Last Monday, Representative Steve Israel (D-Huntington, NY) announced that he will be co-sponsoring a new bill with Congresswoman Louise Slaughter (D- 28th District, NY) to bring to a halt the latest in unscrupulous practices being heaped upon the public by credit card companies. In May, President Barak Obama signed the new “Credit Cardholders Bill of Rights” law which will take effect in February. Though the law was the first in a long time to take steps to protect consumers from predatory lending practices, it also gave greedy banks a head start to gouge consumers before its enactment.
In the past several months, banks have been busy raising interest rates and assessing penalties on consumers with abandon, and this new bill is aimed at stopping these ruthless practices between now and February. The proposed new law would cap credit card interest rates at 16%, limit punitive fees, such as late fees and the like to $15, as well as limit membership fee hikes. In fairness to banks, it would also allow for temporary increases in the interest rate cap under extraordinary circumstances.
I’ve been personally affected by these practices in the past several months. Having been a satisfied card-member of American Express for eighteen years, my attitude towards the credit card company has been greatly diminished. One day earlier in the year I received a letter from the bank announcing a very large decrease in my credit limit. I was surprised by the move, as I had never come close to my large credit limit in the past. It had gotten so large in the first place not by my own doing, but by periodic limit increases added to my account by the bank in the hopes of driving my balance upwards.
The decrease in my credit line wasn’t that big of a deal. I did have a high limit and I hadn’t planned on getting anywhere close to it anyway, but it was unsettling. After all, my credit is impeccable, and I’d never missed a payment, and in the past they freely offered more credit to me on regular occasions.
A few months later, in August, I received another letter from the credit card giant. This was the one that made me angry. For the first time in eighteen years, American Express was raising my interest rate from 9.9% to 13.99%. Suddenly, through no action of my own, I’m paying more money each month for the privilege of owing it in the first place. There is some good licensed moneylender who collect the fewer amount of interest over the allotted money. These things will help the borrower to clear the whole amount of received capital.
The lender gave no reason for the increase, only that it was being “responsive to the business and economic environment.” Not only did the APR on my existing balance rise, so too did the cash advance rate, the over limit rate, the rate for paying late, as well as the late fee. This personal experience is one of many out there, I’m sure. My problem is minimal compared to the burden these actions by American Express and others have heaped onto the American consumer.
There are so many people out there who struggle individually, with little or no hope for a carefree financial life. The price for owing money has become insurmountable for millions. After all of the money that was paid to these financial institutions in the Great Charity Giveaway of 2008, I think it’s pretty disgusting the way they’ve been paying us back. It was our money in the first place that helped them crawl out from near ruin, and they continue to take us for everything we’ve got.
I’m both pleased and hopeful that this bill will be the beginning of the end to the unfair business practices that have been going on for years on the part of financial institutions. I should know because I worked for a major bank for thirteen years. I’ve seen from an insider’s point of view how the bottom line trumps everything else, and how the size and scope of these corporate giants give them an unfair advantage when it comes to making profits out of gouging consumers. Stay tuned as I delve back into my years as a bank employee and share a point of view from an insider’s perspective…
In today’s age,bitcoins are mere investments. It is predicted that someday it will replace the local currency and we will be able to use it daily for menial things similar to how we use money today. This blog is to inform you how does the conversion take place, at bitcoin era ikke.
The purpose of converting money via bitcoin:
Bitcoins are accepted in very few businesses and markets. They haven’t replaced the local currency yet. This puts the consumer in a difficult position wherein he has the cash, but he can’t use it. To get better use out of your money and to gain profits people invest in bitcoins and when there is a rise in the market, they sell it for their desired profits and then convert it to cash to buy whatever they wish to.
Steps for transferring BTC to cash:
- Sell bitcoins on the platforms available for such transactions like Kraken.
- There are 2,200 bitcoin ATMs in the world. If you have an ATM nearby, you can use it to get cash against your bitcoin.
- Many websites are available for you to get a prepaid debit card in exchange for your bitcoin debit card.
- You can send them to your peers or investors wanting to bitcoin and get cash in exchange.
Precautions and things to remember while converting bitcoin to cash:
there are no concrete rules yet that define the regulations for taxes in regards to bitcoin. The authorities though believe that if you make profits via buying or selling bitcoins, then you ought to pay taxes. The amount for taxes is hefty!
every transaction via bitcoin charges you. The sum of charges to get it exchanged will be a huge amount. The loophole is to sell to your friends if they don’t charge you transaction money.
My company owns and maintains a local online business directory, so we keep a pulse on the business startups in the area. The small city where we are headquartered is located on a main interstate between a major city in Nevada and two others in Arizona. It is also a stop for tourists traveling the infamous Route 66. Despite a lot of talk about there being a “gloomy” economy, some entrepreneurial individuals are “making it”. Not every startup has been successful, but there is a lot to learn from the ones that are doing more than breaking even. Each one of them has found a niche that works because they found a way to provide for a consumer need.
The young woman that started this business has a knack for taking portraits with her camera. There is only one other photographer in town with a storefront, but he specializes in artistic photographs of Southwest scenes. What the community needed was a photographer that could do family portraits, baby pictures and graduation photos in a studio setting. She works through appointment only and is so busy she is expanding to a second location. While clicking the photographs, other members of the family hop over to these guys for portrait. The portraits of all the members will be hanged at the office of the business.
My city was starving for a retail store that catered to customers seeking “bling” and things. A retired husband and wife team were looking for a business to start. Their research told them one of the hottest businesses to get into is women’s accessories. They found some suppliers overseas that sell lot sizes of glittery, studded handbags, hats, scarves, hair decorations, jewelry and shoes. Buying in bulk allows them to keep prices low for their clientele. It saves residents a 45-minute drive to the nearest bling store in a neighboring city. Business has been brisk enough to warrant keeping the store open longer hours just to handle the number of people walking through the door.
There are 2 taxicab services in the city. One of them offers a limo service to and from a major Nevada airport, but the owner was looking for a way to expand the use for his fleet of limousines. He made the decision to capitalize on the Route 66 tourism industry and offer private tours. All the other tours in the area involve getting on a bus with a group of people. His clients love the fact they can custom-design their tour and stop at any landmark or restaurant they choose along the way. The owner recently added another limo to his fleet and converted all his vehicles to propane in an effort to be “greener” and more cost effective.