The Plastic Credit

Important tips to use credit cards effectively

2007-02-08T02:35:00.000-08:00

Credit card is a tool like any other financial tool which should be used responsibly. While it ensures cash flow, I don't advise customers to borrow for a longer period of time. It is meant for borrowing for short-term or limited period of time, says Citibank's business manager, cards, T.R. Ramachandran. Read on to understand the basics of credit cards. Q. Is it important to have a credit card? What are its benefits? You get 45 days to pay up the bill. Many companies also give rewards like airline miles, free fuel and retail discounts. Credit card is an important financial tool for those who need to take advantage of payment mechanisms like interest free period or short-term credit. Q. What do banks gain out of free credit of 45 days or lifetime free card where you don't charge any administration charges? Annual fee is waived off in some situations.

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Credit union site up for vote

2007-02-06T02:35:00.000-08:00

The Planning Commission will vote Tuesday on two items that will allow Redstone Federal Credit Union to construct a building and road near Alabama 36. The company has submitted site plans to build the credit union next to Hartselle Heritage Funeral Home. The second item involves Bob Francis' certificate to subdivide the property. Francis, who is chairman of the Hartselle Development Board, is selling the credit union 3.26 acres. Although credit unions do not collect sales taxes, Mayor Dwight Tankersley said the project is good for Hartselle. "The project will increase traffic in the area, which in turns allows us to entice retailers that do collect sales taxes," the mayor said. Tankersley said it's also good for Redstone Federal Credit Union users in Hartselle to have a branch closer to them.

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Yunus for framework on micro-credit in India

2007-02-02T02:34:00.000-08:00

Nobel Laureate Prof Muhammad Yunus Thursday emphasized on enacting laws relating to the micro-credit programme to make it a success in India. "You need a legal framework to make a depository bank for running micro-credit programme and it is essential," he said while speaking as chief guest at the inaugural ceremony of the Grameen Trust India (GTI) and a two-day Grameen International Conference on 'Micro-credit in India' at Hotel Mirador. Prof. Yunus said money is not a constraint to make it happen if there is a legal framework in the country. The father of Grameen Bank formally inaugurated the programme by lighting a lamp. "You can make a legal framework for five years to see how it works. If any organization fails to run the micro-credit programme, you can cancel their legal status to run the programme," Prof Yunus said.

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Debt limits credit-offer advantages

2007-01-31T02:39:00.000-08:00

D ear Debt Adviser: I have $35,000 worth of credit-card debt. I used the debt calculator to get on a plan to be debt-free in 4 years. I always make more than the minimum and have never missed or been late on a payment. I've been trying to apply for new credit cards to do a balance transfer and get better interest rates, but am always rejected due to my large balance. My balance is high compared to my income, which is $45,000 a year. How much debt do I have to pay off before I will be able to get a better deal? I hate paying this much interest and would like to see the numbers go down more quickly. What should be my next step? -- Louise Dear Louise: In New England, we have a saying: "You can't get theah from heah." You are looking for a shortcut that doesn't exist, and every time you try, you are setting yourself back further.

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PAY DOWN CREDIT CARDS, SIMPLIFY FINANCES, SAVE MONEY, PACK A LUNCH

2007-01-29T02:36:00.000-08:00

Hope so. But if you've already broken some of those resolutions, here are some resolutions for your ``financial health.'' And hopefully these will be a bit easier to keep -- while in many cases, saving you money.  Pay more than the minimum due on your credit card. If you're struggling to pay your credit card bills, Jay Seaton, area president for Consumer Credit Counseling of Northeast Ohio, suggests paying anything more than the minimum payment. ``Then you're getting a little bit ahead. I think people don't have a full understanding of what wealth creation is about. If you're reducing debt, you're on your way to building wealth. It doesn't always take money to make money. If you're moving toward zero, you're moving toward the positive,'' he said.

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Credit Suisse to buy back stock as it seeks takeovers

2007-01-23T02:47:00.000-08:00

ZURICH: Credit Suisse Group, the Swiss bank, said Monday that it would use proceeds from the sale of its Winterthur insurance unit to buy back a record amount of stock and make money- management acquisitions. The bank plans to repurchase as much as 8 billion Swiss francs, or $6.4 billion, of shares over three years and has set aside 3.5 billion francs for possible wealth management purchases in the United States, the Middle East and Asia, Credit Suisse said during a presentation in Zurich. "We have the requisite resources to grow our business, while at the same time returning capital to our shareholders," Oswald Grübel, the bank's chief executive, told investors. Credit Suisse last month completed the sale of Winterthur to AXA of France for 12.3 billion Swiss francs, raising cash to compete with rivals including UBS in faster-growing markets like Latin America, Russia and Asia.

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Michigan Customers Could Get Credit For Ice Storm

2007-01-21T02:40:00.000-08:00

More than 220,000 customers who lost power during the ice storm that hit lower Michigan last week might get a $25 credit on their next bill. At some point, the storm affected about 120,000 customers of DTE Energy Co. in southeastern Michigan and at least 104,000 customers of CMS Energy Corp.'s Consumers Energy subsidiary elsewhere in the southern half of the state. Consumers spokesman Dan Bishop told the Jackson Citizen Patriot that the utility is "examining" whether to ask for a waiver to a 2004 regulation that lets residential electric customers who lost power for more than 16 hours get the $25 credit. .

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Metropass fakes lead to ID, credit card cache

2007-01-19T02:45:00.000-08:00

A TTC probe into 250 counterfeit Metropasses has led Peel Region police to what they say was a highly sophisticated forgery operation that produced thousands of fake credit cards, driver's licences and identity cards. The trail to a Mississauga home where police caught a 23-year-old man printing credit cards began last May when fake TTC Metropasses began showing up in the hands of transit riders in Toronto. Staff Sgt. Mark Russell of the Toronto Transit Commission Special Constables Service said yesterday that, between May and December, they seized 250 fake passes and charged 120 people for using phony cards. Russell contacted Peel police after the probe pointed to a Mississauga home. When the home was raided last month, officers say they found a man forging credit cards with a computer printer.

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Credit cards: causing student debt since college

2007-01-17T02:49:00.000-08:00

With the new semester underway, only one thing comes to mind: the cost of classes, cost of books and any other added expenses one may encounter throughout the semester. Yes, the cost for classes did drop, which alleviates some of the cost, but it's not going to make a big difference. Books are still expensive and by this time all the used books have been sold, so you're stuck buying the new plastic wrapped books that are still on the bookstore shelf. For those students that do qualify for financial aid, it covers a portion of it if not all of the cost of books. But what about the students that don't qualify because their parents make too much or they themselves make too much money to qualify for financial aid? Most of the time they have to pay for tuition and books with their handy dandy credit card.

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Community Trust president joins Baxter Credit Union

2007-01-15T02:49:00.000-08:00

After more than nine years as president of Gurnee-based Community Trust Credit Union, he will join Baxter Credit Union, which is nearly 10 times larger in assets than Community Trust. His new job will be senior vice president for business development with an office in Vernon Hills, where the credit union is headquartered. "It's an opportunity with new challenges for me. Baxter Credit Union is the largest credit union in Lake County," Bratsakis said. His successor at Community Trust will be Madeline Lipka, recently promoted to chief executive officer from vice president of operations. "For the past eight years, she has been the No. 2 top executive at Community Trust," he said. Under Bratsakis, Community Trust doubled its assets to $159 million and opened its third branch in Grayslake.

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Holiday shoppers' remorse sets in as credit card bills come due

2007-01-13T02:37:00.000-08:00

Now that the holidays are over, lots of folks are assessing the damage they did with their credit cards and are trying to get back financially on their feet. NewsChannel 3 spoke with consumers and credit counselors for some helpful hints. It's that time of year when the bills start pouring in from your December holiday shopping spree. Springboard Consumer Credit Counselor Manuel Perez says it's common for shoppers to think "buy now, max out and pay later." Only, when the bills come in, there's not enough money to pay them off. "They come to us and we can help set up a plan, help consolidate work with creditors to setup a repayment plan so they can continue paying their debts and preserve their credit." Kami French's solution is to pay cash for her Christmas gifts so she doesn't rack up credit card bills or get surprises.

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Focus Inc. offers hope to those struggling with bad credit

2007-01-11T02:39:00.000-08:00

WASHINGTON - Almost one in three Americans are living with a bad credit rating, and this, according to a visiting money matters maven, leaves them prey to routine rejection, exorbitant interest rates and exploitation. “We encourage people not to get involved with debt consolidators, or ‘quick fixers,' because basically there's nothing a credit fixer can do that you can't do for yourself," said Rob Anderson, president of Focus Inc., a company that sponsors a free self-help Web site — www.livingwithbadcredit.com — for the poor-credit group. Anderson was in Baltimore Monday on a promotional tour. His six-year-old Tampa, Fla., company matches “underserved" credit risks with qualified sub-prime marketplace options — without charging the applicants. “We basically tell people to help themselves.

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Consumers go on credit binge in November

2007-01-09T03:03:00.000-08:00

The Federal Reserve said Monday that borrowing rose at an annual rate of 6.2 percent in November, the biggest increase since a 6.8 percent rise in August. Borrowing had fallen at a 0.6 percent rate in October, which had been the biggest one-month decline in 14 years. The strength in November came from an 11.9 percent jump in the category that includes credit-card debt. That was the fastest jump in the revolving debt category since last May and was far above the 4.2 percent rate of increase in October. The category of nonrevolving debt, which covers auto loans, rose at a 3 percent rate in November after having fallen at a 3.4 percent pace in October. All of the changes pushed consumer credit, which does not include home mortgages, up by $12.3 billion to a record high of $2.39 trillion at an annual rate.

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Don't take all the credit

2007-01-07T02:45:00.000-08:00

Just like the pounding head that can follow celebrations of a new year, there's no quick cure from the pain of a blown budget, just some reasonable steps to follow that will eventually provide relief. Many start the new year with three challenges: Debt on high-interest credit cards, too much spending and no savings program, says Clay Gillespie of Rogers Group Financial. But he cautions financial makeovers that are too aggressive or unrealistic can fall apart over time. "Some people get really gung-ho in January... but whatever plan you embark on, make sure it's achievable," says Gillespie, a financial adviser and portfolio manager. "You've got to take human nature into account." Gillespie acknowledges most people simply don't have the wherewithal to budget for every dollar spent in the course of a year, so he advises trying what he calls "budgeting in reverse": writing down absolutely every amount spent for a month or two.

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Protecting Credit Information

2007-01-03T02:50:00.000-08:00

An article in Monday's Business section about a Pennsylvania consumer credit protection law taking effect that day should have been accompanied by this question-and-answer guide. If you want to freeze your credit file immediately or are just curious about the law, here are answers to a few basic questions: How does Pennsylvania's law compare with those in other states? It's stronger than some in one crucial way, according to Consumers Union, which supports and tracks the proposals: It allows anybody, not just identity-theft victims, to freeze his or her credit file. Five other states' laws, including two that went into effect Monday in Kansas and Hawaii, only apply to victims. How much does a security freeze cost? Each of the three national credit bureaus can charge you up to $10, unless you're 65 or older, or are a victim of identity theft and can submit a police report to prove it.

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New law will let you freeze your credit file

2006-12-30T02:44:00.000-08:00

This is the first installment in a three-part MoneyLine series focusing on some changes that Rhode Islanders will face in the new year. Starting tomorrow, Rhode Island consumers will be able to place a "security freeze" on their credit files, a step that should help combat identity theft. It's the result of legislation that was approved by the General Assembly and signed into law by Governor Carcieri earlier this year. A key provision of that law kicks in tomorrow. Following are some highlights: -What's at Stake: This issue involves your credit file, also known as your credit report. It's the official record of your personal credit history. It includes information on your car loans, mortgage loans, credit card accounts and other items.

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Charities have trouble advertising tax credit

2006-12-26T02:47:00.000-08:00

PHOENIX (AP) - Arizona charities are struggling to get the word out about a state tax credit that is similar to the one for school donations.The ''helping the working poor'' tax credit offers the same dollar-for-dollar return to Arizona taxpayers as the school tax credit. But it's more complex, and nonprofit organizations say they have neither the time nor the resources to publicize it aggressively. ''We don't have that capability,'' said Janice Parker, executive director of the Mesa-based Save the Family Foundation of Arizona, which assists families with emergency expenses such as child care so that a household's wage earners can stay on the job.''We're too busy trying to help the population we're working with.'' .

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It pays to shop for the right credit card

2006-12-17T02:45:00.000-08:00

Among other things, likely 2.5 credit cards, just like any other average Canadian, according to Scotiabank vice-president in charge of credit cards Dave Trafford. Some may have less, some may carry a walletful but many could be carrying around the wrong kinds of card because of the sometimes bewildering variety available these days. "So it really depends on what you're going to do with it when you use your card," said Trafford. "I think if you narrow down what you're going to use it for, then there's tons of options in the market, but it's going to narrow the list quite substantially in terms of the type of card you're looking for." Put simply, credit cards are divided into those where you can carry a balance, those where you can't, and cards that offer rewards and those that do not.

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Credit Suisse allowed to do trades in Vietnam

2006-12-15T02:42:00.000-08:00

HO CHI MINH CITY: Credit Suisse Group said Thursday that it had received permission from the Vietnamese authorities to trade stocks and bonds in the Southeast Asian country, the latest foreign investor aiming to tap into a surge in interest in the nation's markets. The second-biggest Swiss bank said a unit of the Vietnamese State Securities Commission had given it securities- trading code certificates, allowing the firm to trade domestic equities and government and corporate bonds. UBS, the biggest Swiss bank, and Merrill Lynch, the world's second-biggest securities company, made similar announcements this year. The Ho Chi Minh City Securities Trading Center has surged in market value from less than $1 billion at the start of 2006 to more than $7.9 billion through today.

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Winterthur ditches Credit Suisse Income

2006-12-13T02:49:00.000-08:00

Winterthur has used the sudden departure of Credit Suisse Income manager Errol Francis as the opportunity to drop the fund from its multi-manager mandates. The house, which held Francis's £1 billion fund (Credit Suisse Income Retail) in its Elite Balanced Managed (Winterthur Elite Balanced Managed-Life), Stock Market Managed (Winterthur Elite Stockmarket Managed 2-Pen) and Cautious Managed (Winterthur Elite Cautious Managed-Life) portfolios, had been monitoring the fund throughout the year, concerned about the processes employed by Francis and his performance and demanded several meetings with Credit Suisse top brass. ‘The change of manager gave us the opportunity to make the portfolio changes we were considering,' said Shantan Tandon, investment manager for Winterthur's Elite funds of funds range.

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ON Semi prepays $120M of credit line

2006-12-09T02:47:00.000-08:00

Chip maker ON Semiconductor Corp. said Friday it received lender approval to incur additional debt and spend up to $300 million to repurchase shares. ON Semiconductor said it is allowed to replace a large portion of its bank debt with debt to be incurred outside of the credit line, and take on additional debt junior to the facility. The company also said it prepaid roughly $120 million of its senior secured credit facility with cash on hand. The company said it had $574 million in debt under its senior secured facility as of Sept. 29, and prepaid $175 million of that debt on Friday. "Since the beginning of 2006, we have paid down about $240 million of our senior secured facility, consistent with our financial strategy," said Donald Colvin, ON Semiconductor chief financial officer.

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The Easiest Way To Eliminate Your Credit Card Debt

2006-12-07T02:50:00.000-08:00

Credit cards can offer customers the option of a quick solution to financial worries. However, many people who begin using credit cards often find it to be almost addictive. For many people who begin using credit as a means of payment for expenses, credit card debt can become a huge problem. Credit card interest is usually the cause of this. Naïve customers who sign up for credit cards and do not have experience with credit cards can be easily coerced into applying for credit cards with high interest rates that will eventually lead to extreme credit card debt. Credit card debt leads to a number of bankruptcies every year throughout the United States. With so many people falling prey to credit card debt, it must be made easier to eliminate credit card debt. Once credit card debt gets up to a certain point, payments can be huge and it may seem as though you are unable to keep up.

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First Data eyes AIB's credit cards

2006-12-03T02:43:00.000-08:00

FIRST DATA, part of the giant Western Union, is in talks to take over the credit card processing operations of Allied Irish Banks. AIB is Ireland’s largest credit card provider with 34% of the market. It is understood that an approach has been made, and a proposal to take over the credit card operations could be tabled within months. .

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Give Laval credit for being No. 1 By Chis Cochrane

2006-11-27T02:57:00.000-08:00

THOUGHTS on the CIS football season that ended with the Vanier Cup: Laval Rouge et Or won its third Vanier Cup in the past four years on Saturday, reaffirming its standing as the dominant program in Canadian university football. Accompanying that success in recent years has been the inevitable criticism that Laval operates too much like a pro organization, that it has too much money for all facets of team building and is too strong an opponent for many of the football clubs in the CIS. Yet if Laval is operating within the rules, and it supposedly is meeting all the right criteria or opponents would be screaming to the CIS police, then it deserves nothing but credit. In a CIS football world that is so often ignored by media and fans in much of the country, the Laval program has earned recognition for doing it right.

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Reduce Your Credit Card Rates With A Simple Call

2006-11-25T02:50:00.000-08:00

(KDKA) PITTSBURGH Today marked the official start of the 2006 holiday shopping season and consumers will spend billions of dollars over the next month.Much of it will be put on credit cards with high interest rates then will pile up come January.But what if a three minute phone call could lower your bill?It can be done with a simple call to your credit card company.You may have to work your way through the answering machine maze of your credit card company but when you get a human, you can get results.KDKA's John Shumway reports that with so many pre-approved credit applications arriving in the mail daily, the competition for you to be carrying and using their card is something the companies will fight over.So much so, that you may have success using this simple script: "Hi, my name is [insert your name here].

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Excise evaders may lose Cenvat credit, monthly duty payment

2006-11-23T02:37:00.000-08:00

NEW DELHI: Excise evaders beware. The government is planning to withdraw facilities like availability of Central value-added tax (Cenvat) credit and monthly payment of duty from manufacturers who deliberately evade excise duty. However, these measures would be taken only in those cases where the duty evasion is Rs 10 lakh or more. These penal provisions would be put in place from January 1, for which all necessary legislative changes will also be carried out. The deterrents are expected to tackle the problem of planned and deliberate non-compliance by tax payers found guilty of evasion. Excise duty collections grew by only 5.8% in April-October '06 at Rs 60,401 crore as against an over 60% growth in service tax collections. But in the same time, there has been a 26% jump in Cenvat credit availment.

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Holiday Credit Lures

2006-11-21T02:40:00.000-08:00

Right now you're probably dreaming of turkey, stuffing, and pumpkin pie, not to mention that nice long nap you're going to take Thursday afternoon. After you wake up from your food-induced coma, the frenzied holiday shopping season will be in full swing. When you venture out there, you will probably be beset by store clerks dressed as Santa's helpers promising holiday goodies for shoppers -- like a 10% or 15% discount off your purchase if you sign up for the store credit card. Sounds like a pretty good deal, doesn't it? Beware of clerks in elf hats. There are some good reasons to turn down a department store credit card. The top reason may be that department store cards tend to come with higher interest rates than other credit cards. According to Bankrate.com (Nasdaq: RATE), the average interest rate for a standard, fixed-rate credit card is a bit more than 13%.

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Ruling on credit card charges set to cost consumers more

2006-11-19T02:37:00.000-08:00

Never underestimate the capacity of a bank or a credit card issuer to devise new ways of making money out of its customers. This is the key lesson to learn as financial institutions hit back against attempts to prevent them from levying outrageous charges on their customers’ credit cards and current accounts. Last week, accountancy firm PricewaterhouseCoopers published a report warning that credit card providers might have to apply an annual credit card fee in a bid to offset the £1 billion "losses" they face after being barred from making excessive late payment penalties on their users. As if on cue, First Direct, the telephone and internet bank owned by HSBC, announced that it would impose a charge of £10 a month on all customers who do not maintain an average £1500 balance in their account, pay in at least £1500 a month, or buy another of the bank’s products.

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Credit Union Pros and Cons

2006-11-17T02:44:00.000-08:00

Their service is often better, too. If you turn to a traditional bank for guidance, you might not be told everything you should know, as that's not always in the bank's best interest. But credit unions have no reason not to help you as much as they can. Credit unions offer more and more services these days. Many offer credit cards, debit cards, mortgages, new and used car loans, checking, and more. At many credit unions, you need just $1 to open an account, qualifying you to take advantage of their many services. Disadvantages: Credit unions typically have few branch offices and few, if any, ATMs. To circumvent the ATM problem, many credit unions have formed networks of surcharge-free ATMs that members can use. Not all are insured.

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Central bank vows to damp excess liquidity, credit growth

2006-11-15T02:43:00.000-08:00

The central bank said yesterday it will stick to its sound monetary policy and continue to use a variety of tools to control liquidity and credit growth. "The central bank will continue to strengthen liquidity management and resort to comprehensive measures to keep the money supply and credit growth in check," the People's Bank of China said in its third-quarter monetary policy performance report released yesterday. The overall performance of the financial sector was stable in the third quarter, with the pace of money supply growth decelerating and credit growth slowing down slightly, the central bank said in the report. China's economy is expected to maintain stable and rapid growth, but the slowing pace of the money supply and credit growth is not solid enough, it said.

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Commission alleges credit card price-fixing

2006-11-09T19:04:00.000-08:00

The Commerce Commission has issued civil proceedings against Visa, MasterCard and 11 financial institutions for alleged price-fixing in relation to interchange fees. The commission said it filed a statement of claim in the High Court in Wellington yesterday, alleging that fixing the interchange fees was anti-competitive. Interchange fees are charged by credit card companies. They are paid by retailers as part of the fees they pay to banks. The fee is up to 1.8 per cent of each credit card transaction. Retailers are not permitted to charge customers extra to use credit cards, and so must recover the fees by increasing prices, regardless of whether customers pay by credit, cash or eftpos. The commission said it did not allege any collusion between Visa and MasterCard.

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Ilex Credit Fund Shows Steady Return Profile

2006-11-05T02:35:00.000-08:00

LONDON (HedgeWorld.com) - Expanding credit markets and narrowing spreads for credit default swaps are providing lucrative market opportunities for a number of hedge funds targeting long/short investments in European derivatives, as well as investment grade and high-yield securities. Ilex Investment Management was an early entrant in the field, launching the Ilex Credit Fund in November 2000. It got early backing from BRI Partners, the Chicago-based venture capital firm that specializes in funding hedge fund managers. Steady is the watchword for the fund, which has produced positive returns in 43 of the past 44 months to the end of October. "It's not a massively up and down return," said Gareth Roblin, chief operating officer at Ilex, in an interview. "It reflects the way the strategy is built.

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Etihad, HSBC credit card

2006-10-30T02:55:00.000-08:00

Etihad Airways and the HSBC are to launch a co-branded credit card according to TradeArabia. Etihad has yet to tie up with a bank on a co-branded product but other regional carriers such as Emirates and Qatar Airways have developed cards with Citibank and the Commercial Bank of Qatar respectively. The National Bank of Oman last week launched the Al Amiyal card in partnership with Oman Air. .

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Get a Home Equity Loan even with Bad Credit

2006-10-28T06:24:00.000-07:00

Kate Ross is a professional consultant at speedybad creditloans with fifteen years in the financial field helping people in the process of securing personal loans, mortgage, refinance or consolidation loans and preventing consumers from falling into financial scams. In her website you will find interesting articles and smart tips on diverse financial topics. author's email author's web site view author's other articles .

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Arroyo acts to curb credit card fraud

2006-10-26T03:36:00.000-07:00

PRESIDENT Gloria Macapagal-Arroyo has created a task force to stop the rising incidence of credit card fraud in the country as more Filipinos use plastic money for transactions. In Executive Order No. 573, the President tapped Justice Secretary Raul Gonzalez to head an Anti-Fraud Task Force composed of the National Bureau of Investigation and the Philippine National Police to strengthen Republic Act 8484, or the Access Device Regulation Act of 1998. The occurrence of credit card fraud is increasing and acquiring banks incur huge losses and suffer stunted credit card sales, ultimately threatening the survival of the credit card industry, including the negative repercussions in the domestic economy, the President said in the order that she signed Wednesday. She said credit card fraud was a form of economic sabotage as it creates a bad image for the country in the global market at a time when the government was moving to boost tourism.

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National Credit Act - lenders beware

2006-10-24T03:26:00.000-07:00

TONIA JACKSON: Basically the Act was drafted to address over-indebtedness of consumers in the South African economy, and to regulate the supply of credit. In the past the Usury Act was the only real law that governed credit agreements, and it scoped out a whole lot of people. The National Credit Act hopes to take into account a lot more of those credit transactions that havent been regulated in the past. LINDSAY WILLIAMS: Thats particularly pertinent when we get comments from SA Reserve Bank Governor Tito Mboweni saying his mind boggles at the amount of credit thats being offered. Was it getting out of hand? TONIA JACKSON: It was definitely getting out of hand - every time one bought furniture or a car credit was freely available. They never really checked if people could afford that credit.

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Credit can take you to the cleaners

2006-10-23T05:25:00.001-07:00

I RECEIVED a brochure in the post recently offering me a new credit card. One of the many so-called benefits this new card offers is “flexible expense management”. What is this new financial concept? Flexible expense management is actually a sophisticated system of instant gratification, namely, buy now, pay later. Sounds good, doesn’t it? That depends on how you look at it. These types of credit systems are an insidious way of eroding our financial independence. Yet, in spite of the threat that they constitute, and judging by the level of personal debt in SA, it appears that they reign supreme. The reason for this large amount of debt lies not in the lack of money, but rather in the lack of effective financial control.

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Buy A House With Poor Credit – Getting Approved After A ...

2006-10-23T05:25:00.000-07:00

Getting approved for a mortgage after a foreclosure is easy. Finding reasonable rates on a home loan is harder with poor credit. However, by searching lenders, improving your credit, and negotiating your terms, you can buy a home even with an adverse credit score. These tips will help you find that perfect home loan. Searching For A Sub Prime Lender Sub prime lenders offer financing to those with bad credit, usually with credit scores less than 650. However, traditional lenders also offer sub prime lending. Even though indexes determine lending rates, each company will have their own formula for determining fees and rates. .

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After initial suspicion, ruling Left latches on to micro-credit as ...

2006-10-23T05:24:00.000-07:00

The Left Front in West Bengal, pioneers in land reforms and ardent proponents of the rural economy, had initially opposed the concept of micro- credit. The CPI (M)s fear was that the poor would no longer have to depend on the party, since micro finance links villagers directly with the regional rural banks or the state cooperative banks. No financial intermediaries are required to get access to credit. Today, the LF government is an ardent fan of micro credit. The CPI(M) exercises strong influence over state-run cooperative banks and the partys local committees monitor the SHGs. .

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Credit Suisse Cuts Swedbank Rating To Neutral

2006-10-23T05:21:00.000-07:00

0906 GMT [Dow Jones] Credit Suisse downgrades Swedbank (SWED-A.SK) to neutral from outperform as increased expectations leave less room for positive earnings suprises over the coming quarters. However the bank lifts target to SEK242 from SEK229, seeing Swedbank showing strong operational trends over the coming quarters. Shares -0.4% at SEK227.50. (JLS) Copyright (c) 2006 Dow Jones & Company, Inc. .

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Reduce energy costs, get a tax credit

2006-10-23T05:20:00.000-07:00

NEW YORK - With winter fast approaching, don't wait to make home improvements that will result in a more energy-efficient house. You'll save money and help the environment. But if that's not enough of an incentive, Uncle Sam is giving you another reason as well: tax credits. Make simple improvements such as beefing up your home's insulation, replacing your water heater or furnace, or installing high-efficiency heating and cooling equipment between now and Dec. 31, 2007, and you are eligible for a federal tax credit of up to $500. All improvements made between Jan. 1, 2006, and Dec. 31, 2007, count toward the credit. Building a new home? You could be eligible for a $2,000 tax credit on an energy-efficient house that achieves 50 percent energy savings for heating and cooling according to the 2004 International Energy Conservation Code.

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Yunus takes micro credit idea to China

2006-10-23T05:18:00.000-07:00

Beijing, Oct. 23 (PTI): Nobel laureate Muhammad Yunus has advised the Chinese government to back fledging micro credit organisations in the country and allow them to accept deposits so as to sustain their operations. "The business model of micro credit or microfinance could develop quickly in China with government support," Yunus said here yesterday at the Grameen International Conference on Microcredit in China. Yunus, who visited Beijing days after being announced as this year's Nobel Peace Prize recipient along with Grameen Bank he founded, said the model he founded in Bangladesh could benefit many poor people in China's vast rural areas. "It's not charity. It's business that can earn money and also help lift the poor out of penury," Yunus was quoted as saying by 'China Daily' in a front-page report.

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Robust growth in farm credit: Assocham

2006-10-23T05:17:00.000-07:00

New Delhi, Oct 23. (PTI): Credit disbursements by scheduled commercial banks to agriculture sector have shown a 200 per cent increase between 1998 and 2005, according to industry body Assocham. Andhra Pradesh has emerged as the dominant State in agriculture finance with disbursements at Rs 81,857 crore in 2004-05 from Rs 26,557 crore in 1998-99, an Assocham Eco Pulse Study indicated. Gujarat followed Andhra Pradesh in the farm credit growth with total credit disbursements going up to Rs 6,003 crore, thereby registering a substantial rise of 32 per cent in 2004-05. The emphasis on agricultural credit has continued to be on progressive institutionalisation for providing timely and adequate support to farmers with particular focus on small and marginal farmers, said Assocham president A K Khandelwal.

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Credit card firms set out to stop separate pricing

2006-10-23T05:16:00.001-07:00

CREDIT CARD COMPANIES want government to penalize business establishments that charge customers higher prices if they purchase goods and services using credit cards instead of cash. Prices should be the same whether the purchase is made using cash or card, said Rolando Tanchanco, chair of the Credit Card Association of the Philippines (CCAP). That is the agreement between credit card companies and merchants. Tanchanco said during the groups anniversary conference held on Friday that the CCAP would push for the immediate passage of either of two pending bills that will spell out the penalties to business establishments that set two different prices for the same product or service to the disadvantage of credit card holders. The bills were filed last year by Representatives Joey Salceda and Edcel Lagman.

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Credit Suisse Cuts Indra To Underperform

2006-10-23T05:16:00.000-07:00

0558 GMT [Dow Jones] Credit Suisse downgrades Indra Sistemas (IDR.MC) to underperform from neutral on valuation relative to the sector. Keeps EUR16.2 target. "We believe that Indra has enjoyed its premium over the market due to its strong organic growth and margin performance," Credit Suisse notes. "In our view, the market price for inorganic growth is likely to be lower than Indra's current multiples." Shares closed at EUR17.56. (SJP) Copyright (c) 2006 Dow Jones & Company, Inc. .

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