Hong Kong shares follow China market lower ahead of US rate decision

by Shelton on September 23rd, 2015

filed under Personal Funding

In Hong Kong the Hang Seng Index slipped 0.49 per cent, or 106.67 points to close at 21,455.23.

The global forecast for the Asian markets is broadly positive, thanks to the increasing likelihood that the FOMC will not raise interest rates later today. But only about 46% of business and academic economists surveyed by The Wall Street Journal in the week to last Friday predicted the Feds first rate increase would come at the September 16-17 policy meeting.

There was little reaction to news that Beijing intends to overhaul its vast state-owned firms in a bid to give a boost to the worlds No. 2 economy, while an earlier rally in some riskier assets petered out.

Concerns about the Chinese economy mean stocks are down 6 percent so far this week, with the drop exacerbated by thin trading volumes as many investors opt to stay on the sidelines.

The move comes after leaders in 2013 said they wanted the market to play a greater role in the economy, easing government influence on key sectors such as transport, energy production and arms manufacturing. But traders are also likely to sell to unwind long positions ahead of an extended break in early October before the plenum.

Margin trading allows investors to use borrowed funds to trade stocks with only a small sum as deposit.

Sina.com, a widely read news portal in China, reported that a notice sent by brokerage GF Securities to a trust firm called Zhongrong global Trust Co. said Zhongrong would still be able to trade on its platform.

Traders are refraining from aggressive trading before then, he added.

Analyst Andy Rothman advised final week that slowing actual property development – whereas affecting demand for uncooked supplies, which has hit Chinas overseas suppliers – was to be anticipated as China had constructed a lot housing over the previous decade – and he stated that rising gross sales of second-hand houses have been offering a brand new progress level for the financial system.

Down 4.9% month-to date, the Nikkei have suffered most in the region.

SHANGHAI Chinese stocks dropped by nearly 4 percent on Tuesday, denting hopes that a slew of regulatory measures issued by Beijing over the past three months had brought some stability to the market.

Analysts had expected authorities to clear out such accounts by the end of the month.

The SCI finished brutally lower on Tuesday with damage across the board as more than 700 stocks fell by the 10 percent daily limit.

The dollar was weaker against most peers before this weeks Federal Reserve meeting.

The country is set to struggle to meet its target of 7% growth for 2015.

The State Council stated that strikes towards higher marketization of state enterprises over the subsequent 5 years would result in extra personal funding and reforms of their administration construction. On Tuesday, turnover in Shanghai slumped to a roughly seven-month low.

Credit card deals are out there, but college students should look past hype

by Shelton on September 22nd, 2015

filed under Student Credit Cards

What should you look for when shopping for a credit card for college? Here are five tips:

1) Dont get wowed by the signing bonus.

Yes, some credit cards are offering whats seen as a signing bonus to college students.  The BankAmericard Cash Rewards Credit Card for Students, for example, has an online deal for a $100 bonus, if you make at least $500 in purchases in the first 90 days of opening your account.

How are you going to spend $500 on that card? Maybe, youre thinking youd charge your tuition?

Nope, wont work here. I went online to the Bank of America site and asked that very question via an online chat.

The online reps answer: Tuition fees wouldnt be counted. Only purchases made at retail store or online are counted.

Dont be tempted to spend more than whats within your budget to get a bonus.

2) Pay attention to the limits of 0% offers.

Student credit cards are offering some introductory rates of 0% on cards. But some of those intro offers can range from six months to 12 months. Many of the 0% offers are on purchases; only a few offer 0% on balance transfers.

When you get busy on campus with term papers and tests, its way to easy to forget that your 0% rate is no longer available at spring break.

3) Credit unions could have great rates for students, too.

Banks are trying to build long-term relationships with college students with some of these deals. But its wise to shop at credit unions, such as those connected to various universities, to see if you could get a lower credit card rate and a better deal.

The University of Michigan Credit Union, for example, has a Visa Platinum OptimUMcard with a rate of 8.9% thats offered to all credit union members. The rewards card version of this card has a rate of 12.9%. There is no annual fee and no charge for balance transfers.  But there is a 1% fee to convert foreign transactions into US dollars.

4) Pay attention to fees and rates.

Some cards marketed to students do not have a penalty APR, meaning your annual percentage rate wont go up for missing payments. But there might be other fees. Discover It Chrome for Students, which does not have a penalty interest rate, will waive your first late payment fee. But after that, the late payment fee can be up to $35.

You want to review potential late fees, as well as interest rates.

Rates on some cards could be variable rates and set to go up after the prime rate heads higher. Its not a small point, especially since most economists expect the Federal Reserve to boost rates in the next few years.

The Capital One Journey Student Credit Card lists a rate of 19.8% but its a variable rate that would go up with the prime rate. The card does have a credit tracker to help students monitor their credit score, as well as other tools to help students use credit wisely. It also offers 1% cash back on purchases, plus an extra 0.25% cash back if payments are made on time.

Andrew K. Johnson, a spokesman for GreenPath Debt Solutions, a nonprofit credit counseling agency, said too often college students wont shop for interest rates on credit cards. Instead, theyll take whatever is offered. But its easy for debt to build when rates are higher and when students dont effectively manage their money.

5) A wide range of interest rates can be given on student credit cards.

Your friend might qualify for super-low rate of 11% or so on a student credit card, but you might get a rate of 19% or 22% on some cards.

The Citi ThankYou Preferred Card for College Students, for example, offers a range of rates of 13.99% or 18.99% or 23.99% on purchases depending on your creditworthiness. Again, those rates will vary with the prime rate. The card has a 0% intro rate on purchases for seven months from the date of opening the account. The penalty APR is up to 29.99%.

The keys to building a strong credit score are to keep credit card balances low and pay bills on time every time for a very long time, said Schulz at CreditCards.com. Experts say its best to sign up for mobile alerts to stay on top of when the bills are due, as well.

The No. 1 job for anyone with a credit card is to pay your balance off as soon as you can, Schulz said.

Contact Susan Tompor: stompor@freepress.com or 313-222-8876. Follow Susan on Twitter @tompor. 

State scrutinizes Middlefield’s finances

by Shelton on September 21st, 2015

filed under Finances

A state audit of the town of Middlefields finances scolds town officials for relying on one-time revenues to fund operations and consistently adopting unrealistic budgets.

The audit by the state comptrollers office in Albany determined that the town board did not approve budget line transfers from the 2011 through 2014 fiscal years, allowing various budget lines to be overspent.

Family finances: What happens if your Social Security number is stolen

by Shelton on September 20th, 2015

filed under Finances

A Social Security number is the Holy Grail of ID theft. Your SSN, along with other tidbits of personal information, such as your name, birth date and mailing address, allows an ID thief to open credit card and bank accounts and take out loans (or access your current ones), apply for government benefits, file a tax return, get medical care and get a job in your name.

Unlike a bank account or credit card number, a Social Security number is permanent; it’s not easy to get a new one. That means once it’s exposed, you’ll have to be on alert for life.

Entrepreneurs, get your home finances in order

by Shelton on September 19th, 2015

filed under Finances

As an entrepreneur, its up to you to bring in the money in your business. And as you know, its up to you to manage the money to help the business grow. Its no different outside of your work with your personal finances.

If your own finances are in order, youll protect your family, reduce stress and free up time to help you focus on your business. Take these steps to better manage your money at home.

1. Separate your business and personal finances. If youre a new entrepreneur, you might have fallen int the trap of not separating your personal and business accounts. It feels more convenient to combine them, but it makes keeping track of them difficult. Keeping separate checking, savings and credit card accounts makes sense at tatx time, too. And in some cases, separating your assets reduces your liability risk of losing everything if something negative were to happen down the road.

2. Track your income, expenses and cash flow. You need to be very clear about whether or not your business is making or losing money. Once again, its just the same in your personal finances. You can get that clarity by tracking your income, expenses, and cash flow. If your expenses are regularly exceeding your salary from the business, you need to know so you can make changes sooner rather than later.

MORE: Valuing a business stupidly

As an entrepreneur, you probably have a variable income. Thats why you have to take it one step further and plan your cash flow. Cash flow can be tight when a large expense and a lower income month hit at the same time. Its not just how much you make and spend; its also about when the income and expenses appear.

Take a look at the whole picture so you can see if you need to save in advance for a big purchase. Paying attention to both your income and cash flow will make it easier to meet your monthly obligations and still have some left for fun, too.

3. Create a budget that works on an income that fluctuates. Managing cash flow on a variable income is not a simple task. A budget helps make it easier.

Separate your spending into necessary expenses, discretionary ones, short-term and long-term savings. You now have a monthly income target. If you ever have a lower income month, youll know exactly what you need to pay the bills. Then you can allocate the rest according to your priorities.

MORE: Your estate plan: New laws

4. Build up your emergency fund. As an entrepreneur, you will probably have some months where you make less money that youd like. Your emergency fund is your first defense against an income that alternates from month to month with slow or busy periods.

The general rule of thumb is that you keep at least three to six months of expenses saved. Since your income is more volatile, you deal with more risk — and that means creating a bigger fund. Aim to save six to 12 months worth of expenses to protect yourself against the unexpected.

5. Take advantage of retirement accounts. Even though youre not an employee and cant use a 401(k), you need to save for your future. In fact, that makes it all the more critical for you to do so — its up to you to put aside some for the day you cant or dont want to work anymore.

MORE: Realistic career education

Make the most of your hard-earned income by tucking away your savings into tax-advantaged retirement accounts. You can start by putting away some income into a Roth individual retirement account or a traditional IRA. If youre self-employed, you can also contribute to a Solo 401(k). If your business has just a few employees, or you are self-employed, you can also choose to contribute to a Simplified Employee Pension Plan (SEP). All have different levels of contributions allowed.

6. Protect your income with proper insurance. As a business owner, theres a lot at risk. If you were to pass away, become disabled or even make an honest professional mistake, both your business and your personal assets could be at risk. Protect your income by making sure you have the right insurance.

At a personal level, consider homeowners insurance, auto insurance, disability insurance, life insurance, and umbrella insurance, which gives you liability protection above the levels of other coverage. The exact specifications about what you need will depend on your personal situation. Consult with an experienced financial advisor to make sure you have what you need to protect your future at a reasonable cost.

7. Automate your finances. When youre running a business, something always needs your time and attention. Theres no need to spend your precious energy doing work that can be eliminated altogether.

Automate your finances so the whole system runs without you. Arrange for your paycheck to go to your bank account automatically. Set up your regular bills on auto-pay. If the company doesnt have an auto-pay option, look into sending a check from your bank. Make your investments that way, as well, and youll dollar cost average into the market in addition. With dollar cost averaging, your regularly scheduled investments buy more when the market is low and less when it is high, lessening your risk of getting in at the wrong time with a big lump sum.

8. Hire professionals. As an entrepreneur, you wear a lot of hats to keep everything running. But you probably get paid when you add value to clients, because you do something really, really well. Let financial professionals help you in the way you help your clients.

Build a money team for yourself, consisting of an accountant, financial adviser, bookkeeper and attorney to make sure you are covered in every aspect of your business. Youll protect yourself from trouble and save money in the long run.

9. Outsource to free up time and energy. As your business grows, you will be often be stretched for time and energy. When you are, take a look at your workload and see if it makes sense to outsource.

Consider both your home and business responsibilities. Maybe its time to hire someone to clean your home, or perhaps its time to bring on an assistant in the business.

Hiring another person does cost money. But it enables you to focus on higher level tasks to help you earn more and scale your business.

10. Reinvest in yourself. Your business will always need money, time and attention to grow. But you are the driving force behind the enterprise. Thats why you must reinvest in yourself.

Go take a course or attend a conference. Set aside some savings so your future self can take advantage of big opportunities. Youll grow as a person, and your business will grow, too.

Take the time to bring your personal finances to a better place. By managing your money well, youll reduce your financial worries so you can focus on taking yourself — and your business — to next level.

AdviceIQ — @adviceiq on Twitter — is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

Hawthorne stops bleeding in city finances, plugs $6.2M budget deficit

by Shelton on September 18th, 2015

filed under Finances

Hawthorne city officials have been forced to impose deep cuts to close a $6.2 million budget deficit they acknowledge grew out of poor management of the city#x2019;s finances.

A laundry list of cuts #x2014; among them 12 days of furloughs for all employees, including police officers #x2014; was necessary to plug the deficit, which equalled nearly 10 percent of the city#x2019;s $64.7 million operating budget for the 2015-16 fiscal year.

With the budget year beginning July 1, the spending plan adopted Thursday night was more than two months late and reflected cuts even deeper than those made during the recession.

#x201c;We are in the unhappy position of facing a financial crisis that requires that we take drastic action to balance the budget,#x201d; Councilwoman Olivia Valentine said before the council voted unanimously on the plan. #x201c;We regret the necessity to take this action.#x201d;

All employee holiday, sick and vacation pay was frozen, along with City Council funds set aside to sponsor festivals and other events. The Police Department contributed $200,000 to help the general fund from monies seized during criminal investigations, while all other city departments found cost savings in employee training, supplies, contract services and staffing reductions.

About $800,000 in new spending approved last year at the behest of former City Manager Michael Goodson and Mayor Chris Brown was reversed, effectively removing promotions and new positions added after Brown took office in late 2013.

On Thursday, Brown and Councilwoman Angie English, who supported last year#x2019;s spending increases despite pleas from Councilmen Alex Vargas and Nilo Michelin to reduce costs because the city has faced a debilitating structural deficit for more than a decade, did not offer an apology. Instead, they laid blame on previous city leaders and increasing pension costs.

#x201c;We had about $700,000 in new raises and hires (last year), but would it have changed where we are today#x201d; if that hadn#x2019;t been done? Brown asked. #x201c;So instead of $6.2 million, we#x2019;d be at $5.5 million?#x201d;

Finance Director Rickey Manbahal responded: #x201c;It would have shortened the deficit by $700,000.#x201d;

Valentine also supported last year#x2019;s increased spending but has since worked to reverse those decisions.

#x201c;The city manager and I went through some serious discussions, and we#x2019;ve turned over every rock,#x201d; Manbahal said. #x201c;It was not an easy budget to put together, and by no means are we excited about it.#x201d;

FHA continues push for expanded credit access

by Shelton on September 17th, 2015

filed under Credit Scores

The FHA said that having a more detailed view of the business will encourage lenders to serve eligible underserved borrowers.

This is one more tool to help FHA, lenders, and the public, know exactly who were serving, said Ed Golding, principal deputy assistant secretary for housing. By better understanding FHAs acceptable risk tolerance levels for a variety of credit scores, lenders will have the confidence to lend more broadly and FHA will have more data on how successful those lenders are.

In the announcement, the FHA said the new supplemental performance metric will help FHA lenders see the impact of their business at all ends of the credit spectrum, which will allow lenders to capitalize on the FHAs willingness to insure loans to eligible borrowers with lower credit scores.

According to the FHA, the new metric will be complementary and is available in FHAs Neighborhood Watch Early Warning System, which is now functioning again after being down for several weeks.

The new metric is designed to help mitigate adverse selection of borrowers with certain credit profiles and encourage the extension of homeownership opportunities to underserved segments of the market, the FHA said in an announcement.

When the FHA announced its Blueprint for Access last year, it proposed the Supplemental Performance Metric as a complement to the Compare Ratio, which the FHA currently calculates for all lenders.

The Compare Ratio is geographically based, comparing the rate of early defaults and claims for single-family loans in a geographic area to other mortgagees in the same area.

According to the FHA, the Supplemental Performance Metric responds to lender concerns about the Compare Ratio being a comparison to ones peers rather than to FHAs risk tolerance.

By measuring default rates and claims in three distinct credit bands, the metric compliments the Compare Ratio, providing a more granular, nuanced look at lender performance, with the added benefit of better understanding of who lenders are serving, the FHA said.

The Community Home Lenders Association heralded the FHAs announcement, saying the move should help lenders and borrowers alike.

The Community Home Lenders Association lauds the FHA for moving forward with its Supplemental Performance Metric, said Scott Olson, CHLAs executive director. We believe this will improve access to credit, by removing disincentives for lenders to originate mortgage loans to qualified FHA borrowers with lower FICO scores.

For an in-depth look at other measures lenders are taking to reach underserved borrowers, click here to read a feature on the subject from the August issue of HousingWire Magazine.

Sort out finances before you part

by Shelton on September 17th, 2015

filed under Finances

Most couples today are unaware of how to deal with matters that concern their credit worthiness post-separation.

For those going through a divorce, the legal formalities occupy so much of the mind space that they may easily overlook the implications of their joint financial obligations. For instance, if a couple decides to seek divorce, they will sign all the legal documents it takes to complete the official process.

However, if they overlook the loans they had taken together, it will result in a string of overdue payments, which will impact both their credit scores. This will make it difficult for them to take a new loan in the future.

Settling finances in a hurry can further complicate the situation. However, it is important to sort this out in order to ensure that there are no financial complications when it comes to obtaining credit for either of them in future. It is advisable to approach your lenders and explain the situation clearly. They will educate both the parties of their respective liabilities.

You will not be responsible for any credit obtained by your ex-spouse if it is solely in the latter’s name. However, you will be responsible for any credit or loan taken jointly by both you and your partner.

Managing liabilities, post-divorce, can pose problems. So, here are four things you need to keep in mind to manage your finances better during a divorce.

Evaluate all credit documents

Any action on the part of the ex-spouse can damage the partner’s ability to apply for a fresh loan; this can affect the credit score. This is why it is crucial to evaluate all credit documents, like credit reports and credit scores to check for loans that have been taken individually or jointly by both. The couple should then individually inform their lenders of the situation, and ensure all documents are updated.

Sometimes, the only solution to a joint loan could be to work together to pay off the debt. For instance, in the case of a joint home loan, it may be difficult for just one individual to refinance the entire loan.

Close joint accounts

Often couples overlook the importance of dissolving joint accounts. Even if joint loans have been paid off, future credit transactions of the partner will still be affected by those of the ex-spouse if the joint accounts aren’t closed. This is because lenders share all joint account information or mention the guarantors to the loan for all transactions associated with the person. For example, post-divorce, if the ex-spouse defaults on a loan, it will reflect in the partner’s credit report.

Aim for credit autonomy

Post-divorce, partners will pay their bills separately, which is why it is important to establish credit independence. While small bills can be paid out of your income, big payments will have to be made with the help of loans. It is recommended that individuals keep their credit limit low to ensure they don’t overspend. This will protect their credit health, while also helping to build a good credit history over a period of time.

Re-build credit reports

Post-divorce, it is important to maintain a good credit score through prudent borrowing and timely payments. Pay attention to your bill payments. The financial behaviour of divorced individuals two months after separation is crucial in determining the person’s credit risk and subsequently their credit score.

Along with making vital familial decisions, couples heading for a divorce must give serious thought to the financial issues on hand. While sorting out an individual’s financial profile is vital, it is even more important to pay attention to financial obligations where the couple have signed as joint applicants, or where one of the members has signed as a guarantor. This will ensure neither of the partner’s credit scores is affected.

The writer is Managing Director, Experian Credit Information Company of India Pvt Ltd and Country Manager, Experian India

Dreadful commute sets stage for tunnel talks – News – NorthJersey

by Shelton on September 16th, 2015

filed under Personal Funding

Kevin R. Wexler / employees photographer NJ Senate President Senator Stephen Sweene, left, and Stephen Gardner, Amtrak’s vice chairman of Northeast hall infrastructure funding, in New York Metropolis on Monday, Aug. 17, 2015.

For New Jersey residents who commute to New York Metropolis, Monday was one other rush hour in hell. An NJ Transit practice broke down on the Amtrak line underneath the Hudson River at 7 am, and a Cadillac Escalade caught hearth contained in the Lincoln Tunnel, closing each tunnels for greater than an hour and inflicting main delays for buses and trains all through the state.

These twin nightmares got here simply hours earlier than Amtrak officers led a tour of a battered stretch of the getting old Northeast Hall and a day earlier than an anticipated assembly between state and nationwide leaders to debate funding for an formidable plan to construct a brand new rail tunnel underneath the Hudson.

The 90-minute tour targeted on some deteriorating spots that most individuals have by no means seen or heard about. Alongside 9 miles between Newark and New York, Amtrak Vice President Drew Galloway identified three century-old bridges that have to be changed, switches so closely used they have to be rebuilt each three months, and a Four-foot part of copper cable, thick as a person’s biceps, that had been torn in half by a fiery explosion, probably as a consequence of corrosion brought on by Superstorm Sandy.


The cable failed on a Monday in July, the beginning of an extended slog for commuters, who confronted main delays on 4 days of their workweek. And it took staff every week to seek out the damaged cable as a result of it was hidden inside a collapsed duct product of historic terra cotta.

“We’re working the busiest railroad in North America on a number of the oldest, most brittle gear,” stated Stephen Gardner, Amtrak’s vice chairman of Northeast Hall development tasks.

Immediately Governor Christie, US Transportation Secretary Anthony Foxxand New Jersey’s two US senators, Cory Booker and Bob Menendez, are scheduled to satisfy in Booker’s workplace in downtown Newark to debate methods to pay for the huge challenge referred to as Gateway, which might dig a brand new rail tunnel beneath the Hudson, construct a brand new underground practice station in Manhattan and create a completely new community of tracks and bridges from New York to Newark. Finally, practice capability between the 2 stateswould double, however not till the prevailing 105-year-old Amtrak tunnel is taken out of service and utterly rebuilt.


Main particulars about in the present day’s assembly haven’t been made public. Not one of the officers concerned would publicly affirm the time of the assembly, for instance, and all described its objectives in solely the broadest of phrases.

“Governor Christie is prepared to satisfy with Secretary Foxx at Senator Booker’s request to see what the Obama administration has in thoughts,” stated Nicole Sizemore, a spokeswoman for Christie.

Final week Sen. Chuck Schumer of New York stated the Gateway venture would value $20 billion, greater than double the $eight.9 billion price ticket for Entry to the Area’s Core, the tunnel venture that Christie canceled in 2010.

Requested Monday whether or not $20 billion is correct, Galloway shrugged. “It’s a great working quantity,” he stated.

The tour was organized by New Jersey Senate PresidentStephen Sweeney, a Democrat who has criticized the Republican governor for what Sweeney described as Christie’s inaction on a variety of transportation points, together with constructing new Hudson River tunnels and changing the Port Authority Bus Terminal, each used closely by New Jersey commuters. Sweeney is making early preparations to run for governor in 2017.

In current weeks, transportation specialists and elected officers together with Schumer have recommended numerous methods of paying for the challenge. No remaining selections have been made about funding – at this level it’s not even clear which events would wish to log off on such a plan or whether or not officers in Washington, notably the Republican-led Congress, can be prepared to help any cash altering palms.

However on Monday, Sweeney used the tour to announce his personal funding proposal: Make the Port Authority pay for it. In his state of affairs, the US Division of Transportation would cowl 80 % of Gateway’s prices, both via grants or by tapping into the Railroad Rehabilitation and Enchancment Financing program, which may give out as much as $35 billion in loans, based on the division.

The ultimate 20 % can be coated by native sources, together with New Jersey, New York, and the Port Authority. Sweeney proposed that all the native portion be the duty of the Port Authority, which might borrow billions of dollars from the identical railroad rehabilitation program. The Port Authority would repay the loans utilizing revenue from airport charges and tolls on bridges and tunnels, Sweeney stated.

Doing so can be comparatively low cost, Sweeney stated. With a low rate of interest and reimbursement unfold out over 30 years, the company must pay out solely $150 million a yr, he stated.

“That may cowl each New Jersey’s and New York’s position,” Sweeney stated as he walked the bowels of Penn Station with Amtrak officers. “That’s a superb deal. There’s simply no excuse for not doing it. Our complete financial system is dependent upon it.”

Such an formidable challenge by the Port Authority would require the help of each Christie and New York’s Democratic governor, Andrew Cuomo. Final week Cuomo informed reporters he’s so against a mortgage that he wouldn’t contemplate attending right now’s assembly if the potential of loans was on the desk. Foxx, who initially proposed such a mortgage, later stated different funding choices additionally might be mentioned, together with grants.

“The federal authorities stated they would offer funding, and it seems they would offer a mortgage and not more than a mortgage,” stated Cuomo. “My drawback shouldn’t be the mortgage. My drawback is repaying the mortgage.”

Christie took a considerably extra average stance on the potential for a mortgage, however he made it clear that New Jersey would search far more cash from the federal authorities than the $three billion that had been provided for the Entry to the Area’s Core tunnel.

“Governor Christie and Governor Cuomo agree that any tunnel should include considerably larger federal grant funding than the ill-designed and poorly funded ARC tunnel,” Sizemore stated.

Regardless that it often doesn’t play out so publicly, this dance over which degree of presidency ought to pay for Gateway is widespread to most giant infrastructure tasks, stated Peter Derrick, a former planner for the Metropolitan Transportation Authority.

“That’s what the governors all the time need,” stated Derrick, who’s now a transit historian. “In the event you’re a governor of a state and also you get one thing with out paying for it, that’s advantageous.”

Amscot Contributes $2500 to the CDC, a Local Organization Fighting Poverty …

by Shelton on September 15th, 2015

filed under Cash Advances

TAMPA, Fla.–(BUSINESS WIRE)–Amscot Financial continues its steadfast focus on the community where
its roots began. Recently the Tampa-based financial services company
contributed $2,500 to The Corporation to Develop Communities of Tampa,
Inc. (CDC), an organization focused on alleviating poverty and physical
deterioration in Hillsborough County’s East Tampa Community.

“Amscot Financial has been a long-time partner of the CDC of Tampa,
supporting our good work in East Tampa and Hillsborough County,” says
Ernest Coney, president and CEO for the CDC.

Ian MacKechnie, Amscot’s founder, chairmen and CEO, is quick to cite the
importance of organizations like the CDC. “Community is about looking
after one another, and the CDC has shown an unwavering commitment to
improving the lives of our fellow neighbors,” says MacKechnie. “They
deserve our support.”

The CDC’s roots can be traced back to May 5, 1992, when it was known as
the Lee Davis Neighborhood Development Corporation. The CDC supports
many local neighborhoods plagued with dilapidated, overcrowded housing,
and high rates of poverty, unemployment, teen pregnancy, school
dropout/suspension, and drug abuse.

Amscot Financial, a leading provider of consumer oriented financial
services, operates 237 locations throughout Florida and serves millions
of consumers annually. The company offers bill payment, cash advances,
check cashing, and free money orders along with a host of other
convenient financial services, 365 days a year.