07.23.14

Get The Best Interest on Your Savings by Using a Secured Credit Card

With savings accounts and even CDs paying less than 1%, sometimes the best interest rates come from savings accounts associated with a secured credit card.

Secured credit cards are typically used by people with poor credit because they have a secured savings fund associated with the card. These cards can also be used to help curb impulse spending. Some card issuers allow cardholders to include an interest bearing savings account to encourage customers to save money and reduce the issuers risk.

07.23.14

Charleston-based owner of CresCom sees earnings fall as mortgages decline

Carolina Financial Corp. owns CresCom, which is the largest bank based in the Charleston region. File/Leroy Burnell/Staff

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07.23.14

Reverse mortgages have advanced

Investing

Q: I am receiving numerous sales calls for reverse mortgages. Please tell me about the downside to this program, if there is one.

A: Historically, reverse mortgages have had two major drawbacks.

First, they were relatively expensive in closing costs, insurance cost and interest rate. Second, most of the people who took them out shouldnt have.

Recent reforms have reduced the costs for reverse mortgages. New regulations have limited the amount of the loan value that a borrower could take out in the first year.

The problems with reverse mortgages came about because they were often given to people who had no other assets, were in debt, and really...

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07.22.14

Payday loans cost cap – the key questions answered

The financial watchdog the Financial Conduct Authority (FCA) has unveiled proposals for a cost cap on payday lenders – short-term loan companies such as Wonga and The Money Shop that typically offer borrowing of £100 to £1,000 arranged over days or weeks.

Why is the cost being capped?

The payday loans business has been booming since the financial downturn and debt advice groups have reported increasing numbers of people seeking help with problem borrowing. One issue has been the way that costs mount up if repayments are missed or delayed – high interest rates and default charges of £40 in some cases mean small loans can quickly spiral. After lobbying from charities,...

07.22.14

A sure-fire way to pay off student loans

WASHINGTON — I was teaching about the dangers of debt at my church recently when a new college graduate asked me the same question many do these days.

What can I do about my student loans? she asked.

How much do you have? I asked.

I flinched when she said about $25,000.

Its still early for spring graduates to feel the weight of their debt. Many with federal Stafford loans wont have to start their repayments until after their six-month grace period is over, which is the time borrowers are given when they dont have to make loan payments after graduating, leaving school, or dropping below half-time status. Those with private loans may also have grace periods.

I...

07.22.14

Motor Trade Finance fights off approaches

New Zealand Stock Exchange-listed Motor Trade Finance says it has so far spurned an aquisition offer by a rival finance company.

It has warned shareholders not to make any undertakings with the rival, Heartland New Zealand.

Heartland had approached the MTF board about the prospect of making an acquisition offer, including a written offer in May, MTF managing director Angus Bradshaw said in a statement.

But after taking legal and commercial advice the MTF board had decided the outlined proposal was without merit.

The board was planning to update shareholders further but said in the meantime it was advising them not to make any undertakings...

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07.22.14

TSB plans to bid for 1.4 billion pounds of govt-owned mortgages- report

LONDON, July 19 (Reuters) – Britains 7th-largest lender,
TSB, which recently floated on the stock market, is
planning to bid for 1.4 billion pounds worth of state-owned
mortgages, Sky news reported on its website on Saturday, without
citing its sources.

TSB is interested in acquiring the residential loan book of
UK Asset Resolution (UKAR), a so-called zombie bank that is
winding down the loans of Northern Rock and Bradford
Bingley.

Both were two of Britains customer-owned building
societies which were nationalised in the run-up to the 2008
financial crisis.

The British government has a 100-percent shareholding in
UKAR Limited,...

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07.22.14

Citigroup to pay $7B in subprime mortgages probe

FILE – This Wednesday, Dec. 5, 2012 file photo, shows a Citi Bank sign in Chicago. Citigroup will pay $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis. The agreement announced Monday, July 14, 2014, comes weeks after talks between the sides broke down, prompting the government to warn that it would sue the New York investment bank. The settlement stems from the sale of securities made up of subprime mortgages, which fueled both the housing boom and bust that triggered the Great Recession at the end of 2007. (AP Photo/Kiichiro Sato, File)

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07.22.14

Early Education Funding Increases Will Help Thousands of Kids

Part of Pennsylvanias budget will add $10 million for early learning to help more kids get access to high-quality programs. That extra money will bring the states Pre-K Counts funding to $97.3 million.

Early learning providers say this years budget, is a good budget for them. The House, Senate and Governor all came together, supporting the funding increases for early learning programs. Educators say, its not enough though.

It is a drop in the bucket, says Ann Walker, the Administrative Executive at the Child Development and Family Council of Centre County. There are many more three and four-year-olds out there who would benefit from this program to ready them for school.

The...

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07.21.14

Government funding cuts threatens free debt advice

Local branches of Citizens Advice Bureaux (CAB) are predicting government funding cuts for free debt advice will hit indebted families hard.

From 1 October, government cuts to CAB mean some branches could see their budgets slashed by up to 50%.

The government-funded Money Advice Service (MAS) provides funding to Citizens Advice in London, which then distributes it to individual bureaux throughout the UK.

As well as MAS, Citizens Advice Bureaux receive money from Lottery funds, primary care trusts, charitable trusts, companies and individuals. CAB also receives money from local authorities and this is also being cut, further squeezing CAB’s budget.

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