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U.S. on track to grow 1.9 percent in fourth quarter: Atlanta Fed
The U.S. economy is on track to grow 1.9 percent in the fourth quarter with expected weaker consumer spending and equipment investment growth following a private report on U.S. manufacturing in October, the Atlanta Federal Reserve's GDPNow forecast model showed on Monday. This was slower than the regional Fed's prior estimate of 2.5 percent rate on Friday, the Atlanta Fed said on its website.... [Read more]
Lufthansa cabin crew union says pay talks have failed
Talks between Lufthansa and its main cabin crew union have failed, the union said on Saturday, raising the prospect of more strikes at the German carrier. Lufthansa is in talks with various staff groups as it seeks to cut costs in order to compete better with low cost carriers and Gulf rivals. A long-running dispute with its pilots over pay and conditions has already resulted in more than a dozen... [Read more]
Largest U.S. banks face $120 billion shortfall under new rule
The requirements are aimed at ensuring the banks, which include Bank of America Corp. , Bank of New York Mellon Corp. , Citigroup Inc. , Goldman Sachs Group Inc. , JPMorgan Chase & Co. , Morgan Stanley , State Street Corp. and Wells Fargo & Co. are able to recapitalize without disrupting markets or requiring Read the rest here: Largest U.S. banks face $120 billion shortfall under new... [Read more]
Importance of a lower debt-to-credit ratio
Lowering your debt-to-credit ratio will help when it comes to opening new credit lines, paying off your debt and your quest to become debt free. Debt- to-credit ratio is derived by calculating how much you owe and your total available credit limits. For example, if your credit limit total $10,000 and you owe $3,000, your debt-to-credit ratio is 30 percent. It is considered better to have lower debt-to-credit... [Read more]
Ways to discharge your student loan rather than defaulting
Written by: Financial Haze According to data from the Federal Reserve Bank of New York, the student loan debt now stands at $1.6 trillion. More and more students are getting into student loan debt and that represent more than $77 billion over the last year. One phenomenon that the bank has observed is the delinquency rate and the entire financial sector is concerned over the ever increasing default... [Read more]
Understanding parts of your credit history
Have you looked at your credit report lately? If so, have you paid attention to the “status” column for each line of credit item reported or shown on your report? All three major credit reporting agencies, Equifax, TransUnion and Experian, are using numbers 1 through 9 to indicate the status of each open or closed credit lines. These numeric assignments are based on lender reporting. What do... [Read more]
Can you dispute a collection?
Erroneous collection notices do occur. Some even find false or outdated collections on their credit report. Can you dispute these errors as well as collection notices? If so, how do you do it? The Fair Debt Collection Practices Act (FDCPA) is a US law to protect the rights of debtors. It contains standards for collecting a debt and verification of debt for individuals. Under the law you have... [Read more]
Should you use convenience checks from your credit card company?
Just before holidays you may have noticed that credit card companies have increased their activities to entice you to use their card. One such tactic is convenience checks that promise no interest for a certain period of time or ask you to treat yourself with one of their checks. Be aware of these convenience checks. They are full of hidden fees. Almost all these convenience checks have an associated... [Read more]
What is the best credit score?
Everyone dreaming of having a good credit score. But what is a good credit score? Before we get to that, here are few things that you need to know about your credit score. When we talk about credit score we are talking about the FICO score not your credit report. Also, you have three scores each coming from three main credit bureaus; Equifax, Experian and TransUnion. There may be a slight difference... [Read more]
Yes, there are options for credit cards
Avoiding credit card use is hard to do. One big reason to avoid them is the interest rate. The interest rate on your credit card depends on many factors, but many of us are subject to hefty rates closer to 20 percent. But, if you are trying to kick the habit, here are some options for you. Use other methods such as prepaid charge cards. They work like credit cards but the money comes out of funds... [Read more]