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In the tightening nationwide credit crunch, financial advisers said the time spent checking your credit report might be the most important half-hour you spend all year.

Alabama’s Credit Card Crunch (CBS 42 Birmingham)
A new financial report conducted by Transunion shows a significant increase in the nation’s credit card debt. While that may not come as a big surprise, those numbers are putting Alabama in a bad light.

Rescue plan could hinge on value of bad assets (San Francisco Chronicle)
Treasury Secretary Henry Paulson’s $700 billion financial rescue plan has grown from a program focused on relieving lenders and investors of their bad mortgages to one in which the government would have the authority to take over any kind of problem loan or…

Obama And McCain Are Slow Off The Mark On Financial Crisis (CBS News)
It appears that Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke have persuaded congressional leaders to support a new government agency, modeled on the 1980s’ Resolution Trust Corp. and the 1930s’ Home Owner Loan Corp. Both agencies absorbed bad debt, then eventually sold off the collateral and went out of existence. House Financial Services Committee Chairman Barney …

Credit Crunch Hits Theatreland (SkyNews via Yahoo! UK & Ireland News)
A year ago, London’s Theatreland was celebrating record ticket sales. But now, with the credit crunch biting and a recession around the corner, the West End is facing a downturn in what’s traditionally their busiest time of the year.

Japan, Australia Central Banks Add $15.7 Billion to Ease Credit (Bloomberg.com)
Sept. 22 (Bloomberg) — Central banks in Japan and Australia added $15.7 billion to the financial system to hold down borrowing costs, slowing the pace of cash injections as the U.S. plan to buy banks’ bad debts eased credit-market jitters.