| CASH LOANS ON A CREDIT CARD COST A FORTUNE
Firms have put up rates for withdrawing money from ATMs by more than two per cent on average in the past six months ago.
It comes as the card companies are already forced to defend the exorbitant charges they impose.
Britons use credit cards to withdraw around 750 million a month, according to recent figures.
Many of those who do so are people on low incomes or who have difficulty borrowing money elsewhere.
Research by the price comparison website Moneyexpert.com found the average annual percentage rate (APR) for customers using a hole-in-the-wall has gone from 21.27 in November last year to 23.48 per cent now. Interest is charged from the day of withdrawal.
To matters worse card companies add on a one-off fee every time a customers withdraws money.
Computer Game Lets Kids Replay, Rewrite Canadian History
Media firm Bitcasters aimed to change the future of Canadian history today with its launch of HistoriCanada, the world's first Canadian history computer game. An extension of the best-selling computer game Sid Meier's Civilization III?, called the "best strategy game ever created" by Time Magazine, HistoriCanada lets players replay, relive and even rewrite Canadian history. Now Bitcasters plans to give the game away to 100,000 12-18 year olds. "For too many Canadians, our past is a foreign country. By giving young players the visceral experience of replaying history, HistoriCanada could very well be the solution to the 'history deficit' facing Canada today," said Dr. Thomas Axworthy, HistoriCanada co-creator and Chair of the Queen's University Centre for the Study of Democracy.
Uganda: Working Together to Improve Lives
Speech by His Highness The Aga Khan at the 'Enabling Environment' conference held in Afghanistan on June 4. It is a great pleasure and honour to be with you all today. We extend our warmest thanks to all those whose dedication has made this conference possible, most especially to President Karzai and the Government of Afghanistan for their central role - as well as to Prime Minister Shaukat Aziz. .
Americans Can Fight the Subprime Loan Crisis.
San Mateo, CA (PRWEB) May 30, 2007 -- Last month, California mortgage defaults rose to their highest rate in nearly 10 years, an increase of 23 percent over the previous quarter, and a trend echoed across the nation. In response to the dangerous cycle of stagnant home prices and rising monthly payments, Brad Stroh, co-CEO of Bills.com, a free online consumer portal offering financial tips and resources, suggests how homebuyers can build their confidence that their new home will be the American dream, and not a nightmare. "Before you dive into summer house-hunting, take the time to evaluate your options and your abilities," Stroh suggested. "By understanding what you can reasonably afford, you can take steps to make a wise home purchase decision -- one you can live with for years to come." Stroh's tips include: 1. Gauge readiness for home ownership.
Two ways how ending a credit card account can hurt your credit history
If you have many credit cards and are seriously into credit card debt, chances are good that you must be thinking of getting rid of few credit cards. The strange fact is that if you get rid of a credit card without giving thought to the points listed below, you could be shooting yourself in the foot. Yes, it could damage your credit history further. Here is how this happens. Assume that you have 3 credit cards with the following data .
How to deal with tighter credit rules
Mortgage broker Bruce Honaker has seen up close how much tougher it is for people with tarnished credit to get a loan these days. "If somebody comes into the office now with less than perfect credit and no down payment, they're eight or nine months away from (getting a mortgage)," said Honaker, owner of American Acceptance Capital in Antioch. "I sit down and analyze their situation and try to help them get their credit into (a better) range. We set up a plan to get (bad debts) cleared up, and once their score is up several months down the road, then they can go for the house." Across the country, people who took out subprime loans -- higher-interest mortgages for those with poor credit -- have begun to default on those loans in record numbers. The result: Lenders have gotten a lot pickier and prospective borrowers have to meet stricter criteria to qualify for a mortgage.
The Poverty Business
Its headline is "The Poverty Business," and it's all about American companies zealously targeting America's working poor as a new profit center - with sky-high interest rates and "gotcha" deals that no self-respecting middle class American would dream of taking.
The formula? Need plus desperation equals big, fat profits.
This hour On Point: How growing rich on the poor works.
Quotes from the Show:
"This is not just a business story but it is a business story." Keith Epstein
"One thing that's new is the size and the sophistication of the firms involved." Paul Barrett
"We have a business and political culture in this country where a predatory greed is seen as a high aim." Listener
"The real problem is that the financial system is not designed to serve them [low to moderate income families].
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