beyond their means in a bid to curb the debt within football.