by Shelton on September 30th, 2015
filed under Car Lending
The Federal Reserve Bank of New York released its Household Debt and Credit Report this month.
The report, which uses anonymous credit data to generate a
nationally representative sample, found that consumers#39; overall
indebtedness increased $2 billion to $11.9 trillion in the second
quarter of 2015.
This number was aided by the increased number of Americans
buying cars which pushed auto loan debt above $1 trillion for the
first time in US history. According to the report,
Americans took out $119 billion in auto loans from April through
June, up from $95 billion in the first quarter of the year.
Through the first half of the year, auto sales are on pace to
challenge the record of $17.4 million set in 2000.
Outstanding mortgage debt dropped by 0.7 percent
in the second quarter to $8.12 trillion. Mortgage debt
declined by $55 billion quarterly, while total household
indebtedness increased just $2 billion from Q1 2015 up to $11.85
trillion in Q2. Foreclosures hit their lowest point in the
16-year history of the bank#39;s Consumer Credit Panel, with
95,000 new foreclosures in the second quarter down from
112,000 at the same time last year.
The report found that mortgage balances and HELOC dropped by $55
billion and $11 billion, respectively. In the second quarter,
there were $466 billion in new mortgage originations, and almost
half of those originations were driven by borrowers with credit
scores over 780. Only 8 percent ($38 billion) of all new
mortgages were originated by borrowers with credit scores 660 and
Finally, credit card balances increased by $19 billion, while
student loan balances which totaled $1.2 trillion in June
remained flat. However, although student loans make
up only 10% of all consumer debt, the amount of seriously past due
student loan payments total nearly one-third of all seriously
past-due debt payments.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
by Shelton on September 29th, 2015
filed under House Loan
ADVISORY COLUMN: PERSONAL FINANCE
I am earning $7,750 per week but I am paid every two weeks. I would like to purchase my own house and would like your expertise on the matter. If you can, please advise me on the best way to go.
It does not seem that your income would enable you to purchase a house readily on the local market, but I dare not say it is beyond you for I do not know what resources you have access to. The National Housing Trust (NHT) seems to be your best chance of getting a mortgage.
If you are a contributor to the NHT, its Open Market Loan and Scheme House Loan would seem to be your best options. In the former case, the facility is for buying houses from sellers other than the NHT. The latter is for contributors who buy houses directly from the NHT.
Other facilities include the Build on Own Land Loan, which is for persons who own land or have legal permission to build on a plot of land. All are Non-Homeowners Loan facilities, which are for persons who do not own their house and have never received a loan from the NHT.
To qualify for a loan from the NHT, you must be a contributor at the time the application is being made, must have made 52 weekly contributions, 13 in the 26 weeks just before the date of application, and must have paid up, with interest, all outstanding contributions due for the last three years.
Applicants should be between the ages of 18 and 65 and should be earning an income which allows them to repay the loan. Your age determines the term of the mortgage, that is, for how long you will be able to borrow the money. The rate of interest payable is dependent on your income, as you can see from the following salary bands and rates:
ï Minimum wage J$7,500.99 1%
ï $7,501- J$10,000.99 3%
ï $10,001- J$20,000.00 5%
ï $20,001 amp; more 7%
The rate applicable to you would be three per cent, but because you have not stated your age, I am not able to say how much you would be able to borrow and what your monthly mortgage payment would be. This figure would also take account of the cost of repaying the five per cent service charge which the NHT charges on its mortgages.
This is less than the charges that would apply when borrowing funds from other mortgage-lending institutions. It covers administrative costs and legal fees are added to the loan amount and is included in the mortgage payment, so you would not have to find that amount upfront.
Because the NHT lends up to 95 per cent of the market value or valuation of the property, to purchase a home on the open market, you would have to find at least five per cent of the cost for the deposit to the vendor.
Ultimately, even if you can source a loan from the NHT, you would need to have the deposit and the difference between what the NHT will lend and the rest of the purchase price. Given the price of houses on the local market, you could be facing a tall order.
Oran A. Hall, a member of the Caribbean Financial Planning Association and principal author of The Handbook of Personal Financial Planning, offers personal financial planning advice and counsel. email@example.com.
by Shelton on September 28th, 2015
filed under Online Business Credit
ALLENTOWN, Pa., Sept. 21, 2015 (GLOBE NEWSWIRE) — Creditsafe the worlds most-used supplier of business credit reports is celebrating its 18-year anniversary this month, three years in the US
Aninfographic accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=36243
Since first opening its doors in Norway in 1997, the company quickly became the largest credit reporting bureau in Europe and is now the worlds most-used supplier of business credit reports. Its success is driven by its ability to deliver a high-quality, affordable alternative to large competitors, like Dun amp; Bradstreet, as well as unmatched international reporting capabilities an increasingly important benefit to companies doing business overseas.
Today, Creditsafe has 12 office locations around the world with over 1,200 employees and owns the largest international database of online credit information covering 140 million companies. Next year, it announced that it will be expanding into Asia, giving Creditsafe complete global coverage.
Were on a mission to change the way businesses use credit reports by making them affordable and accessible to all companies, not just the Fortune 500s, said Matthew Debbage, President of Creditsafes American and Asia-Pacific Operations. Our 28 percent year-over-year growth rate and ability to disrupt new markets are proof that were achieving that.
In 2012, Creditsafe opened its first US office, headquartered in Allentown, Pa., followed by a West Coast office in Phoenix, Ariz., last fall. To date, in the US alone, the company has delivered more than one million business credit reports to American businesses and added more than 6,000 subscription customers in the US, including Staples, Ryder, Nestle, Dell, Crayola and Energizer.
With more than 75 million reports delivered in just the past year, Creditsafe has earned its rank as the worlds most-used supplier of business credit reports.
Founded in Norway in 1997, Creditsafe, Inc. is the worlds most-used supplier of online business credit reports. Today, 85,000 companies, including more than 6,000 in the US, use its credit reports, ranging from small businesses to large, global concerns like Staples, Ryder and Nestle. Its US operations are headquartered in Allentown, Pa.
Buchanan Public Relations for Creditsafe
by Shelton on September 27th, 2015
filed under Student Credit Cards
2. Add your teen to your card as an authorized user. Open a new credit card account (with a low credit limit) with your teen. Then be sure to set up online access so the two of you can regularly review spending online. Make sure the credit usage is being reported under her Social Security number as well as your own. You will have the incentive to monitor her spending — because your credit could be impacted!
3. Get a student credit card. Go to Bankrate.com and search for special student credit cards. [http://www.bankrate.com/credit-cards/student-cards.aspx] Youll find that major card issuers, including Discover, Capital One and Citibank, have created cards especially for students with rewards features that include free FICO credit scores — and, in the case of Discover, a $20 cash-back feature for each year the students grade point average is above 3.0.
4. Get a secured card. Many card issuers offer these VISAs and MasterCards, which require a savings deposit in the issuing bank. The credit limit is the amount of the savings deposit. Use the card regularly, and pay in full and on time, and those credit habits will be reported to the credit bureau, starting to build a good credit report. Secured cards can be used like any other card, allowing you to withdraw cash at ATMs or pay for purchases.
5. Consider VisaBuxx, the card built for young people and parents. The card is linked to the parents account so it can automatically be refilled when the money runs out! Meanwhile, both parent and student can instantly view all transactions online. So if the student calls home for a refill because books were too expensive, Mom can see that a lot of money went to the campus bar and grill! Go to www.VisaBuxx.com for links to issuing banks.
And a final thought: Now that youve enabled your teen or college student to use credit and start to manage their own financial future: Let them learn the whole lesson! Dont be quick to bail them out when theyve reached their limit. Suggest they get a part-time job to earn extra money to pay down the balance. If you kids learn those lessons early — when they are painful but less costly — they will have a much easier time in later life. And thats The Savage Truth.
(Terry Savage is a registered investment adviser and the author of four best-selling books, including The Savage Truth on Money. Terry responds to questions on her blog at TerrySavage.com.)
(c) 2015 TERRY SAVAGE DISTRIBUTED BY TRIBUNE CONTENT AGENCY, LLC
by Shelton on September 27th, 2015
filed under Finances
NASHVILLE, Tenn. (AP) — Some Memphis residents have asked Tennessee officials to look into their citys finances and to examine their complaints of possible ethics violations by city officials.
The Commercial Appeal reports that Memphis mayoral candidate Mike Williams led the group of about 20 people who met with state officials in Nashville on Friday. They asked the officials to conduct a forensic audit of the citys books and an ethics review of city officials.
The group did not accuse any city officials of misconduct by name.
State Comptroller Justin P. Wilson pledged to review a thick set of documents Williams gave him. But Wilson said some of the concerns raised, including tax breaks the city gives to industries as incentives to create jobs, are political issues beyond his authority unless state laws are violated.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
by Shelton on September 27th, 2015
filed under Finances
The best thing about Spring is it manages to bring a burst of inspiration to clear out your wardrobe, prune the hedge, give the dog a flea shampoo and, most importantly — reset your finances.
“The challenge is to understand what you have, know what you need, automate your bills, set goals, identify your obstacles and made a commitment to yourself to achieve what you want to do,” said Jemma Enright from MoneyBrilliant.
Enright told The Huffington Post Australia the best way to spring clean your finances is to follow a 10-step plan.
by Shelton on September 26th, 2015
filed under Personal Funding
Al Shabaab, which needs to topple Mohamud and his Western-backed authorities, retook the central Somali city of Buqda and two different southern settlements this month and has attacked African troops.
The raids comply with a army marketing campaign by the African Unions AMISOM forces and Somali troops that pushed the rebels out of cities on the coast and drove them into more and more small pockets of countryside principally within the south of Somalia.
AMISOM and Somali National Army have liberated a lot of the main cities in Somalia and have taken over the strategic places, Mohamud advised Reuters in an interview within the capital Mogadishu.
In the distant areas, al Shabaab might transfer round to take over some smaller cities, however these usually are not strategic.
He stated the group that had as soon as dominated a lot of Somalia, now had restricted had entry to the ocean, which specialists stated had been used prior to now to generate money for the group from smuggling or importing arms.
Al Shabaab controls the Haradheere port city in central Somalia nevertheless it misplaced management of Kismayu port in 2012.
Al Shabaab is just not regaining power in any respect. It misplaced the whole lot that would give it power.
Western diplomats say the group is being slowly weakened, however can nonetheless pack a punch and threaten the tempo of Somalias gradual reconstruction and state-constructing course of.
Just on Thursday, a blast claimed by al Shabaab killed no less than three troopers who have been ready to gather their salaries at a army camp in Kismayu.
As properly as attacking troops, the group often carries out bombings and gun attacks on officers at bureaus, motels or eating places.
The president stated Somalia was trying to encourage extra funding by reforming laws. Most personal funding from overseas has up to now come from expatriate Somalis returning.
Somalia will appeal to direct overseas funding within the close to future. We have been getting ready the authorized framework that makes this occur, he stated. He didnt elaborate the precise measures however stated that agriculture, fishing and oil and fuel improvement have been potential areas for attracting extra Full Text RSS Feed
Criminal News Headlines
by Shelton on September 25th, 2015
filed under Student Credit Cards
Young college students arent exactly credit card happy these days. But credit card issuers are rolling out some attractive deals that are designed to put more plastic into backpacks.
If youre a college student shopping for a credit card, its possible to find some better rates and terms than cards that were marketed to college students before card regulations went into place in February 2010, according to an analysis by CreditCards.com.
by Shelton on September 24th, 2015
filed under Student Credit Cards
How we plan to continue my state’s transformation by developing its social sector
Home to about 17% of the world’s population, India has witnessed commendable transformations since Independence.
Agricultural revolution transformed us from being chronic importers of grain to net exporters; per capita incomes increased significantly and gave birth to a sizeable middle class; life expectancy doubled; literacy saw a fourfold improvement. We suddenly became home to globally recognised corporations in the areas of pharmaceuticals, IT, automobiles, etc., and increasingly found a voice in international politics commensurate with our size and population.
However, growth in our social sector has not necessarily kept pace with our economic growth. The last two decades especially have seen this gap widen and there is an urgent need to bridge it. A disconcerting issue is while our per capita incomes have increased substantially over the last two decades, more than half our population continues to struggle for basic amenities in life. Twenty crore Indians are yet to see electricity in their homes; only 30% of rural households have access to piped water; and 65% of small villages do not have access to all-weather roads nearby.
This narrative is lent further complexity and challenge when we realise that within India itself regional records are so varied, and there exist states who have seen significant rewards accrue out of their concerted efforts towards social sector spending. We are all witness to the exemplary growth that Kerala, Tamil Nadu and Himachal Pradesh have demonstrated.
By pursuing aggressive social policies in areas of education, health, and by making resolute efforts towards putting in extensive social infrastructure such as roads, drinking water, sanitation, and more, these states have found a place as leaders in HDI and quality of life in the country. Furthermore, social development in these states is only adding to the robustness of their economic growth.
In the last 10 years, Bihar too has witnessed unprecedented all-round growth and prosperity. After decades, the conversation about the state has acquired a positive tone and tenor. A stable foundation has been laid on which a brighter and prosperous future of Bihar awaits to be built.
Driven by the ideal of ‘development with justice’, my government has focussed on ensuring governance, rule of law and effective delivery of basic services. Bihar has outperformed the country on most socioeconomic indicators, at 17.99%, decadal GSDP (gross state domestic product) growth rate has been at an all-time high.
Per capita income has grown, so has agricultural, industry and service sector GSDP. There has been a fourfold increase in power supply. More than 36,000 of our 40,000 villages are now almost completely electrified. Bihar’s road network has doubled over the past decade. The state has achieved enrollment ratios of 99% in schools and immunisation rates of up to 60%.
We have brought down infant mortality at a rate faster than the national average.
I feel the time is now opportune to trigger new interventions that will usher in the next level of development in Bihar. ‘Nitish Nishchay – Viksit Bihar ke 7 Sutra’ will create better opportunities for youth of the state and secure their future, further empower our women, and build social infrastructure to provide universal access to basic amenities for each and every citizen of the state.
The following is a brief summary.
By creating more opportunities and improving employability of our youth, Aarthik Hal, Yuvaon ko Bal will secure the futures of the crores of youth of Bihar and make them self-sufficient. The scheme will provide unemployment allowance for all between the ages of 20 and 25 to the tune of Rs 1,000 per month which can be availed twice, for a period of nine months. The state will guarantee student loans for anyone who has passed class 12 by way of Student Credit Cards. It will also include a Rs 500 crore venture capital fund for entrepreneurs, free Wi-Fi and internet service for all colleges and universities and a hi-tech employment exchange in each district where 1.5 crore youth would also be trained in languages, communication skills and computer literacy.
To further the objective of women empowerment and to make them more self-reliant, 35% of all state government jobs would be reserved for women under Aarakshit Rozgar, Mahilaon ko Adhikar.
And with Har Ghar Bijli, Lagatar no one will live in darkness any more as remaining villages and habitations will be electrified in two years. To secure clean drinking water for every citizen of Bihar, Har Ghar Nal ka Jal will make piped water available to all homes. All weather roads will reach each and every doorstep under Ghar Tak Pakki Gali-Naaliyan.
To make Bihar healthy, hygienic and free from open defecation, Shauchalay Nirmaan, Ghar ka Sammaan will ensure that each household will be equipped with a toilet and afford dignity to women and their families. Avsar Badhe, Aage Padhein will expand opportunities for technical and higher education within Bihar.
From current estimates and future projection Bihar will have more than Rs 4 lakh crore in internal resources for planned expenditure, out of which Rs 2.7 lakh crore will be earmarked for these initiatives should the public bless me with the mandate. It is my belief that Nitish Nishchay will afford people the basic facilities important for a good quality of life and create conditions that would truly result in sustainable and inclusive growth.
by Shelton on September 24th, 2015
filed under Cash Advances
The amount loaned in cash advances surged 27.7 percent during the first six months of this year, totaling TL 26 billion Turkish lira, according to recent Interbank Card Center (BKM) data.
The figures indicate that the primary purpose for the increase in cash advances stems from consumers attempting to pay off existing debt, and that overdrafts and unpaid balances have also risen. It also indicates that cash advance loans are being granted in spite of a recent law that prohibits consumers from obtaining a cash advance if they have not made at least three payments amounting to 51 percent of their present balance within one year. BKM figures also show that the number of credit cards in Turkey increased by 800,000 during the first six months of this year. A recent report from the Turkish Banking Union (TBB) said that individual debt in danger of not being repaid has reached 36 percent of all personal debt, the total of such debt reaching the TL 135.1 billion mark in Istanbul. The provinces with the highest total value of individual debt risk are Istanbul, Ankara, Izmir, Bursa and Antalya, while those with the highest individual debt risk per capita are the provinces of Van, Ankara, Mersin, Diyarbak?r and Izmir. The overall individual debt risk in the province of Van increased by 87 percent during the last 12 months alone. The savings rate in Turkey is notoriously low, and the growth boom of the 2000s was largely fueled by consumer spending buttressed by credit card usage. Even though the overall population of Turkey only rose from 70.6 million to 77.7 million between 2007 and 2014, per capita debt in Turkey skyrocketed more than threefold in the same period. In 2007, per capita debt was TL 1,341; in 2008, TL 1,636 and in 2009, TL 1,789. While the corresponding figure rose to TL 2,341 in 2010, it further surged to TL 2,996 in 2011, TL 3,516 in 2012 and TL 4,330 in 2013. However, The Turkish household savings rate among the urban population climbed by 1.7 points to 13.2 percent in the first quarter of this year, indicating growing consumer concerns over the rising inflation rate and economic uncertainty ahead of Junes parliamentary election, bank data indicated. High growth rates sustained in the first years of Justice and Development Party (AK Party) rule have given way to more sluggish rates in recent years. Climbing savings rates, on the other hand, weaken the governments hand in its bid to build a domestic growth model, or a soft landing.
Today it is still possible to apply for a line of credit or a credit card from certain Turkish banks by simply sending a text message. Figures from earlier this year showed Turkey to have the highest ratio of credit card debt to overall consumer debt among European countries. Meanwhile, reports continually appear in the Turkish press regarding the high number of consumers unable to pay their credit card debt.